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
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Egypt’s President Sisi pushes toward term extensions in constitution

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. “I am with preserving two four-year terms and not to change it … I am not for any amendments to be made to the constitution in this period,” Sisi told CNBC’s Gamble. I am talking about the four-year terms.


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. “I am with preserving two four-year terms and not to change it … I am not for any amendments to be made to the constitution in this period,” Sisi told CNBC’s Gamble. I am talking about the four-year terms.
Egypt’s President Sisi pushes toward term extensions in constitution Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: natasha turak, mohamed el-shahed, afp, getty images
Keywords: news, cnbc, companies, amendments, gamble, told, term, sisi, right, pushes, extensions, egypts, terms, power, president, fouryear, constitution


Egypt's President Sisi pushes toward term extensions in constitution

Egypt’s President Abdel Fattah el-Sisi is likely to win constitutional changes allowing him to dramatically extend his tenure in power — just over a year after telling CNBC that he would never pursue such a thing.

Discussing the political developments while at the Milken Summit in Abu Dhabi Tuesday, Egyptian billionaire businessman Naguib Sawiris told CNBC’s Hadley Gamble that he expected the controversial move would be pushed through. Asked whether he believed it was the right or wrong step for Egypt, the country’s second-richest man simply replied, “We’ll see.”

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.

Just last week, a parliamentary committee in Cairo approved proposed constitutional amendments that would increase presidential terms from four to six years and essentially reset the clock, allowing Sisi two additional terms.

In an exclusive interview with CNBC in November 2017, Sisi said he was committed to the limits set out by the current constitution.

“I am with preserving two four-year terms and not to change it … I am not for any amendments to be made to the constitution in this period,” Sisi told CNBC’s Gamble. “The constitution grants the right of the parliament and the president to request amendments. I am talking about the four-year terms. We will not interfere with it.”


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: natasha turak, mohamed el-shahed, afp, getty images
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$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla. “It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy. If we see prices go down below a certain price then we will see a slowdown in investments,” he


There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla. “It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy. If we see prices go down below a certain price then we will see a slowdown in investments,” he
$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: holly ellyatt, mohd jailanee othman, eyeem, getty images
Keywords: news, cnbc, companies, barrels, production, fair, million, egypts, barrel, minister, 60, prices, producers, day, petroleum, opec, oil, price, 70


$60 to $70 is a fair price for a barrel of oil, Egypt's petroleum minister says

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla.

“It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy.

“If prices of crude increase significantly we would start to see inflation and an exaggeration in the slowdown in consumption from the other side. If we see prices go down below a certain price then we will see a slowdown in investments,” he said.

“So, actually, the fair equation is to have a balanced price between the producers and the consumers whereby each party is happy and to continue the growth of the global economy.”

Egypt is a significant oil and natural gas producer in the Middle East although it’s not a member of OPEC and its output is dwarfed by members of the oil producing group and other non-OPEC producers like Russia.

Egypt is aiming to boost production modestly in 2019, to 670,000 barrels a day, although its output still trails that of others in the region. The latest figures from OPEC’s monthly report in January showed that Egypt’s oil producing neighbors to the west, Libya and Algeria, produced 928,000 barrels a day and a million barrels a day respectively in December. OPEC lynchpin Saudi Arabia produced 10.5 million barrels a day.

OPEC and non-OPEC producers including Russia (collectively known as ‘OPEC plus’) have collaborated in recent years on cutting or increasing their oil production in a bid to stabilize oil prices which have been volatile since 2014.

They last agreed in December to cut oil production by 1.2 million barrels a day in order to put a floor under prices, which have fallen due to rising oil supply and lackluster demand amid an uncertain global growth outlook.

On Monday morning, Brent crude futures were trading at $61.87 a barrel while West Texas Intermediate (WTI) crude futures was trading at $52.25 a barrel. Prices took a dip in the early trading session on Monday after data showed drilling activity in the U.S., now the world’s largest oil producer, had increased again, pointing higher production.

The OPEC-Plus deal has not yet been realized fully with Russia slower to meet the desired output cut. Once the 1.2 million barrel a day cut was reached, El Molla said “I think it will adjust, and reach, the desired outcome of price.”

Speaking to CNBC’s Dan Murphy at the Egypt Petroleum Show, ‘EGYPS, ‘taking place in Cairo, El Molla said oil markets were “somehow close” to a price that can keep both oil producers happy because although oil prices have fallen from peaks of around $114 a barrel in mid-2014, production costs have also fallen with technological advances.

