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Foreign reserves on the threshold of stabilisation

Foreign reserves on the threshold of stabilisation

Nasser Youssef Mokhtar Youssef, member of the Board of Directors with the United Bank, stated that stabilising Egypt’s foreign currency reserves was a positive sign and that expediting the transitional period is an important factor to regaining economic stability. “The increases witnessed during the previous three months were largely incidental, Youssef explained, noting that ‘yellow …

Daily News Egypt

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, …

Daily News Egypt

Singapore PM urges India to push reforms

New Delhi (AFP) — Singapore’s prime minister on Wednesday urged India to press ahead with economic reforms and added that foreign investors need a “predictable” environment in which to invest their money. Visiting Prime Minister Lee HsienLoong’s comments in New Delhi come as foreign investors have expressed growing concern about India’s paralysed reform process, policy …

Daily News Egypt

Russia OKs historic WTO accession

Moscow (AFP)-Russia’s 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 Russia’s accession to the World Trade Organization as deputies from opposition parties presented a rare united front …

Daily News Egypt

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 …

Daily News Egypt

Emerging markets unable to manoeuvre due to rising domestic debt

By Rahma Abdelaziz China once again lowered interest rates, indicating Beijing’s 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 …

Daily News Egypt

Shura Council report cites corruption as main cause of growing debt

The Shura Council’s 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 …

Daily News Egypt

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 …

Daily News Egypt

Spain’s most famous fiesta hit by economic downturn

Pamplona (AFP) — Spain’s 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 …

Daily News Egypt

EBDA seeks to raise EGP 11m to finance Kafa’a project

By Shaimaa Raouf Supporting the Egyptian economy, attracting investment, building human capital… These are the goals of the Egyptian Business Development Association (EBDA) and its professional training programme, according to Ahmed Seda, Director of Programmes for the Association. Seda said that Egyptian workers are not properly trained and thus not competitive with workers in other …

Daily News Egypt

Expectations of worldwide downturn in cotton production

By Inaam El-Adawy The Cotton Exporters’ Association predicts that worldwide cotton production will fall during the 2012-2013 season to 24.9 million tons. In a recent report, the Association attributed the decline in production to the fall of prices during the 2011- 2012 period, which will drive cotton farmers to reduce output this season. The study …

Daily News Egypt

Al-Khabir’s director forecasts revival of real estate market

By Badawy Shalaby Mohamed Saad, director of the Al-Khabir Company for Investment and Real Estate, predicted that confidence will return to the real estate market in the coming period after a period of downturn, expressing hope that the current period of political stability will lead to a full recovery. He said that the Egyptian real …

Daily News Egypt

China’s inflation slows to 29-month low

Beijing (AFP) — China’s inflation slowed in June to its lowest level in 29 months, official data showed Monday, giving the government more flexibility in its efforts to reboot the world’s second-biggest economy. The country’s consumer price index (CPI) rose by 2.2 percent year-on-year in June, the National Bureau of Statistics said, down from 3.0 …

Daily News Egypt

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