Moody's downgrades Egypt's ratings to B3, changes outlook to stable

STORY: Moody's downgrades Egypt's ratings to B3, changes outlook to stable DATELINE: Feb. 9, 2023 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the central bank of Egypt 2. various of vessels in Egypt 3. various of a fuel station in Egypt STORYLINE: Moody's Investors Service lowered Egypt's long-term foreign-currency and local-currency issuer ratings to B3 from B2. In its ranking report published on Tuesday, Moody's also changed outlook to "stable from negative." The report cited that the downgrade to B3 reflects Egypt's reduced external buffers and shock absorption capacity while the economy undergoes a structural change toward a more export- and private sector-led growth model under a flexible exchange rate regime. The International Monetary Fund (IMF) approved a three-billion U.S. dollar financial support package to Egypt in December 2023 amid a commitment to flexible currency and monetary reforms. Over the past year, the Egyptian currency had depreciated by nearly 50 pe

LDP panel agrees to consider scrapping treasury stock curb

LDP panel agrees to consider scrapping treasury stock curb

TOKYO, Japan - Hideyuki Aizawa (C), chief of a ruling Liberal Democratic Party (LDP) panel tasked to craft measures aimed at preventing a further plunge in share prices, speaks at the first session of the panel at the LDP headquarters in Tokyo on Jan. 18. The panel agreed to contemplate removal of a legal curb on the use of treasury stock. Treasury stock refers to issued shares that have been reacquired by the issuer.

LDP panel agrees to consider scrapping treasury stock curb

LDP panel agrees to consider scrapping treasury stock curb

TOKYO, Japan - Hideyuki Aizawa (C), chief of a ruling Liberal Democratic Party (LDP) panel tasked to craft measures aimed at preventing a further plunge in share prices, speaks at the first session of the panel at the LDP headquarters in Tokyo on Jan. 18. The panel agreed to contemplate removal of a legal curb on the use of treasury stock. Treasury stock refers to issued shares that have been reacquired by the issuer.