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AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

News - Egypt News

Amwal Al Ghad English - 2014-10-30 08:52:43
Egypt on Thursday banned a pressure group that has pushed for the reinstatement of President Mohamed Morsi of the Muslim Brotherhood, who was overthrown by the army last year. Prime Minister Ibrahim Mehleb issued a decree dissolving the National Coalition to Support Legitimacy and Reject the Coup as well as its political arm, the Independence Party, following an earlier court ruling against the organisations. The Coalition, which included Brotherhood supporters and other groups, was set up after then-army chief Abdel Fattah al-Sisi overthrew Morsi in July 2013 following protests against his rule. Egyptian authorities have since cracked down on the Brotherhood, banning Egypt's oldest Islamist organisation and throwing thousands of its members in jail. More»
Amwal Al Ghad English - 2014-10-30 08:11:34
Egypt has begun demolishing homes along its Sinai border with the Gaza strip as part of a 500m buffer zone to prevent weapons smuggling. Locals were given 48-hours notice and a promise of compensation to leave. If they refuse to move, their property is being forcibly seized. Each displaced family is due to receive 900 Egyptian pounds (99 euros) to help pay for three months rent elsewhere, while compensation for destroyed property is being calculated. The buffer will include water-filled trenches to prevent tunneling. Around 800 homes in the border city of Rafah have been evacuated. More»
Amwal Al Ghad English - 2014-10-30 07:57:38
A national committee led by transitional justice and house of representatives affairs minister Ibrahim El-Heneidy will meet Thursday to make a final review ‎of a report about the situation of human rights in Egypt ‎over the last four years. The report will be reviewed by ‎the Geneva-based UN Human Rights Council next ‎week. El-Heneidy told parliamentary reporters that he and ‎members of the committee will leave for Geneva next ‎Sunday to attend a special session on the human rights ‎situation in Egypt and respond to questions and ‎remarks. The session will be attended by ‎representatives from 125 countries.‎ The committee is composed of Hisham Badr, deputy foreign ‎minister for human rights, Abu Bakr El-Gendy, ‎deputy interior minister for human rights, Mervat ‎Talalawy, secretary-general of the national council for ‎women, Maha Abdel-Latif, deputy foreign minister for ‎foreign NGOs and Medhat Bassiouny, deputy justice ‎minister for human rights. It also includes Mohamed ‎Khallaf, deputy prosecutor-general for international ‎cooperation affairs, and Ashraf Ashmawy, El-Heneidy's ‎advisor for human rights.‎ More»
Amwal Al Ghad English - 2014-10-29 09:17:25
U.S. citizens have been warned of a possible terrorist attack threat against American schools in Jeddah, Saudi Arabia and Maadi, in Egypt’s capital, Cairo. The U.S. Embassy in Cairo said Monday that “a recent anonymous posting on a Jihadist website” had encouraged attacks against western schools and teachers but noted it was “unaware of any specific, credible threat against any American school or individual in Egypt.” The “security message” posted on the Embassy website said U.S. citizens in the region should “remain vigilant regarding their personal security and alert to local security developments,” adding: “The Embassy is working with local schools identified with the United States or that have high concentrations of American teachers or students to review and enhance their security posture.” More»
Amwal Al Ghad English - 2014-10-29 08:55:23
Egypt's President Abdel Fattah al-Sisi told Saudi newspaper Okaz that "international forces" thought they could establish a new regional system to give them more influence – but failed. In an interview published Tuesday, al-Sisi said the result was civil and sectarian war, the loss of the potential of the region's people and chaos. The statement was in response to a question as to what he said during meetings with world powers during last month's United Nations General Assembly in New York. Al-Sisi is optimistic, however, about the future of the region. "I think there is an increasing awareness from the different world powers, among them the major powers, concerning the truth of the situation in the region, and this awareness is crystallising in international efforts being spent on fighting terrorism," he said. Egypt was among several Arab countries to join an international coalition led by the US to face the Islamist State militant group in Syria and Iraq. In Tuesday's interview, al-Sisi denied claims from Okaz that Egypt wasn't committed to the coalition. "Egypt was among the first countries to warn against the dangers of the spread of terrorism … We are currently involved in the international efforts against terrorism, and nothing proves this more than Egypt's participation in a recent Washington meeting of army chiefs-of-staff of several countries, while other countries in the coalition didn't attend," he said. The Egyptian president maintained his praise of Saudi Arabian King Abdullah. Saudi Arabia became one of Egypt's main backers in its transitional period after the ouster of president Mohamed