Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Minister: Egypt seeks wheat self-sufficiency by 75% in 3 years http://www.egyptindependent.com//node/2438099 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/11/19/481046/shutterstock_130958987.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Egypt is targeting self-sufficiency in wheat production by 75 percent by the end of 2017, Agriculture Minister Adel al-Beltagy said Saturday.</span></div><div>&nbsp;</div><div>The minister, in press statements, said the accomplishment of this target relies on the implementation of a set of sound practices that can lead to increased production and reduce losses.</div><div>&nbsp;</div><div>He said the ministry&#39;s plan is to produce high-quality trefoil seeds, a vital crop for animal production, which could move up its total output and at the same time diminish the scope of its plantation, giving more space for wheat.</div><div>&nbsp;</div><div>Egypt, the world&rsquo;s top wheat importer, usually imports about 10 million tons of wheat annually from international markets and uses a mix of local and imported wheat for the subsidized bread upon which millions of Egyptians depend.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><div>&nbsp;</div> Sat, 23 Aug 2014 16:35:00 +0000 Al-Masry Al-Youm 2438099 at http://www.egyptindependent.com sites/default/files/photo/2013/11/19/481046/shutterstock_130958987.jpg Government says exported commodities down by 3% in July http://www.egyptindependent.com//node/2438096 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/23/484151/tswyr_trq_lfrmw_3.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian exported commodities dropped by percent in July, a government report said Saturday.</div><div>&nbsp;</div><div>The report by the Ministry of Trade and Industry said the value of exports dropped from LE10,939 in July 2013 to LE10,607 billion in July 2014. It explained that the total of exports during the first six months of 2014 stood at LE94.07 billion.</div><div>&nbsp;</div><div>It attributed the decline to a partial drop in exports to Arab states by LE523 million and to the United States by LE90 million.</div><div>&nbsp;</div><div>The report, however, highlighted a rise in exports to European Union countries by 23 percent, standing at LE3.416 billion in 2014, up by LE651 million from 2013.</div><div>&nbsp;</div><div><p dir="ltr">The report said Saudi Arabia remains the top recipient of Egyptian products with a total value of LE996 million, followed by United Arab Emirates (LE697 million), the United States (LE682 million), Turkey (LE560 million) and Italy (LE503 million)</p></div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div> Sat, 23 Aug 2014 15:49:00 +0000 Al-Masry Al-Youm 2438096 at http://www.egyptindependent.com sites/default/files/photo/2014/05/23/484151/tswyr_trq_lfrmw_3.jpg Stock market loses LE3 billion http://www.egyptindependent.com//node/2438031 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/25/484151/200704_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-de5472fb-e963-a9f5-a703-f554c3cef37e">Stock market indexes declined on Monday amid sales by institutions and foreign funds after gains that were achieved over the past few days.</p><p dir="ltr">The capital market lost around LE3 billion, reaching LE516.7 billion.</p><p dir="ltr">The main EGX30 declined by 1.35 percent reaching 9316.13 points. The small and medium-sized EGX 70 decreased by 0.93 percent standing at 648.57 points. The broader EGX 100 fell by 0.8 percent reaching 1157.13 points.</p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p> Mon, 18 Aug 2014 20:51:00 +0000 Al-Masry Al-Youm 2438031 at http://www.egyptindependent.com sites/default/files/photo/2014/05/25/484151/200704_0.jpg Egypt railway losses LE20 million in 4 days http://www.egyptindependent.com//node/2438029 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/08/14/481046/shutterstock_114380764.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Egypt&#39;s railway authority sustained losses of LE20 million from Thursday to Sunday, prompted by cancelled reservations and operation hiccups, a senior official at the authority said.</span></div><div>&nbsp;</div><div>Rashad Abdel Atty, deputy chairman of Egypt Railway, told<em> Al-Masry Al-Youm</em> that train movement had not been stopped for security reasons after recent actions of vandalism that coincided with the Muslim Brotherhood&#39;s marking of one year since the dispersal of protests supporting former president Mohamed Morsy.</div><div>&nbsp;</div><div>Abdel Atty said that coordination was in place between police departments across the country to secure train movement and deter any sabotage at the railways.</div><div>&nbsp;</div><div>He, however, admitted difficulties in securing Upper Egypt-bound journeys due to the long distances between stations, noting that the security process on those lines relies on communications with train drivers, civilians and level-crossing watchmen.</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Mon, 18 Aug 2014 18:33:00 +0000 Al-Masry Al-Youm 2438029 at http://www.egyptindependent.com sites/default/files/photo/2013/08/14/481046/shutterstock_114380764.jpg