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Bernanke predicts slow drop in US unemployment

Washington (AFP) — Federal Reserve Chairman Ben Bernanke admitted Tuesday that US economic data had been “disappointing” and that a future reduction in unemployment would likely prove “frustratingly slow.” Dealing a blow to Barack Obama and others hopeful for an improvement in economic news ahead of November’s presidential elections, Bernanke offered a gloomy assessment of …

Daily News Egypt

Eurozone woes hit Singapore GDP in Q2

Singapore (AFP) — Singapore’s 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 …

Daily News Egypt

Libya’s 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. “The plan is to revamp the whole thing and work on the infrastructure of the oil and gas industry… (an) area for projects …

Daily News Egypt

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, …

Daily News Egypt

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 …

Daily News Egypt

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 government’s commitment to the settlement of all instalments owed at …

Daily News Egypt

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 …

Daily News Egypt

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 …

Daily News Egypt

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 …

Daily News Egypt

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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 …

Daily News Egypt

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