The rating agency Standard & Poor’s has removed Egypt from its watch list and affirmed long and short-term foreign and local currency sovereign ratings on it, although with negative outlook. “We are therefore affirming our ‘B/B’ long- and short-term sovereign credit ratings on Egypt. At the same time, we are removing the long-term ratings from [...]
The central bank of Egypt has fallen short of its initial objectives to collect 13 billion Egyptian pounds in the seven day repurchase agreements that it offers in the money market. It accepted only 10.837 billion Egyptian pounds ($1.78 billion). The repos carry a fixed interest rate of 9.75 percent. The seven day purchase agreements [...]
The Egyptian army’s operation in the Sinai Peninsula to cleanse it off from terrorist after being attacked in the area has provoked a warning from an Islamist militant group active in the area. The militant group has vowed to fight back if the operation continues. The group known as Salafi Jihadi is considered to be [...]
Following Sunday’s deadly attack on Egypt’s border with Israel, that left 16 Egyptian border troops dead, Egypt launched on Wednesday an air strike on militants in the Sinai, the first in the region since 1973, killing at least 20 terrorists. The operation, described by the Egyptian media as the “Sinai cleansing operation,” lasted 5 hours [...]
Egyptian navy braces to receive 90 Harpoon Block II missiles, one of the most advanced anti-ship cruise missiles in the world. These missiles worth over $ 145 million will boost enhance Egypt’s offensive naval capability. Their delivery had been delayed for more than five years over concerns voiced by Israel that the Block II Harpoon [...]
Almost a month after he was sworn in as Egypt’s first elected president, Mohammed Morsi on Tuesday designated an unknown technocrat, Hesham Kandil, as his Prime Minister. Kandil, 50, an independent said to be a religious conservative but not a member of the Muslim Brotherhood, was holding the position of irrigation and water Minister in [...]
Cairo has swept away fears as to the fate of the Egyptian-Israeli peace treaty when newly elected President Mohamed Morsi reaffirmed during talks with US secretary of State Hillary Clinton his country’s support to this treaty, signed in 1979, and that the United States deem as a cornerstone of regional security. Israelis as well as [...]
After the inauguration of Mohamed Mursi as the first islamist and the first civilian freely elected president in Egypt, it seems that the foreign capital that fled last year the most populated country in the Arab world amid popular uprising started returning. Financial markets in Egypt and abroad have welcomed Mursi’s victory, which averted the [...]
Egypt’s stock market indices have made record gains in 9 years following the victory of Mohammed Morsi of the Muslim Brotherhood in the Egyptian presidential elections. According to state TV, benchmark stock index, EGX30, on Monday closed with a record gain of 7.6 percent to 4482.48 points, its largest single-day gain in nine years, as [...]
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