After two years of political upheaval and weakness in the economy, companies in Egypt are struggling with a sinking currency and a shortage of foreign exchange, forcing some to make painful changes to their business plans. The central bank’s foreign currency reserves have tumbled to $13.5 billion, covering little more than two months’ imports,
The local-currency deposit ratings of five Egyptian banks have been downgraded by Moody’s Investors Service, Ahram Online reported Wednesday. The National Bank of Egypt was downgraded to Caa1 from B3, Banque du Caire to Caa1 from B3, Banque Misr to Caa1 from B3, Commercial International Bank to Caa1 from B3, and Bank of Alexandria
The Arab summit in Doha on Tuesday gave member states the “right” to offer Syrians all means of self-defense including arms, in a resolution on Syria. The Arab Summit affirms the “right” of every state to offer all forms of self-defence, including military, to support the resistance of the Syrian people and the Free
Mohamed al-Gendy, a popular Egyptian activist and multilingual tourism guide, was last seen alive at around 2:30 a.m. January 28, after saying good night to a journalist friend. When Gendy didn’t attend a planned march the next day, his cellphone switched off, his friends became increasingly concerned, especially due to the fact that he had
Property prices in Cairo’s two large satellite cities rose by 8 percent at the beginning of 2013, amid wider economic turmoil and Egypt's ongoing battle with high inflation. Sale-price rises in New Cairo and 6th of October City are “largely due to developers seeking to pass on increases in construction costs to end buyers,”
A picture of President Mohammed Mursi and other members of the Egyptian delegation falling asleep in the opening session of the Arab League summit held Doha on Tuesday is being circulated by Egyptian activists online with a touch of satire. President Mursi, Foreign Minister Mohamed Kamel Amr, the president's aide on foreign affairs Essam
Kidnappers released a Norwegian woman and an Israeli man held in Egypt’s Sinai Peninsula following negotiations mediated by Bedouin leaders between authorities and the group that seized the tourists four days ago, security sources said on Tuesday. The tourists had been kidnapped on Friday while driving between the resort towns of Dahab and Taba
The United States is training secular Syrian fighters in Jordan in a bid to bolster forces battling President Bashar al-Assad’s regime and stem the influence of Islamist radicals among the country’s persistently splintered opposition, American and foreign officials said. The training has been conducted for several months now in an unspecified location, concentrating largely
Anti-Muslim mobs rampaged through three more towns in Myanmar’s predominantly Buddhist heartland over the weekend, destroying mosques and burning dozens of homes despite government efforts to stem the nation’s latest outbreak of sectarian violence. President Thein Sein had declared an emergency in central Myanmar on Friday and deployed army troops to the worst-hit city,
An alleged al-Qaeda terrorist who fought against US soldiers in Afghanistan and went on to plot a bomb attack against American diplomatic facilities in Nigeria was charged Wednesday in New York. Ibrahim Suleiman Adnan Adam Harun, also known as "Spin Ghul," was charged by a grand jury with conspiracy to murder and conspiracy to
