Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Fees to be imposed on fish exports: Trade Minister http://www.egyptindependent.com//node/2478267 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/06/29/16030/image_0.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr"><span style="font-size: 1em;">The decision over whether to impose fees on&nbsp;</span>fish&nbsp;<span style="font-size: 1em;">exports is still under consideration; the value of this fee will be based on analysis conducted by the Ministry of&nbsp;</span><span style="font-size: 1em;">Trade and Industry, according to Minister Tareq Qabil</span><span style="font-size: 1em;">.</span></p><p><span style="font-size: 1em;">The decision is expected to be issued within few days, he added.</span></p><p><span style="font-size: 1em;">Egypt&rsquo;s consumption of fish is 1.8 million tons annually, of which 1.5 million tons are locally produced, Qabil told Al-Masry Al-Youm. The import volume is estimated at 300,000 tons.</span></p><p><span style="font-size: 1em;">&ldquo;In accordance with data from the General Organization For Export and Import Control, the total exports volume over the past three months reached 14,000 tons only, compared to 48,000 tons last year, which is equal to two percent of the total production,&rdquo; he said.</span></p><p><span style="font-size: 1em;">The minister blamed the shortage of fish in local markets on the steady rates of production despite the growing population, saying this requires an increase in the local production, establishing fish farms and facilitating measures of importing.</span></p><p><span style="font-size: 1em;">Fish markets have recently witnessed price hikes that reached 100 percent on some kinds of fish, which urged the government to take action in order to provide people with fish at low prices.</span></p><p><span style="font-size: 1em;">An official report by Agriculture Ministry showed that three types of fish are imported; the total imported amounts are estimated at 185,000 tons of mackerel, 50,000 tons of tuna and 75,000 tons of herring.</span></p><p>&nbsp;</p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p> Sun, 23 Apr 2017 09:54:00 +0000 Al-Masry Al-Youm 2478267 at http://www.egyptindependent.com sites/default/files/photo/2016/06/29/16030/image_0.jpeg EgyptAir to receive new Boeing aircraft in May http://www.egyptindependent.com//node/2478209 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2017/04/20/39/599261_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr">EgyptAir will receive a third Boeing B737/800 NGs to join the company&rsquo;s fleet&nbsp;at beginning of May.&nbsp;This addition will be the 22nd model of the same type in the fleet.</p><p>The B737/800 NGs is almost six years old and is considered one of the best-selling in the Boeing 737&nbsp;family as it has several advantages, including low fuel consumption and ability to fly for up to six hours nonstop.</p><p>Safwat Mesallam, chairman of the company, said the choice of this type of Boeing comes within the interest of promoting EgyptAir&#39;s services to clients, to improve their travel experience.</p><p>The new airplane has 154 seats including 16 seats for business class. It has a front video screen for every passenger and wider spaces for carry-on luggage in the overhead bins.&nbsp;</p><p>EgyptAir will replace the newspapers on the new airplanes with electronic applications for a number of Egyptian, Arab and international newspapers that can be browsed via each passenger&rsquo;s screen.</p><p>In previous statements, Mesallam explained the plan for upgrading the EgyptAir fleet targets a total of 105 aircrafts by the end of 2020 and 156 aircrafts by the end of 2025.</p><p>Safwat Mesallam, chairman of EgyptAir Holding Company, said the plan of upgrading the EgyptAir fleet is targeting a total of 105 aircrafts by the end of 2020 and 156 aircrafts by the end of 2025.</p><p>&nbsp;</p><div><p style="font-size: 14px;">Sherif Ezzat, chairman and managing director of EgyptAir Airlines, previously said the Boeing 737-800 model consumes up to two percent less fuel than the average aircraft.</p><div>&nbsp;</div></div><p>EgyptAir has received its first Boeing 737-800 aircraft in December 2016.&nbsp;<span style="font-size: 1em;">Safwat Mesallam, chairman of EgyptAir Holding Company, said the plan of upgrading the EgyptAir fleet is targeting a total of 105 aircrafts by the end of 2020 and 156 aircrafts by the end of 2025.</span></p><p><span style="font-size: 1em;">Mesallam, has declared in March that the fleet of EgyptAir airlines, EgyptAir Express and EgyptAir Cargo reached the highest aviation safety rates with a 0.42 Ratio.</span></p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p><p>&nbsp;</p> Thu, 20 Apr 2017 14:33:00 +0000 Al-Masry Al-Youm 2478209 at http://www.egyptindependent.com sites/default/files/photo/2017/04/20/39/599261_0.jpg Worries over Trump policies cloud start of IMF, World Bank meetings http://www.egyptindependent.com//node/2478190 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2017/04/20/507556/imf.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>World finance leaders are gathering on US President Donald Trump&#39;s home turf on Thursday to try to nudge his still-evolving policies away from protectionism and show broad support for open trade and global integration.