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Dombrovskis foresees continued high level cooperation between Egypt and Latvia. (Photo courtesy of Latvian prime minister’s office)

From Riga to Cairo

Latvia’s young Prime Minister, Valdis Dombrovskis, to the Egyptian youth: Self-organisation by forming political parties, interest groups and NGOs is the solution

Maher Hamoud

Swimming against the current

The government’s prescription to treat the economic recession we’re currently enduring has been a two-fold solution of increasing foreign investment and seeking more international loans. The monetary policy of maintaining the stability of the Egyptian pound against depreciation is a top priority. But how long can the state keep this up? How overvalued is the …

Mohamed El-Bahrawi

High oil prices to push MENA growth forecast up in 2013

The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …

Hend El-Behary

Exporta conference: growth in Africa, decline in Europe

The fifth annual “Egypt, Trade and Export Finance” conference was held yesterday in Cairo. Trade experts, bankers and businessmen convened to discuss export and trade opportunities for Egypt, in the context of the ongoing dialogue on the country’s economy. Optimism was driven by positive factors favouring the Egyptian economy which make it able to regain …

Mohamed Salah

Spanish unemployment nears 25%

Madrid (AFP) – Spanish unemployment is now near one quarter of the workforce, fuelling fears the country might need a costly bailout as the IMF issued its latest report on the eurozone’s fourth biggest economy. The unemployment rate rose in the second quarter to 24.63 percent of the workforce and to a huge 53 percent …

Daily News Egypt

Germany, France vow to do ‘protect eurozone’

Berlin (AFP) — The leaders of Germany and France threw their political support Friday behind ECB chief Mario Draghi’s vow to do “everything” to protect the eurozone, after another brutal week of market turmoil. German Chancellor Angela Merkel and French President Francois Hollande said in a joint statement released in Berlin and Paris after a …

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

Deutsche Bank flag

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

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

Down with debt weight

By Robert Skidelsky LONDON: Nearly four years after the start of the global financial crisis, many are wondering why economic recovery is taking so long. Indeed, its sluggishness has confounded even the experts. According to the International Monetary Fund, the world economy should have grown by 4.4 percent in 2011, and should grow by 4.5 …

DNE

Eurozone Chutzpah and the IMF

By Simon Tilford LONDON: Eurozone policymakers and politicians are in no doubt: they have done their part to support the currency union’s struggling members by increasing the size of its rescue fund, the European Stability Mechanism (ESM). Now it is time for the rest of the world — that is, the International Monetary Fund — …

DNE

Golden rules for the Eurozone

By Harold James LONDON: The European Monetary Union, as many of its critics maintain, looks a lot like the pre-1913 gold standard, which imposed fixed exchange rates on extremely diverse economies. But is that resemblance as bad as it sounds, or as the euro’s critics insist? The appeal of the historic gold standard lay in an …

DNE

Gold steadies as debt crisis looms over euro

By Amanda Cooper / Reuters LONDON: Gold steadied on Wednesday, after rising for four days straight, as the intensifying euro zone debt crisis threatened to undermine the euro and offset any potential safe-haven demand for the metal. The euro rose on Wednesday but has come under pressure in the past week as the debt crisis has …

DNE

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