Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Stock indexes rise Sunday http://www.egyptindependent.com//node/2438231 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian stock indices recorded a relative increase at the end of Monday session kicking off the week&#39;s trading, supported by purchases of Egyptian investors.</div><div>&nbsp;</div><div>Arab and foreign investors on the other hand favored selling.</div><div>&nbsp;</div><div>The market capitalization for the shares of listed companies fell back by about LE378 million at the end of the trading session to reach LE8.523 billion. Trading amounted to about LE6.981 million.&nbsp;</div><div>&nbsp;</div><div>The main index of the Egyptian stock market EGX 30 rose by 0.12 percent to reach 83,946 points, while the index of small and medium shares EGX 70 rose by approximately 0.26 percent to reach 44,660 points. The broader EGX 100 rose by 0.11 percent to stop at 1170.1 points.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from MENA</em></div> Sun, 31 Aug 2014 17:47:00 +0000 MENA 2438231 at http://www.egyptindependent.com sites/default/files/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg EFEC: Furniture exports increased in 6 months http://www.egyptindependent.com//node/2438230 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/10/484151/shutterstock_124765441.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian furniture exports had reached LE1,000,533 for the first six months of 2014, up until July.</div><div>&nbsp;</div><div>Egyptian Furniture Export Council (EFEC) indicated to increase in exports between January and July 2014 compared to the same period in 2013 by 1.06 percent.</div><div>&nbsp;</div><div>Ihab Idris, EFEC chief, said furniture industry in Egypt requires support by taking quick decision regarding importing of furniture from China and Turkey.</div><div>&nbsp;</div><div>The flow of Chinese imports threatens the Egyptian industry, Idris said, adding that they access the country with tariffs lower than their real value, which harms the Egyptian industry as well as the chance to receive high customs from the items. Idris stressed the necessity to take measures to confront the situation.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Sun, 31 Aug 2014 17:36:00 +0000 Al-Masry Al-Youm 2438230 at http://www.egyptindependent.com sites/default/files/photo/2013/12/10/484151/shutterstock_124765441.jpg Number of tourists fell by 20.5% in June 2014 http://www.egyptindependent.com//node/2438227 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/01/21/484151/030.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The number of tourists coming from different countries fell back by 20.5 percent to reach 786,000 tourists in June 2014 compared to 989,000 tourists in June 2013.</div><div>&nbsp;</div><div>The Central Agency for Public Mobilization and Statistics said the number of tourists during the month of June 2010 (before the revolution) amounted to 1,029 tourists.</div><div>&nbsp;</div><div>The largest number of tourists in June 2014 were from Eastern Europe countries, followed by Western Europe and the Middle East during the same period. The total number of nights spent by departing tourists fell by 14.5 percent as they reached 6.8 million nights during June 2014 compared to 7.9 million nights in June 2013.</div><div>&nbsp;</div><div>Tourists from Eastern Europe spent 40.2 percent of the total number of nights, followed by Western Europeans with 29.5 percent of nights, and Middle East tourists with 21.2 percent.</div><div>&nbsp;</div><div>The average number of nights for each tourist were nine nights in June 2014 compared to 8.5 nights during the same month in 2013. The rate was 10.9 nights in June 2010.</div><div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div></div><p>&nbsp;</p> Sun, 31 Aug 2014 16:45:00 +0000 Al-Masry Al-Youm 2438227 at http://www.egyptindependent.com sites/default/files/photo/2014/01/21/484151/030.jpg Authority Chief: Suez Canal revenues to reach US$100 bn before 2023 http://www.egyptindependent.com//node/2438216 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2012/10/05/228/_ahm_4.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Revenues from the Suez Canal are projected to reach up to US$100 billion before 2023, according to&nbsp;Suez Canal Authority Chief Mohab Mamish.</div><div>&nbsp;</div><div>&ldquo;We carried out a successful marketing policy. Prices at the canal were doubled without any refusal,&rdquo; Mamish said during an interview on Saturday on the privately-owned CBC TV channel.</div><div>&nbsp;</div><div>Canal revenues stood at US$482.2 million in July.</div><div>&nbsp;</div><div>&ldquo;The new canal project will yield benefits to the citizen directly,&rdquo; he said adding that &ldquo;Timing is a main element within work of the new canal. I would like to thank the prime minister for his support.&rdquo;</div><div>&nbsp;</div><div>&ldquo;President Sisi strongly supports us. He follows daily on details of the national project,&rdquo; Mamish said.</div><div>&nbsp;</div><div>25,000 workers take part in the digging of the canal, he added.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Sun, 31 Aug 2014 07:58:00 +0000 Al-Masry Al-Youm 2438216 at http://www.egyptindependent.com sites/default/files/photo/2012/10/05/228/_ahm_4.jpg