First Independent Mena Newspaper
One of the biggest investment bank in Egypt has reported an 18.8 % decline in its net profit for the first nine months which fell to 232.1 million Egyptian pounds ($38 million) from 286 million pounds. EFG Hermes made this announcement in report of its third quarter consolidated financial results. EFG Hermes said its net […]
Egypt has recalled its newly appointed ambassador to Israel, Atef Mohamed Salem, after the commander of Hamas military wing, Ahmed Al-Jaabari. was killed in an Israeli raid on Gaza strip. The announcement was made Wednesday evening by a presidential spokesman in a televised statement. The spokesman said that President Mohamed Morsi has also summoned the […]
The European Union has agreed to extend Egypt nearly €5 billion economic and political assistance to help the country cope with the transition phase it is going through. The decision was made on Wednesday during the EU-Egypt Task Force, the largest-ever meeting between the European Union and Egypt. The economic and political assistance package will […]
In order to encourage parents to put their children in school as early as possible, the World Food Program (WFP) has signed for a second time a partnership agreement with Vodafone Egypt. Wanting more Egyptians to benefit from the program, Vodafone has given $USD 1 million. This sum is planned to nourish 75 000 people, […]
Egypt finance minister Muntaz al-Said announced on Wednesday that a new 10% tax on major transactions have been approved by a special cabinet that was formed for this purpose. Although no time limit has been precisely set, according to him this tax will mainly be on gains acquired on Initial Public Offerings (IPOs) and also […]
When, in 1949, Mao Zedong forced Chiang Kai-Shek’s army to retreat from mainland China, thus consolidating the Communist Party’s grip over the People’s Republic, the reverberations could be felt across the world. In the United States, Republicans put forward a poignant, yet rhetoric question: Who Lost China? In the eyes of the Republicans, the answer […]
Negotiations for a loan agreement have commenced between the World Bank and the Egyptian government for the financing of the privatization and restructuring of the public sector. The government is being urged by Dr. Fakhry El-Fekky, the former International Monetary Fund’s assistant managing director to uphold the privatization process that was began by the former […]
US House lawmakers have blocked a $450 million emergency aid the Obama administration was planning to give to the new government of President Mohammed Morsi, facing unprecedented economic crisis, with an estimated budget deficit of $12 billion. Republican Rep. Kay Granger of Texas, chairwoman of the Appropriations subcommittee on foreign operations, says “I am not […]
To comprehend the current role and position of the Muslim Brotherhood in Egypt, rather than focusing only on its present-day form and the general policies of this movement, we must take a closer look at the historical evolution of this organization. One will then realize that the Muslim Brotherhood is not an entity that could […]
When Mohamed Morsi won the presidential elections in Egypt, a conflict between the president and the Supreme Council of the Armed Forces (SCAF) was only a question of time. Morsi’s move to call the Parliament back into session was nothing less than the opening salvo in this conflict and a strong reminder by the President […]