Simon Williams News
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Top Egyptian ministers headed to Qatar, the Gulf Arab state that’s played a key role in keeping the country’s economy afloat, as an International Monetary Fund team in Cairo studied their loan request.
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Oil-rich Gulf Arab countries, led by Qatar and Saudi Arabia, are widening the wealth gap with the region’s energy importers as political turmoil from Egypt to Lebanon stifles economic growth, HSBC Holdings Plc said.
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Egypt plans to offer 13.5 billion pounds ($2 billion) of domestic debt over the next week as the government struggles to convince the International Monetary Fund to accept a revised economic plan.
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Egypt’s foreign net reserves fell to $13.5 billion in February, a smaller decline than economists had expected.
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Clifford Chance LLP , the U.K.’s highest-grossing law firm, said it opened an Istanbul office.
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Qatar is planning a $12 billion fund to invest in distressed assets just as the world economic recovery signals such opportunities may be harder to find.
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Egyptian inflation was little changed in June after easing for four months in a row, supporting the central bank’s decision to hold interest rates at a four-year low.
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Egypt’s economy may fail to meet the government’s growth target, a Bloomberg survey showed, threatening the country’s recovery from an uprising that ousted President Hosni Mubarak this year.
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Amir Mohammed has been sleeping outside the Libyan Embassy in Cairo awaiting a visa for a week, his bed a layer of cardboard on the sidewalk. He has given up on finding a job in Egypt and is looking for a way out.
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Egyptian President Mohamed Mursi focused his search for the country’s next premier on a list of technocrats with the experience needed to revive the limping economy.
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