Minister of Manpower Ahmed Hassan al-Borai, at a symposium on Tuesday, called for a unified law regulating wages and prices in Egypt.
“The government controls wages and leaves prices to free-market supply-and-demand fluctuations,” Borai said. “This (...)
A recent study showed that the Egyptian government lost about LE160 million during the first half of this year due to cigarette smuggling.
The study, which was conducted by an international cigarette company, said that smuggled cigarettes amounted (...)
The Chamber for Mineral Industries has called for a 5 percent tax on imported steel in order to protect local production after the Trade Ministry rejected its earlier request to levy dumping fees on Turkish steel.
“The ministry must maintain an (...)
US dollar prices remained stable against the Egyptian pound over the past few days despite preparation by foodstuff importers for the holy month of Ramadan, which starts 1 August.
The demand for US currency is usually high during that season, (...)
Economic experts have praised the prime minister's decision to increase subsidies of strategic commodities from LE90 billion to LE115 billion in this fiscal year.
“We cannot let the poor pay the bill for inflation,” said Ahmed Galal, former World (...)
Egypt could face difficulties in obtaining foreign loans, warned banking experts, after Moody's revised its outlook on Egypt's banking system to "negative" from "stable".
Basant Fahmi, a consultant at the Baraka Banking Group, said she expects the (...)
Gold exporters and manufacturers warn that offshore smuggling might increase if an export ban imposed by the Ministry of Industry and Foreign Trade is not lifted.
Wasfi Amin, the head of the gold jewelery sector at the Federation of Egypt Chambers (...)
The Central Bank of Egypt (CBE) announced on Wednesday it would allow the value of the Egyptian pound (EGP) to decline gradually over the coming months should demand for the currency recede.
However, the bank said it was not targeting a specific (...)
General Motors Egypt announced that it plans to inject the Egyptian market with new investments worth US$175 million.
Managing director Rajeev Shaba told Al-Masry Al-Youm that it still feels confident in Egypt's local economy.
He added that the (...)
Bank directors have been ordered to monitor assets frozen in the wake of the popular uprising in Egypt. The order came from the head of the Central Bank of Egypt, Farouk al-Oqda, according to a senior source in the banking sector.
Egyptian (...)
Banks will open as usual on Thursday from 8:30 AM until 2:00 PM, with some branches remaining open until 5:00 PM.
Banks on Sunday opened 327 branches from 10:00 AM until 1:30 PM in Cairo, Alexandria and provincial capitals. On Wednesday, the total (...)
Food prices were subject to several incremental increases this year due to a corresponding rise in the value of the US dollar vis-a-vis the Egyptian pound, since Egypt largely relies on food imports to meet local market demand.
On Thursday, the (...)
Several major international airports have been closed due to an ongoing cold wave across the European continent, reducing the number of incoming flights to Egypt, say tourism specialists.
“But we can't yet determine whether local hotel occupancies (...)
The United States is currently considering an Egyptian request to expand its Qualified Industrial Zones (QIZ) agreement with Egypt to include additional governorates in southern Egypt, US Trade Representative Ron Kirk said this week.
Statistics (...)
Egypt's strategic wheat reserves remain capable of combating Egypt's persistent wheat crisis, the Ministry of Trade and Industry recently said.
The Food Supply Authority has imported 3.7 million tons of wheat since Russia halted grain exports in (...)
“Sugar prices may not go up drastically,” said Chambers of Commerce Federation President Ahmed al-Wakil. “But they won't go down to the last price of LE4 per kilo.”
“Sugar quantities on global markets are small and we may not find enough for our (...)
The ruling National Democratic Party (NDP) of President Hosni Mubarak has not yet selected its candidate for presidential elections slated for next year, Egyptian Prime Minister Ahmed Nazif said on Wednesday.
“We're still waiting for the president (...)
The government has decided to apply the fifth phase of planned electricity fee increases in November, according to an official source.
A 7.5-percent fee increase on electricity consumed in November would be included on electricity bills issued the (...)
Egyptian Minister of Finance Youssef Botrous Ghali told the Euromoney conference yesterday Egypt's local economy is expected to enjoy a 6 percent growth rate by the end of June 2011, up from 5.2 percent at the end of the 2009/2010 fiscal year. He (...)
French suppliers substantially raised their wheat prices at a tender offer held Thursday by the General Authority for Supply Commodities (GASC), according to a GASC official.
The official, who requested anonymity, attributed the price hike to (...)
Overseas investment made by Egyptian banks dwindled in the first half of 2010 by nearly 22.7 percent, with a nearly LE16.9-billion decrease between January and July of this year.
Egypt's total overseas accounts reached LE57.3 billion as of July of (...)
UK-based oil giant British Petroleum (BP) has agreed to sell oil and gas fields in Egypt, the US, and Canada to Apache Corp for US$7 billion in an attempt to raise cash following its record oil spill in the Gulf of Mexico.
The Egyptian properties (...)
Total spending on advertisements in Cairo over the past six months is up 36 percent from the same period last year, according to a new report.
The report by the Arab Research Center says that Egypt has surpassed Dubai in advertising expenditures, (...)
Gold prices have reached a historic level on London's market, with one ounce of gold jumping from US$1215 to US$1248. Its price on Wednesday's closing of the US stock market hit US$1238.05.
Bloomberg news noted that investors have shifted to gold as (...)
Vodafone International is currently in negotiations to sell Vodafone Egypt, with the value of the sale estimated at approximately LE24.3 billion, revealed the Financial Times.
Although Vodafone Egypt declined to reveal the companies involved in the (...)