CAIRO/MOSCOW (Reuters) – Egypt’s Orascom Telecom (OTH) (ORTE.CA: Quote, Profile, Research, Stock Buzz) is closer to being delisted, sources said on Friday, after holders of around 10 percent of its stock agreed to be bought out.
Russia’s Altimo, the biggest owner of OTH’s parent Vimpelcom (VIP.N: Quote, Profile, Research, Stock Buzz), made a $1.8 billion offer in March to buy out OTH minorities and sources said it wanted to delist OTH from both the Cairo and London stock exchanges.
CAIRO/MOSCOW, May 24 (Reuters) – Egypt’s Orascom Telecom
(OTH) is closer to being delisted, sources said on
Friday, after holders of around 10 percent of its stock agreed
to be bought out.
Russia’s Altimo, the biggest owner of OTH’s parent Vimpelcom
, made a $1.8 billion offer in March to buy out OTH
minorities and sources said it wanted to delist OTH from both
the Cairo and London stock exchanges.
AL-SAFF, Egypt (Reuters) – Hundreds of soot-stained factory chimneys dot the horizon in the industrial city of al-Saff, south of Cairo, but only a few spew black smoke.
Two years after the revolution that overthrew president Hosni Mubarak, Egyptian industry is struggling as political instability has scared off foreign investors and hit domestic confidence and the government has started slashing energy subsidies that eat up a fifth of its annual budget.
CAIRO (Reuters) – Egyptian President Mohamed Mursi held crisis talks with the country’s top judges on Monday after the justice minister resigned over demands by the ruling Muslim Brotherhood for a “purification” of the judiciary.
The secular, liberal and left-wing opposition denounced what it called a planned “Brotherhoodisation” of the judiciary and called for demonstrations outside parliament.
CAIRO (Reuters) – Thousands of Islamist protesters clashed with opponents as they rallied on Friday to demand a purge of Egypt’s judiciary, a sign of rising tension between the Islamist government and legal organs seen as a redoubt of old regime influence.
Thirty-nine people were injured in a bout of stone-throwing, and occasional gunshots outside the High Court, according to witnesses and a security source cited by state media. Police use tear gas to quell the disturbances.
CAIRO (Reuters) – Egypt’s tiny Jewish community, a frail remnant of a once flourishing minority, held a rare public ceremony on Thursday in memory of its veteran leader, Carmen Weinstein, but the country’s Islamist leaders stayed away.
Weinstein, 82, died last Saturday at her home in Cairo where she was known over the past two decades for leading efforts to preserve the overwhelmingly Muslim country’s Jewish heritage.
CAIRO, April 15 (Reuters) – Fuel subsidies will cost Egypt
more than 120 billion Egyptian pounds ($17.4 billion) this
financial year, above previous estimates, as a falling local
currency adds strain to the budget, Oil Minister Osama Kamal
told Reuters on Monday.
Egypt is under pressure to curb its soaring fuel subsidy
bill, which accounts for a fifth of state spending, to secure a
$4.8 billion loan from the International Monetary Fund. But
Kamal cast doubt on his previous estimate that the cost would
hit 120 billion pounds in the 2012/13 fiscal year to June 30.
CAIRO, April 14 (Reuters) – Egypt’s central bank sold $600
million to banks in a special auction of foreign exchange on
Sunday to pay for wheat, meat, cooking oil and other essential
imports to a country struggling with a currency crisis.
The size of the auction – 15 times the amount the central
bank has been selling at its regular currency auctions – showed
the extent of pent up demand for dollars as Egypt struggles with
an economic crisis two years after the ousting of Hosni Mubarak.
CAIRO, April 7 (Reuters) – Egypt is seeking to increase its
previously-requested $4.8 billion loan from the International
Monetary Fund to cover its soaring budget deficit, the planning
minister said in comments carried by three newspapers on Sunday.
“Egypt will intensify its efforts in the spring meetings of
the IMF in the period from April 16-21 to receive additional
funding to cover the financing deficit until mid-2015,” Ashraf
El-Araby said in remarks carried by Al Masry Al Youm newspaper.
CAIRO/DOHA, March 27 (Reuters) – Egypt will import 900,000
barrels of oil a month from Libya starting in April and is
paying off some of the money it owes to foreign energy firms,
its oil minister said, in steps aimed at easing energy shortages
that are hitting the economy.
Egypt, which has endured over two years of political
instability since the overthrow of President Hosni Mubarak in
2011, is struggling with sliding currency reserves, falling
tourism and a soaring budget deficit.