Monday 31 January 2011

Egypt: economic paralysis | beyondbrics – FT.com


Shops, offices and banks across Cairo remained shut on Monday and thousands of people chose not to go to work as evidence mounted that parts of Africa’s second largest economy have been paralysed by ongoing anti-government protests.
A backlog of containers is stacking up in Alexandria, Egypt’s largest port, the New York Times reported. Barclays said it had closed its 65 bank branches in the country on the advice of the central bank, and Bloomberg reported that several international oil companies were preparing to evacuate staff or their dependents from the country.
Royal Dutch Shell said it had decided to temporarily relocate the families of expatriates and some non-essential staff from Egypt. Lukoil of Russia said it was evacuating most of its staff and Italy’s Eni said it was repatriating 250 employees.

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