Baring Asset Management, the money manager once owned by the bank brought down by Nick Leeson, is shunning Egyptian stocks until the country’s talks with the International Monetary Fund for a $4.8 billion loan conclude.
Orascom Construction Industries’s settlement of a tax dispute in Egypt will help a move backed by Microsoft Corp. founder Bill Gates to transfer its shares to Amsterdam, EFG-Hermes Holding SAE and VTB Capital said.
Egypt’s decision to go after its biggest publicly traded company on a tax-evasion claim is deterring investors that regard the case as a possible precedent setter, EFG-Hermes Holding SAE’s head researcher said.
Egyptian companies are delaying expansion plans, driving debt levels to the lowest in almost two years and dimming prospects for the Arab country’s economic recovery as it struggles with a transition to democracy.
The following are comments from analysts and economists in response to Egypt’s election result today. Mohamed Mursi, the candidate of the Muslim Brotherhood, beat Hosni Mubarak’s last prime minister, Ahmed Shafik.