DIRS.INFO The most relevant business & tech news

☆ House Democrats ask Trump for proof he did not take $10 million 'cash bribe' from Egypt
▼ + stars: | 2024-09-03 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Republican presidential candidate Donald Trump, left, meets with Egyptian President Abdel Fattah el-Sissi at the Plaza Hotel in New York, Sept. 19, 2016. Democrats on the House Oversight Committee asked former President Donald Trump to show proof that he never received any money from Egypt, following a recent report on a nearly $10 million withdrawal from the nation's state-run bank days before Trump became president in 2017. The Democrats in a letter to Trump on Tuesday said they were looking into allegations that Trump took a "cash bribe" from Egypt's president, and that former Attorney General Bill Barr and others blocked a Department of Justice probe into that alleged bribe. Asked about the letter, Trump campaign spokesman Steven Cheung told CNBC in an email, "This is textbook Fake News." The discovery of that withdrawal appeared to bolster the claim that el-Sissi sought to give Trump money.

Persons: Donald Trump, Abdel Fattah el, Trump, Bill Barr, Jamie Raskin, Robert Garcia, —, Raskin, Garcia, Steven Cheung, Cheung, shams, Sissi, Robert Mueller Organizations: of Justice, The Washington Post, DOJ, Republican, CNBC, State Trump, Bank of Locations: New York, Egypt, The, Bank of Egypt

☆ Markets need to see a 'coherent story' and monetary policy plan, Egypt's central bank governor says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets need to see a 'coherent story' and monetary policy plan, Egypt's central bank governor saysHassan Abdullah, governor of the Central Bank of Egypt, discusses the country's 1,000 basis points of rate hikes, knock-on effects from the U.S. and Europe, and why markets need to see a medium-term plan from central banks.

☆ Most Middle Eastern bourses in black on US inflation data
▼ + stars: | 2023-04-02 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Retal Urban Development Co (4322.SE) rising 0.5% and petrochemical maker Saudi Basic Industries Corp (2010.SE) closing 1.7% higher. Oil prices - a key catalyst for the Gulf's financial markets - rose by more than a dollar per barrel on Friday, on tightening supplies and cooling U.S. inflation. The Central Bank of Egypt (CBE) raised its overnight interest rate by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. In Qatar the index (.QSI) dropped 1.2% as natural gas prices remained under pressure.

☆ Egypt's cenbank raises interest rates by 200 bps to tame inflation
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. The bank set the lending rate at 19.25% and the deposit rate at 18.25%. The median forecast in a Reuters poll of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. In February, headline inflation soared to a five-and-a-half-year high of 31.9% from 25.8% in January. "Real GDP growth is expected to soften in fiscal year 2022/23 compared to the previous fiscal year, before picking up thereafter."

☆ Egypt central bank seeks advisor for United Bank sale -sources
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, March 9 (Reuters) - Egypt's central bank has sent investment banks a request for proposals to pitch for an advisory role in the sale of United Bank of Egypt, which the central bank owns, two sources with knowledge of the matter said. The search for advisors comes after talks with Saudi Arabia's sovereign wealth fund to acquire United Bank failed after disagreement over its valuation. The government said it planned to sell stakes in 32 companies, but since then has placed stakes in other companies up for sale as well. The finance ministry said last month it was seeking to sell the 20% stake in AlexBank that it still owns. Analysts say a stake in the state-controlled House and Development Bank may also be up for sale.

☆ Egypt court to rule soon in case over Intesa's local unit - sources
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

It did not mention AlexBank, though a sale of its remaining stake to Intesa is a possibility, one of the sources said. The sale was challenged in court by activist group, the Egyptian Centre for Transparency, local media reported. Egypt's constitutional court in mid-January ruled to uphold that law rejecting a challenge brought against it. A number of cases, including that centred around the sale of AlexBank, had been put on hold pending the decision on the law. Reporting by Patrick Werr in Cairo and Valentina Za in Milan; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt's currency weakens to 26.49 to the dollar
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] Coins of a one Egyptian pound are seen at the Mint Museum, in Cairo, Egypt January 25, 2021. REUTERS/Amr Abdallah Dalsh/File PhotoCAIRO, Jan 4 (Reuters) - The Egyptian pound weakened to 26.49 to the dollar on Wednesday, its biggest one-day move since the central bank allowed it to fall by 14.5% on Oct. 27, according Refinitiv Data. Currency flexibility has been a key demand by the International Monetary Fund, which approved a 46-month, $3 billion financial rescue package in October. read moreThe currency has weakened from 19.7 to the dollar in March. Black market currency dealers continued to buy dollars for 29 pounds each on the black market on Wednesday, even after the devaluation.

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ Egyptian startup Blnk raises $32 million in funding round
▼ + stars: | 2022-11-10 | by ( Mahmoud Salama | ) www.reuters.com time to read: +1 min

CAIRO, Nov 10 (Reuters) - Blnk, a fintech platform that enables instant consumer credit in Egypt, has closed one of the country's biggest funding rounds for a startup this year, raising $32 million, its chief executive said. The company, launched in October 2021, raised $23.7 million in equity and debt funding and $8.3 million in securitised bond issuance, co-founder and CEO Amr Sultan told Reuters. The $11.2 million debt funding was secured from a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire. The company says it has disbursed more than $20 million in loans to date.

Search resuls for: "Bank of Egypt"

9 mentions found