Daily Archives: August 5, 2013
Egypt: Egypt’s stock exchange has announced that six GCC companies from Kuwait and the UAE are expected to be listed on the bourse soon in the context of the dual listing between the Egyptian exchange and the Gulf bourses, Daily News Egypt has reported. “We’re still in the negotiation phase with these companies, and only one Kuwaiti telecommunication company had submitted an official request,” said head of the bourse, Atef El-Sherif. [AMEInfo.com]
Egypt: The Central Bank of Egypt has said the country’s Net International Reserves (NIR) rose by $3.9bn in July to a total of $18.8bn, Ahram has reported. The rise is the biggest monthly increase of the foreign reserves since the popular uprisings in January 2011 that toppled Hosni Mubarak, when net reserves stood at some $36bn. The foreign reserves, which dropped in June to $14.9bn, have been backed by aid from Saudi Arabia and UAE, which have financed Egypt with $5bn over the last month, as part of a total $12bn pledged by the Gulf states including $4bn offered by Kuwait. [AMEInfo.com]
Egypt: Egypt’s planning minister Ashraf El-Arabi has said the interim government considers a loan agreement with the International Monetary Fund an “essential” part of efforts to revive economic growth, Bloomberg has reported. The minister’s remarks come a day after Egypt’s government said it was told by visiting Deputy Secretary of State William Burns that the US, the IMF’s largest shareholder, supports the resumption of talks. The timing of a resumption of talks on a $4.8bn loan is still under discussion, El-Arabi said. The government is assessing Egypt’s financing needs based on the latest economic data, he said. [AMEInfo.com]
Egypt: Eight Egyptian lenders have said they will consider measures to lower their interest rates, following an announcement by the central bank of a cut in its return rates on government monetary tools, Daily News Egypt has reported. The banks are the Bank of Alexandria, Egyptian Arab Land Bank, Industrial Development and Workers Bank of Egypt, Arab Banking Corp, Suez Canal Bank, Egyptian Gulf Bank, Housing Development Bank and Misr Iran Development Bank. The banks said they would study ways and mechanisms to cut interest rates on triple-term savings certificates, in order to reduce the cost of funds after intense declines recently seen in income derived from government debt and central bank tools. [AMEInfo.com]
Chairman Bernanke has always indicated that the end of QE would be a gradual affair rather than a big bang shock. We believe this tapering will commence at the September 2013 FOMC meeting. And the winding down of the asset purchase program will end completely by mid-2014. Any increase in the fed funds rate, however, is unlikely before mid 2015.
By Youssef Sourgo
The Australian dollar has clawed its way back above 0.89, later yesterday and again overnight.
The RTMC boss, who emphasised that the corporation’s cash crisis days were over, also announced the establishment of the National Anti-Corruption Unit, which was already yielding positive results.
It’s hard to imagine a more humbling connection between the microscopic and the massive than that of a bug who navigates its carefully wrought investment by the light of the Milky Way.