Sunday 20 August 2017
(Reuters (Eng) 08/16/17)
Egypt's unemployment rate dipped below 12 percent in the second quarter, the first time it has been that low since the political uprising of 2011. Nearly 80 percent of those unemployed were young, however. Official statistics agency CAPMAS said on Tuesday the rate dipped to 11.98 percent from 12 percent the previous quarter. This was slightly higher than expected by government. Finance Minister Amr El Garhy told Reuters in May he expected the rate to reach 11.7-11.8 percent by the end of the fiscal year that ended June. The unemployment rate in the second quarter of last year stood at 12.5 percent, down from 12.84 the same quarter a year earlier. The country's labour force grew by 33,000 people in...
(NPR 08/16/17)
On Egypt's Mediterranean coast, August should be prime tourist season. But the seaside restaurants in Alexandria are almost empty. Worries over security are keeping a lot of foreign tourists away. But there's a much bigger worry looming: that hotter weather and a disappearing shoreline could make Egypt's prospects even worse. Scientists generally agree that human-made climate change – the effect of greenhouse gas emissions from things like cars and factories – is making the sea level higher and its waters warmer. Rising sea levels are affecting the Nile River delta, the triangle where the Nile spreads out and drains into the sea. It's where Egypt grows most of its crops. According to the World Bank, Egypt — with its already...
(AL Jazeera 08/16/17)
The murder of Italian graduate student Giulio Regeni led the Italian government to recall its envoy in April 2016. Italy said on Monday it would return its ambassador to Cairo more than a year after the murder of an Italian graduate student led the Rome government to recall its previous envoy. Giulio Regeni was 28 years old when he vanished from the streets of Cairo in January 2016. His body was discovered in a ditch on the outskirts of the Egyptian capital on February 3, showing signs of extensive torture. Italy recalled its ambassador in April 2016 as it sought to obtain evidence from Egypt to solve the murder. Magistrates in Rome and Cairo have met a half-dozen times over...
(The Independent 08/16/17)
First discovery of female and child remains at al-Kamin al-Sarwahi site points to wider use of tomb network than previously thought. Three tombs dating back 2,000 years have been newly discovered in southern Egypt, the ministry of antiquities has said. The finds were uncovered in al-Kamin al-Sarwahi in Minya province, hidden down deep burial shafts. After careful excavations, in one tomb four sarcophagi were found which had been carved with human faces. Another contained six burial holes, including a child’s. “These tombs were part of a large cemetery for a large city and not a military garrison as some suggest,” lead archaeologist Ali al-Bakry said, citing bones and other evidence which pointed to the presence of “men, women and children...
(Xinhuanet 08/14/17)
The volume of trade exchange between Egypt and China recorded 5.178 billion dollars from January to June 2017, state news agency MENA reported on Monday. China's exports to Egypt decreased by 20.79 percent on a year-on-year basis to 4.518 billion dollars, MENA cited the latest statistics released by the Chinese General Administration of Customs as saying. While Chinese imports from Egypt increased by 298.37 percent to reach 660 million dollars, it added. In June, the volume of trade exchange between Egypt and China amounted to 928 million dollars. Chinese imports from Egypt upped by 181.69 percent on annual basis to 80.58 million dollars, while exports dropped by 17.83 percent to reach 847 million dollars.
(Xinhuanet 08/14/17)
Egypt issued a new law aiming at facilitating measures to issue permits for establishing industrial facilities and attract more industrial investments, the MENA news agency reported on Sunday. The Egypt's Trade and Industry Minister Tarek Qabil asserted on Sunday that the executive regulations of the law aiming at facilitating measures to issue permits for establishing industrial facilities will make a revolution concerning industrial investment rates in Egypt in the coming period. This came on the sidelines of a press conference that was held to announce the new regulations. The minister added that the new regulations will contribute to attracting more regional and international industrial investments to Egypt as well as enhancing Egypt's rating in reports issued by international institutions. He...
(Xinhuanet 08/14/17)
Head of Egyptian Transport Association (ETA) Mohammed Shehata said on Sunday that China can be a main player in developing Egypt's railway system. "China is a leading country in this field," Shehata told Xinhua, adding that China is always ready to help friendly countries improve their infrastructure. The ETA is a leading Egyptian NGO that monitors and issues reports on the transportation systems in the North African country. The NGO chief said that China has been helping many countries, mainly in Africa to build new up-to-date railway systems, stressing that the Asian giant will not hesitate to provide Egypt with its expertise in the field of railways and transportation. On Friday, an Alexandria-bound train coming from Cairo crashed into the...
(Reuters (Eng) 08/14/17)
Egypt's Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said. Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017. ($1 = 17.7400 Egyptian pounds)
(AL Jazeera 08/14/17)
Detention of Al Jazeera journalist renewed for seventh time since he was arrested on December 20. An Egyptian court has extended the detention, without charge, of Al Jazeera journalist Mahmoud Hussein for another 45 days. Egyptian authorities announced the seventh extension on Thursday since Hussein was arrested in December last year. Hussein, an Egyptian national based in Qatar, was stopped, questioned and arrested by authorities on December 20, after travelling to Cairo for a holiday. Five days after his initial arrest, Egypt's interior ministry accused him of "disseminating false news and receiving monetary funds from foreign authorities in order to defame the state's reputation". Since then, he has been detained for 237 days, suffering mistreatment and being denied his legal...