Morsi in July 2013, giving billions of dollars in aid. The relationship between Egypt and Saudi Arabia is a fraternal one, al-Sisi said, insisting that the Gulf kingdom's support of Egypt safeguarded many states in the Middle East and was a result of its awareness of the dangers the region faced. The president thanked King Abdullah for calling for a donor conference on behalf of Egypt, planned to take place in February in the Red Sea resort of Sharm El-Sheikh. El-Sisi said there will be full coordination between Saudi Arabia and Egypt regarding the conference and pushing for its success. The conference will garner proposals for major logistical, industrial and agricultural investment projects, he said. After recounting to Okaz the success of recent Egyptian military exercises that he said were the biggest with live ammunition in its history, al-Sisi assured that the Gulf's security is a red line. Regional stance Responding to an allegation posed by his interviewer that Egypt's position on the Syrian crisis and fighting in Iraq and Yemen was "unclear and confused," al-Sisi said Egypt is in favour of protecting the integrity of states and safeguarding their peoples' rights without favouritism towards regimes or partiality towards sects or ethnicities in any Arab country. Partiality will only inflame conflicts, al-Sisi contended. As such, he said Egypt's position towards Syria, Iraq or Yemen is clear and aims to preserve these states' regional integrity while also working towards finding political solutions for their crises. "This gives Egypt greater credibility and wider acceptance than other parties with narrow interests towards a certain regime or members of a specific sect or ethnicity." As for Turkey and Qatar – allies of the Muslim Brotherhood during Morsi's year in power but whose relations with Egypt have significantly soured since the group's removal from power last year – al-Sisi said both countries must first have the will to remove tensions and restore normal relations with Egypt before any steps for reconciliation can happen. "Were there any practical steps taken suggesting the existence of this will and its sincerity?" al-Sisi asked rhetorically. More»
Amwal Al Ghad English - 2014-10-29 08:09:16
Egyptian authorities have ordered residents living along the country's eastern border with the Gaza Strip to evacuate their homes prior to their demolishing because the army plans to set up a buffer zone. The measure comes four days after armed men attacked an army post, killing at least 31 soldiers in the restive area in the northeastern corner of the Sinai Peninsula. After the attack, Egypt declared a state of emergency and a dawn-to-dusk curfew there. Authorities also indefinitely closed the Gaza crossing, the only non-Israeli passage for the crowded strip with the world. The buffer zone, which will include water-filled trenches to thwart tunnel diggers, will be 500 meters wide and extended along the 13km border, officials told the AP news agency. It aims to stop weapons and trafficking between Egypt and the Palestinian territory. More»
Amwal Al Ghad English - 2014-10-29 07:55:35
Secretary of the Treasury Jack Lew visited Cairo on Monday and no one seemed to notice or care. That’s probably because of the awful terrorist attack that took the lives of at least 33 Egyptian conscripts in the Sinai Peninsula over the weekend. Lew’s visit was not going to deal with any number of the hot topics on the U.S. -Egypt agenda—human rights, military and economic assistance, press freedoms, and the ongoing fight against extremism, anyway. “ Economic statecraft,” it seems, is just not that sexy. Exciting or not, it is important, especially since the Obama administration seems to have come to the conclusion that the United States can be most constructive on Egypt through policies that focus on the economy. There is an assumption among many in the Beltway policy community that at least on economic issues and their solution, the United States and Egypt can agree. Working with other countries to aid their economic development is a good idea, of course, but I wonder whether, like so much of the conversation between Washington and Cairo, American and Egyptian officials have very different ideas about the right approach to Egypt’s economic problems. Don’t be surprised, then, if the economy becomes another point of friction, or if Egyptian decision makers just ignore Washington’s advice. More»
Amwal Al Ghad English - 2014-10-28 09:02:36
