April 6 slams foreign funding allegations, says rifts won’t affect it
CAIRO: The April 6 Youth Movement denied Tuesday foreign press reports that claimed its members had received funding and training from pro-democracy American organizations. The group, which is also suffering…
Scramble to rescue refugees trapped in Libya’s Misrata
MISRATA: A ferry rescued almost 1,000 people from Misrata on Monday and Britain said it plans to pick up 5,000 more, as UN officials said Moamer Qaddafi's government has guaranteed…
Oil falls below $120 on economic, demand concerns
LONDON: Brent crude oil futures fell below $120 on Tuesday for the first time in two weeks, pressured by concern over the economic outlook and the risk that high prices…
Saudi plans $7 bln Egypt housing project: agency
CAIRO: A Saudi developer offered to invest up to $7 billion to build some 200,000 residential units for low and middle income Egyptian buyers, Egypt's state news agency reported on…
EFG-Hermes board member Cararah resigns
CAIRO: Egypt's EFG-Hermes board member and head of brokerage Sherif Cararah has resigned, Chief Executive Yasser El Mallawany said on Sunday. Mallawany said the resignation would help to reduce costs…
Egypt central bank accepts repos worth LE 8.36 bln
CAIRO: Egypt's central bank accepted LE 8.36 billion ($1.4 billion) in seven-day repurchase agreements in the money market on Tuesday, less than the LE 9 billion it initially offered. The…
OT posts Q4 net loss of $178.8 mln
CAIRO: Egypt's Orascom Telecom (OT) posted a 2010 fourth quarter net loss of $178.8 million, citing restrictions by the Algerian government on its unit there, the company's most profitable asset.…
Egypt’s index gains; real estate up
CAIRO: Egypt's main index closed higher on Tuesday as investors regained interest in blue chips that had suffered from a widening crackdown on graft that has targeted former officials of…
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…
ICRC evacuates 618 migrants from Misrata
GENEVA: The International Committee of the Red Cross said it has helped 618 migrants to leave the besieged Libya port city of Misrata on Monday. The evacuees included Sudanese, Chadians,…