Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia

Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms. “We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the othe


Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms. “We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the othe
Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: eustance huang, annie palmer
Keywords: news, cnbc, companies, links, involved, multiple, inauthentic, behavior, indonesia, fake, facebook, uae, egypt, accounts, nigeria, removes, pages, removed, post


Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia

Signage is displayed outside Facebook Inc. headquarters in Menlo Park, California, U.S., on Tuesday, Oct. 30, 2018.

Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms.

“We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the other two in Indonesia and Egypt.”

Coordinated inauthentic behavior is defined by Facebook as “when groups of pages or people work together to mislead others about who they are or what they’re doing,” as outlined by Gleicher in a post from December 2018.

Firms that Facebook alleged had links to the activities included Charles Communications in the UAE, MintReach in Nigeria, and Egypt’s Flexell in the first case. Facebook said InsightID in Indonesia and El Fagr in Egypt allegedly had links to the other two cases, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: eustance huang, annie palmer
Keywords: news, cnbc, companies, links, involved, multiple, inauthentic, behavior, indonesia, fake, facebook, uae, egypt, accounts, nigeria, removes, pages, removed, post


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Facebook shuts down an influence campaign it claims was tied to Saudis

Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government. One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia. The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent


Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government. One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia. The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent
Facebook shuts down an influence campaign it claims was tied to Saudis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: lauren feiner
Keywords: news, cnbc, companies, tied, saudis, inauthentic, egypt, saudi, operation, facebook, claims, pages, accounts, following, shuts, influence, links, instagram, campaign


Facebook shuts down an influence campaign it claims was tied to Saudis

Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government.

Facebook regularly reports updates on its efforts to remove what it calls coordinated inauthentic behavior from its services. This time, according to a blog post, Facebook found two unconnected operations that “created networks of accounts to mislead others about who they were and what they were doing.” One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia.

The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent about $108,000 on Facebook and Instagram ads, the company said.

In an effort to clamp down on the spread of misinformation on its site following the 2016 U.S. presidential election, Facebook has taken steps to remove inauthentic content and increase transparency by providing regular updates to the public and installing a searchable ad library. The changes followed reporting that U.K.-based marketing firm Cambridge Analytica had used Facebook data to target U.S. voters.

Facebook said in the latest incident that, behind the accounts, it discovered links to people tied to the Saudi government who had tried to conceal their identities. The creators made pages that mimicked local news organizations and posted about topics like Crown Prince Mohammad bin Salman’s economic and social reform plan and Saudi Arabia’s successes in the conflict in Yemen. The pages also shared criticism of Saudi rivals Iran, Qatar and Turkey.

In the UAE and Egypt-based operation, Facebook said it found links to two marketing firms — New Waves in Egypt and Newave in the UAE. Facebook said it removed more than 300 accounts and pages as well as several Instagram accounts, Facebook groups and events that engaged in the coordinated inauthentic behavior. The pages had a combined following of more than 13.7 million accounts and the operation spent about $167,000 on Facebook ads.

Newaves and the Saudi Embassy in Washington did not immediately respond to requests for comment. A contact for a New Waves in Egypt could not be found.

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Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: lauren feiner
Keywords: news, cnbc, companies, tied, saudis, inauthentic, egypt, saudi, operation, facebook, claims, pages, accounts, following, shuts, influence, links, instagram, campaign


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Egypt voters allow El-Sissi to remain president until 2030

Voters in Egypt approved constitutional amendments allowing President Abdel-Fattah el-Sissi to remain in power until 2030, election officials said Tuesday, a move that critics fear will cement his authoritarian rule eight years after a pro-democracy uprising. Freedoms won in 2011, when mass protests ended President Hosni Mubarak’s nearly three-decade rule, have been rolled back. In his first public comments on the amendments, el-Sissi thanked the Egyptian people for voting. El-Sissi was elected


Voters in Egypt approved constitutional amendments allowing President Abdel-Fattah el-Sissi to remain in power until 2030, election officials said Tuesday, a move that critics fear will cement his authoritarian rule eight years after a pro-democracy uprising. Freedoms won in 2011, when mass protests ended President Hosni Mubarak’s nearly three-decade rule, have been rolled back. In his first public comments on the amendments, el-Sissi thanked the Egyptian people for voting. El-Sissi was elected
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Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: islam safwat, nurphoto, getty images
Keywords: news, cnbc, companies, elsissi, remain, amendments, progovernment, president, posters, vote, allow, rule, 2030, egyptian, referendum, egypt, voters


Egypt voters allow El-Sissi to remain president until 2030

Voters in Egypt approved constitutional amendments allowing President Abdel-Fattah el-Sissi to remain in power until 2030, election officials said Tuesday, a move that critics fear will cement his authoritarian rule eight years after a pro-democracy uprising.

El-Sissi led the military overthrow of an elected but divisive Islamist president amid mass protests against his rule in 2013 and has since presided over an unprecedented crackdown on dissent. Thousands of people, including many pro-democracy activists, have been arrested by authorities. Freedoms won in 2011, when mass protests ended President Hosni Mubarak’s nearly three-decade rule, have been rolled back.

Lasheen Ibrahim, the head of Egypt’s National Election Authority, told a news conference the amendments to the 2014 constitution were approved with 88.83% voting in favor, with a turnout of 44.33%. The nationwide referendum took place over three days, from Saturday through Monday to maximize turnout. Egypt has some 61 million eligible voters.

In his first public comments on the amendments, el-Sissi thanked the Egyptian people for voting.

“Wonderful scene done by Egyptians who took part in the referendum… will be written down in our nation’s historical record,” he tweeted minutes after Ibrahim announced the results.

Pro-government media, business people and lawmakers had pushed for a “Yes” vote and a high turnout, with many offering free rides and food handouts to voters, while authorities threatened to fine anyone boycotting the three-day referendum.

Opposition parties had urged a “no” vote, but they have little power in parliament, which is packed with el-Sissi supporters and overwhelmingly approved the amendments earlier this month. The local media is also dominated by pro-government commentators, and the authorities have blocked hundreds of websites, including many operated by independent media and rights groups.

Two international advocacy groups — Human Rights Watch and the International Commission of Jurists — had urged the Egyptian government to withdraw the amendments, saying they placed the country on a path to more autocratic rule.

Hassan Nafaa, a political science professor at Cairo University, said the results were expected. “There will be dangerous repercussion from the ruling regime as we will see more repression and restrictive policies,” he said.

Generally, the amendments extend a president’s term in office from four to six years and allow for a maximum of two terms. But they also include a special article specific to el-Sissi that extends his current second four-year term to six years and allows him to run for another six-year term in 2024 — potentially extending his rule until 2030.

The changes also allow the president to appoint top judges and include language declaring the military the “guardian and protector” of the Egyptian state, democracy and the constitution, while granting military courts wider jurisdiction in trying civilians.

El-Sissi was elected president in 2014 and re-elected last year after all potentially serious challengers were jailed or pressured to exit the race.

Parliament overwhelmingly approved the amendments last week, with only 22 no votes and one abstention from 554 lawmakers in attendance. The national electoral commission announced the following day that voting would begin Saturday.

Since early April, the Egyptian capital had been awash with large posters and banners encouraging people to vote in favor of the changes. Most of the posters were apparently funded by pro-government parties, businessmen and lawmakers.

In Cairo’s central Tahrir Square, where mass protests became the symbol of the 2011 anti-Mubarak uprising and of hopes for democratic change in Egypt, the posters urged people to vote in the referendum.

“Take part, say … ‘yes’ for the constitutional amendments,” said one banner near the offices of the pro-government Nation’s Future Party. Most of the posters were apparently funded by pro-government parties, businessmen and lawmakers.

During the referendum, business people and lawmakers loyal to el-Sissi offered incentives to voters. They provided buses to transport people free of charge to a polling center. Also some voters were being handed bags of food staples — like oil, rice and sugar — after they cast their ballots.

