Economy

Australia’s economy is going strong, but the fate of its currency is in question

The Australian economy has gone without a recession for 26 straight years and is still going strong, but the same can’t be said about the performance of its currency. Official data on Wednesday pointed to Australia starting 2018 on a strong note: Its gross domestic product expanded by 3.1 percent year-over-year in the first quarter, handily beating forecasts and avoiding a recession yet again. ...

China’s GCL signs pact for 5-GW PV factory in Egypt

May 10 (Renewables Now) – China’s Golden Concord Ltd (GCL) has entered into a memorandum of understanding (MOU) with Egypt’s ministry of military production that outlines a plan to build a 5-GW solar panel factory, state-run news agency MENA said. The pact envisages building the photovoltaic (PV) production facility at a total cost of up to USD 2 billion (EUR ...

India to Regain Title of Fastest Growing Economy

India has projected its economy will grow by 7 to 7.5 percent this year regaining the position of the world’s fastest growing major economy as it shrugs off the disruptive impact of a currency ban and tax reform. But the government has warned that rising international oil prices pose a risk to a country that depends heavily on energy imports. ...

EU approves 200 million Euros loan to Jordan

Jordan has announced that it will receive further Macro-Financial Assistance, MFA, from the European Union, EU, valued at 200 million Euros. Jordan News Agency quoted Imad Fakhoury, Minister of Planning and International Cooperation, as saying that the loan comes as part of commitments made by the EU during the “Supporting Syria and the Region conference” held in London in February ...

Is the government seeking fresh ideas on the economy?

In recent weeks, the National Democratic Alliance government headed by Narendra Modi has revived the Economic Advisory Council (EAC) to the Prime Minister (under economist Bibek Debroy), formed an expert panel on agriculture under federal policy think tank Niti Aayog, and extended the term of chief economic advisor Arvind Subramanian. The appointments come at a time economic growth has slowed ...

The illusion that China’s economy is in good shape

The Chinese economy has started showing signs of losing steam, just as it is incumbent upon the top leadership in Beijing to maintain a positive economic picture as it prepares for next month’s National Congress of the Communist Party. An official explanation goes that adjustments are being made to eliminate bubbles in the real estate sector and to reduce corporate ...

British Pound a Buy Against the Euro say Deutsche Bank Strategists

Pound Sterling which will be seeking a new driver now that a more hawkish Bank of England has been priced into the currency’s value. The Pound-to-Euro exchange rate has been tipped to rise by strategists at Deutsche Bank who say the end of the Sterling down-cycle is getting closer.  The call comes as Sterling embarks on a recovery against the Euro that has seen it rise ...

Egypt: The Economy Is Gathering Strength

“The Egyptian authorities have embarked on an ambitious reform program and have taken decisive measures aimed at restoring macroeconomic stability and sustainable public finances. At the same time, by strengthening social protection measures, they have sought to protect the most vulnerable. We have seen that economic activity has been gathering strength and efforts at reining in the budget deficit have ...

Egypt signs 3 contracts for oil and gas exploration worth $79 million

Minister of Petroleum and Mineral Resources, Tariq Al-Mulla, signed three new agreements for oil and gas exploration in the Western Desert of Egypt with the Egyptian General Petroleum Corporation and the American companies Apache and Merlon, with a minimum investment of about $79 million, a statement from the ministry said on Saturday. The first and second agreements were signed with ...

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 ...

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