Sunday 22 October 2017
(Ahram Online 06/19/13)
Following previous weeks' market plunge, temporary rally fuelled by speculators taking advantage of low share prices. The Egyptian Exchange’s benchmark index rose 1.09 percent on Tuesday, with the broader EGX70 index rising 0.41 percent, as speculators took advantage of low share prices. The modest gains are “simply part of the sideways trend after the past week’s dramatic drop as speculators seek to benefit from discounted prices” Osama Mourad, an independent analyst and former chief executive of Arab Finance Brokerage told Ahram Online. The index has dropped over 8 percent since the beginning of last week, during which it hit a one-year low. The plunge was due to investor fears of planned anti-government protests on 30 June, Investment Minister Yehia Hamed...
(AFP (eng) 06/18/13)
A billion euros of EU aid channelled to Egypt before and after the January 2011 uprising that ended Hosni Mubarak's reign failed to improve human rights and governance, or reduce corruption, auditors said Tuesday. European Union support for improved governance in Egypt overall was "well-intentioned but ineffective," said a highly critical report by the European Court of Auditors (ECA). The criticism comes after pledges by the European Commission since the Arab Spring protests to tie aid to improvements in democratic governance and human rights. But despite the introduction of the EU's so-called "more for more" policy on aid, the report highlights inadequacies in overseeing funding since Mubarak's ouster. "The 'softly softly' approach has not worked and the time has come...
(AFP (eng) 06/18/13)
An Egyptian court on Tuesday ended the detention of Hosni Mubarak in one corruption case, judicial sources told AFP, but the ousted president will remain in custody on other charges. The North Cairo misdemeanour court ordered Mubarak's release but said it will continue to investigate accusations that he and his family acquired wealth illegally, the sources said. Investigators from the Illicit Gains Authority have been questioning Mubarak at the south Cairo prison where he is being held to look into how he acquired several houses and villas around Egypt. According to sources close to the case, Mubarak insisted that all the property was acquired legitimately. Last week, Mubarak, his wife and one of their sons Gamal said they would return...
(Ethiopian Radio and Television Agency 06/18/13)
Minister of Foreign Affairs Dr. Tedros Adhanom and Egypt’s Minister of Foreign Affairs Mohamed Kamel Amr agree to continue the dialogue for win-win solutions on the Nile Basin outstanding issues. The two ministers showed interest to strengthen bilateral relations and coordinate their efforts to reach an understanding regarding all issues between both countries on the basis of trust. With regard to the Grand Ethiopian Renaissance Dam (GERD), they agreed as per the Terms of Reference of the International Panel of Experts to immediately initiate consultations among Egypt, Ethiopia and Sudan. The consultation is intended to help move forward with the implementation of its recommendations. The Minister of Foreign Affairs of Ethiopia welcomed the Egyptian initiative to begin consultations amongst the...
(AFP (eng) 06/18/13)
Ethiopia and Egypt said Tuesday they have agreed to hold further talks on the impact of a huge Ethiopian dam project to quell tensions between the two countries over water-sharing. "We agreed that we will start immediately on consultations at both the technical level... and the political level," Egyptian Foreign Minister Mohamed Kamel Amr told reporters after meetings in Addis Ababa with his Ethiopian counterpart Tedros Adhanom. The countries have been embroiled in a heated row after Ethiopia began diverting the Blue Nile River last month for the construction of the 6,000 megawatt Grand Renaissance Dam. Egyptian President Mohamed Morsi warned this month that "all options are open" over construction of the dam because of concerns about the impact on...
(Ahram Online 06/18/13)
Ethiopian foreign minister is expected to visit Cairo soon to continue talks after his Egyptian counterpart visited Addis Ababa. Egypt, Sudan and Ethiopia will start negotiations on recommendations by a technical committee on the Ethiopian Nile dam project, a joint statement by Egypt and Ethiopia's foreign ministers said on Tuesday. The foreign and water resources ministers of the three countries are expected to start negotiations on the political and technical aspects of Nile water division, read the statement. Ethiopia's Foreign Minister Tedros Adhanom has also accepted his Egyptian counterpart's invitation to visit Egypt soon. The statement comes as Egypt's Foreign Minister Mohamed Kamel Amr's visit to Addis Ababa comes to a close. On Tuesday Amr will travel to Sudan, where...
(Reuters (Eng) 06/18/13)
CAIRO (Reuters) - Does Egypt face a new revolution? Millions hope so, it seems; they have signed a national petition demanding the president resign and plan to take to the streets on June 30, when Mohamed Mursi marks a year in office. Their slogan is a call for revolt: "Tamarud - Rebel!" But for all the simmering discontent with the Islamist who has presided over political and economic paralysis, millions more are ready to defend Egypt's first freely elected leader; they say those campaigning for him to quit are agents of the old regime and plan their own pro-Mursi rallies starting Friday. Their counter-campaign - "Tagarud" - calls for open minds. There is a risk of more of the violence...