Trucks with loudspeakers drove around central Cairo through the three-day referendum, playing patriotic songs and urging people to vote.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: islam safwat, nurphoto, getty images
Keywords: news, cnbc, companies, elsissi, remain, amendments, progovernment, president, posters, vote, allow, rule, 2030, egyptian, referendum, egypt, voters


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Egypt’s foreign minister lauds ‘economic progress’ as President Sisi readies for extended tenure

Egypt foreign minister: We’re seeing the first returns of Egypt reforms 10 Hours Ago | 01:41Egypt’s foreign minister praised economic reforms underway in the country, stressing that the country’s president, Abdel Fattah el-Sisi, remained the right man for the job amid continued threats to security and stability. “Of course the president has been effective in creating security and stability and economic progress, implementation of economic reform,” Sameh Shoukry told CNBC’s Hadley Gamble on Monda


Egypt foreign minister: We’re seeing the first returns of Egypt reforms 10 Hours Ago | 01:41Egypt’s foreign minister praised economic reforms underway in the country, stressing that the country’s president, Abdel Fattah el-Sisi, remained the right man for the job amid continued threats to security and stability. “Of course the president has been effective in creating security and stability and economic progress, implementation of economic reform,” Sameh Shoukry told CNBC’s Hadley Gamble on Monda
Egypt’s foreign minister lauds ‘economic progress’ as President Sisi readies for extended tenure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: natasha turak, mohamed el-shahed, afp, getty images
Keywords: news, cnbc, companies, progress, egypts, extended, lauds, egypt, readies, underway, foreign, seeing, tenure, right, president, countrys, security, sisi, minister, shoukry, economic


Egypt's foreign minister lauds 'economic progress' as President Sisi readies for extended tenure

Egypt foreign minister: We’re seeing the first returns of Egypt reforms 10 Hours Ago | 01:41

Egypt’s foreign minister praised economic reforms underway in the country, stressing that the country’s president, Abdel Fattah el-Sisi, remained the right man for the job amid continued threats to security and stability.

“Of course the president has been effective in creating security and stability and economic progress, implementation of economic reform,” Sameh Shoukry told CNBC’s Hadley Gamble on Monday during the EU-Arab League Summit in Sharm al-Sheikh, Egypt. “And we are seeing the first returns of that reform.”

Shoukry listed a number of major investment projects underway, including the construction of new cities and transport infrastructure for the country’s booming population. The president is overseeing “doubling of road networks, 12 cities that are being erected, incredible amounts of almost two million units,” he said.

Sisi, who took power in 2014 following a military coup that overthrew and arrested the democratically-elected President Mohamed Morsi of the Muslim Brotherhood, is likely to win constitutional changes allowing him to dramatically extend his tenure in power.

Egyptian lawmakers are pushing ahead for a change to the country’s constitution that would enable Sisi to stay in power until 2034. Currently, the former armed forces chief is due to stand down after completing two four-year terms in 2022.

Asked if Sisi was the right man for the job, Shoukry replied, “He is and continues to be.”


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: natasha turak, mohamed el-shahed, afp, getty images
Keywords: news, cnbc, companies, progress, egypts, extended, lauds, egypt, readies, underway, foreign, seeing, tenure, right, president, countrys, security, sisi, minister, shoukry, economic


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BP has invested more money in Egypt than anywhere else in the last two years, CEO says

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. “In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy. In December, El Molla said Egypt had signed over


BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. “In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy. In December, El Molla said Egypt had signed over
BP has invested more money in Egypt than anywhere else in the last two years, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: holly ellyatt
Keywords: news, cnbc, companies, oil, gas, egypt, natural, ceo, sector, egypts, country, bp, told, really, invested, money, west


BP has invested more money in Egypt than anywhere else in the last two years, CEO says

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC.

“Today (the scale of our operations) is very big,” Dudley told CNBC Monday. “We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. All across from the Nile Delta, to the east, to the west of the Nile Delta, it’s helping power the country and other companies are here as well.”

“In the last two years we’ve invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it’s a really important place for us,” he told CNBC’s Dan Murphy.

Egypt might lack the oil producing clout of its OPEC neighbors to the west (Libya and Algeria) and east (Saudi Arabia) but it’s pushing to become a Mediterranean energy hub, particularly in the natural gas sector. Cairo is expected to become a net gas exporter by the end of 2019 and the country has seen widespread interest in its natural gas potential — particularly after the success of Egypt’s Zohr gas field, an offshore natural gas field in the Mediterranean Sea operated by Italian energy firm Eni.

