Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Trump calls Chinese 'grand champions' of currency manipulation http://www.egyptindependent.com//node/2476639 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/11/25/43/chinas_flag.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>President Donald Trump declared China the &quot;grand champions&quot; of currency manipulation on Thursday, just hours after his new Treasury secretary pledged a more methodical approach to analyzing Beijing&#39;s foreign exchange practices.</div><div>&nbsp;</div><div>In an exclusive interview with Reuters, Trump said he has not &quot;held back&quot; in his assessment that China manipulates its yuan currency, despite not acting on a campaign promise to declare it a currency manipulator on his first day in office.</div><div>&nbsp;</div><div>&quot;Well they, I think they&#39;re grand champions at manipulation of currency. So I haven&#39;t held back,&quot; Trump said. &quot;We&#39;ll see what happens.&quot;</div><div>&nbsp;</div><div>During his presidential campaign Trump frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, &quot;stealing&quot; American manufacturing jobs.</div><div>&nbsp;</div><div>But Treasury Secretary Stephen Mnuchin told CNBC on Thursday he was not ready to pass judgment on China&#39;s currency practices.</div><div>&nbsp;</div><div>Asked if the US Treasury was planning to name China a currency manipulator any time soon, Mnuchin said he would follow its normal process of analyzing the currency practices of major US trading partners.</div><div>&nbsp;</div><div>The Treasury is required to publish a report on these practices on April 15 and October 15 each year.</div><div>&nbsp;</div><div>&quot;We have a process within Treasury where we go through and look at currency manipulation across the board. We&#39;ll go through that process. We&#39;ll do that as we have in the past,&quot; Mnuchin said in his first televised interview since formally taking over the department last week. &quot;We&#39;re not making any judgments until we go continue that process.&quot;</div><div>&nbsp;</div><div>A formal declaration that China or any other country manipulates its currency requires the US Treasury to seek negotiations to resolve the situation, a process that could end in punitive tariffs on the offender&#39;s goods.</div><div>&nbsp;</div><div>The US Treasury designated Taiwan and South Korea as currency manipulators in 1988, the year that Congress enacted the currency review law. China was the last country to get the designation, in 1994.</div><div>&nbsp;</div><div>The current situation is complicated because China&#39;s central bank has spent billions of dollars in foreign exchange reserves in the past year to prop up the yuan to counter capital outflows.</div><div>&nbsp;</div><div>The International Monetary Fund said last year that the yuan&#39;s value was broadly in line with its economic fundamentals. The US Treasury also said in its last currency report in October that its view of China&#39;s external imbalances had improved somewhat.</div><div>&nbsp;</div><div>Trump&#39;s pronouncements about the yuan could also complicate matters for Mnuchin as he prepares for his first meeting next month with his Group of 20 finance minister counterparts in Baden Baden, