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Price hikes further pressures on Egypt’s budget, each $1 increase in price would cost the country EGP 4bn
Hikes threaten target deficit, says Omar
The new president of America is expected to promote trade agreements between Egypt and US, says economics professor
GCC countries will continue to struggle with economic, financial, and foreign challenges, Dyck says
The global drop in oil prices has led to a decline in Egypt’s export proceeds by $3.7bn during the first nine months of fiscal year (FY) 2015/2016, according to the Central Bank of Egypt (CBE). In its balance of payments (BOP) report issued on Sunday, the CBE revealed that commodity exports have reached $13.4bn from …
In response to continued low oil prices, the Nigerian Central Bank floated its currency Monday and the naira subsequently lost over a third of its value. Some are praising the move as positive for Nigerians.
EFG Hermes One on One aims to provide a suitable platform to review the most promising investment opportunities and developments in the economic markets in the Middle East and North Africa, representing one of the largest investment events of its kind in the region
Expectations that EGX record an increase in Sunday’s session of up to 5,800 points with support from increase in oil prices to $32.18 per barrel
Egypt will work on increasing its oil imports to make use of Brent’s price decrease, says official
Rating agency Moody’s expects that lower oil prices in FY 2014/2015 will reduce fuel expenses to around EGP 70bn compared to EGP 100bn in the original budget
Although Al-Ahwani denied any consultations during these spring meetings regarding a loan from the IMF to Egypt, she referred to its possibility in case Egypt needs it
By Masood Ahmed Iraq is facing a “double shock” from the self-proclaimed Islamic State of Iraq and Syria (ISIS) insurgency and the global plunge in oil prices. While the new government led by Prime Minister Haidar Al- Abadi was formed with the express objective of dealing with the insurgency and addressing the humanitarian disaster it …
Investment ministry hopes to restructure business sector in preparation for tender operations on stock market, bringing them out of the red
50% decline in costs of Gulf oil aid to Egypt due to sharp decline in world oil prices
Chairman of the Energy Committee of the FEI expects energy investments to decline and concerns of Arab investments may lead to decrease in investments
Total market losses so far at EGP 48bn, while gains amount to EGP 5.9bn
A further drop in oil prices results in additional losses for the Egyptian capital market
Brent North Sea crude for February gained 26 cents to $111.82 a barrel in London deals.
OPEC’s supply averages 29.90 million barrels per day, down from a revised 30.01 million bpd in September
A weak dollar makes oil priced in the unit cheaper for holders of other currencies, boosting demand.
Trade remained cautious, however, before a two-day meeting at the US Federal Reserve at which policymakers are expected to begin winding down the bank’s stimulus programme.
WTI hit a 15-month high of $107.45 in New York on Thursday and Brent reached $108.93.
President Xi Jinping on Friday said China, the world’s second largest economy and top energy consumer, would not sacrifice the environment for temporary economic growth.
Calls for the Ministry of Petroleum to set price ceilings on oil companies
The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …
Oil rebound from 17-month lows, as financial crisis continues to bring the price down.
By Alex Lawler/Reuters LONDON: OPEC left its forecast for world oil demand growth in 2012 unchanged for a second month, saying there were signs that a slowdown in global economic activity is easing. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said world oil demand would rise by 860,000 barrels …
By Michael Spence MILAN: I have been surprised by the recent coverage in the American press of gasoline prices and politics. Political pundits agree that presidential approval ratings are highly correlated with gas prices: when prices go up, a president’s poll ratings go down. But, in view of America’s long history of neglect of energy security …
By AFP LONDON: World oil prices sank on Monday, continuing the previous week’s downtrend, as traders digested the latest batch of data on the Chinese economy. New York’s main contract, West Texas Intermediate crude for delivery in May, dropped 58 cents to $102.44 a barrel. Brent North Sea crude for May shed 95 cents at …