Foreign direct investment (FDI) in Egypt’s oil and gas sector reached $10 billion in the full fiscal year of 2017/18, the country’s Petroleum Minister Tarek El-Molla told an Egyptian newspaper last August, and expects at least the same in 2018/2019. In December, El Molla said Egypt had signed over 12 exploration and production agreements with international oil companies (IOCs) during 2018. The petroleum minister told CNBC in January that Egypt’s gas reserves could even be a catalyst for peace in the region.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: holly ellyatt
Keywords: news, cnbc, companies, oil, gas, egypt, natural, ceo, sector, egypts, country, bp, told, really, invested, money, west


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Middle East gas reserves can be a catalyst for peace, Egypt minister says

Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister. Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace proc


Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister. Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace proc
Middle East gas reserves can be a catalyst for peace, Egypt minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: holly ellyatt, bloomberg, getty images
Keywords: news, cnbc, companies, catalyst, east, opportunities, petroleum, gas, told, egypt, reserves, minister, middle, italy, greece, hub, jordan, peace


Middle East gas reserves can be a catalyst for peace, Egypt minister says

Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister.

Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace process in the region.

“We were very proud to host the Palestinians the Israelis, sitting together in one room, on the roundtable together with other neighboring countries like Greece, Cyprus, Jordan and Italy,” he told CNBC’s Steve Sedgwick.

“So the benefit will be there and the welfare will cover all the countries because gas will be the cause of the revenues to generate opportunities, job opportunities, business opportunities and it will bless all the people there (in the Middle East) hence it is the catalyst and it will be the peacemaker really,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: holly ellyatt, bloomberg, getty images
Keywords: news, cnbc, companies, catalyst, east, opportunities, petroleum, gas, told, egypt, reserves, minister, middle, italy, greece, hub, jordan, peace


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Egypt wants an Apple hub despite ongoing fight over iPhone prices

Egypt would like to see a more direct physical presence from tech giant Apple even as the two are caught up in conflict over local iPhone sales, the country’s Prime Minister Mostafa Madbouli said Wednesday. “I think Egypt is a big market and attractive for Apple to exist in directly. Apple has been in Egypt but through indirect agents, suppliers … The smartphone maker has angered Egyptian authorities over its selling practices in the country, which the government says is causing iPhone prices


Egypt would like to see a more direct physical presence from tech giant Apple even as the two are caught up in conflict over local iPhone sales, the country’s Prime Minister Mostafa Madbouli said Wednesday. “I think Egypt is a big market and attractive for Apple to exist in directly. Apple has been in Egypt but through indirect agents, suppliers … The smartphone maker has angered Egyptian authorities over its selling practices in the country, which the government says is causing iPhone prices
Egypt wants an Apple hub despite ongoing fight over iPhone prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: natasha turak
Keywords: news, cnbc, companies, apple, market, despite, hub, really, minister, sales, fight, selling, ongoing, iphone, prices, middle, wants, competition, prime, egypt


Egypt wants an Apple hub despite ongoing fight over iPhone prices

Egypt would like to see a more direct physical presence from tech giant Apple even as the two are caught up in conflict over local iPhone sales, the country’s Prime Minister Mostafa Madbouli said Wednesday.

“I think Egypt is a big market and attractive for Apple to exist in directly. Apple has been in Egypt but through indirect agents, suppliers … But really, we discussed yesterday (with Apple), the idea really (is) to have Apple be in Egypt to be one of its industrial hubs and a destination to serve the whole region,” the prime minister told CNBC’s Hadley Gamble at the World Economic Forum in Davos, Switzerland.

The smartphone maker has angered Egyptian authorities over its selling practices in the country, which the government says is causing iPhone prices to skyrocket. Egypt’s Competition Authority on December 11 gave Apple a deadline of 60 days to resolve “unfair restrictions” over marked-up phones, whose price tags put them at as much as 50 percent higher than iPhones in other Middle Eastern countries.

