Yasmine's Feed
Mar 11, 2013

Benefactor Qatar dampens talk of fast new help for Egypt

DOHA/CAIRO, March 11 (Reuters) – Egypt’s wealthy benefactor
Qatar dampened speculation on Monday of rapid extra funding to
help Cairo through a currency and budget crisis, as pressure
grows at home on the Islamist government to come clean about the
state of the economy.

With public anger rising over shortages of diesel fuel, the
Cairo government dismissed two top energy industry officials
over distribution problems, but sceptical Egyptians say they
think the state no longer has the money to import enough oil.

Mar 11, 2013

Economic turmoil, fixed-line decline hit Telecom Egypt

CAIRO, March 11 (Reuters) – Telecom Egypt reported
a 12.8 percent fall in full-year net profit, hit by economic
turmoil in the north African country and a further decline in
its fixed-line business as customers switch to mobile phones.

The company, which is hoping growth in data services will
offset lower fixed-line income, said on Monday it made a net
profit of 2.61 billion Egyptian pounds ($386 million) last year,
compared with 2.99 billion in 2011.

Mar 10, 2013

Egypt rejects any suggestion of stop-gap IMF funding

CAIRO, March 10 (Reuters) – Egypt on Sunday rejected any
suggestion of stop-gap IMF funding to help it through a
political and economic crisis, saying only broad structural
measures as part of a package agreed with the Fund can tackle
the country’s soaring budget deficit.

With Islamist President Mohamed Mursi struggling to contain
violent protests, new figures released on Sunday showed a jump
in inflation, which will hurt the poor hardest and is likely to
stir yet more social unrest.

Mar 10, 2013

Egypt inflation jumps as currency slides, hurting poor

CAIRO, March 10 (Reuters) – Egyptian inflation has leapt as
a sliding local currency pushes up food prices, badly hurting
the poor who are suffering most during the country’s economic,
political and security crisis.

Illustrating the squeeze on living standards since Egypt’s
2011 revolution, data on Sunday showed prices in towns and
cities rose 8.2 percent in the year to February, sharply higher
than the 6.3 percent the previous month.

Mar 10, 2013

Egypt’s urban inflation jumps due to pound’s slide

CAIRO (Reuters) – Egyptian inflation has leapt as a sliding local currency pushes up food prices, badly hurting the poor who are suffering most during the country’s economic, political and security crisis.

Illustrating the squeeze on living standards since Egypt’s 2011 revolution, data on Sunday showed prices in towns and cities rose 8.2 percent in the year to February, sharply higher than the 6.3 percent the previous month.

Mar 8, 2013

Analysis: Egypt’s opposition scents chance in election debacle

CAIRO (Reuters) – To Egypt’s opposition, a court ruling throwing the electoral process into limbo offers an opportunity to force Islamist President Mohamed Mursi into compromise as the country heads towards chaos.

Leaders of liberal and leftist parties believe the delay to parliamentary elections is a chance to extract concessions on major constitutional issues from Mursi – and possibly to back out of an opposition boycott that may backfire.

Mar 7, 2013

Egypt cancels parliamentary vote dates after court ruling

CAIRO (Reuters) – Egypt’s election committee has scrapped a timetable under which voting for the lower house of parliament should have begun next month, state media reported on Thursday, following a court ruling that threw the entire polling process into confusion.

Egypt now lies in electoral limbo, with no election dates at a time when uncertainty is taking a heavy toll on the economy – the Egyptian pound is falling, foreign currency reserves are sliding and the budget deficit is soaring to an unmanageable level.

Mar 6, 2013

Egypt court throws election timetable up in the air

CAIRO (Reuters) – An Egyptian court threw the timetable for parliamentary elections into confusion on Wednesday, ordering the cancellation of President Mohamed Mursi’s decree calling the vote and forcing a likely delay to polls due to start in April.

The Administrative Court’s ruling deepened Egypt’s political uncertainty at a time of social unrest and economic crisis, with the nation’s foreign currency reserves at critically low levels and the budget deficit soaring.

Mar 6, 2013

Arab League clears member states to arm Syria rebels

CAIRO (Reuters) – Arab League ministers decided on Wednesday to let member nations arm Syrian rebels fighting President Bashar al-Assad, and invited an opposition coalition to take the League seat formerly occupied by Damascus.

Previously the League had stressed that the Syrian political opposition and rebels should be supported by humanitarian and diplomatic means during the civil war, which has cost an estimated 70,000 lives.

Mar 6, 2013

Egypt court throws election timetable into disarray

CAIRO (Reuters) – An Egyptian court threw the timetable for parliamentary elections into confusion on Wednesday, ordering the cancellation of President Mohamed Mursi’s decree calling the vote and forcing a likely delay to polls due to start in April.

The Administrative Court’s ruling deepened Egypt’s political uncertainty at a time of social unrest and economic crisis, with the nation’s foreign currency reserves at critically low levels and the budget deficit soaring.