“With the advancement of technology, new ways of producing oil have added new volumes to the market and this technology means you’re reducing the cost per barrel, and what might have been accepted a few years ago back when we were talking about $100, or $90 or $80, a barrel oil wouldn’t be accepted now.”


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: holly ellyatt, mohd jailanee othman, eyeem, getty images
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Egypt’s pound set to weaken as banks deplete their foreign currency reserves

Egypt’s state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets — a strategy that can only last a few more months, economists warn. But capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the stock market fall by 30 percent, pressuring the currency. But propping up the pound by meeting that demand for hard currency has also meant a sharp and unsustainable drop in banks’ foreign assets, according


Egypt’s state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets — a strategy that can only last a few more months, economists warn. But capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the stock market fall by 30 percent, pressuring the currency. But propping up the pound by meeting that demand for hard currency has also meant a sharp and unsustainable drop in banks’ foreign assets, according
Egypt’s pound set to weaken as banks deplete their foreign currency reserves Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: natasha turak, mohamed el-shahed, afp, getty images, khaled desouki
Keywords: news, cnbc, companies, propping, pound, deplete, currency, foreign, banks, set, stateowned, reserves, egypts, months, market, assets, billion, weaken


Egypt's pound set to weaken as banks deplete their foreign currency reserves

Egypt’s state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets — a strategy that can only last a few more months, economists warn.

The pound has performed notably well compared to its other emerging market counterparts, falling only one percent against the dollar this year amid a wider EM sell-off. It has held between 17.78 and 17.98 to the dollar over the last six months, according to Reuters.

But capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the stock market fall by 30 percent, pressuring the currency.

Rather than intervening itself — a move that would draw swift rebuke from the International Monetary Fund (IMF), which in 2016 provided the country a $12 billion loan package — the central bank has leaned on state-owned banks to sell its foreign currency assets to offset that pressure, bankers and economists say. But propping up the pound by meeting that demand for hard currency has also meant a sharp and unsustainable drop in banks’ foreign assets, according to economic consultancy Capital Economics.

“It’s difficult to know for how long this process could be sustained. At the current rate of depletion, banks would exhaust their FX assets in eight months,” the consultancy wrote in a note published Tuesday, describing Egypt’s commercial banks as having “depleted their own FX assets.”

Between April and September of this year, banks’ foreign assets nearly halved, falling from $20.61 billion in April to $12.15 billion in September, their lowest level since early 2017. Reports of state-owned banks serving as the main suppliers of foreign currency may indicate backdoor intervention by the government, analysts have said.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: natasha turak, mohamed el-shahed, afp, getty images, khaled desouki
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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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The economic lessons to learn from Egypt’s World Cup experience

Egypt’s experience at this year’s FIFA tournament — its first World Cup qualification in 28 years — holds important lessons that can help it and other emerging nations fulfill their economic potential, El-Erian argued in an op-ed published on Project Syndicate. One major takeaway from the team’s performance is finishing the job, the Allianz chief economic adviser said. In Egypt’s final World Cup game, both Saudi Arabia goals were conceded in the stoppage time of each half and the team’s concentr


Egypt’s experience at this year’s FIFA tournament — its first World Cup qualification in 28 years — holds important lessons that can help it and other emerging nations fulfill their economic potential, El-Erian argued in an op-ed published on Project Syndicate. One major takeaway from the team’s performance is finishing the job, the Allianz chief economic adviser said. In Egypt’s final World Cup game, both Saudi Arabia goals were conceded in the stoppage time of each half and the team’s concentr
The economic lessons to learn from Egypt’s World Cup experience Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: nyshka chandran, mark ralston
Keywords: news, cnbc, companies, performance, learn, opportunities, egypts, world, experience, international, soccer, teams, play, lessons, cup, economic, work, elerian, stoppage


The economic lessons to learn from Egypt’s World Cup experience

Egypt’s experience at this year’s FIFA tournament — its first World Cup qualification in 28 years — holds important lessons that can help it and other emerging nations fulfill their economic potential, El-Erian argued in an op-ed published on Project Syndicate.

One major takeaway from the team’s performance is finishing the job, the Allianz chief economic adviser said.

In Egypt’s final World Cup game, both Saudi Arabia goals were conceded in the stoppage time of each half and the team’s concentration seemed to wane as the clock ticked.

“That does not work in soccer, nor does it work in business, policy-making, or just about any other field. The key to sustained success is never to let up until the final whistle is blown,” El-Erian said.

