Egypt delays decision on energy subsidies
CAIRO: Egypt has delayed a final decision on reducing energy subsidies for non-intensive industries and is currently considering the speed at which said plans would be executed. Parliament talks regarding…
Subsidizing exports under value-added terms starts July
The new subsidy export system based on the share of value-added will be implemented starting July 2010, Al-Ahram reported. The budget of the Export Subsidy Fund will reach LE 4…
Egypt pound stabilizes after euro rally
The Egyptian pound, which has weakened steadily since May, stabilized at 5.6780, supported by a modest euro rally in the past week against the US dollar. Europe is Egypt's biggest…
HDB loan portfolio jumps 20 pct: paper
Housing and Development Bank’s retail loans portfolio grew to LE 2.5 billion last May, compared to LE 2.1 billion, a 20 percent increase, reported Al-Mal. HDB deputy chairman,…
Egypt refining co in advanced financing talks
Egypt-based private equity firm Citadel Capital said a company in which it is an investor was in advanced talks to secure $2.35 billion in financing for a refinery project in…
Ban on live poultry to go nationwide
CAIRO: As of July 1, 2010, a ban on the selling of live poultry, which was in place since May 2009 across only five governorates, will be implemented nationwide. Head…
3 Tanta Flax managers sentenced to prison for arbitrary dismissals
CAIRO: In what an NGO describes as a “historic” verdict, three managers from the Tanta Flax and Oils Company have been sentenced to two years imprisonment for dismissing employees arbitrarily,…
Israel approves plan to ease Gaza blockade
JERUSALEM: Israel on Thursday approved a plan to ease its blockade of the Hamas-run Gaza Strip following weeks of international pressure, but provided few details on what new goods would…
Al-Halawani joins ENPPI to end Greek adventure
CAIRO: Amr Al-Halawani ended a five-year adventure in Greece to join ENPPI, the Egyptian Premier League side announced on Wednesday. The 25-year-old, who plays as a left-sided midfielder, joined ENPPI…
Zamalek complete Abou Kone signing
CAIRO: Zamalek have completed the signing of Ivorian striker Abou Kone from Military Production, the Cairo side said on Wednesday. "We've invoked a buy-out clause to sign Kone," Zamalek marketing…