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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 - 2016-05-25 09:56:23
The increase applied to medicines does not commensurate with the devaluation of the Egyptian pound, said deputy head of Chamber of Pharmaceutical Industries at the Federation of Egyptian Industries Osama Rostom. Rostom described it as a slight increase. However, he believes that it will encourage pharmaceutical companies to resume production of the drugs they stopped providing due to financial losses. The Egyptian pound depreciated by about 62% against the US dollar, noted Rostom, adding that prices increased by only 20%. Thus, the increase does not suit the high prices, as the pharmaceutical industry highly depends on the US dollar. The increase in the US dollar price amounts to 82% in the informal market, according to Rostom, “The increase will encourage the manufacturers of medicine because it will increase the profits of some products, which will compensate the losses caused by other products in the same companies,” said Rostom. He explained that the profit margin of some medicines will slightly increase, covering the losses caused by some other medicines. The Ministry of Health approved the decision of medicines prices increasing on the 17 May, after receiving many complaints from medicine manufacturers and the disappearance of some of their products from the market as a result of the losses. The decision includes increasing the prices by a 20% ratio with a minimum of EGP 2 and a maximum of EGP 6. It was decided that the step would be implemented immediately without withdrawing the products from pharmacies and distributors and re-pricing them. The increase includes 7,010 pharmaceuticals with prices less than EGP 30, according to the Ministry of Health. Rostom said the price increases include about 70% of the total number of medical units, whether they are locally manufactured or imported. More»
Amwal Al Ghad English - 2016-05-25 09:02:25
Egyptian Grand Imam of Al-Azhar Al-Tayeb said on Tuesday that Al-Azhar would support French president Francois Hollande in correcting the perception of Islam after recent terrorist attacks in France and Belgium. Al-Tayeb, who met with the French president on Tuesday, added in a media statement that he agreed with President Hollande on an official exchange between Islamic institutions in France and Al-Azhar in order to educate a new generation of Islamic scholars and leaders about the religion in true and objective way. In the meeting with the French President, Al-Tayeb explained how Al-Azhar supported international peace in communities worldwide, giving special attention to France. More»
Amwal Al Ghad English - 2016-05-25 09:01:13
A Giza court of appeals overturned on Tuesday a five-year jail sentence for 47 people for participating in protests against the Egyptian-Saudi Red Sea maritime border demarcation deal announced last month. However, the court upheld an EGP 100,000 fine for each defendant. Thousands of people, including activists and politicians, protested last month against the government decision to acknowledge Saudi sovereignty over the Red Sea islands of Tiran and Sanafir. The protests are believed to be the largest to take place in Egypt since President Abdel-Fattah El-Sisi was elected president in 2014. In April, the defendants were referred to court by the prosecution for "illegally protesting, attempting to overthrow the government, rioting, inciting against state institutions, disturbing public peace and disrupting traffic." More»
Amwal Al Ghad English - 2016-05-25 09:00:29
A delegation from Islamic Jihad, a leading Palestinian Islamist organisation, conducted talks on Tuesday in Cairo with Egyptian General Intelligence officials on reconciliation efforts among various Palestinian factions. Egyptian sources say the talks were productive, with delegations from rival Palestinian factions Fatah and Hamas expected to arrive in Cairo next week to consult with Egyptian mediators. It is expected that a general conference of all factions will be held in Cairo within a month to announce the completion of reconciliation talks between all three movements. Relations between Fatah and Hamas, the two leading Palestinian factions, have been strained since the two groups faced off in violent clashes in Gaza in 2005 following Hamas' victory in Palestinian general elections the same year. More»
Hesham Ibrahim & Mahmoud Shaaban - 2016-05-24 17:03:31
