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ANALYSIS: Egypt’s Brotherhood raises stakes by excluding IMF

CAIRO: In all but ruling out an early agreement on an IMF loan, Egypt’s Muslim Brotherhood has dramatically raised the stakes in its struggle with the army-led administration for control of a country still reeling from a year of political turmoil. The Brotherhood’s candidate for president, Khairat Al-Shater, said this week the group would not …

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Egypt forex reserves drop slows to $636 mln in February

CAIRO: Egypt’s net foreign reserves fell by $636 million in February, the central bank said on its website on Sunday, marking a sign cant slowdown from the sharp decreases of the previous four months. Reserves declined to $15.72 billion at the end of February from $16.35 billion at the end of January. Since October, reserves …

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Sanctions risk rerun of oil’s 2011 flash crash: Kemp

By John Kemp/Reuters LONDON: Soaring oil prices and the loss of exports from South Sudan, Syria and Iran pose awkward questions for investors and policymakers. Last year, a similar surge following the outbreak of the Libyan civil war eventually resulted in the flash crash on May 5 and the decision to release emergency stocks by …

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Bahrain opposition launch week-long rally for reform

MANAMA: Bahraini opposition parties, launching a week-long ‘sit-in’ for political reforms at a mass rally, swore on Sunday to take their campaign to the centre of last year’s democracy protest in the capital Manama. "This is a dress rehearsal for the return. We will return! We will return! Soon our sit-in will not be here …

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Egypt sells more 91-day T-bills than offered

CAIRO: Egypt’s central bank sold more 91-day treasury bills than originally offered at an auction on Sunday but trimmed the amount 266-day T-bills sold, the Finance Ministry said on its website. The bank sold LE 3 billion ($498.1 million) of 91-day bills compared to the 2 billion it offered, with the average yield remaining steady …

Reuters

Spain to send Mubarak ally home to face trial: TV

CAIRO: Spain plans to hand over a close ally of Egypt’s former president Hosni Mubarak to Egyptian authorities to face corruption charges, Egyptian state television quoted Spain’s foreign minister as saying on Monday. Businessman Hussein Salem fled Egypt after the uprising against Mubarak but was detained in Spain on an international arrest warrant. Spanish authorities …

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EgyptAir to resume flights to Libya next week

CAIRO: EgyptAir said on Sunday it would resume flights to Libya next week, seven months after the airline suspended operations to its Arab neighbor following the outbreak of an uprising in February that toppled Muammar Gaddafi. Hussein Massoud, chairman of the EgyptAir holding company, said the first flight would fly on Sunday, Oct. 2, to …

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Egypt’s Moussa campaigns for president, vows change

AL-SHURAFA: To the crack of AK-47 assault rifles fired by supporters into the night sky, Amr Moussa pledged to build a "new system" of government if elected president to succeed Egypt’s ousted Hosni Mubarak. But perhaps the biggest challenge for the former Arab League chief who was Mubarak’s foreign minister through the 1990s is to …

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Suez Canal July $449.2 mln, information portal

CAIRO: Revenue from Egypt’s Suez Canal rose 11 percent year on year to $449.2 million in July, up 0.9 percent from a month earlier, a government portal showed on Wednesday. Revenue in July 2010 was $406.2 million. In June 2011 it was $445.2 million. The waterway is a vital source of foreign currency in Egypt, …

Reuters

Egypt gives SODIC 6 months to finish project: report

CAIRO: Egypt’s new towns authority has given SODIC, the country’s third-biggest listed developer, a six-month grace period to finish part of its flagship Beverly Hills project, a newspaper reported on Wednesday. "The New Urban Communities Authority (NUCA) granted SODIC a grace period to complete its ‘Villas’ project, part of the Beverly Hills project, and pay …

Reuters

TMG H1 profit falls 44 pct in political turmoil

CAIRO: Talaat Moustafa Group (TMG), Egypt’s biggest listed developer, posted a 44 percent slide in first-half net profit to LE 371.2 million ($62.3 million), the bourse said on Wednesday. The firm, which has suffered the brunt of a crisis in Egypt’s once-booming real estate industry, made a profit of LE 662.4 million for the same …

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Egypt up; rebounds from global panic effect

CAIRO: Egypt’s benchmark share index jumped 3 percent after three days of sharp declines that took shares to their lowest since April 2009. Share trading was halted on the Egyptian Exchange on Tuesday after the index tumbled 5 percent, tracking US and European markets lower on fears for the global economy. "The gain is all …

Reuters

Egypt FM: Syria heading to ‘point of no return’

CAIRO: Syria is heading to a "point of no return" and national reforms must be implemented to avoid foreign interference, Egypt’s foreign minister said on Tuesday after almost five months of protests and forceful efforts by Syrian authorities to suppress them. Mohammed Kamel Amr, appointed last month in a cabinet reshuffle, said "the situation in …

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Egypt FM: Syria heading to ‘point of no return’

CAIRO: Syria is heading to a "point of no return" and national reforms must be implemented to avoid foreign interference, Egypt’s foreign minister said on Tuesday after almost five months of protests and forceful efforts by Syrian authorities to suppress them. Mohammed Kamel Amr, appointed last month in a cabinet reshuffle, said "the situation in …

Reuters

Egypt media gains reversed by military rulers

CAIRO: Hafez Al Mirazi spent weeks preparing for his new primetime talk show on state television. But one week before "Cairo Local Time" was scheduled to start, an army general ordered it put on hold. Mirazi was told that the format for the show broke rules requiring more than one host, an explanation that the …

