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Egypt’s foreign reserves down to 42.551bn in December: CBE

Egypt’s foreign currency reserves fell to $42.551bn in December, down from a peak of $44.513bn in November, the Central Bank of Egypt announced on Monday. Net foreign reserves has been on an upward path, since Egypt signed a $12bn, three-year IMF loan in November 2016, and the adoption of the country’s ambitious economic reform programme. …

Daily News Egypt

Police officer killed while defusing bomb near church in Cairo

A police officer was killed on Saturday night while attempting to defuse a bomb found near a church in Cairo, according to state owned media. The attack comes less than two days before the celebration of Orthodox Christmas in Egypt.The police are currently investigating the incident and collecting evidence. The bomb was one of two …

Daily News Egypt

Dubai Land Department participates in IPS

The Dubai Land Department (DLD) will participate in the upcoming International Property Show (IPS) in Cairo, in the period from 10 to 13 January, under the auspices and presence of Prime Minister Mostafa Madbouly. Also, the DLD will participate in IPS Jeddah, Saudi Arabia, which will kick off on 17 January and will last for …

Daily News Egypt

Google routed $23bn in 2017 to tax haven Bermuda, documents reveal

Strategy of double Irish with Dutch Sandwich is international tax evasion involving channelling profits first through Irish company, then Dutch company, then to Irish subsidiary in a location – like Bermuda —with lower or no income taxes Tech giant Google shifted $22.7bn through a Dutch shell company to Bermuda in 2017, in a move that …

Daily News Egypt