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IMF scales back global growth forecast for 2012

The International Monetary Fund stepped up its warnings Monday on risks to the global economy, especially from Europe, as it trimmed its growth forecast for the rest of the year. The IMF said the world economy appeared weaker since its assessment just three months ago, and while growth was only slightly off the expected pace, …

Daily News Egypt

Tarek Nour Communications aspires to make EGP 100m in Ramadan

By Mohamed Fawzy Veteran advertising agency Tarek Nour Communications hopes to achieve EGP 100 million in advertisements sales during the month of Ramadan. Tarek Makhlouf, the managing director of the company, said that if the company is able to meet its Ramadan target, it will compensate for recent losses, particularly in light of the decision …

Daily News Egypt

IT sector calls for more government attention

Information technology (IT) experts have said that the IT sector in Egypt has not significantly contributed to the national economy because the government has neglected its principle components. The sector has played an important role in other developing economies such as in India, Malaysia, and Brazil. The experts viewed the Ministry of Communications and Information …

Daily News Egypt

Governmental efforts to aid struggling factories

By Mohamed Ayyad The government intensified efforts to address the crisis that halted the operation of 650 factories which resulted from outstanding debts owed to banks with a value of EGP 817 million. Mohamed Eissa, Minister of Industry and Trade, stated that the cabinet agreed to help the stopped factories that have experienced technical, administrative, …

Daily News Egypt

Shorouk City to offer 100 acres for bidding, starting 2013

By Badawy Shalaby Abdelmoteleb Mamdouh, head of the El-Shorouk City administration, announced that the city will make 100 acres available for investors at the beginning of next year. The land is suitable for all commercial or educational purposes. Mamdouh said that the plots will range from 8,400 square metres to five acres. The city will …

Daily News Egypt

EBDA seeks to raise EGP 11m to finance Kafa’a project

By Shaimaa Raouf Supporting the Egyptian economy, attracting investment, building human capital… These are the goals of the Egyptian Business Development Association (EBDA) and its professional training programme, according to Ahmed Seda, Director of Programmes for the Association. Seda said that Egyptian workers are not properly trained and thus not competitive with workers in other …

Daily News Egypt

Expectations of worldwide downturn in cotton production

By Inaam El-Adawy The Cotton Exporters’ Association predicts that worldwide cotton production will fall during the 2012-2013 season to 24.9 million tons. In a recent report, the Association attributed the decline in production to the fall of prices during the 2011- 2012 period, which will drive cotton farmers to reduce output this season. The study …

Daily News Egypt

Al-Khabir’s director forecasts revival of real estate market

By Badawy Shalaby Mohamed Saad, director of the Al-Khabir Company for Investment and Real Estate, predicted that confidence will return to the real estate market in the coming period after a period of downturn, expressing hope that the current period of political stability will lead to a full recovery. He said that the Egyptian real …

Daily News Egypt

China’s inflation slows to 29-month low

Beijing (AFP) — China’s inflation slowed in June to its lowest level in 29 months, official data showed Monday, giving the government more flexibility in its efforts to reboot the world’s second-biggest economy. The country’s consumer price index (CPI) rose by 2.2 percent year-on-year in June, the National Bureau of Statistics said, down from 3.0 …

Daily News Egypt

Egyptian stock exchange

Inflation slows in Egypt while deficit widens.

Egypt’s inflation slowed in April, despite overall food prices remaining high and the country’s deficit widening to $11.2 billion, as Egypt’s transition seemed to be prolonging its economic woes, the Automotive Marketing Council noted in a report released yesterday.

Moustafa Ayad

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DNE

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Daily News Egypt

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