Germany made a similar mistake Wednesday, giving up two goals to South Korea in stoppage time, he added.

Another lesson is that “international engagement can play a vital role in enhancing domestic capital and resources.”

Star players such as Mohamed Salah, who have opportunities to play abroad, are able to expand their skill sets and develop a wider understanding of the game, El-Erian said. “This puts them in a better position to improve the performance of the national team in regional and global competitions.”

“Greater efforts are needed to seize international opportunities for human-capital development, to repatriate the resulting knowledge and expertise, and to spread what is learned to more people at home,” he added. “That is as true for soccer as it is for many other pursuits, from business processes to technology.”


Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: nyshka chandran, mark ralston
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Egypt is expected to keep booming as dust settles on its presidential election

Egypt’s presidential election has been faulted for having placed a rubber stamp on a new term for Abdul Fattah al-Sisi, who won in a landslide with little opposition. Investors are giving the country a second look, Egypt is primed to offer solid returns, and see an uptick in foreign direct investment despite fears of surging global interest rates. In spite of lingering problems, Egypt “is beginning to reap the rewards of a painful currency devaluation and tighter fiscal policy.” A gambit made by


Egypt’s presidential election has been faulted for having placed a rubber stamp on a new term for Abdul Fattah al-Sisi, who won in a landslide with little opposition. Investors are giving the country a second look, Egypt is primed to offer solid returns, and see an uptick in foreign direct investment despite fears of surging global interest rates. In spite of lingering problems, Egypt “is beginning to reap the rewards of a painful currency devaluation and tighter fiscal policy.” A gambit made by
Egypt is expected to keep booming as dust settles on its presidential election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-27  Authors: dawn kissi, philippe wojazer, cris bouroncle, afp, getty images
Keywords: news, cnbc, companies, presidential, egypt, imf, currency, yearsthe, expected, risk, election, bank, won, booming, settles, countrys, interest, dust, egypts


Egypt is expected to keep booming as dust settles on its presidential election

Egypt’s presidential election has been faulted for having placed a rubber stamp on a new term for Abdul Fattah al-Sisi, who won in a landslide with little opposition. Nevertheless, investors are still enthusiastic buyers of the country’s recovery story.

With a new infusion of IMF funding in Egypt’s coffers, and another $3 billion being lined up by the Islamic Development Bank (IDB), analysts say that the country’s economy is showing real signs of stability — shrugging off the effects of civil strife that frequently rears its head, and previously runaway inflation.

Investors are giving the country a second look, Egypt is primed to offer solid returns, and see an uptick in foreign direct investment despite fears of surging global interest rates.

“The IMF program has helped restore investor confidence and has allowed Egypt to make major adjustments to its economic imbalance,” Denise Simon, co-head of emerging market debt with Lazard Asset Management, told CNBC recently.

In spite of lingering problems, Egypt “is beginning to reap the rewards of a painful currency devaluation and tighter fiscal policy.”

A gambit made by the central bank in 2016 to lift currency controls appears to have paid off. Price pressures, while still high, have come down from a stratospheric 33 percent last July to under 12 percent, its lowest in two years.

“The risk is that policy missteps could trigger capital flight, lead to a depreciation of the Egyptian pound and a corresponding increase in import inflation, but in our view, this risk remains limited at the moment,” said Ed al-Hussainy, senior interest rate and currency analyst at Columbia Threadneedle.


Company: cnbc, Activity: cnbc, Date: 2018-04-27  Authors: dawn kissi, philippe wojazer, cris bouroncle, afp, getty images
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Egyptian forces strike militants after deadly mosque attack

No group has claimed responsibility, but Egyptian forces are battling a stubborn Islamic State affiliate in the region, one of the surviving branches of the militant group after it suffered defeats by U.S.-backed forces in Iraq and Syria. Islamic State has targeted Sufi Muslims and Shi’ite in other countries like Iraq. The jihadists in Egypt’s Sinai have also attacked local tribes and their militias for working with the army and police. Sisi, a former armed forces commander who supporters see as


No group has claimed responsibility, but Egyptian forces are battling a stubborn Islamic State affiliate in the region, one of the surviving branches of the militant group after it suffered defeats by U.S.-backed forces in Iraq and Syria. Islamic State has targeted Sufi Muslims and Shi’ite in other countries like Iraq. The jihadists in Egypt’s Sinai have also attacked local tribes and their militias for working with the army and police. Sisi, a former armed forces commander who supporters see as
Egyptian forces strike militants after deadly mosque attack Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-25  Authors: mohamed el-shahed, afp, getty images
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Egyptian forces strike militants after deadly mosque attack

Egypt’s military said Saturday it had carried out air strikes and raids overnight against militants held responsible for killing more than 230 worshippers at a mosque in North Sinai.

