First Independent Mena Newspaper
Egypt’s Orascom Construction Industries (OCI) said shareholders had approved its offer to acquire its ordinary shares listed in Cairo in exchange for cash or OCI shares listed in Amsterdam. Shortly after the report, the company’s shares rose 1.7% to 267.86 Egyptian pounds at the close in the capital, the strongest since January 22nd. The stock […]
A survey done by the Economist Intelligence Unit, a financial agency has been made public and Algeria has been classified as part of the 10 cheapest countries in the world. The survey which took into consideration a total of 131 cities from all the continents of the world was aimed at determining cities where the […]
Tunisia is mingled in chaos and that are fears that it might continue for a long period. Its economy and finance are hardly affected by the current situation. The European Investment Bank (EIB) has shown its intention to help the small and medium sized enterprises in the country. In a statement by Jamel, the chief […]
The European Union has decided to resume fully its development cooperation with Mali and will mobilize some €250 million for this purpose. “The swift adoption by the Malian authorities of a transition roadmap to restore democracy and stability has opened the door for lifting the precautionary measures taken after the coup d’état of March 2012 […]
A Turkish company will invest $700 million in an Iraqi steel plant to upgrade its production capacity to 1 million tons per year. Under the 18-year deal with the Iraqi ministry of Industry and Minerals, the Turkish company will rehabilitate and develop the iron and steel plant located in the Khor Al-Zubair, in Basra, that […]
Officials from the United States and Algeria held a meeting in Algiers this February 10-11 to consult on ways to strengthen their cooperation in struggle against nuclear smuggling, the U.S. State Department announced in a press release. The discussions that furthered a first round of bilateral consultations initiated in January 2012 also addressed border security. […]
Libya has received 20 Italian-made PUMA transport and combat vehicles destined to enhance the military and security capacity of the North African nation which is facing major terrorism threats and security challenges posed by armed groups. These armored vehicles were donated by the Italian Armed Forces to the new Libyan army, a gift that will […]
Moody, a Credit-ratings agency has downgraded Egypt’s government bond ratings by one notch from B2 to B3, citing the intensification of civil unrest and sliding foreign exchange reserves. It also added that it is maintaining the rating on review for further possible downgrade. According to the agency, the reason behind the decision “is the country’s […]
Hamid Chabat, the Secretary General of the Istiqlal Party, has been threatening for months now to withdraw from the coalition government, led by Abdelilah Benkiran’s Party for Justice and Development (PJD), if his repeated calls for a cabinet reshuffle were not heeded. Likewise, he has not missed any opportunity to lash out at the head […]
Pope Benedict XVI announced this Monday that he would be stepping down from office by the end of the current month, in an unexpected and unprecedented move in modern times. In a speech he delivered Monday before a church council, the Pope, 85, announced that he made his decision, which he described as “a decision […]