The Competition Authority says this is because Apple is breaking the law by preventing its Middle East distributor from selling to local Egyptian distributors, deterring “intra-brand competition” and isolating the country from the broader regional market. While their threat doesn’t include a permanent ban on sales, they have promised legal action if nothing is fixed by the 60-day deadline. Apple has reportedly not publicly responded to the claims.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: natasha turak
Keywords: news, cnbc, companies, apple, market, despite, hub, really, minister, sales, fight, selling, ongoing, iphone, prices, middle, wants, competition, prime, egypt


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Egypt sentences 75 people to death, hundreds to jail over 2013 sit-in

An Egyptian court on Saturday issued death sentences for 75 people, including prominent Islamist leaders, and jailed more than 600 others over a 2013 sit-in which ended with the killing of hundreds of protesters by security forces. The government says many protesters were armed and that eight members of the security forces were killed. Muslim Brotherhood spiritual leader Mohamed Badie and dozens more were given life sentences, judicial sources said. Others received jail sentences ranging from fi


An Egyptian court on Saturday issued death sentences for 75 people, including prominent Islamist leaders, and jailed more than 600 others over a 2013 sit-in which ended with the killing of hundreds of protesters by security forces. The government says many protesters were armed and that eight members of the security forces were killed. Muslim Brotherhood spiritual leader Mohamed Badie and dozens more were given life sentences, judicial sources said. Others received jail sentences ranging from fi
Egypt sentences 75 people to death, hundreds to jail over 2013 sit-in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-08  Authors: mohamed el-shahed, afp, getty images, wu hong
Keywords: news, cnbc, companies, including, jail, sources, security, sitin, prison, saturdays, sentences, trial, egypt, brotherhood, prominent, 75, death, hundreds, protesters


Egypt sentences 75 people to death, hundreds to jail over 2013 sit-in

An Egyptian court on Saturday issued death sentences for 75 people, including prominent Islamist leaders, and jailed more than 600 others over a 2013 sit-in which ended with the killing of hundreds of protesters by security forces.

The sentencing concluded the mass trial of some 700 people accused of offences including murder and inciting violence during the pro-Muslim Brotherhood protest at Rabaa Adawiya square in Cairo.

The government says many protesters were armed and that eight members of the security forces were killed. It initially said more than 40 police had died.

Rights groups say over 800 protesters died in the single most deadly incident during the unrest that followed Egypt’s 2011 popular uprising. Amnesty International condemned Saturday’s decision, calling the trial “disgraceful”.

In Saturday’s hearing at the vast Tora prison complex south of Cairo, a criminal court sentenced to death by hanging several prominent Islamists including senior Brotherhood leaders Essam al-Erian and Mohamed Beltagi and preacher Safwat Higazi.

Muslim Brotherhood spiritual leader Mohamed Badie and dozens more were given life sentences, judicial sources said. Others received jail sentences ranging from five to 15 years.

Cases were dropped against five people who had died while in prison, judicial sources said, without giving further details.


Company: cnbc, Activity: cnbc, Date: 2018-09-08  Authors: mohamed el-shahed, afp, getty images, wu hong
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Egypt can handle the emerging markets downturn ‘up to a limit,’ finance minister says

Amid a brewing storm for emerging markets, Egypt’s finance minister believes his country’s economy can weather what has thrown many others into crisis — as long as the underlying causes don’t get any worse. “It is worrying; however, we are able until now to absorb these negative effects… Egypt’s economy has sources to address this. However, I have to be very honest — up to a limit,” Maait said. Investors have been stepping away from emerging markets on the back of rising global interest rates


Amid a brewing storm for emerging markets, Egypt’s finance minister believes his country’s economy can weather what has thrown many others into crisis — as long as the underlying causes don’t get any worse. “It is worrying; however, we are able until now to absorb these negative effects… Egypt’s economy has sources to address this. However, I have to be very honest — up to a limit,” Maait said. Investors have been stepping away from emerging markets on the back of rising global interest rates
Egypt can handle the emerging markets downturn ‘up to a limit,’ finance minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-05  Authors: natasha turak, khaled desouki, afp, getty images, fayed el-geziry, nurphoto
Keywords: news, cnbc, companies, minister, egypts, emerging, handle, markets, egypt, economy, seeing, maait, interest, amid, limit, rates, downturn, finance, market


Egypt can handle the emerging markets downturn 'up to a limit,' finance minister says

Amid a brewing storm for emerging markets, Egypt’s finance minister believes his country’s economy can weather what has thrown many others into crisis — as long as the underlying causes don’t get any worse.

Speaking to CNBC’s Hadley Gamble in Cairo, the recently-appointed Mohamed Maait discussed what the current market turmoil meant for the Middle Eastern country of 90 million.

