First Independent Mena Newspaper
Orascom Telecom has announced that it will be dropping its bid to take over Wind Mobile Canada, under the Investment Canada Act, despite its strong interest in the company after discussions with Canada’s federal government. Wind Mobile Canada is among the rising companies trying to challenge the main cellphone wireless carriers in Canada. In the […]
In a move to bring Egypt’s growth back to its pre-revolution era, Investment minister Yehya Hamed declared that he was ready to negotiate with businessmen close to Mubarak who fled Egypt during and after the revolution. The goal is to bring the economy to a 7% annual growth rate, allowing the country to breathe. According […]
Egypt is not ruling out military options to halt the construction of a dam on the Blue River Nile by Ethiopia. The Nile is being diverted 500 meters from its natural course for the construction of a hydroelectric plant, Grand Ethiopian Renaissance Dam, worth $4,2billion and capable of producing 6,000 megawatts at full capacity. Egypt […]
Ethiopia’s project to construct the Grand Renaissance Dam, a $4.2 billion hydroelectric project that will divert the Blue Nile from its natural course, has flared up passions downstream in Egypt. Although some experts deem that Ethiopia’s move is largely technical and will not alter the water flow that is vital for both downstream states, Egypt […]
Egyptian stock markets began the week in a state of stagnation with almost no news to inspire the local market. However, one of the big icons of its market, Orascom Telecom Holdings was nearly taken out of the exchange list after almost 10% of its shareholders were bought out. The delisting of the telecommunication firm […]
Cairo’s central museum located at the Tahrir Square is staring at country’s ancient artifacts degrade to irreversible state due to the lack of funds. Experts have warned that the artifacts are being kept under poor conditions and have called for action. The museum is filled with relics from the prehistoric, Roman and predominantly the era […]
The Shura Council’s last week decision to raise taxes on bank loan provisions has generated discontent from the banking sector, after the amendments were submitted to the legislature without being discussed at the Shura. Banks in the country criticized the move which was initiated by a parliament member from Muslim Brotherhood’s Freedom and Justice Party. […]
The International Monetary Fund (IMF) has announced that it will be holding back on negotiations for the $4,8billion loan to Egypt, because the country’s financial situation is worsening. It has decided to only continue with talks when it receives updated economic information and reform plans from the government. The freezing of negotiations which have been […]
President Mohamed Morsy is currently on a working visit to Brazil and has urged its businessmen to invest in Egypt in order to increase trade between the two countries. Egypt is the biggest trading partner of the Latin American country in Africa and transactions between them have always been on the rise for more than […]
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, and the Egyptian government have reached a financial and initial working capital terms agreement in Cairo. The agreement is essential for works on the Al Nouran Sugar Project, where an amount of $372 million […]