Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Eni has suffered no impact from Regeni case: CEO http://www.egyptindependent.com//node/2469844 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/09/25/499612/enis_giant_zohr_gas__in_egypt.png" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p><span class="focusParagraph">The operations of Italian oil and gas major Eni in Egypt have suffered no impact from the killing of Italian researcher Giulio Regeni earlier this year, Eni CEO Claudio Descalzi said.</span></p><p><span class="focusParagraph">&quot;I think that Egypt is starting working and collaborating with the Italian institutions,&quot; he said, speaking on the sidelines of a hearing on security and supply at the European parliament.</span></p><p><span class="focusParagraph">Eni announced the discovery of the giant Egyptian Zohr gas field, the largest ever in the Mediterranean, last year.</span></p><p><span class="focusParagraph">Descalzi also said there was no rush to sell down the group&#39;s 50 percent stake in the Area 4 gas field in Mozambique.</span></p><p><span class="focusParagraph">&quot;When you are selling something you have got to sell it at the best price,&quot; Descalzi said, adding the sale could go through at best by year end or otherwise in 2017.</span></p> Tue, 24 May 2016 07:22:00 +0000 Reuters 2469844 at http://www.egyptindependent.com sites/default/files/photo/2015/09/25/499612/enis_giant_zohr_gas__in_egypt.png Oil falls after Iran dampens hopes for production freeze http://www.egyptindependent.com//node/2469839 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/05/23/504802/oil.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Brent oil prices fell for a fourth consecutive session on Monday after Iran insisted it would not freeze crude output, returning investor attention to a global glut.<br /><br />Adding to signs the oil market will remain oversupplied, data showed last week the number of rigs operated by U.S. drillers held steady for the first time this year, following a near two-year slump in the rig count.<br /><br />Global benchmark Brent futures LCOc1 were down 41 cents at $48.31 a barrel by 0851 GMT, on track for a fourth straight day of losses for the first time in a month.<br /><br />U.S. crude futures CLc1 traded at $47.91 a barrel, down 50 cents on Friday&#39;s close.<br /><br />&quot;Stagnating rig counts and comments from Iranian officials show that the way up for the oil prices may come to an end now,&quot; said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.<br /><br />Iran&#39;s Deputy Oil Minister Rokneddin Javadi told Iran&#39;s Mehr news agency on Sunday his country had no plan to halt a rise in oil production and exports.<br /><br />He said Iranian crude exports, excluding gas condensates, were at 2 million barrels per day (bpd) and would reach 2.2 million bpd by the middle of summer.<br /><br />His comments further dampened hopes for a coordinated decision to freeze OPEC oil production at a meeting of the exporter group in Vienna on June 2.<br /><br />The bearish comments outweighed concerns about unplanned oil outages globally hitting a five-year high mainly due to wildfires in Canada that have affected oil-sands production and losses in Nigeria and Libya.<br /><br />Meanwhile, Goldman Sachs said in a research report on Monday that it expected shale productivity gains through 2020, which will push average breakevens for shale plays below $50 per barrel for U.S. crude.<br /><br />It raised its average Brent forecast to $45 per barrel this year, from $39, while it said West Texas Intermediate would average $45 per barrel this year, up from $38 previously.</p> Mon, 23 May 2016 12:40:00 +0000 Reuters 2469839 at http://www.egyptindependent.com sites/default/files/photo/2016/05/23/504802/oil.jpg Egypt wins most famous tourist destination award in Shanghai http://www.egyptindependent.com//node/2469823 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/05/23/504802/egyptian_tourism_minister_yehia_rashed.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr">Egypt has won the award for &quot;most famous tourist destination&quot; at the 2016 World Travel Fair, which concluded on Sunday in the Chinese city of Shanghai.</p><p dir="ltr">Egypt&rsquo;s Travel Advisor to China, Abul Maaty Shaarawy, received the award.</p><p dir="ltr">In remarks on Monday to the state-run news agency MENA, Shaarawy expressed what an honor it was to claim the award for Egypt at this year&rsquo;s fair, where the biggest international exhibitors in the field of travel and tourism take part annually.</p><p dir="ltr">According to the travel fair&#39;s official website, 23 prizes were given at the award ceremony, judged in the categories of tourist destinations, travel services, travel agencies, hotel and air companies.</p><p dir="ltr">More than 450 exhibitors from around the world took part in the three-day fair, he said. The fair provided the chance for tourism agencies and tour operators<strong> </strong>to meet, promote trip programs and exchange views with experts on marketing promotion strategies.</p><p dir="ltr"><em>Edited translation from MENA</em></p> Mon, 23 May 2016 09:54:00 +0000 MENA 2469823 at http://www.egyptindependent.com sites/default/files/photo/2016/05/23/504802/egyptian_tourism_minister_yehia_rashed.jpg Rules for 'too big to fail' insurance firms coming soon: Federal Reserve official http://www.egyptindependent.com//node/2469766 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/05/20/504802/tarullo.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>The Federal Reserve will soon take up rules covering prudential standards and liquidity for insurance companies deemed &quot;too big to fail&quot; in hopes of heading off risks to financial stability, Fed Governor Daniel Tarullo said on Friday.<br /><br />In the coming weeks, it will also propose capital requirements for insurance firms it regulates, with separate tracks for the handful of companies designated as &quot;systemically important&quot; and for smaller holding companies that own banks.<br /><br />Under the Dodd-Frank Wall Street reform law, federal regulators can determine that non-bank companies such as American International Group Inc could put the entire financial system in danger if they fail, and require certain measures, such as holding more capital, to stave off threats to the country&#39;s financial stability.<br /><br />In a speech to the National Association of Insurance Commissioners, Tarullo said &quot;the enhanced corporate governance and risk-management standards for systemically important insurance companies will likely build on the core provisions of our consolidated supervisory framework for large domestic and foreign banking organizations&quot; and include adjustments for the unique nature of the insurance industry.<br /><br />The liquidity requirements to be suggested as part of the enhanced standards will likely involve stress-testing, cash flow projections, contingency plans to manage liquidity stress events, and internal controls, he added.<br /><br />For insurance holding companies, the Fed is looking into taking a &quot;building block approach&quot; that would aggregate the capital resources and requirements across their different entities to calculate &quot;combined, group-level&quot; requirements.</p> Fri, 20 May 2016 14:46:00 +0000 Reuters 2469766 at http://www.egyptindependent.com sites/default/files/photo/2016/05/20/504802/tarullo.jpg