Latest in Tag: Economy Highlight
Latest in Tag: Economy
EGX plugs to global markets
The HUB FIX project connects the Egyptian Stock Exchange to markets across the world via the networks of Fidessa and ULLINK
Al-Shater inaugurates Zad retail chain
Khairat Al-Shater, Deputy General Guide to the Muslim Brotherhood, launches a new consumer goods retail chain
Bernanke predicts slow drop in US unemployment
Washington (AFP) â Federal Reserve Chairman Ben Bernanke admitted Tuesday that US economic data had been âdisappointingâ and that a future reduction in unemployment would likely prove âfrustratingly slow.â Dealing a blow to Barack Obama and others hopeful for an improvement in economic news ahead of Novemberâs presidential elections, Bernanke offered a gloomy assessment of …
EGX trading to relax during Ramadan
Trading on the Egyptian Stock Exchange is expected to experience Ramadan lull as traders await political developments over the holy month
Eurozone woes hit Singapore GDP in Q2
Singapore (AFP) â Singaporeâs trade-driven economy contracted by 1.1 percent in the second quarter from the previous three-month period as debt woes dampened European demand, a government estimate showed Friday. The unexpected contraction, down from 9.4 percent growth in the preceding quarter, was largely due to an output drop in the biomedical manufacturing industry, the …
Real estate market in initial recovery
Successful presidential elections have reinvigorated the real estate market but it may be temporary
Tameer Real Estate to erect new compound
Real estate company committed to development in the Fifth Settlement in New Cairo
Libyaâs Kib sees boost in investments
Tripoli (AFP) – Prime Minister Abdelrahim al-Kib predicted a bright future for foreign investment in Libya especially in the oil sector whose infrastructure needs to be overhauled, in an interview with AFP. âThe plan is to revamp the whole thing and work on the infrastructure of the oil and gas industry… (an) area for projects …
IMF scales back global growth forecast for 2012
The International Monetary Fund stepped up its warnings Monday on risks to the global economy, especially from Europe, as it trimmed its growth forecast for the rest of the year. The IMF said the world economy appeared weaker since its assessment just three months ago, and while growth was only slightly off the expected pace, …
Tarek Nour Communications aspires to make EGP 100m in Ramadan
By Mohamed Fawzy Veteran advertising agency Tarek Nour Communications hopes to achieve EGP 100 million in advertisements sales during the month of Ramadan. Tarek Makhlouf, the managing director of the company, said that if the company is able to meet its Ramadan target, it will compensate for recent losses, particularly in light of the decision …
Government to settle $318m worth of external debt
The Ministry of Finance in co-operation with the Central Bank have managed to allocate $318 million, which represents the value of public debt instalments owed by the government for bonds issued abroad in Egyptian pound  in 2007. A high-ranking source in the Ministry of Finance has affirmed the governmentâs commitment to the settlement of all instalments owed at …
Agency compensation law deemed unconstitutional
Experts fear striking down of article of commercial law will leave businessmen and agents exposed
IT sector calls for more government attention
Information technology (IT) experts have said that the IT sector in Egypt has not significantly contributed to the national economy because the government has neglected its principle components. The sector has played an important role in other developing economies such as in India, Malaysia, and Brazil. The experts viewed the Ministry of Communications and Information …
Experimental project to produce domestic tablet computers
The Information Technology Industry Development Authority (ITIDA) has reviewed the bids it received to supply 10,000 locally produced âtabletsâ next month
FJP to restructure the National Investment Bank
The FJP’s economic committee sets out to restructure the National Investment Bank due to the intricate problems and inefficiencies it currently suffers
Previous fiscal year characterised by rising GDP deficit
The Egypt Economic Performance Report for July-May of the fiscal year 2011-2012 revealed a continued rise in the overall GDP deficit, valued at EGP 136.5 billion or 8.8% of GDP, compared to EGP 112.6 billion for the same period last year. The former has dropped by 2.9%, as opposed to the latter, which dropped by …
Hungary prepares for tough credit talks with IMF-EU
Budapest (AFP) – Hungary and the International Monetary Fund (IMF) will take a new stab at a 15-billion-euro credit line deal, starting on Tuesday, following months of delay due to controversial central bank reforms. A delegation of representatives from the IMF and European Union (EU) is due to arrive in Budapest Tuesday for negotiations until …
Deutsche Bank to co-operate with Libor probe
Berlin (AFP) – Deutsche Bank wants to cooperate with European investigators probing the manipulation of interbank interest rates to limit damage to its reputation and bottom line, a newspaper said Sunday. Germany’s biggest bank has asked the European Commission and Swiss authorities to give it the status of cooperating witness in their investigation of the …
EGX trading volumes decrease due to delay of cabinet formation
Corrective movement among the indices of the Egyptian Exchange happened last week after a period of steep increases that began with the announcement of Mohamed Morsy as President.
