Economy

Iran’s currency hits record low as Trump worries deter fund inflows

Iran’s rial hit a record low against the U.S. dollar on Monday in a sign of concern about the country’s ability to attract foreign money after U.S. president-elect Donald Trump takes office. The rial was quoted in the free market at 41,500 to the dollar, weakening from around 41,250 on Sunday and 35,570 in mid-September. Before this month, the record ...

Mercedes to visit Egypt to explore investment opportunities in local market

A delegation of Mercedes-Benz’s directors will visit Egypt in early 2017 to discuss expanding their investments in the Egyptian market, said Minister of Industry and Trade Tarek Kabil. The company’s officials in Egypt have expressed their willingness to increase their investments in Egypt in light of the improved economic conditions and the success of the government’s economic reform programme, which ...

Hacked in just six seconds: How criminals only need moments to guess card number and security code

EDITED BY KALAHAN DENG Criminals can work out the card number, expiry date and security code for a Visa debit or credit card in as little as six seconds using guesswork, researchers have found. Experts from Newcastle University said it was “frighteningly easy” to do with a laptop and an internet connection. Fraudsters use a so-called Distributed Guessing Attack to ...

Currency drop hits Egypt’s medicine supplies, angering public

Pharmacies across Egypt are running short of medicines, some of them life-savers, as a plunge in the value of the Egyptian pound coupled with strict government price caps has made scores of products unprofitable to produce or import. The shortages include some cancer treatments as well as basic items like insulin, tetanus shots and contraceptive pills. Unable to raise prices ...

U.S. economy steady as she goes, leading indicators show

WASHINGTON (MarketWatch) — The U.S. is growing at a moderate pace and is likely to do so through early 2017, according to an index that measures the nation’s economic health. The leading economic index rose 0.1% in November after a 0.2% gain in the prior month, the Conference Board said Friday. “Although its six-month growth rate has moderated, the index ...

The shoeshiner who ‘earns more than a civil servant’

BY KALAHAN DENG Idris, 21, has been in the shoeshine business in Nigeria for three years now.He roams around a suburb of the capital, Abuja, in search of customers, offering to repair or polish shoes.   Idris has not had any formal education, but he does not regret this. He says he earns about $5 (£4) a day, and adds ...

What will Donald Trump’s victory mean for the economy, businesses, and financial markets?

Healing The Divide Christos Makridis, PhD candidate in labor and public economics, Stanford University In the past few months, economic policy uncertainty has been higher than it has been in the country’s history, marginally surpassing the uncertainty associated with the Great Recession, September 11, 2001, and even the Great Depression. The United States faces a number of fundamental challenges: entitlement ...

Trump does not land America and the world in a serious new conflict or a global depression

From late January, Donald Trump will have all the authority of the American executive, and the support of a unified Republican Congress, behind him. He will, therefore, be in a position to deliver profound and lasting change. The near-term economic effect of a Trump presidency is perhaps not of foremost concern to vulnerable racial and religious minorities in America, or ...

An Egyptian investment bank, said Egypt is on the verge of devaluing its currency, the Egyptian pound

Egypt says it has found an alternative for fuel imports after Saudi Arabia abruptly decided to halt shipments of fuel as an expression of its displeasure over an Egyptian vote in the UN this week. In that vote, Egypt voted in favor of separate Russian and French draft resolutions on Syria in the UN Security Council. That resolution has led to ...

From Cars to Confectionery: Australia’s Manufacturers Revamp Business

“Optimism in innovation is really gaining momentum,” says National Australia Bank CCO. For autoparts maker Brian Hughes, the shock of Australia’s car industry closing down could have meant the end of his business. Instead, he reconfigured his facility to make machinery for the booming food and building sectors while bolstering exports. He’s not alone. As Toyota Industries Corp, General MotorsCo, ...

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