First Independent Mena Newspaper
Experts forecast that the Egyptian Stock Exchange will rise by 40 percent in the new year, which should, along with the major political events like the constitutional referendum and parliamentary and presidential elections, promote expectations of stability and security. The director of investment at Egyptians Abroad Investment and Development Co. said that the country’s stock […]
Violence in Egypt can reach new heights as pro-Morsi supporters prepare to hold “Friday of martyrs” demonstrations. The march will be in honor of the hundreds of people who have lost their lives in the standoff against the military. The leaders of the previous demonstrations are from the Muslim Brotherhood. Most of them have been […]
Nineteen foreign tourists from Britain, France, Japan, Hong-Kong, China and Hungary were killed in a hot air balloon crash that occurred Tuesday near the Egyptian city of Luxor The balloon was at 1,000ft (300 m) when it caught fire and plunged into fields west of the ancient city. This tragedy, the world’s worst ballooning accident, […]
Governor Hisham Ramez of the central bank has said that the foreign cash reserve recession rate may decline by next month. The central earlier on this month announced that the reserves had reached US$13.6 billion, which would amount to a 16-year low, compared to $36 billion on the eve of the 2011 uprising that ousted […]
It seems that Egypt is heading for more trouble and showdown between the Muslim Brotherhood and the Liberals as the country braces for the re-trial of the toppled former Egyptian President Hosni Mubarak. This retrial is a real test of the independence of the judiciary system under the Muslim brotherhood-led government. Mubarak, who was sentenced […]
Egypt’s Central Bank proclaimed their foreign reserves reaching the “critical” levels after it had sold about 75 million USD in its first private auction to banks, Bloomberg reports. Egypt’s foreign reserves are well below the levels prior to 2011 uprising against former President Mubarak, when the Central Bank commenced to support the Egyptian pound by […]
Representatives of International Monetary Fund (IMF) and the Egyptian government discussed the important $4.8 billion loan as the Egyptian pound continues on its dive with the foreign reserves depleting. Before the visit, the IMF said they will discuss recent economic developments and “possible IMF support for Egypt in facing these challenges”. It’s Middle East and […]
President Morsi’s outstanding powers has led to demonstrations in the streets demanding him to relinquish them and it has made it effects on Egypt’s benchmark stock index is as it fell by almost 10% in the first trading session since the presidential decrees. The ongoing political tensions in an already paralyzed economy spread swiftly through […]
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 […]