Magdy Rady News
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Egyptian authorities may announce this evening when the country’s stock exchange will open after more than a month-long closure because of a revolt that toppled President Hosni Mubarak in February.
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Egypt doesn’t plan to suspend issuing foreign worker permits as reported on a Facebook page posing as the official page of the country’s cabinet, Magdy Rady, cabinet spokesman, said.
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Egypt’s borrowing costs are rising to the highest in more than two years and stocks listed overseas are tumbling as the Cairo exchange’s five-week shutdown and new rules on shareholder disclosure keep investors away.
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Egypt raised 3 billion pounds ($509 million) in treasury bills today, 1.5 billion pounds less than planned, as yields rose on concern the economy is struggling to recover from the revolt that toppled President Hosni Mubarak .
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Egyptian President Hosni Mubarak will decide “within hours” whether he will step down or not, according to cabinet spokesman Magdy Rady.
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U.S. stocks erased losses amid speculation Egyptian President Hosni Mubarak will meet protesters’ demands to step down, ending a political crisis that threatened to spread throughout the Middle East.
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Egyptian authorities banned protests and tightened security overnight to prevent demonstrators from repeating the rally of Jan. 25, when thousands took to the streets of Cairo and major cities to denounce President Hosni Mubarak , inspired by the revolt that toppled Tunisia’s leader.
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The Democratic Republic of Congo and Burundi may soon sign an accord on water usage from the Nile River, paving the way for ratification of a pact that strips Egypt of its rights to the flow from the world’s longest river.
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The following are the day's top general news stories:
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Egypt said Talaat Moustafa Group Holding will be allowed to keep land for its Madinaty housing project, bypassing a court ruling that annulled the company’s purchase of the property from the state.
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