Economy

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. ...

Iran says it got half price deal for Boeing jets

Iran said on Sunday it had negotiated to pay only about half the announced price for 80 new Boeing airliners in an order that the American planemaker had said was worth $16.6 billion US. Boeing and its European rival Airbus have both signed huge contracts this month to supply airliners to Iran, the first such deals since international sanctions were ...

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 ...