“It is worrying; however, we are able until now to absorb these negative effects… Egypt’s economy has sources to address this. However, I have to be very honest — up to a limit,” Maait said. “So hopefully what is happening will be corrected and will move into a stable position, because yes we are absorbing all these shocks — oil prices, emerging market problems, increasing interest rates — but if they continue like that, it will be a problem for us.”

Investors have been stepping away from emerging markets on the back of rising global interest rates and a strengthening dollar, which have made the record-high stock of dollar-denominated emerging market debt significantly more painful to pay off. Several major emerging economies, including Turkey, Argentina and Indonesia, are seeing their currencies hit record lows, while even India and China are seeing asset values slip amid growing trade war fears. The MSCI emerging markets index is down nearly 9 percent year-to-date.


Company: cnbc, Activity: cnbc, Date: 2018-09-05  Authors: natasha turak, khaled desouki, afp, getty images, fayed el-geziry, nurphoto
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Egypt re-positions itself as a ‘global investment destination’ amid reform drive

The latest data show that reforms made by Egypt’s President Abdel Fattah al-Sisi, who pledged economic stability during his election campaign to get the unemployment rate down to 10 percent, are bearing fruit. Nasr said Egypt’s main objective was to raise living standards and would do so through infrastructure projects and job creation. The coup came against a backdrop of protests calling for Morsi’s resignation with protestors disliking Morsi’s agenda and authoritarianism. Human Rights Watch an


The latest data show that reforms made by Egypt’s President Abdel Fattah al-Sisi, who pledged economic stability during his election campaign to get the unemployment rate down to 10 percent, are bearing fruit. Nasr said Egypt’s main objective was to raise living standards and would do so through infrastructure projects and job creation. The coup came against a backdrop of protests calling for Morsi’s resignation with protestors disliking Morsi’s agenda and authoritarianism. Human Rights Watch an
Egypt re-positions itself as a ‘global investment destination’ amid reform drive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-05  Authors: holly ellyatt, mohamed el-shahed, getty images
Keywords: news, cnbc, companies, reform, coup, global, rate, unemployment, drive, election, amid, repositions, subsidies, support, destination, egyptian, egypt, stability, targeting, investment, rights


Egypt re-positions itself as a ‘global investment destination’ amid reform drive

The latest data show that reforms made by Egypt’s President Abdel Fattah al-Sisi, who pledged economic stability during his election campaign to get the unemployment rate down to 10 percent, are bearing fruit.

This rate dropped to 10.6 percent in the first quarter of 2018. Egyptians have had to deal with rising costs amid the reform efforts, however, particularly after the state floated the Egyptian pound last year, prompting it to slump in value, coupled with the sales tax and cuts to electricity and energy subsidies in 2017. More pain for consumers lies ahead with further cuts to subsidies planned this year.

Core inflation, which strips out volatile items like food, is declining, however, and stood at 11.1 percent in May, the Egyptian central bank said in late June as it announced it would keep its main interest rate at 17.75 percent.

High interest rates help ease inflation but make it harder to promote spending and economic growth. Nasr said Egypt’s main objective was to raise living standards and would do so through infrastructure projects and job creation.

“We’re targeting youth, we’re targeting women because they are the ones that suffer more from unemployment rates, so we’re putting forward a support package for small and medium-sized enterprises, start-ups are our priority and we’re providing a package of financing and technical assistance,” she added.

Al-Sisi won a second term in office in the March election with little opposition. He first came to power in 2014 having led a military coup against former Islamist president Mohamed Morsi, linked to the now-banned Muslim Brotherhood group. The coup came against a backdrop of protests calling for Morsi’s resignation with protestors disliking Morsi’s agenda and authoritarianism.

Despite reforms efforts while in power and the support of Washington, there has been widespread criticism of Al-Sisi’s crackdown, arrests and imprisonment of his political opponents, repressive attitudes toward the media and accusations of human rights violations.

Human Rights Watch and others said the recent election lacked the minimum requirements to be called “free and fair” too. With the Arab Spring of 2011, overthrow of Morsi and military coup, Egyptian voters want stability.


Company: cnbc, Activity: cnbc, Date: 2018-07-05  Authors: holly ellyatt, mohamed el-shahed, getty images
Keywords: news, cnbc, companies, reform, coup, global, rate, unemployment, drive, election, amid, repositions, subsidies, support, destination, egyptian, egypt, stability, targeting, investment, rights


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