Egypt is planning to complete its project to link power grids with Saudi Arabia by the end of 2018 or early 2019 at maximum, an Egyptian official said on Tuesday. The project aims at linking the power grids of Egypt and Saudi Arabia to help meet peak-time demand, Chairman of the Egyptian state-run New and Renewable Energy Authority (NREA), Mohamed Salah El-Sobky further said. Egypt will send Saudi Arabia electricity through the connection in the afternoons and Saudi Arabia will send electricity to Egypt in the evenings, taking advantage of the difference in the countries' peak use hours, he added. Egypt and signed three agreements with Saudi Ministry of Water and Electricity concerning the electricity interconnection project totalling $1.6 billion in December 2013. El-Sobky further said Egypt also targets expanding into making partnerships with African countries in renewable energy sector, In earlier statement to Amwal Al Ghad, the Egyptian official said Egypt was also studying technical and economic feasibility of launching power grid linking projects with the Nile Basin countries, in a bid to boost the North African country’s ties with African states. More»
Amwal Al Ghad English - 2016-05-24 11:09:02
Egyptian officials did not observe the doomed EgyptAir flight swerve and change direction before it disappeared, an Egyptian aviation official has said. The Airbus A320 was en route from Paris to Cairo with 66 people aboard when it vanished from radar early on Thursday. Greece's defence minister said the plane turned 90 degrees then 360-degrees before plummeting into the sea. Neither EgyptAir nor the Ministry of Civil Aviation have commented on the plane's final movements. More»
Amwal Al Ghad English - 2016-05-24 09:55:50
Several political parties began a week-long sit-in on Sunday in the Socialist Popular Alliance party (SPAP) headquarters against the maritime demarcation deal between Egypt and Saudi Arabia. A one day symbolic sit-in was organised last Tuesday following a press conference hosted by representatives of political parties to demand the islands deal be abolished and the immediate release of those detained during protests on 15 April and 25 April. The first day of the sit-in opened with a seminar discussing the conditions of freedom of opinion and expression in the country. Several meetings were held with lawyers of 25 April protest defendants in order to address their clients’ conditions inside prison cells. The acting head of SPAP Medhat Al-Zahed told Daily News Egypt that the political parties planned various events and discussions this week, in order to find ways or suggestions to help address the issue. According to the sit-in programme, on Monday evening a session will be held to discuss historical facts and evidence of Egypt’s ownership of Tiran and Sanafir islands, along with other talks on Palestine. On Tuesday at noon, a press conference will be held to discuss possible plans to connect with the government and follow up on a lawsuit filed against the deal. On the opening day, political figures, including former presidential candidate Hamdeen Sabahy, expressed their solidarity with the 25 April protesters and the deteriorated conditions inside detention. Other prominent political parties’ members joined Al-Zahad and Sabahy, such as Khaled Dawood from Al-Dostour, Al-Karama party’s secretary general Mohamed Bassuiony, and Al-Karama party leader Massoum Marzouk. Last week, a conference addressed and discussed other prominent issues including the security crackdown, prisoners deteriorated conditions inside police stations and prison cells, and the current political situation. The islands transfer to Saudi Arabia proved to be hugely controversial among intellectuals, public figures, social media users and activists, as well as both anti-government and pro-government citizens. Several protests were organised across the nation by people from various social classes calling on the state to abolish the agreement saying that “the regime sold our land” and “the islands are Egyptian”. The protests were followed by numerous arrests of people demonstrating as well as arbitrary arrests of bystanders on the street and in coffee shops. More»
Amwal Al Ghad English - 2016-05-24 09:53:13
Egypt will slash its total subsidy bill in the new budget by 14 percent in the coming financial year 2016/17 compared to the current financial year to end in June, according to the latest data from the finance ministry. The 2016/17 draft budget published on the ministry’s website on Sunday showed the total subsidy registering 130.1 billion Egyptian pounds, of which 46.3 billion pounds are allocated for a food and farmers’ subsidy. However, as President Abdel Fattah al-Sisi commissioned the government in April to compensate low-income earners for food price hikes caused by the fluctuating price of US dollar price in recent months, the finance minister Amr El-Garhy told the parliament on Sunday that the food and farmers’ subsidy bill would increase by an additional 2.5 billion pounds to approach 49 billion pounds during the coming financial year. Accordingly, the total bill will amount to 132.6 billion pounds versus 154 billion pounds in the