Egypt Independent: Business-Main news en Egypt, IMO sign deal on shipping industry <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A deal was signed with the International Maritime Organization (IMO) to boost relations between the UN agency and Egypt in the coming period, Egyptian Transport Minister Saad el Gioushi said on Wednesday.</div><div>&nbsp;</div><div>Speaking to a MENA correspondent in London, Gioushi said Egypt&#39;s membership in the IMO executive council is crucial because it supports its role in the shipping industry.</div><div>&nbsp;</div><div>Gioushi thanked the Egyptian Embassy in London for its strenuous efforts to campaign for Egypt ahead of the elections of the IMO executive council, slated for Friday.</div><div>&nbsp;</div><div>The deal will contribute to boosting technical cooperation between Egypt and the IMO, he said.</div> Thu, 26 Nov 2015 08:04:00 +0000 MENA 2462215 at sites/default/files/photo/2014/05/23/484151/tswyr_trq_lfrmw_3.jpg Saudi Arabia grants Egypt $100 mn loan for power station <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Saudi Arabia&#39;s permanent representative in the Arab League and Saudi Ambassador to Cairo, Ahmed bin Abdulaziz Qattan, has announced that the Saudi Fund for Development board, headed by Saudi Finance&nbsp;Minister Ibrahim bin Abdulaziz al-Assaf, has recently approved a loan to Egypt worth US$100 million.</div><div>&nbsp;</div><div>The loan will help finance the expansion project of the West Cairo power station to generate 650 megawatts, the Saudi diplomat added.</div><div>&nbsp;</div><div>The KSA will continue to support Egypt in all fields, Qattan said in a statement Wednesday, emphasizing the strength of relations between the two countries.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Wed, 25 Nov 2015 12:52:00 +0000 Al-Masry Al-Youm 2462182 at sites/default/files/photo/2015/05/04/1755/saudi_ambassador_ahmed_abdulaziz_qattan.jpg 7 became multi-billionaires with wheat monopoly: supply minister <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&rsquo;s wheat imports are monopolized by seven figures who turned into multi-billionaires thanks to that monopoly, Supply and Internal Trade Minister Khaled Hanafi said in a statement on Tuesday.</div><div>&nbsp;</div><div>&ldquo;Though there is a system regulating tenders (for the imports), the system has become close to a direct order assignment, with them rotating the winning of tenders amongst themselves,&rdquo; the minister stated, but did not specify the names of the alleged monopolists of the vital Egyptian commodity. &ldquo;One of those can neither read or write,&rdquo; Hanafi stated</div><div>&nbsp;</div><div>&ldquo;This has changed now as the General Authority for Supply Commodities currently imports the wheat needed through normal dealings with the Chicago Mercantile Exchange,&rdquo; said the minister. &ldquo;We now have a firm experience in that respect.&rdquo;</div><div>&nbsp;</div><div>The minister added that the new strategy has encouraged members at Egypt&rsquo;s industries union and mills owners to buy the wheat from the ministry to benefit from the lower cost compared to the cost of importing by themselves.</div><div>&nbsp;</div><div>&ldquo;Society should not be averse to the state&rsquo;s intervention in trade because that intervention happens transparently and through fair competition. It happens to end monopoly,&rdquo; Hanafi stated.</div><div>&nbsp;</div><div>GASC told economic daily <em>al-Borsa</em> on Monday that Egypt had imported 2.6 million tons of wheat since the start of the current fiscal year in July, with 59 percent of those imports coming from Russia.</div><div>&nbsp;</div><div>Egypt is the world&rsquo;s biggest wheat importer, purchasing nearly 10 billion tons annually, and sometimes mixing imports with local production to produce subsidized bread.<br />&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Wed, 25 Nov 2015 11:47:00 +0000 Al-Masry Al-Youm 2462177 at sites/default/files/photo/2013/11/19/481046/shutterstock_130958987.jpg Singapore lowers 2015 growth forecast to 'close to 2.0%' <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Singapore&#39;s economic growth will dip to &quot;close to 2.0 percent&quot; this year after the city-state avoided a technical recession, the government said Wednesday, with a potential further slowdown seen in 2016.</div><div>&nbsp;</div><div>The decline from a growth rate of 2.9 percent in 2014 reflects the impact on Asia of slowing demand for its exports from major world economies including the United States, China and Europe.</div><div>&nbsp;</div><div>For 2016, trade-dependent Singapore&#39;s gross domestic product (GDP) is expected to grow between 1.0 and 3.0 percent.</div><div>&nbsp;</div><div>The latest forecast by the Ministry of Trade and Industry (MTI) is on the lower end of an earlier projection of 2.0-2.5 growth.</div><div>&nbsp;</div><div>&quot;Global economic conditions have remained sluggish, with full-year growth for 2015 likely to come in weaker than in 2014,&quot; MTI said in a statement.</div><div>&nbsp;</div><div>It said growth was weighed down primarily by the weak performance of the manufacturing sector, which covers such big-ticket items as semiconductors, pharmaceuticals and oil rigs.</div><div>&nbsp;</div><div>GDP for the third quarter ended September was up 1.9 percent year-on-year.</div><div>&nbsp;</div><div>It was also up 1.9 percent quarter-on-quarter, reversing a contraction in the previous three months and allowing the economy to escape a technical recession.</div><div>&nbsp;</div><div>&quot;For the rest of the year, Singapore&#39;s GDP growth is expected to remain resilient amidst a challenging external environment,&quot; the ministry said.</div><div>&nbsp;</div><div>While manufacturing and other sectors linked to external demand are expected to be under pressure, industries dependent on domestic factors should be firmer, it said.</div><div>&nbsp;</div><div>&quot;Taking these factors into consideration, MTI expects the Singapore economy to grow by close to 2.0 per cent for the whole of 2015,&quot; it said.</div><div>&nbsp;</div><div>One of the downside risks for 2016 is if China&#39;s economic rebalancing will falter. This could shake the country&#39;s financial system and lead to a sharp fall in economic growth, it said.</div><div>&nbsp;</div><div>&quot;With low commodity prices, the anticipated normalisation of US monetary conditions and volatility in the Chinese stock market, regional countries could face sudden and large capital outflows, resulting in added pressures on their currencies and asset markets,&quot; it added.</div> Wed, 25 Nov 2015 10:37:00 +0000 AFP 2462173 at sites/default/files/photo/2015/10/29/43/screen_shot_2015-10-29_at_1.12.17_pm.png