U.S. Treasury Secretary Jacob J. Lew urged Egypt to persist with economic and political changes that could attract private investment. Egyptian President Abdel-Fattah El-Sisi has pledged to restore stability and fix the economy, and announced a new economic program this summer. Speaking in Cairo today, Lew emphasized the importance of both individual freedoms and a strong economy. “We welcome these reforms and urge the Egyptian government to continue on its path,” Lew said at a press conference with Hany Kadry Dimian, Egypt’s finance minister, after they met. “We discussed the rule of law and how to create an open political environment in which individual rights are fully respected to further bolster Egypt’s ability to attract international investment.” El-Sisi, who was elected this year after leading the military ouster of Islamist President Mohamed Morsi in 2013, announced economic programs that introduce new taxes, increase others and reduce energy subsidies. Such changes are “starting to have a positive impact on the economy,” according to a World Bank overview. Egypt’s growth is expected to accelerate to 3.5 percent in fiscal year 2015 after 2.2 percent growth in 2014, according to International Monetary Fund projections. The “well-being of the Egyptian economy is an important U.S. interest,” Lew said today. Investment in Stability Between 1948 and 2014, the U.S. provided Egypt with $74.65 billion in foreign aid, calculated in historical dollars and not adjusted for inflation. That includes $1.3 billion a year in military aid from 1987 to the present, according to a Congressional Research Service report. “U.S. policy makers have routinely justified aid to Egypt as an investment in regional stability,” the report states. The U.S. cut some aid deliveries this year, releasing only $575 million of the annual military aid after Morsi’s overthrow. Since his removal, Egyptian security forces have killed hundreds of Islamists and arrested more than 20,000 others in what rights group say is evidence that a new police state has emerged. The government denies limiting freedoms. Secretary of State John Kerry said in June that full aid would resume soon. Egypt has a “critical role” to play in denouncing the ideology of Islamic State,Kerry said in a Sept. 13 speech in Cairo. The group, which broke off from al-Qaeda and is known for brutal tactics such as beheadings, has captured areas of Iraq and Syria and seeks to establish a “caliphate” -- a state ruled by a single political and religious leader according to Islamic law. Tracking Money The U.S. is adapting its money-tracking tactics to choke off Islamic State’s oil-smuggling routes and restrict its use of Iraqi and Syrian banks, David Cohen, the Treasury’s undersecretary for terrorism and financial intelligence, said last week. “We are making progress, but it’s going to be a long and sustained effort, and we are in the United States determined to work with all of our allies in the region” on a military and financial basis to stop Islamic State’s flow of resources, Lew said today. He said the U.S. and Egypt have a “common security interest” in combatting the group. Lew is visiting Egypt, Tanzania and South Africa this week to discuss regional economic development and relationships with the U.S. This marked his first press appearance on the trip. More»
Amwal Al Ghad English - 2014-10-28 09:02:09
Egypt's reform of its subsidized food system must do more to help the neediest if the government is to begin reducing "huge pockets of poverty", the top World Food Programme official in the country said on Monday. Failure to tackle those issues could revive popular discontent that has toppled two presidents in three years. But reform will be a tall order in the Arab world's most populous country, where some 68 million - about 75 percent of Egyptians - have ration cards that entitle them to such subsidizes, and where, according to U.N. data, four million of the poorest Egyptians have fallen through the system's cracks. Bread in particular is a politically explosive issue in Egypt, where for decades millions have depended on subsidized loaves that sell for less than a seventh of the real cost. "(The government) needs to do more on the targeting and they are very conscious of the fact, but first I think they want to strengthen the systems and then (work) on targeting," WFP's Egypt representative and country director, Lubna Alamen, told Reuters in an interview. In the Arab world's most populous country, with a population of 84 million, four million without access to government food aid might seem relatively small number, Alamen said. "But it's sizeable," she argued. "Four million in another place who need assistance makes it a big emergency." "FLOUR MAFIA" However, instead of helping the most vulnerable, bread subsidies have fostered a thriving black market and a "flour mafia", according to government officials and industry experts. President Abdel Fattah al-Sisi's government has begun targeting leakages in that system and has also moved quickly on the previously untouchable issue of fuel subsidies, another inefficient, budget-draining expenditure. Subsidies of food and energy products have traditionally eaten up at least a quarter of Egypt's budget, and the government is trying to reduce that burden to rein in a budget deficit that last fiscal year stood at 12 percent of GDP. The fuel price hikes, introduced last summer shortly after Sisi took office, were accompanied by relief measures including free transport, and the government has said it will soon start a new cash benefit program targeting the most vulnerable. These are steps in the right direction toward creating a "social safety net" but reforms should also include phasing out beneficiaries who do not need subsidized food, Alamen said. She praised Supplies Minister Khaled Hanafi for widening the range of subsidized commodities offered to citizens with ration cards, saying that offering goods beyond bread, oil and a small number of other items is important