(Bloomberg 08/14/17)
The U.S. will probably maintain its current levels of aid to Africa despite President Donald Trump’s proposals to slash funding, according to Bill Gates, the world’s richest man. Trump said in May his government would no longer allocate funding for family planning, a move that has the potential to undermine aid programs in the poorest countries in the world. However, with Congress in control of the budget, it’s unlikely that all cuts proposed by the Trump administration will go ahead next year, Gates said in an interview in Dar es Salaam, Tanzania’s commercial capital. “It’s quite clear that they won’t make those drastic cuts,” Gates said. “I’m hopeful they won’t make any cuts at all, but that’s still subject to...
(BBC News Africa 08/12/17)
Two passenger trains have collided in northern Egypt, killing at least 41 people and injuring more than 120 others, health officials say. A number of carriage were derailed by the accident in the coastal city of Alexandria. Reports said one of the trains had been brought to a halt after a malfunction. Transport Minister Hisham Arafat blamed "human error". Deadly train accidents in Egypt are rare but not unheard of. The trains, one travelling from the capital Cairo and the other from Port Said, crashed at about 14:15 local time (12:15 GMT). One resident, Hoda, was standing on her rooftop when she saw the trains crash.
(AFP (eng) 08/11/17)
At least 36 people were killed as two trains collided Friday outside the Mediterranean city of Alexandria, in one of the deadliest in a string of such accidents in Egypt, the health ministry said. The crash also injured 123 people, the ministry said in a statement. Footage on the state broadcaster showed one train had partly keeled over in the crash, and medics were seen moving the dead and injured to ambulances.
(Bloomberg 08/11/17)
Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. The funds include receipts from exports, investors selling dollars to buy Egyptian assets, and the exchange of dollars for Egyptian pounds, either on the local market or through remittances, central bank sub-governor Rami Aboul Naga said on Thursday. The figure does not include financing Egypt has received, such as IMF loan tranches or $7 billion in Eurobonds Egypt
(Xinhuanet 08/11/17)
At least 21 people were killed and more than 50 others were injured Friday in a crash between two trains in Egypt's Alexandria province, Egypt's state TV reported. An Alexandria-bound train coming from Cairo crashed into the rear of another train on its way from Port Said to Alexandria, leaving dozens killed and injured, the TV reported. Ambulances evacuated over 58 wounded passengers, while prosecution ordered an urgent investigation into the accident.
(AFP (eng) 08/10/17)
Egypt's interior ministry said on Thursday a policeman and three jihadists suspected of involvement in deadly attacks against the country's Coptic Christian minority were killed in a shootout. Police had arrested one member of the cell who led them to their mountain hideout in the southern province of Qena where the two other jihadists opened fire on Tuesday, the ministry said. The two suspects, who have not been identified, were killed in the ensuing firefight, along with the informer and a police officer guarding him.
(Bloomberg 08/10/17)
Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fueled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at the start of the new fiscal year on July 1, for the second time in less than a year. The measures are part of an International Monetary Fund-backed reform effort
(Reuters (Eng) 08/10/17)
Egypt's key inflation rates soared to multi-decade highs on Thursday on the back of energy subsidy cuts agreed with the International Monetary Fund as a condition of its $12 billion three-year loan. Annual urban inflation for July hit a critical high of 33.0 percent from 29.8 percent in June, the official CAPMAS statistics agency said, the highest since June 1986, and the second highest since Reuters data began in 1958. Core inflation, which strips out volatile items like food, rose to 35.26 percent year-on-year in July from 31.95 percent in June, the central bank said. That is the highest level since at least 2005, the oldest available central bank records. Import-dependent Egypt has been hit by soaring inflation since it...
(Reuters (Eng) 08/10/17)
Egypt on Tuesday tightened rules for obtaining food subsidy cards, capping the number of new claimants per family and setting income limits as it works to reform its bloated economy. Egypt agreed a $12 billion three-year loan with the International Monetary Fund in November, in exchange for a program including subsidy cuts and tax hikes. It hopes the reforms will help attract back investors who fled after an uprising in 2011. Inflation has soared since import-dependant Egypt floated its pound currency in November, roughly halving it in value and increasing the population's reliance on basic subsidized goods such as bread, cooking oil and sugar. The new subsidy rules do not apply to the country's existing 20.8 million holders of cards...
(Egyptian Streets 08/10/17)
Egypt received on Tuesday the second type 209/1400 military submarine from Germany in the German city of Kiel, according to a statement by Egypt’s military spokesperson. The agreement between Egypt and Germany to receive the German submarine was signed in December 2011 for two submarines. Egypt purchased two more submarines in 2014, according to military sources. Commander of the Egyptian Navy Ahmed Khaled Saeed raised the Egyptian flag on the submarine during the celebration ceremony. The submarine was manufactured by the German company of ThyssenKrupp Marine Systems. The ceremonial handover was attended by officials from both Egypt and Germany. The new submarine is able to sail in a range of 11,000 nautical miles and a top speed of 21.5 knots,...
(Reuters (Eng) 08/10/17)
Authorities in Arish, the capital of North Sinai province, are hunting the gunmen who fired at the patrol car, state media reports. Islamic State has claimed responsibility for an attack on a patrol car on Wednesday that killed four Egyptian policemen in North Sinai, the militant group's AMAQ news agency said on Thursday. Authorities in Arish, the capital of North Sinai province, were on the hunt for gunmen who fired at the patrol car, state news paper Al-Ahram reported on Wednesday. Attacks on security forces have been frequent in Egypt since the army, led by general-turned-President Abdel Fattah al-Sisi, ousted Muslim Brotherhood President Mohamed Mursi in 2013 after mass protests against his rule. The violence has been concentrated in the...