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EGP 135bn spent on subsidies for current fiscal year

By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn, compared to the EGP 129 billion spent the previous year, according to Al Al-Mula. Petroleum Minister Sherif Ismail predicted that subsidies for petroleum products for the coming fiscal year will reach about EGP 140bn in case prices …

Daily News Egypt

IMF says Lebanon economy to grow by 4% in medium term

Reuters – The International Monetary Fund forecasts Lebanon’s economy will grow by 2% in 2014 and a “modest 4% over the medium term,” despite two years of violence, political paralysis and a huge refugee influx. But with heavy pressures weighing on the economy, the IMF also said in a report published on Friday that Lebanon …

Daily News Egypt

US government and Egypt’s civil society promote consumer rights

Over 300 Egyptians generated recommendations to strengthen the consumer protection law in Egypt at an event in Alexandria sponsored by the US Agency for International Development (USAID).  Organised in coordination with the Egyptian Consumer Protection Agency (CPA) and three civil society groups, this event increased public awareness regarding consumer rights and regulations. “USAID has been …

Daily News Egypt

Egypt’s Al Nouran sugar project secures Islamic financing

Reuters – Egypt’s Al Nouran sugar production facility, an EGP 2.5bn ($357m) project, could begin operations in 2016 after securing a Sharia-compliant financing package, the project sponsors said on Monday. Al Nouran is expected to refine more than 500,000 tonnes of sugar annually, potentially reducing the country’s reliance on imported sugar by up to 25%, …

Daily News Egypt

Algeria presidential campaign winds up with recriminations

AFP-  Final campaign rallies were held for Algeria’s presidential election on Sunday after the incumbent Abdelaziz Bouteflika and his only real rival Ali Benflis waged a war of words. The 77-year-old Bouteflika, despite ailing health and not even appearing in person on the campaign trail, remains favourite to win a fourth term in Thursday’s poll …

Daily News Egypt

Wheat bought by Egypt’s GASC stuck in Russian port: Traders

Reuters – Two wheat cargoes purchased by top global wheat buyer Egypt are stuck at Russia’s Novorossiisk port, after the trade house selling the grain had problems opening the importer’s letters of credit, traders said. Egypt’s state wheat buyer the General Authority for Supply Commodities (GASC) bought the two 60,000-tonne shipments from global commodities trader …

Daily News Egypt

Egypt’s Pioneers Holding 2013 profit rises 37%

Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …

Daily News Egypt

Egypt economic growth to remain slow: IMF

AFP – Growth in Egypt’s economy is expected to remain sluggish this year as political uncertainty keeps tourists and foreign investors away, the International Monetary Fund said Tuesday. The economy of the Arab world’s most populated country was forecast to grow by 2.7% this year after expanding by 2.1% in 2013, the IMF said in …

Daily News Egypt

G20 final document unlikely to address Ukraine crisis

Reuters – The world’s financial leaders are likely to discuss possible risks to Europe’s economy from the crisis in Ukraine, but there are no plans to mention it in the final document from their Washington meeting, two G20 officials said. Finance ministers and central bankers from the Group of 20 developed and emerging economies will …

Daily News Egypt