Economy

Egypt businesses battle inflation after currency devaluation

Egyptian entrepreneurs, like Ibrahim Soudan, were forced to scour the black market for dollars a year ago to pay for imports as they battled a crippling foreign currency shortage. But today the country’s banks are flush with greenbacks and the black market for dollars has been wiped out — the result of Cairo’s decision to float the pound eight months ...

Goldman Sachs sees buyer interest in Australia as economy diversifies

Australian companies are increasingly attracting potential acquirers as the economy diversifies and North American buyers are drawn to invest in sectors such as infrastructure, according to Goldman Sachs Group Inc.’s local head. Interest in the Australian market, particularly from the US and Canada, is rising given the level of transparency relative to other parts of Asia Pacific, said Simon Rothery, chief ...

‘We want bread’: subsidy cut sparks protests across Egypt

Some of Egypt’s major cities have been paralysed by rare protests in response to a cut in bread subsidies. The country’s ministry of supply reduced the state-sponsored provision of bread of up to 4,000 to 500 loaves per bakery, according to local news reports. The move is designed to replace an earlier and more controversial proposal to cut the supply ...

Experts Divided on What Trump Policies Mean for the Economy

Despite rising stock prices, some experts remain concerned that economic proposals from the campaign of President Donald Trump will hurt the economy. Last year, some economists predicted large decreases in financial markets, reduced hiring and an increased risk of a recession. However, stock market measures have reached record high levels in the month since Trump took office as the 45th ...

Iran Reaches Lease Financing Deal For 77 Boeing, Airbus Planes

Tehran has reached a deal with an international aircraft leasing company to finance the acquisition of 77 planes from Boeing and Airbus, according to local media reports. Details of the deal remain opaque at this stage and it is not clear who it has been signed with or when it will come into force. However, it is likely to be ...

Nigeria’s Arik Air and aviation industry in disarray

KALAHAN DENG The Nigerian government has announced a takeover of the country’s biggest airline – Arik Air – to prevent it going bust. But this is just the latest example of problems in Nigeria’s aviation industry, reports the BBC’s Martin Patience from Lagos. The government agency (Asset Management Corporation of Nigeria) now responsible for supervising the airline said the decision ...

China’s gamble for global supremacy in era of Trump

KALAHAN DENG At his inauguration last week President Trump reframed the American mission from leadership of a global rules-based system in the interests of all, to ‘America first’. Meanwhile the leader of Communist China rebranded his prickly protectionist power as the defender of globalisation and shared values. So after week one in this upside down new world, how stands China’s ...

China tells Donald Trump to lay off Twitter

REPORTED BY KALAHAN DENG China has slammed US President-elect Donald Trump over his use of Twitter to conduct international diplomacy in a commentary published by the country’s official news agency Xinhua. Trump has earned a reputation for making unpredictable statements on Twitter that often depart from long-standing US policies and he’s made several controversial comments about China. “The obsession with ...

Six die in Mexico protests over 20% petrol price hike

REPORTED BY KALAHAN DENG One of those killed was a serving police officer who had tried to halt robberies at a petrol station. The government announced last month that it would stop subsidising petrol and prices would gradually increase through 2017. An increase of 20% came into force on 1 January. It brought the price of a litre of petrol ...

Egypt, Djibouti should enhance economic cooperation: President Sisi

Egypt’s President Abdel-Fattah El-Sisi and his Djiboutian counterpart Ismail Omar Guelleh stressed the importance of enhancing economic and trade cooperation at a Monday press conference in Cairo that preceded the signing of memorandums of understanding between the two countries El-Sisi said that his meeting with Guelleh saw fruitful talks on ways of boosting the special ties between the two countries. ...

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