Main headlines

December 26, 2012

Egypt's President is increasing controls on foreign currency
09:46 GMT

Travelers to and from Egypt will not be allowed to have more than $10.000 or its equivalent on them. Egyptian President Mohamed Morsi modified the central bank law in order to tighten foreign currency transfers from and to Egypt.

Jordan has one million illegal guest workers
09:20 GMT

Jordan's labour ministry estimates that there are over one million illegal guest workers in Jordan, Minister of Labour Nidal Katamine said on Monday.

December 25, 2012

Christmas 2012 has gone all digital
06:00 GMT

Let’s hope Father Christmas has an email account because the country’s children – as young as 6 years old – have gone digital. IPods, iPads and iPhones topped this year’s holiday wish lists.

New taxes in Egypt were not at the behest of the IMF, the finance minister claims
04:00 GMT

Egypt's Finance Minister, Momtaz El-Said, claims that the tax changes will not affect the poor, and are also not part of the austerity program imposed by the IMF

December 24, 2012

Ratings agency Standard and Poors’ has downgraded Egypt’s long-term credit rating.
12:27 GMT

Ratings agency Standard and Poors’ has downgraded Egypt’s long-term credit rating.

The European Union is to help pay for public sector wages in Palestine after Israel withheld tax recipts
11:58 GMT

The European Union (EU) has contributed approximately €7.4 million to the payment of the November salaries and pensions for public sector workers in the West Bank and Gaza, according to an EU press release.

Iran claims it has managed to bypass Western sanctions on its oil industry
11:27 GMT

Iranian authorities have claimed that the country has successfully circumvented sanctions on the sale of its oil.

After a series of strikes across Lebanon, the Cabinet is set to reconsider a proposed salary scheme
11:06 GMT

The Lebanese Cabinet will discuss a proposed public sector salary scale that has caused widespread industrial action across the country.

Egypt is to increase the cost of fuel, the Minister of Petroleum and Mineral resources has announced.
10:43 GMT

Prices of fuel oil will be gradually increased during the coming period in consultation with the concerned ministers, Egypt's Minister of Petroleum and Mineral Resources said on Sunday.

The Yemeni government has approved a budget of over YR 2 trillion
10:03 GMT

Yemen's government approved the state's general budget for 2013.

Egypt's budget deficit is on the rise
08:40 GMT

Egypt’s budget deficit increased to LE80.7 billion ($13 billion) during the first five months of the current fiscal year 2012/13, which starts in July, the Ministry of Finance reported on Sunday in a bulletin.

Hotel occupancy in Lebanon's hotel has more than halved in the first ten months of 2012
08:11 GMT

Hotel occupancy at Lebanon’s five-star hotels fell to 56 percent in the first 10 months of 2012 with rates particularly low since August, Ernst & Young’s monthly survey showed.

Iran is playing a "smart economic" warn, Iranian President Mahmoud Ahmadinejad has claimed
07:51 GMT

Iran is engaged in a "smart economic war" with Western powers whose sanctions against its nuclear programme are hurting some Iranians, President Mahmoud Ahmadinejad has said.

Bahrain is gearing up to hold a GCC summit which discuss closer economic ties and the Syrian conflict
07:43 GMT

Bahrain is gearing up to host a meeting of top Gulf government ministers on Monday, which is set to focus on the Syrian crisis and regional military cooperation and economic unity.

The head of Egypt's Central Bank has denied resigning
03:00 GMT

The governor of the Egyptian Central Bank, Farouq El-Oqda, denied on Sunday reports of his resignation, describing them as falsified, state-run Arabic-language news website Al-Ahram reported.