Senior Correspondent, Sudan and South Sudan
Ulf's Feed
Apr 24, 2013

Egypt bourse struggles under heavy hand of government

CAIRO, April 24 (Reuters) – Egyptian fund manager Mohamed
Ayad watched his clients lose money for months until he himself
became a victim of the stock market’s slump.

“I was fired with many others when trading volumes went
down,” said Ayad, a man in his 30s who worked for a securities
firm in Cairo until last year. “I have been unable to find a new
job as many other people working in the financial sector have
also been laid off.”

Apr 24, 2013

Sudan’s currency rises on oil export deal with South

KHARTOUM, April 24 (Reuters) – Sudan’s currency has risen
around 15 percent on the black market since a deal with South
Sudan to restart oil flows but dealers say the expected inflow
of petrodollars will not end severe hard currency shortages.

There is little trading in the Sudanese pound but its black
market rate against the dollar is watched by foreign firms which
sell products in pounds but often struggle to convert their
revenues into dollars. Companies operating in Sudan include
cellphone operators MTN and Zain, airlines
such as Lufthansa and Turkish Airlines, and
Gulf-based banks.

Apr 14, 2013

Egypt sells $600 mln to import basic goods

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.

Apr 11, 2013
via FaithWorld

Insight – After cathedral clash, Copts doubt their future in Egypt

Photo

(Coptic Christians run from tear gas fired by police inside the main cathedral during clashes with Muslims standing outside the Cathedral in Cairo, April 7, 2013. REUTERS/Asmaa Waguih)

When Egyptian Christian Kerollos Maher watched on television as petrol bombs and rocks rained on Cairo’s Coptic Orthodox Cathedral he had only one thought – emigration.

Apr 11, 2013

Insight: After cathedral clash, Copts doubt future in Egypt

CAIRO (Reuters) – When Egyptian Christian Kerollos Maher watched on television as petrol bombs and rocks rained on Cairo’s Coptic Orthodox Cathedral he had only one thought – emigration.

“Egypt is no longer my country,” said the 24-year-old construction worker, standing in the courtyard of the country’s largest cathedral where one Copt and one Muslim died in sectarian clashes this week.

Apr 8, 2013

One dead, many wounded in Cairo cathedral clashes

CAIRO (Reuters) – One person was killed and more than 80 wounded in clashes at the Coptic Orthodox Cathedral in central Cairo on Sunday after a funeral service for four Egyptian Christians killed in sectarian violence with Muslims, state media said.

Christian-Muslim confrontations have increased in Muslim-majority Egypt since the overthrow of president Hosni Mubarak in 2011 gave freer rein to hard line Islamists repressed under his autocratic rule.

Apr 7, 2013

Egyptian Copts and Muslims clash again, in central Cairo

CAIRO (Reuters) – One person was killed and more than 80 were wounded in clashes at the Coptic Orthodox Cathedral in central Cairo on Sunday after a funeral service for four Egyptian Christians killed in sectarian violence with Muslims, state media said.

Christian-Muslim confrontations have increased in Muslim-majority Egypt since the overthrow of president Hosni Mubarak in 2011 gave freer rein to hardline Islamists repressed under his autocratic rule.

Apr 3, 2013

Egyptians buy into real estate to escape currency dive

CAIRO, April 3 (Reuters) – After buying gold plates for
100,000 Egyptian pounds ($14,700), Naer Wahid is considering
whether to use the rest of his savings to acquire, with his
sisters, an apartment or plot of land outside Cairo.

Like many Egyptians, the tour guide is tired of seeing his
savings shrinking along with the value of the local currency,
which has been in decline since president Hosni Mubarak was
ousted in early 2011.

Apr 3, 2013

IMF team discusses $4.8 bln rescue loan for Egypt

CAIRO, April 3 (Reuters) – An International Monetary Fund
(IMF) team resumed long delayed negotiations with Egypt on
Wednesday on a $4.8 billion loan to ease an economic crisis in
the most populous Arab country, a government official said.

After two years of political upheaval, foreign currency
reserves have fallen to critically low levels, limiting Egypt’s
ability to buy wheat, of which it is the world’s biggest
importer, and fuel.

Apr 3, 2013

IMF team arrive in Cairo for talks on $4.8 bln loan

CAIRO, April 3 (Reuters) – A delegation from the
International Monetary Fund (IMF) has arrived in Egypt for talks
on a $4.8 billion loan to ease an economic crisis in the most
populous Arab country, state news agency MENA said on Wednesday.

After two years of political upheaval, foreign currency
reserves have fallen to critically low levels, threatening
Egypt’s ability to buy wheat, of which it is the world’s biggest
importer, and fuel.

    • About Ulf

      "I am Senior Correspondent, Saudi Arabia, covering from the Saudi capital Riyadh political, economic and social news and in-depth analyses from the world's top oil exporter and biggest Arab economy. I have also reported for Reuters from Kuwait, Yemen and Iraq."
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