Foreign reserves on the threshold of stabilisation
Nasser Youssef Mokhtar Youssef, member of the Board of Directors with the United Bank, stated that stabilising Egyptâs foreign currency reserves was a positive sign and that expediting the transitional period is an important factor to regaining economic stability. âThe increases witnessed during the previous three months were largely incidental, Youssef explained, noting that âyellow …
Governmental efforts to aid struggling factories
By Mohamed Ayyad The government intensified efforts to address the crisis that halted the operation of 650 factories which resulted from outstanding debts owed to banks with a value of EGP 817 million. Mohamed Eissa, Minister of Industry and Trade, stated that the cabinet agreed to help the stopped factories that have experienced technical, administrative, …
Morsy tasks EBDAâs president to chair the new council for business development
President Morsy has tasked the head of the Egyptian Business Development Association (EBDA) with forming a committee to research the recommendations of the business community to attract more investment
Singapore PM urges India to push reforms
New Delhi (AFP) â Singaporeâs prime minister on Wednesday urged India to press ahead with economic reforms and added that foreign investors need a âpredictableâ environment in which to invest their money. Visiting Prime Minister Lee HsienLoongâs comments in New Delhi come as foreign investors have expressed growing concern about Indiaâs paralysed reform process, policy …
Russia OKs historic WTO accession
Moscow (AFP)-Russiaâs parliament on Tuesday voted to ratify WTO membership, a historic move which the government says will boost productivity but the opposition claims will bear a heavy social toll. The vote was the last major hurdle for Russiaâs accession to the World Trade Organization as deputies from opposition parties presented a rare united front …
New rules governing NILEX mentoring companies
Mohamed Omran, Chairman of the Egyptian Stock Exchange, issued a decision for rules governing mentoring companies for small and medium sized enterprises (SMEs). The decision included rules for mentoring as well as measures to be taken in the case of violations. The first article of the decision obligated companies wishing to offer mentoring services to …
London Stock Exchange Regional Director: Egypt has turned a corner⊠and growth potential is there to be realised
Mr Ibukun Adebayo, the London Stock Exchangeâs Head of Primary Markets for the MENA region, discusses the prospects of the countryâs investors to trade in the LSE in light of political change
Emerging markets unable to manoeuvre due to rising domestic debt
By Rahma Abdelaziz China once again lowered interest rates, indicating Beijingâs desire to contribute to international efforts and ensure greater liquidity in worldwide financial markets in light of the euro zone crisis. The step is similar to the one taken after the collapse of Lehman Brothers. The current move, however, may not have the same …
Shura Council report cites corruption as main cause of growing debt
The Shura Councilâs Economic and Financial Affairs Committee is citing widespread corruption within the state as the main reason for worsening public debt in a report that has created a firestorm since it was released. The report highlighted 65,000 instances of corruption in a single year as evidence of massive waste, with government agencies routinely …
Shorouk City to offer 100 acres for bidding, starting 2013
By Badawy Shalaby Abdelmoteleb Mamdouh, head of the El-Shorouk City administration, announced that the city will make 100 acres available for investors at the beginning of next year. The land is suitable for all commercial or educational purposes. Mamdouh said that the plots will range from 8,400 square metres to five acres. The city will …
Spainâs most famous fiesta hit by economic downturn
Pamplona (AFP) â Spainâs most  famous fiesta, the San Fermin bull running festival in Pamplona, is taking a hit from the economic crisis as revellers cut corners to save money. The cobbled streets of the northern city are still packed with party-goers from around the world, drawn by the carnival atmosphere and the chance to be …