Latest in Tag: Economy Highlight
Latest in Tag: Economy
Morsy revels in reflected glory
On the 39th anniversary of the 1973 War, Morsy gives long speech and defends his 100 day programme
Controversial Indian petrochemicals producer to Inject funds in Port Said
The coming period will witness an increase in the economic and investment cooperation between India and Egypt, says minister of investment
Sukuk law remains under deliberation
Islamic political parties push for the Sukuk law
Turkish loan signals strengthening ties
President Mohamed Morsy signed a $1 billion loan agreement as the first step in a financing deal that comes amid high-level cooperation between the two countries.
Ministry of Transport considers metro fare increase
The Ministry of Transport is studying the feasibility of raising the price of metro tickets by around a quarter. Currently EGP1, the new price would be between 125 to 150 piastres, Egyptian media has reported. Furthermore, the ministry is also considering cutting subsidies for public servants, students, the military and police. Egyptian media published contradictory …
Islamic finance to the rescue for EGPC
Egyptian General Petroleum Company receives EGP 14 billion to address fiscal crunch
Government considers raising tap water prices in tourist and industrial areas
By Mohamed Salah Abdel Kawy Khalifa, the minister for public utilities, declared during the inauguration of Al-Rawda water plant that the government plans to raise consumer tap water prices, especially in tourist areas and industrial establishments. According to the minister, the increase is necessary in light of the budget deficit suffered by the Holding Company …
Closing price mechanism to be launched Thursday
The Egyptian Stock Exchange (EGX) will implement a new closing price mechanism on Thursday. Egyptâs financial watchdog, the Egyptian Financial Supervisory Authority (EFSA), approved the new regulations for changing stocksâ closing prices, as suggested by EGX board of directors, on 28 August in an effort to impose more discipline over trading operations. The new regulations …
Islamists to meet with Saleh to discuss Sukuk Law
Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. âThis meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,â …
Asian markets up on China hopes
Asian markets rising, fears over Spanish and Greek debt returning to the fore
HSBC to launch mobile banking
During a media roundtable discussion the bankâs MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bankâs plan to open three new branches this year to cope with the growing residential developments in Egypt.
Morsy traveling to Turkey
Scheduled to discuss economic and political ties
Doctors make final preparations for strike
Strike will commence on 1 October
Spain to unveil new austerity budget
Spain formulating new budget
Iran’s economy sags under sanctions
Ayatollah Ali Khamenei ordered Iran to adopt an “economy of resistance”
Kuwait injects $60.5 million into Egyptâs gas sector
The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …
Oil prices drop after brief rebound
EU President: “Europe is on the way out of the crisis”
Egypt denies plans to strike Ethiopian dam
Allegations described as completely false
When the bankrupt are pushed to pay
By Mohammed Ali Ibrahim Once upon a time I wrote in Algoumhoria newspaper that we don’t need another Mahathir Mohammad here to score an economic miracle like that of Malaysia. Rather we need the Malaysian people who achieved that leap into the future. The occasion of the aforementioned article was the visit of the Malaysian prime minister …
What if foreign investment flows in?
Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …
Presidential decree solidifies military control of land in Sinai
Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandilâs cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahramâs report, the presidential amendment stipulates the establishment of a National Authority for the Development …
Ministry of Finance to issue more FRNs
The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …
Egypt struggles to boost agriculture and livestock wealth
By Mohamed Gamal In a continuing effort to promote the agricultural sector, Egyptian officials agreed with Qatari businessmen to explore investment opportunities in the Egyptian agricultural sector. Last Friday, Prime Minister Hesham Qandil held talks with a Qatari delegation headed by Sheikh Nasser Bin Mohammed Al Hajri, CEO of Hassad Food, who expressed interest in …
Morsy addresses Egyptian and foreign audiences
Egyptian president interviewed by NYT and State TV on Saturday
The Economist: Egypt third most indebted nation in the world
By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …
Donors meet to discuss Palestinian Authority assistance
âthe Palestinian report asks for much more comprehensive reforms such as the removal of all settlements in the West Bank, removal of permit acquisition processes that hinder growth, and the removal of all checkpointsâ
Presidents of Sudan and South Sudan to meet
Ethiopian summit comes amidst fighting along disputed border
Indian PM heckled over reforms
Supreme Court lawyer shouted for the prime minister to “roll back” the liberalisation measures at an international legal conference
World Bank blames occupation for suffering Palestinian economy
PA faces multimillion dollar budget gap
US Pacific tilt not aimed against China: Panetta
US might be concerned about China’s growing military and economy