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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

Dubai to challenge London with Islamic financing platform

Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …

Daily News Egypt

Egypt bourse rebounds

Reuters – Egypt’s index, which had lost 8% of its value in the previous three sessions, rebounded on Tuesday to close 1.5% higher. The dip was a result of profit-taking by investors who had built up positions in anticipation of former army chief Abdel Fattah Al-Sisi’s run for president. Sisi, who investors hope will stabilise …

Daily News Egypt

Hunt is on for new emerging tigers: MINT, PPICS and CIVETS

AFP – For more than 10 years the rise of big emerging markets has re-shaped the global economy but these are now slowing with maturity, and the hunt is on to identify which upstarts will be tomorrow’s tigers. The big five, which recently helped the world through financial crisis but are now experiencing marked growing …

Daily News Egypt

Russia’s Lukoil begins output from giant Iraq oilfield

Reuters – Russia’s Lukoil began commercial production from one of the world’s largest untapped oilfields in Iraq on Saturday, as the country raises output to record levels. Production from the giant West Qurna-2 is eventually expected to reach 1.2m barrels per day (bpd), from an initial 120,000 bpd. The field is one of several that …

Daily News Egypt