current financial year. Egypt embarked on a fiscal reform programme in July 2014 in an attempt to curb the growing state budget deficit through cutting subsidies and introducing new taxes including the value added tax. The government plans to trim the petroleum subsidy bill by 43.5 percent to reach 35 billion pounds and the electricity subsidy bill by 6.4 percent to 29 billion pounds in 2016/17 comparing with the current financial year due to the falling in the global oil prices, the ministry said. In December, oil minister Tarek El-Molla said that the decrease in global oil prices is expected to reduce the current fuel subsidy cost to save around 7 billion pounds to the public treasury. On Monday, global benchmark Brent futures were down $1.06 at $47.66 a barrel on track for a fourth straight day of losses for the first time in a month, Reuters reported. *The official exchange rate for $1 = EGP 8.78 More»
Amwal Al Ghad English - 2016-05-24 09:48:51
The House of Representatives called on the government to reduce the hours of the curfew imposed in North Sinai governorate and to provide residents with the necessary basics, such as food, shelter, and health care, according to a release from the parliament’s media office. These recommendations came in the parliament’s Sunday morning session following a General Assembly of MPs. The assembly also decided that several hospitals with emergency facilities, ambulances, and more doctors must be established in North Sinai. The assembly discussed the long-standing Emergency Law that has been imposed on the governorate since October 2014 and was recently extended, on top of previous extensions, for another three months by presidential decree. “We, as MPs representing North Sinai governorate, received an invitation from the speaker of the house to attend a meeting and discuss the extension of the state of emergency inside in the governorate. The meeting was fruitful and it resulted in several recommendations for the government,” North Sinai MP Hossam Tawfik told Daily News Egypt on Sunday. While, the state of emergency is a viable means of ensuring security and combating terrorism, residents are suffering from violations carried out under the guise of the emergency law, Tawfik said. “Residents are subjected to random detentions that may last for long periods without addressing any clear offenses,” the MP said. “The curfew is not helping to minimise the threat of militants as much as people might think, on the contrary, these criminals feel free to wander anywhere.” The closure of many main roads is a measure that has hindered development strategy in the governorate as it badly affects the daily life of residents. On behalf of North Sinai residents, Tawfik asked the Speaker of the House Ali Abdul Aal for a general reconsideration about how this state of emergency is being applied. Prime Minister Sherif Ismail delivered a speech before the House of Representatives explaining that providing security for citizens and for development projects is the reason behind the most recent extension of the state of emergency in North Sinai. “Of course, the state of emergency will not fully defeat terrorism, but it will thwart much of its operations and allows security agencies to carry out procedures that help them to counter its [terrorism] elements,” said Ismail, addressing parliament. Due to the continuation of terrorist operations in North Sinai, President Abdel Fattah Al-Sisi issued a decree at the beginning of May by which the Emergency Law was renewed inside the peninsula for an additional three months, from 29 April until 28 July. The renewed state of emergency is connected to “dangerous security circumstances” facing North Sinai. It will be applied across the area from east of Rafah Hill until Al-Awga, west of Al-Arish city, including Al-Halal mountain and Rafah. More»
Amwal Al Ghad English - 2016-05-24 09:22:44
Egyptian President Abdel Fattah al-Sisi received Monday accreditation papers for new 10 ambassadors to Egypt, which did not include the newly appointed Italian ambassador. At Itihadiya Palace, Sisi welcomed the new ambassadors of Sri Lanka, Malta, Bosnia and Herzegovina, Namibia, Slovakia, Lithuania, Azerbaijan, Cambodia, Indonesia, and South Africa. Minister of Foreign Affairs Sameh Shoukry attended the diplomatic accreditation ceremony. A new Italian ambassador to Egypt was appointed by the Italian government earlier in May following the summoning of former ambassador Maurizio Massari to Rome. The new ambassador Giampaolo Cantini, appointed on 10 May, was described by the Italian prime minister Matteo Renzi as an “expert” on North Africa. Italy recalled Massari from Egypt one day following the meetings held in Rome between the Italian and Egyptian investigative teams over the murder of the Italian PhD student Giulio Regeni. More»