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Saudi Arabia imposes fines, jail terms for visa lapses

  /  April 15, 2014  /  Business  /  2 Comments

Punishment ranging from fines and jail terms to confiscation of assets and deportation may be imposed, escalating a year-long crackdown on visa irregularities that have been overlooked for decades.

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Sawiris says ready to invest $1bn-$2bn in Telecom Italia: Paper

  /  April 13, 2014  /  Business  /  1 Comment

Sawiris had unsuccessfully attempted to buy a stake in Telecom Italia in 2012

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IMF, World Bank push for price on carbon

  /  April 12, 2014  /  Business, Energy  /  1 Comment

Warning that time was running out for the planet to avoid worst-case climate change

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Egypt’s Pioneers Holding 2013 profit rises 37%

  /  April 9, 2014  /  Business  /  1 Comment

Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP read the rest…

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Dubai tells global bankers to expect another boom

  /  April 8, 2014  /  Business  /  1 Comment

Reuters – Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It read the rest…

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G20 final document unlikely to address Ukraine crisis

  /  April 8, 2014  /  Business  /  1 Comment

Reuters – The world’s financial leaders are likely to discuss possible risks to Europe’s economy from the crisis in Ukraine, but there are no plans to mention it in the final document from their Washington read the rest…

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Dubai says agreement in principle on UAE bourse merger; no final word on bond issue

  /  April 7, 2014  /  Business  /  1 Comment

Reuters – A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, read the rest…

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Dubai’s Emirates REIT expands IPO due to strong demand

  /  April 6, 2014  /  Business  /  1 Comment

Reuters – Dubai-based real estate investment trust Emirates REIT said it had expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate’s first IPO since its financial crisis erupted in read the rest…

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Time running out to meet global warming target: UN report

  /  April 6, 2014  /  Business, Energy  /  1 Comment

Temperature rises would sharply raise risks to food and water supplies and could trigger irreversible damage

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Barclays to sell UAE retail ops to Abu Dhabi Islamic Bank for $177m

  /  April 6, 2014  /  Business  /  2 Comments

Reuters – Barclays has agreed to sell its retail banking operations in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB) for an expected price of AED 650m ($177m), ADIB said on Sunday. The read the rest…

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Egyptian foreign reserves edge up in March: Central Bank head

  /  April 2, 2014  /  Business  /  2 Comments

Reuters – Egypt’s foreign reserves rose to around $17.42bn in March from $17.307bn in February, central bank governor Hisham Ramez said, edging further away from critical lows they hit last year. The reserves fell sharply read the rest…

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Major economies end first quarter on weaker note

  /  April 1, 2014  /  Business  /  2 Comments

Reuters – Major economies in Asia and Europe finished the first quarter on a weaker note, with key manufacturing surveys fuelling expectations policymakers may be forced to act in coming months to prop up faltering read the rest…

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TransCentury sells Rift Valley Railways stake to Egypt’s Citadel

  /  April 1, 2014  /  Business  /  1 Comment

Reuters – Kenya’s TransCentury said on Tuesday that it has sold its 34% stake in Rift Valley Railways (RVR) to Egyptian private equity firm Citadel Capital. Citadel said it bought the shares for $37.8m, raising read the rest…

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French, Spanish car sales rally, Chevrolet fades: Trade data

  /  April 1, 2014  /  Business  /  No Comments

AFP – French car sales picked up strongly in March after a grim year for the industry in 2013, but volumes remained low, trade data showed on Tuesday. The figures showed that French carmakers, including read the rest…

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Egypt covers all dollar backlogs for foreign investor repatriations

  /  April 1, 2014  /  Business  /  No Comments

In a push to restore confidence in the economy, authorities opened a repatriation scheme in March 2013 guaranteeing foreign investors in Egyptian stock and government bond markets access to dollars despite the severe shortages of the US currency.