(News24 06/18/13)
Addis Ababa - Ethiopia and Egypt have agreed to hold further talks on the impact of an Ethiopian dam to quell tensions between the two countries, the foreign ministers of both nations said on Tuesday. "We agreed that we will start immediately on consultations at both the technical level... and the political level," Egyptian Foreign Minister Mohamed Kamel Amr told reporters, after meetings in Addis Ababa with his Ethiopian counterpart Tedros Adhanom. The countries have been embroiled in a heated row after Ethiopia began diverting the Blue Nile River last month for the construction of the 6000 MW Grand Renaissance Dam. Concerned over how the dam could impact downstream water levels, Egyptian President Mohammed Morsi warned that "all options are...
(BBC News Africa 06/18/13)
Ethiopia and Egypt have agreed to hold further talks to quell tensions over the building of a new dam on the Blue Nile, their foreign ministers say. Ethiopia's Tedros Adhanom said the two nations have chosen to swim rather than sink together, AFP news agency reports. He met his Egyptian counterpart Kamel Amr after Egypt opposed Ethiopia's plans for a hydroelectric dam. Egypt is worried that the dam will reduce the water supply vital for its 84 million people. Last week, Egypt's President Mohamed Morsi said he did not want war but he would not allow Egypt's water supply to be endangered by the Great Ethiopian Renaissance Dam. Previous statements about the dam had been made "in the heat of...
(Ahram Online 06/18/13)
Freedom and Justice Party leader says comments by Essam El-Erian MP on Egyptian political prisoners in United Arab Emirates do not represent official party position. Saad El-Katatni, leader of the Muslim Brotherhood's Freedom and Justice Party (FJP), has said comments by Essam El-Erian on Egyptian political prisoners in the UAE do not represent the party's official position. During a debate on Arab relations in the Shura Council, the upper house of parliament, FJP MP El-Erian warned that “Egypt has lost its patience” over Egyptians being detained in UAE prisons, Al-Ahram Arabic news website reported. Speaking to Deputy Foreign Minister Ali El-Esheiry, El-Erian added, “Tell [the UAE] that nuclear Iran is coming...The Persians are coming, not the Egyptians, and you will...
(Reuters (Eng) 06/18/13)
(Reuters) - Egyptian Investment Minister Yehya Hamed said on Monday he aimed to boost Egypt's anemic economic growth to as high as 7 percent in two years by improving the environment for private investors. He said he would work out reconciliation agreements with business people who had fled abroad or were suffering legal problems since the 2011 uprising that ousted Hosni Mubarak. Egypt's economy was growing at about 7 percent annually for several years before the uprising. But even that pace was barely enough to produce work for the large number of Egyptian youths entering the job market - one of the drivers of the protests. Since then, the economy has been battered by political instability, a loss of tourism...
(Ahram Online 06/18/13)
Revenues from customs duties on imports, exports and fines reach LE14.2 billion in first 11 months of FY 2012/13, compared to previous year's LE14.7 billion. Customs revenues reached LE14.2 billion (roughly $2 billion) during the first eleven months of the current fiscal year, Egyptian Finance Minister Fayad Abdel-Moneim has announced. This includes LE507 million in toll fees on exports of goods and raw materials, LE12.7 million in dumping duties, LE392.7 million in customs on tobacco products, LE111 million in fines and seizures. Revenues from customs duties on imported goods amounted to LE13.1 million. Egypt received LE1.19 million in customs revenues in May, along with LE2.23 billion in sales tax revenues. Revenues from customs in 2011/12 reached a total LE14.7 billion,...
(Ahram Online 06/18/13)
The Strong Egypt Party supports a policy of "peaceful change" through its participation in anti-government protests on 30 June, and stands against calls for a "military coup" as an alternative to President Mohamed Morsi's rule. "We are afraid that Egypt's army will slip into political dilemmas, or that a civil war could break out between those competing for power," the party said in an official statement released on Monday detailing its reasons for participation in the mass protests planned for 30 June to oppose Morsi and call for early presidential elections. Strong Egypt, led by former Islamist presidential contender Abdel-Moneim Abul-Fotouh, said that the current political strife in the country is the direct responsibility of Morsi and the Freedom and...
