PM appointment causes stock market slump
The stock market slumped for a second day on investor skepticism of the political and economic experience of Egypt's new premier, the outgoing water minister Hesham Qandil, appointed on Tuesday by President Mohamed Morsy.
The index fell 1.5 percent, with only four stocks rising.
"The market is still trying to digest the fact that a non-economic figure has been appointed as a prime minister," said Mohamed Radwan of Pharos Securities.
EFG Hermes dipped 0.8 percent. The stock will be watched on Thursday after Egypt's financial regulator suspended a joint venture deal between the investment bank and Qatar's Q-Invest. The comments from Ashraf el-Sharkawy, head of the Egyptian Financial Supervisory Authority, carried by the state news agency, appeared after market hours.
BBC SportWhen it's put to him that he might be the most talented athlete in the world to hold a racquet, a bashful Ramy Ashour admits "that's pretty great".The 25-year-old Egyptian is more than just the current squash world number one - his elastic, unorthodox brilliance and charisma could be the key to squash breaking out beyond its four walls and regaining a place on the wider sporting
Ministers in Prime Minister Hisham Qandil's cabinet following the recent reshuffle (new appointees are in italics): 1. Minister of Agriculture Ahmed Mahmoud Ali El-Gizawi2. Minister of Antiquities Ahmed Eissa3. Minister of Aviation Wael Maadawi4. Minister of Communication Atef Helmy5. Minister of Culture
AP— April 15, 2013: Two bombs explode in the packed streets near the finish line of the Boston Marathon, killing three people and injuring more than 140.— January 17, 2011: A backpack bomb is placed along a Martin Luther King Day parade route in Spokane, Washington, meant to kill and injure participants in a civil rights march, but is found and disabled before it can explode. White
The convenient marriage between Iran and the Arab left would have been unthinkable only a few years ago, given the traditional ideological paradoxes between patriarchal Persian Shiism, on the one hand, and leftist orthodoxy on the other.Indeed, a casual viewer of Hizbullah's Al-Manar television, or the Iranian-funded Al-Mayadin TV, these days would probably think that the two Shia propaganda