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Egypt’s Suez Cement Raises Dividend

  /  April 1, 2014  /  Business  /  No Comments

Reuters – Suez Cement, Egypt’s biggest listed cement maker by market value, will pay a cash dividend of EGP 2.65 ($0.38) per share, it said in a statement published on the bourse on Tuesday. The read the rest…

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Egypt’s economy needs mutual funds: EGX chairman

  /  April 1, 2014  /  Business  /  2 Comments

Mutual funds will help boost economic growth, Omran says

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Egypt’s bourse posted its biggest percentage loss in seven months

  /  March 31, 2014  /  Business, Economy  /  1 Comment

Reuters – Egypt’s bourse posted its biggest percentage loss in seven months on Monday as local investors continued to book profits on positions built in anticipation of former army chief Abdel Fattah al-Sisi’s run for president. read the rest…

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Egyptian Embassy in Seoul to revitalise economy

  /  March 31, 2014  /  Business  /  1 Comment

Egyptian Embassy organises a seminar to discuss investment prospects in Egypt with Korean businessmen

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Dubai bourse to hold roadshow in London

  /  March 31, 2014  /  Business  /  1 Comment

Reuters – Bourse operator Dubai Financial Market (DFM) will hold a roadshow for international investors in London together with Goldman Sachs to showcase companies listed in the emirate, it said on Monday. Executives from 13 read the rest…

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Egyptian pound strengthens slightly at Central Bank dollar sale

  /  March 31, 2014  /  Business  /  No Comments

Dollar shortages have been fuelling a thriving black market.

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Libyan fund sues France’s SocGen for $1.5bn

  /  March 31, 2014  /  Business  /  No Comments

AFP – Libya’s sovereign wealth fund is suing French bank Societe Generale in a British court for $1.5bn (€1.1bn) for allegedly channelling bribes to allies of the son of slain dictator Moamer Qadhafi, officials said read the rest…

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Climate change boosts conflict risk, floods, hunger: UN

  /  March 31, 2014  /  Business  /  No Comments

The report is the second chapter of the fifth assessment by the Intergovernmental Panel on Climate Change (IPCC), set up in 1988 to provide neutral, science-based guidance to governments.

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Egypt stocks continues to drop

  /  March 30, 2014  /  Business  /  1 Comment

Reuters – The Cairo bourse, which dropped 2.7% last Thursday after Sisi said he would run for president, fell a further 1.9% on Sunday to trim 2014 gains to 19%. But there were signs the read the rest…

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Egypt energy subsidy bill to rise by 10-12% next year: Minister

  /  March 30, 2014  /  Business  /  1 Comment

Reuters – Egypt’s Finance Minister said on Sunday spending on energy subsidies next year will be 10-12% above the EGP 130bn ($18.66bn) budgeted for the current fiscal year, unless immediate reforms are made. Successive governments read the rest…

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The new ‘silk road’, a rail link from China’s factories to heart of Europe

  /  March 30, 2014  /  Business  /  2 Comments

Duisburg is a steel-making town of around half a million on the confluence of the Rhine and Ruhr rivers that boasts the world’s biggest inland port and is one of Germany’s most important transport and commercial hubs.

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Hunt is on for new emerging tigers: MINT, PPICS and CIVETS

  /  March 30, 2014  /  Business  /  1 Comment

AFP – For more than 10 years the rise of big emerging markets has re-shaped the global economy but these are now slowing with maturity, and the hunt is on to identify which upstarts will read the rest…

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Russia’s Lukoil begins output from giant Iraq oilfield

  /  March 30, 2014  /  Business  /  2 Comments

Reuters – Russia’s Lukoil began commercial production from one of the world’s largest untapped oilfields in Iraq on Saturday, as the country raises output to record levels. Production from the giant West Qurna-2 is eventually read the rest…

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Minister of Housing to address real estate industry

  /  March 29, 2014  /  Business  /  1 Comment

More than 250 industry leaders and CEOs to map Egypt’s economy at third edition of Egypt Real Estate Summit

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Al-Futtaim Group signs EGP 532m facility agreement with CIB

  /  March 29, 2014  /  Business  /  1 Comment

Loan will finance phase two of Cairo Festival City Project, says Al-Futtaim Managing Director

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