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Egypt News Journal
S&P cuts Egypt's credit rating further, cites absence of fiscal plan
CAIRO (Reuters) - Standard & Poor's cut Egypt's credit rating further into junk territory on Thursday, saying Cairo had yet to come up with a plan to control its finances, leaving the country vulnerable to a balance of payments crisis. Egypt has been in crisis since a popular uprising ousted Hosni Mubarak in early 2011, and has run through more than $20 billion in reserves, borrowed billions ...
Egypt April Inflation Accelerates Driven by Rise in Food Prices
Egypt’s inflation accelerated to 8.1 percent in April, pushed up by rising food prices that are pressuring the government as it seeks to conclude a $4.8 billion International Monetary Fund loan.
Egypt’s Wheat Farmers Hobbled by Fuel Shortages as Silos Run Low
Sucking tobacco smoke through a water pipe shared with three fellow farmers during a midday tea break, Osama Abdel-Ghani surveys the ripening wheat that Egypt is counting on to help feed its people.
Egypt's urban inflation rises, seen increasing further
CAIRO (Reuters) - Egypt's urban consumer inflation accelerated to 8.1 percent in the year to April, statistics agency CAPMAS said on Wednesday, fuelled by rising food and energy prices and a struggling pound. The rate rose from 7.6 percent in March and is expected to increase further as the government pushes through tax hikes and subsidy cuts to secure the lifeline of an international loan after ...
Egypt's president signs Islamic bond bill into law
CAIRO (Reuters) - Egypt's President Mohamed Mursi has approved a law allowing the state to issue Islamic bonds, the official gazette said on Wednesday, ending a troubled passage for a bill the government hopes will help revive its flagging finances. Egypt's upper house of parliament, which has assumed temporary legislative powers, approved the law last week after amending it to meet ...
Egypt wants to attract Brazilian investors
Egypt wants more Brazilian investments and increased trade with Latin America's biggest nation, Egyptian President Mohamed Morsi said Wednesday. "We want to increase trade between our two countries ...
Egypt court refuses 'Camel Battle' appeal
Court of cassation rejects prosecutors' appeal in trial which acquitted 24 Hosni Mubarak loyalists over symbolic attack.
Egypt NGO law could betray revolt's ideals: U.N. rights chief
By Alexander Dziadosz CAIRO (Reuters) - The U.N.'s human rights chief said on Wednesday Egypt risked betraying the ideals behind the 2011 revolution and slipping into authoritarianism with a new civil society law. The Arab country was at a "critical moment" more than two years after the uprising that ousted autocratic President Hosni Mubarak, U.N. High Commissioner for Human Rights Navi Pillay ...
Egypt Court Upholds Acquittals in 2011 Battle
Egypt high court upholds acquittal of Mubarak loyalists blamed for 'Battle of the Camel'
Egypt's foreign reserves jump on Libyan funds, but still low
By Patrick Werr CAIRO (Reuters) - Egypt's foreign currency reserves jumped by $1 billion to $14.43 billion in April, helped by a large deposit from Libya that analysts said would not resolve a currency crisis. Since a popular uprising that ousted Hosni Mubarak in early 2011, Cairo has run through more than $20 billion in reserves, borrowed billions more from abroad and delayed payments to oil ...
Egypt Net Foreign Reserves Rise to $14.4 Billion in April
Egypt’s net international reserves rose in April to $14.4 billion, in the first increase since October.
Egypt forex reserves jump $1 bln in April: c.bank
CAIRO (Reuters) - Egypt's foreign currency reserves rose by $1 billion in April to $14.4 billion at the end of the month, the central bank said on Wednesday, a boost for a state wrestling with a currency crisis. Libya last month announced it had deposited $2 billion at the Egyptian central bank to support Egypt. The reserves are still below the $15 billion level economists say is needed to cover ...
Egypt's new planning minister targets 2013/14 growth of 4.1 pct
CAIRO (Reuters) - Egypt's newly appointed Planning Minister Amr Darrag said on Wednesday that the government was targeting economic growth of 4.1 percent in the fiscal year that will begin on July 1. The government had previously been predicting gross domestic product growth of 3.8 percent. Darrag, a member of the Freedom and Justice Party of President Mohamed Mursi, is expected to take a ...
Egypt court upholds acquittals in 2011 battle
CAIRO (AP) — Egypt's highest appeals court has upheld the acquittal of 24 loyalists of ousted President Hosni Mubarak tried for organizing the 'Battle of the Camel,' an attack on protesters that was a pivotal moment in the country's 2011 uprising.
Egypt's tourism minister: Bikinis and Booze are welcomed in Egypt
Hisgam Zaazou belittles Muslim groups's request to ban bikinis and alcohol in Egypt, opens up about new plan to increase tourism in the Islamic country.