Bloomberg corrects errors in its publications about Egyptian economy

CAIRO – 30 April 2024: Egypt’s State Information Service (SIS) said Tuesday that Bloomberg has withdrawn posts and publications broadcast on its social media website related to the Egyptian economy.

SIS said what was previously published does not meet the editorial standards.

Head of SIS Diaa Rashwan said the correction came after SIS direct intervention to express objection to the title and content of the Bloomberg publications on its social media pages about the Egyptian economy.

 

The publications amounted to a distorted and false transfer of a report Saturday about the latest developments in the Egyptian economy.

Rashwan said: “The SIS protest came within the framework of its role in following up what the international media is covering about Egypt’s internal affairs and foreign policies and confronting the fallacies that are being published and promoted in this regard.”

He pointed out that Bloomberg was contacted and the SIS asked them to adhere to the professional and ethical rules of journalistic and media work.

“I also called on them to take appropriate measures against those who committed this unacceptable transgression and ensure that it is not repeated,” the SIS chairman said.

“The UAE deal with Egypt worth US$35 billion,” which included a presentation of a group of investment deals that had been completed and those that were potential (According to Egypt's tendency to encourage the private sector to own or participate in some state-owned assets in many areas).

The statement indicated that following the broadcast of this report, a number of posts were published on the social media pages of the agency itself under provocative headlines, and with texts that included distortions and fallacies about investment developments in the Egyptian economy in a way that contradicts reality.

He said on Monday, April 29, SIS contacted Bloomberg, where its officials promised to correct what was contained in its aforementioned publications, as well as to observe compliance with professional rules regarding the sources and content of its data and publications.