<br /><br />The International Monetary Fund and World Bank spring meetings bring the two multilateral institutions&#39; 189 members face-to-face with Trump&#39;s &quot;America First&quot; agenda for the first time, just two blocks from the White House.<br /><br />&quot;These meetings will all be about Trump and the implications of his policies for the international agenda,&quot; said Domenico Lombardi, a former IMF board official who is now with the Centre for International Governance Innovation, a Canadian think-tank.<br /><br />He added that IMF Managing Director Christine Lagarde is aiming to &quot;socialize&quot; the new administration to the IMF&#39;s agenda and influence its policy choices.<br /><br />The IMF in particular has sounded warnings against Trump&#39;s plans to shrink US trade deficits with potential measures to restrict imports, arguing in its latest economic forecasts that protectionist policies would crimp global growth that is starting to gain traction.<br /><br />Trump administration officials are now pushing back against such warnings by arguing that other countries are more protectionist than the United States.<br /><br />Trump launched the week by signing an executive order to review &quot;Buy American&quot; public procurement rules that have long offered some exemptions under free trade agreements, and by lashing out at Canadian dairy restrictions.<br /><br />In addition to warnings on trade, the IMF on Wednesday unveiled two studies pointing out dangers from fiscal proposals that Trump is considering. These included warnings that his tax reform ideas could fuel financial risk-taking and raise public debt enough to hurt growth.<br /><br />Making tax reforms &quot;in a way that does not increase the deficit is better for growth,&quot; added IMF fiscal affairs director Vitor Gaspar.</p><p>The advice may simply be ignored, especially after US Treasury Secretary Steven Mnuchin last month insisted that an anti-protectionism pledge be dropped from a Group of 20 communique issued in Baden-Baden, Germany, said Eswar Prasad, former head of the IMF&#39;s China department<br /><br />&quot;The IMF has little leverage since its limited toolkit of analysis-based advice, persuasion, and peer pressure is unlikely to have much of an impact on this administration&#39;s policies,&quot; said Prasad, now an international trade professor at Cornell University.<br /><br />Mnuchin&#39;s decision against naming China a currency manipulator last week removed one concern for the IMF ahead of the meeting.<br /><br />Lagarde also noted on Wednesday that the IMF would listen to all of its members, and work for &quot;free and fair&quot; trade. Lagarde is set to interview Mnuchin on stage during the meetings.<br />&nbsp;</p><p><em>Reporting by David Lawder; Editing by Simon Cameron-Moore; Reuters</em></p> Thu, 20 Apr 2017 10:58:00 +0000 Reuters 2478190 at http://www.egyptindependent.com sites/default/files/photo/2017/04/20/507556/imf.jpg 1,741 new companies established in March: official report http://www.egyptindependent.com//node/2478185 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/08/18/504802/cairo.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The General Authority for Investment and Free Zones announced that 1,741 new companies were established in March with a total investment of LE3.6 billion.</div><div>&nbsp;</div><div>According to the GAIF&#39;s periodic report on new companies, 1,048 companies, or 60.2 percent of the total established companies in March, were established in accordance with Law No. 8 of 1997.</div><div>&nbsp;</div><div>The report added that 693 companies, equal to 39.8 percent, were established in accordance with Law No. 159 of 1981.</div><div>&nbsp;</div><div>The total Egyptian capital used in establishing these companies was equal to LE3.2 billion, representing 89.4 percent of the total capital.&nbsp;</div><div>&nbsp;</div><div>An estimated LE294 million in Arab capital was used for these new companies, representing 8.1 percent of the total capital, and foreign capital was estimated at LE89 million, representing 2.5 percent of the total capital.</div><div>&nbsp;</div><div>The new companies involved in industrial activity registered 596 companies, representing 34.2 percent of the total established companies. The number of companies with multiple activities was 563 companies at 32.3 percent, and the number of companies involved in service activities recorded 420 companies, making up to 24.1 percent of the total number of companies.&nbsp;</div><div>&nbsp;</div><div>Construction companies numbered 72, representing 4.1 percent. Companies in the field of communications and information technology numbered 53, equal to 3 percent, agricultural companies recorded 29, or 1.4 percent, and only 12 companies in the field of tourism were established in March, representing 0.7 percent.</div><div>&nbsp;</div><div>According to the report,&nbsp;1,715 companies are operating with a capital of LE3.6 billion, equal to 98.5 percent of the total capital used to establish companies in March.</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><p>&nbsp;</p><div>&nbsp;</div> Thu, 20 Apr 2017 09:19:00 +0000 Al-Masry Al-Youm 2478185 at http://www.egyptindependent.com sites/default/files/photo/2016/08/18/504802/cairo.jpg