for a population suffering from high malnutrition rates and poor access to a diverse diet. "The issue of food security in Egypt is purchasing power, it's an access issue: food is available but (people) can't afford to buy it," she said, citing WFP research that found poor citizens resort to "coping mechanisms" such as cutting down on buying protein and dairy foodstuffs and relying exclusively on carbohydrates such as bread, rice and potato chips. She said that the economic fallout of the 2011 uprising that ousted Hosni Mubarak had made life harder on poor Egyptians, especially in regions like Upper Egypt, where high poverty rates go hand in hand with what the WFP calls a "triple burden of malnutrition: high stunting rates, anemia, and obesity". Alamen said that gradually reducing rates of chronic stunted growth, caused when children do not receive adequate nutrients before the age of two, is a long-term task. It will be made easier, however, when more citizens in need are given state aid to buy more meat and vegetables. Another effort is linked to subsidizing school meals, an incentive for parents to keep their children at school. WFP funds this program in Upper Egypt and in other poor areas such as Fayoum, a governorate south of Cairo where farming is a main industry and children often work family fields. "The government has taken a very strong decision that they will have 'safety nets' as one of the key things to give to the people," Alamen said. "They have done a lot ... but I think there is a long way to go to reform everything." More»
Amwal Al Ghad English - 2014-10-28 08:55:56
U.S. Treasury Secretary Jacob Lew signaled Monday that Washington might give the go ahead for international emergency loans for Egypt if Cairo does more to overhaul the country’s economy. Meeting with Egyptian finance minister Hany Kadry Dimian in Cairo, Mr. Lew said he explored “ways in which the U.S. might support Egypt’s efforts to reform and strengthen its economy.” “We discussed Egypt’s need for external assistance in order to support the long-term, broad-based, sustainable growth of the Egyptian economy and greater economic security,” Mr. Lew said in prepared remarks. The U.S. has long viewed Egypt, the Arab world’s most populous country, as a linchpin for regional stability. That is all the more important as escalating conflicts in Syria and Iraq threaten to spread into neighboring Mideast states. But bailout talks between Egypt and the International Monetary Fund have been stalled for three years. A series of political upheavals and the reluctance of successive governments to implement budget and economic overhauls have kept loan negotiations on hold. The IMF, including its most powerful shareholder, the U.S., won’t allow access to the fund’s low-interest loans without Cairo committing to an economic plan that can restore the country’s finances. The U.S. has funneled several hundred million dollars to the country, but that is not nearly near enough to cover Egypt’s needs. Rather, the U.S. is looking to leverage the IMF’s financing and economic program to help encourage Cairo to carry out a complete economic overhaul and set the country on a road to long-term stability. Signs are now emerging that bailout talks could resume again in the coming months, especially after President Abdel Fattah Al Sisi ’s government pushed through a number of new economic policies that the IMF has been recommending for years. Mr. Lew praised those efforts, including cuts to fuel subsidies that have historically pushed Cairo’s spending deep into the red. Mr. al-Sisi’s administration is also channeling more cash into health-care, social programs and education. But Mr. Lew indicated additional efforts are needed before Cairo can tap the IMF’s cash stockpile. “We welcome these reforms and urge the Egyptian government to continue on this path,” Mr. Lew said. Investors are still skittish about pouring cash into the country after several years of major political upheaval. Despite a plummeting Egyptian pound and dwindling cash reserves, Cairo has been reluctant amid the turmoil to make the politically-tough policy changes needed for an IMF emergency loan. Regional allies have kept the country afloat, but economists say that that cash is only a temporary fix. Large-scale economic overhauls are needed to restore the economy. “Clearly, more needs to be done to create an economic environment for growth and jobs going forward,” said senior IMF economist Thomas Helbling earlier this month, ahead of meetings between IMF Managing Director Christine Lagarde and top finance officials from Cairo. The “difficult reforms” that Egypt’s government have taken are only “the first steps for an improved future,” he said. The IMF plans to send a team of economists to Cairo in November for a full review of the country’s economy for the first time in three years. Ultimately, Cairo wants to attract enough foreign investment and spur growth to fuel the economy. But as Egypt makes the transition to political and economic stability, the country still needs major international financing to cover budget shortfalls. That is why Egypt’s central bank governor says Cairo will likely need IMF loans to help pull the country out of its economic mire. More»