(Xinhuanet 06/18/13)
Egyptian prosecution revealed on Monday that members of a recently busted al-Qaida-linked cell were involved in kidnapping four policemen in Sinai in February 2011, official news agency MENA reported. The investigations of the Supreme State Security Prosecution concluded that one of the suspects was among those recently arrested and detained over charges of plotting potential suicide bombings at American and French embassies in Cairo. On May 15, Egypt's police arrested three suspects accused of planning to blow up vital premises in the Egyptian cities of Cairo and Alexandria. The three men were arrested with 10 kg of materials used for manufacturing high explosives and maps pointing to their targets. The prosecution accused one of them, named Mohamed Abdel-Hamid Hemida, of...
(Alarabiya.net 06/17/13)
Ethiopia’s Communication Minister Bereket Simon told Al Arabiya on Sunday that his country will resume its plan to build the controversial Renaissance Dam and explained the reasons behind the Ethiopian parliament’s delay in approving the Nile River Cooperative Framework Agreement (CFA). “Ethiopia had to approve the CFA through the parliament two years ago but we saw it was unfair to work on approving it whilst Egypt is in a crisis so we told the leadership that we must wait until a new government is elected,” Bereket said. He added that since President Mohammed Mursi has been in power for almost a year now, “the time has come for [Ethiopia] to approve of the agreement through the parliament.” Ethiopia’s parliament on...
(AFP (eng) 06/17/13)
President Mohamed Morsi has replaced 17 of Egypt's governors, including the choice in Luxor of a member of an Islamist party linked to a deadly attack on tourists in the ancient temple city, reports said Monday. Among the new appointees were members of the Muslim Brotherhood from which Morsi hails, the reports said, in a move that tightens the group's grip on key administrative and security posts. The reshuffle -- which affects all but 10 of Egypt's 27 regions -- comes less than a fortnight before opposition protests demanding the departure of the Islamist president. In a decree issued late Sunday, Morsi said the new governors would take their oaths on Monday, the newspaper reports said. Independent daily Al-Masri Al-Yom...
(Ahram Online 06/17/13)
Parliament ratifies article granting Supreme Electoral Commission the authority to set poll dates; president can make decision if House of Representatives is dissolved. The Shura Council has passed an article granting the Supreme Electoral Commission (SEC) the right to set election dates. The law change on Sunday was made in response to a High Constitutional Court decision in May that deemed four articles in the parliamentary election law unconstitutional. The president has the authority to call referendums and can set the date of elections if the House of Representative (lower house of parliament) is dissolved, the article adds. The House of Representative was dissolved in June 2012 so the amendment means President Morsi is currently authorised to set election dates...
(Ahram Online 06/17/13)
Unlike last year's presidential election, Egypt's political opposition will throw weight behind single candidate if it succeeds in forcing early polls, opposition figurehead Mohamed ElBaradei asserts at Culture Ministry. If planned 30 June anti-government protests are successful in forcing early presidential elections, Egypt's political opposition will have only one candidate to represent it this time around "unlike the last elections" one year ago, reform campaigner Mohamed ElBaradei said Sunday. ElBaradei made the statements during a brief visit to a sit-in currently being held by dozens of Egyptian artists and intellectuals outside culture ministry headquarters in Cairo's Zamalek district to protest the appointment of Culture Minister Alaa Abdel-Aziz. The former head of the International Atomic Energy Agency added that his earlier...
(AFP (eng) 06/17/13)
A court in the Egyptian capital on Sunday handed an Islamist preacher accused of insulting Christianity an 11-year suspended jail sentence. Ahmed Mohammed Abdullah had been charged with ripping up and burning a copy of the Bible during a protest outside the US embassy in Cairo against the anti-Islam film, "Innocence of Muslims", that was produced in the US. The court handed Abdullah an 11-year suspended sentence for insulting religion, disturbing public order and defamation. His son was also tried at the same time and received an eight-year suspended sentence. The pair can appeal. The preacher, known as Abu Islam, has become renowned in Egypt for his fiery diatribes against Christians and the country's secular opposition. Egyptian law forbids insults...
(Ahram Online 06/17/13)
Ongoing protests against culture minister have become a 'fight for Egypt's cultural soul and national identity'. Tuesday's attack on protesters at the culture ministry gave the ongoing sit-in a completely new goal. What had begun as a protest against the culture minister became a nationwide fight for Egypt's identity, threatened, according to opposing intellectuals, by Mohamed Morsi and the Muslim Brotherhood. Protesters say Culture Minister Alaa Abdel-Aziz has an "insufficient artistic and professional profile" for the job and his decisions reflect the government's plan to "Brotherhoodise" Egyptian culture. When Ahram Online visited the sit-in in the heart of Zamalek, protesters pointed to the minister's pro-Brotherhood inclinations as proof of his agenda to "destroy Egypt's cultural identity." Since his appointment by...

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