CAIRO, Nov 9 (Reuters) – Yields on Egyptian treasury bonds
were little changed at an auction on Monday, a result that
confused the market after the country’s two biggest state banks
raised their interest rates on savings certificates two days
Bankers had expected yields in government debt to rise after
Bank Misr and the National Bank of Egypt issued saving
certificates with a 12.5 percent interest rate, a big jump from
the average 10 percent at Egyptian banks.
CAIRO, Nov 7 (Reuters) – A Russian plane which crashed in
Egypt last week was flying on auto-pilot and appeared to break
up in mid-air after a sudden noise but it is too soon to
conclude exactly what brought it down, the lead investigator
said on Saturday.
Ayman al-Muqaddam, head of a team of experts looking into
one of Egypt’s worst air disasters, said the cockpit voice
recording would be analysed to identify the nature of the noise,
which Western governments have indicated may have been a bomb.
CAIRO (Reuters) – Egypt criticized its foreign partners on Saturday for ignoring calls to work harder to combat terrorism, after Western intelligence sources said there were signs Islamist militants may have bombed the Russian plane which crashed in Sinai.
An Islamic State affiliate has claimed responsibility for the crash of the Airbus A321 operated by a Russian carrier that was bringing holidaymakers home from the Sinai Peninsula resort of Sharm al-Sheikh one week ago.
CAIRO, Nov 4 (Reuters) – Egyptian Steel says it is pushing
ahead with plans to quadruple its capacity despite long-standing
currency and energy crises, with trial production at one new
plant starting in December but another project at Ain Soukhna
delayed until late next year.
Heavy industry has faced the brunt of an energy shortage in
Egypt, with many firms forced to reduce output due to lack of
gas supply. Capital restrictions introduced in February to crush
a black market in dollars have also caused problems, with firms
struggling to open letters of credit to import raw materials.
CAIRO (Reuters) – Egypt’s Beltone Financial Holding (BTFH.CA: Quote, Profile, Research, Stock Buzz) expects to manage four stock market flotations worth a total of more than 2.5 billion Egyptian pounds ($311 million) in the first half of 2016 on the back of improved market conditions, its chairman said. The offerings, including one by Beltone Capital, managed by Beltone Financial’s private equity arm, had been expected in 2015 but were postponed when an emerging markets rout deterred investors from Egyptian markets.
“These IPOs were not canceled, they were postponed because of market conditions … We hope to (issue) them in the first half of 2016,” Aladin Saba, who founded Beltone in 2002, told Reuters at the Reuters Middle East Investment Summit.
CAIRO (Reuters) – When Egyptian central bank governor Hesham Ramez quit, phones began ringing as bankers congratulated each other on the departure of a man they say refused to change course even as Egypt careered from currency crisis toward trade crisis.
Fresh blood at the top has raised hopes of impending change to a monetary policy that has failed to stabilize the pound, has angered importers and become personally associated with Ramez, whose currency controls have starved some businesses of dollars.
CAIRO, Oct 21 (Reuters) – Egypt has named senior banker
Tarek Amer to head the central bank from November, in a move
welcomed by traders who expect a new approach that could help
ease the country’s currency crisis.
Governor Hisham Ramez, whose term ends on Nov. 26, has faced
increasing criticism for his reluctance to devalue the Egyptian
pound, which has come under sustained pressure.
CAIRO, Oct 18 (Reuters) – The Egyptian central bank sold
$37.5 million at a cut-off price of 7.9301 per dollar at its
dollar sale on Sunday, 0.10 pounds weaker than Thursday’s dollar
The pound weakened further on the parallel market with the
dollar changing hands at 8.40 pounds, one trader said, while
another put it at 8.42 pounds to the dollar, weaker than
Thursday’s rate of 8.25 pounds.
CAIRO (Reuters) – When Egyptian general-turned-president Abdel Fattah al-Sisi removed the unpopular Muslim Brotherhood from power in 2013, billionaire Naguib Sawiris promised to invest in his country like never before. Two years on he has no desire to spend.
As Egyptians begin voting on Sunday in parliamentary elections meant to help bring prosperity, this reluctance illustrates the strained relations between Sisi and the top businessmen who so strongly supported his rise to power.
CAIRO (Reuters) – Egypt’s tourism industry, hit by years of political upheaval and militant violence, is expected to post moderate growth this year and hopes a global advertising campaign will revive the sector vital for economic recovery, the tourism minister said.
Last year, 9.9 million tourists visited Egypt, a far cry from the 14.7 million that visited in 2010, before an uprising the following year triggered turmoil in the land of ancient sites and sea resorts.