Reuters

OPEC spare capacity concerns support oil: Shell

LONDON: Concerns over rising demand, geopolitical tension and falling output capacity are supporting oil prices, Shell Chief Executive Peter Voser said on Thursday, citing estimates that OPEC spare capacity was below 2 million barrels per day (bpd). Voser told Reuters Insider Television that he was sure energy prices would rise "over the next decades" and …

Reuters

Gulf markets seen sideways; Egypt on rollercoaster

DUBAI/CAIRO: Gulf markets are feeling shockwaves from the intensifying debt crisis in euro zone and are likely to face selling pressure, although investors are being drawn to opportunities in smaller markets. "We are in the middle of summer and if we don’t have a catalyst and strong news flow to bring local investors back to …

Reuters

Israeli navy boards Gaza-bound yacht

JERUSALEM: The Israeli navy on Tuesday boarded a French yacht carrying pro-Palestinian activists intending to sail to the blockaded Gaza Strip and forced it to go to Ashdod port, a military spokeswoman said. There were no immediate reports of any violence as the marines boarded the "Dignite-AlKarama" yacht in the eastern Mediterranean. "I can confirm …

Reuters

Egypt inches lower as protests persist

CAIRO: Egypt’s benchmark share index creeps lower after renewed demonstrations indicate the country’s political troubles may be far from resolution. Tens of thousands of Egyptians packed city centers across Egypt over the weekend to demand faster reforms and voice frustration at what they regard as foot-dragging by military rulers and government officials. The protests have …

Reuters

Flotilla activists seek “blood”: Israeli FM

JERUSALEM: Israeli Foreign Minister Avigdor Lieberman said on Tuesday participants in an aid flotilla planning to challenge an Israeli blockade of the Gaza Strip were seeking "confrontation and blood.” Pro-Palestinian activists have said around a dozen ships carrying aid to Gaza, territory controlled by Hamas Islamists, could depart from European ports in the coming days. …

Reuters

After bin Laden, militants flood net with threats

LONDON: Militants mourning Osama bin Laden have stepped up threats against targets in the West, taking their cue from an Al-Qaeda statement that followers in the United States and Europe are "perfectly placed" to strike. The network’s globally scattered online followers spent much of June compiling lists of possible targets including Western companies, business leaders …

Reuters

Egypt rejection of IMF cash may slow recovery

CAIRO: Egypt’s decision to scrap plans to borrow from the International Monetary Fund may slow an economic recovery, delay a solution to a potential fiscal crisis and make it harder for future governments to access credit. Egypt had sealed a $3 billion dollar financial package on June 5 to shore up its finances after the …

Reuters

Egypt says waiting till Russian wheat harvest

CAIRO: Egypt’s main state wheat buyer said on Wednesday it had postponed any purchase of Russian wheat until the Russian harvest was gathered in July and wanted to ensure the purchases meet Egyptian conditions. Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC), said purchases of Russian wheat "are postponed until their …

Reuters

Panel advises rejecting challenge to Egypt’s TMG

CAIRO: A judicial panel has recommended that a court reject a legal challenge that sought to scrap the sale of state land to real estate developer Talaat Moustafa Group (TMG), a judge said on Tuesday. The state judicial council, which suggests a legal response but whose recommendations are not binding, said the court should reject …

Reuters

Egypt reduces size of T-bill sale as yields rise

CAIRO: Egypt’s central bank said it sold LE 5.79 billion ($973.83 million) in domestic treasury bills on Sunday, less than the LE 6.5 billion it was seeking. The bank sold LE 3 billion of 91-day T-bills, the same amount it had asked for, at an average yield of 11.761 percent, up from 11.602 percent at …

Reuters

Egypt central bank keeps rates on hold, as expected

CAIRO: Egypt’s central bank left its benchmark overnight deposit and lending rates unchanged on Thursday, as expected by economists who say the government is more concerned about ending a recession than fighting inflation. The decision came after the government reported urban consumer inflation in May that was below analyst expectations. The central bank Monetary Policy …

Reuters

HSBC MidEast sells $500 mln 5-yr Islamic bond

DUBAI: HSBC’s Middle East unit priced a $500 million Islamic bond on Thursday at 155 basis points above midswaps, carrying a maturity of five years. The Islamic bond, or sukuk, yielding 3.575 percent, saw regional investors taking up 58 percent of orders, followed by Asian investors with 29 percent. Banks constituted 61 percent of orders …

Reuters

Egypt to open Gaza border crossing from May 28

CAIRO: Egypt will open its border with the Gaza Strip "on a daily basis" starting from May 28, the state MENA news agency said on Wednesday, to ease entry restrictions for Palestinians. The move, which is likely to raise Israel’s objections, suggested a further policy shift since the overthrow of president Hosni Mubarak, whose government …

Reuters

Moody’s puts Egypt banks on negative outlook

CAIRO: Moody’s on Tuesday revised its outlook on Egypt’s banking system to negative from stable, citing growing exposure to lower-rated Egyptian sovereign debt and the effect of political turmoil on the economy. The ratings agency said it expected a decline in tourism, foreign direct investment, incoming fund flows and private consumption in the wake of …

Reuters

Egypt’s Alcotexa sells 50 T cotton in past week

CAIRO: Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 50 tons of cotton of the Giza 88 variety in the week that ended on April 9, an Alcotexa official told Reuters on Sunday. Alcotexa’s export commitments for the 2010/11 season, which began in September, are now 110,167 tons of cotton worth $452.7 million, the …

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