The bloodiest attack in Egypt’s modern history, in which militants gunned down worshippers, brought condemnation from leaders from Washington to Moscow, while President Abdel Fattah al-Sisi declared three days of mourning in the shocked nation.

No group has claimed responsibility, but Egyptian forces are battling a stubborn Islamic State affiliate in the region, one of the surviving branches of the militant group after it suffered defeats by U.S.-backed forces in Iraq and Syria.

“The air force has over the past few hours eliminated a number of outposts used by terrorist elements,” the army said.

Witnesses say gunmen set off a bomb at the end of Friday prayers at the Al Rawdah mosque in Bir al-Abed, west of El-Arish city, and then opened fire as worshippers tried to flee, shooting at ambulances and setting fire to cars to block roads.

Images on state media showed bloodied victims and bodies covered in blankets inside the mosque.

Striking a mosque would be a shift in tactics for the Sinai militants, who have previously attacked troops and police and more recently tried to spread their insurgency to the mainland by hitting Christian churches and pilgrims.

The massive casualties in the Sinai attack and the targeting of a mosque stunned Egyptians who have struggled through instability after the 2011 uprising ousted long-standing leader Hosni Mubarak, and the years of protests that followed.

“May the souls of all those who die rest in peace, Muslims and Christians alike… these people have no religion,” said Abdullah an unemployed man in downtown Cairo referring to the attackers. “Every other day someone dies, every other day a church is bombed … where is the security?”

Local sources said some of the worshippers were Sufis, whom groups such as Islamic State consider targets because they revere saints and shrines, which for Islamists is tantamount to idolatry. Islamic State has targeted Sufi Muslims and Shi’ite in other countries like Iraq.

The jihadists in Egypt’s Sinai have also attacked local tribes and their militias for working with the army and police.

Sisi, a former armed forces commander who supporters see as a bulwark against Islamist militants, promised the “utmost force” against those responsible for Friday’s attack. Security has been a key reason for his supporters to back him, and he is expected to run for re-election next year.

“What is happening is an attempt to stop us from our efforts in the fight against terrorism,” he said on Friday.

North Sinai, a mostly desert area which stretches from the Suez Canal eastwards to the Gaza Strip and Israel, has long been a security headache for Egypt and is a strategic region for Cairo because of its sensitive borders.

Local militant group Ansar Bayt al-Maqdis, once allied to al Qaeda, split from it and declared allegiance to Islamic State in 2014. But attacks in the Sinai worsened after 2013 when Sisi led the overthrow of President Mohamed Mursi of the Muslim Brotherhood after mass protests against his rule.


Company: cnbc, Activity: cnbc, Date: 2017-11-25  Authors: mohamed el-shahed, afp, getty images
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Death toll in attack on mosque in Egypt’s north Sinai climbs to 235: State television

Militants killed 235 people at a mosque in Egypt’s north Sinai region on Friday, detonating a bomb and shooting at fleeing worshippers and ambulances, state media and witnesses said. “They were shooting at people as they left the mosque,” a local resident whose relatives were at the scene told Reuters. But jihadists have also targeted local Sinai tribes that are working with the armed forces, branding them traitors for cooperating with the army and police. In July this year, at least 23 soldiers


Militants killed 235 people at a mosque in Egypt’s north Sinai region on Friday, detonating a bomb and shooting at fleeing worshippers and ambulances, state media and witnesses said. “They were shooting at people as they left the mosque,” a local resident whose relatives were at the scene told Reuters. But jihadists have also targeted local Sinai tribes that are working with the armed forces, branding them traitors for cooperating with the army and police. In July this year, at least 23 soldiers
Death toll in attack on mosque in Egypt’s north Sinai climbs to 235: State television Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-24  Authors: mohamed el-shahed, getty images
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Death toll in attack on mosque in Egypt's north Sinai climbs to 235: State television

Militants killed 235 people at a mosque in Egypt’s north Sinai region on Friday, detonating a bomb and shooting at fleeing worshippers and ambulances, state media and witnesses said.

It was one of the deadliest attacks in the region’s Islamist insurgency. No group claimed immediate responsibility, but since 2014 Egyptian security forces have battled a stubborn Islamic State affiliate in the north of the mainly desert Sinai, where militants have killed hundreds of police and soldiers.

State media showed images of bloodied victims and bodies covered in blankets inside the Al Rawdah mosque in Bir al-Abed, west of the city of El Arish.

State television and the official news agency MENA reported that 235 people had been killed. Scores more were wounded, according to state media.

“They were shooting at people as they left the mosque,” a local resident whose relatives were at the scene told Reuters. “They were shooting at the ambulances too.”

Arabiya news channel and some local sources said some of the worshippers were sufis who hardliners such as Islamic State regard as apostates because they revere saints and shrines, which for Islamists is tantamount to idolatry.

President Abdel Fattah al-Sisi, a former armed forces commander who presents himself as a bulwark against Islamist militants, convened an emergency meeting with his defense and interior ministers and intelligence chief soon after the attack, the presidency’s Facebook page and state television said. The government also declared three days of mourning.

Militants have mostly targeted security forces in their attacks since bloodshed in the Sinai worsened after 2013 when Sisi, then an armed forces commander, led the overthrow of President Mohamed Mursi of the Muslim Brotherhood.

But jihadists have also targeted local Sinai tribes that are working with the armed forces, branding them traitors for cooperating with the army and police.

In July this year, at least 23 soldiers were killed when suicide car bombs hit two military checkpoints in the Sinai, an attack claimed by Islamic State.

Militants have tried to expand beyond the largely barren, Sinai Peninsula into Egypt’s heavily populated mainland, hitting Coptic Christian churches and pilgrims.

In May, gunmen attacked a Coptic group travelling to a monastery in southern Egypt, killing 29.


Company: cnbc, Activity: cnbc, Date: 2017-11-24  Authors: mohamed el-shahed, getty images
Keywords: news, games, cnbc, companies, north, shooting, killed, television, attack, mosque, death, militants, toll, egypts, local, armed, islamic, state, climbs, forces, sinai


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African fintech firms ‘complement’ the banking sector, don’t disrupt it: Exec at Egypt’s largest private bank

Financial technology firms in Africa are “complementing” the banking sector rather than disrupting it, an executive at Egypt’s biggest private-sector bank has said. But Al-Arab went a step further to say that he thought fintech firms were not disruptive to the financial services. Africa has been a key region for fintechs looking to engage citizens who haven’t previously had access to the financial services. The World Bank estimates that 2 billion adults worldwide fall into the category of “under


Financial technology firms in Africa are “complementing” the banking sector rather than disrupting it, an executive at Egypt’s biggest private-sector bank has said. But Al-Arab went a step further to say that he thought fintech firms were not disruptive to the financial services. Africa has been a key region for fintechs looking to engage citizens who haven’t previously had access to the financial services. The World Bank estimates that 2 billion adults worldwide fall into the category of “under
African fintech firms ‘complement’ the banking sector, don’t disrupt it: Exec at Egypt’s largest private bank Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-14  Authors: ryan browne
Keywords: news, games, cnbc, companies, fintechs, services, alarab, sector, financial, largest, firms, exec, terms, egypts, private, dont, bank, complement, fintech, inclusion, disrupt, technology, ready


African fintech firms 'complement' the banking sector, don't disrupt it: Exec at Egypt’s largest private bank

Financial technology firms in Africa are “complementing” the banking sector rather than disrupting it, an executive at Egypt’s biggest private-sector bank has said.

Hisham Ezz Al-Arab, chairman of Commercial International Bank (CIB), said Tuesday that the lender was “ready” for a growing wave of fintechs that are shaking up the financial services with new technologies.

“We are ready in terms of technology. We look at fintechs and mobile operators and payment companies as partners, we collaborate together,” he told CNBC on Tuesday.

But Al-Arab went a step further to say that he thought fintech firms were not disruptive to the financial services.

“Fintechs in Africa generally are not disrupting the existing model but, in fact, they are complementing the existing model.”

Africa has been a key region for fintechs looking to engage citizens who haven’t previously had access to the financial services. The World Bank estimates that 2 billion adults worldwide fall into the category of “underbanked” or “unbanked”, terms that refer to people with restricted access to formal financial services.

Egypt has been making its own efforts toward increasing financial inclusion, CIB’s Al-Arab said, adding that the country’s central bank has established its own financial inclusion unit to address the issue.


Company: cnbc, Activity: cnbc, Date: 2017-11-14  Authors: ryan browne
Keywords: news, games, cnbc, companies, fintechs, services, alarab, sector, financial, largest, firms, exec, terms, egypts, private, dont, bank, complement, fintech, inclusion, disrupt, technology, ready


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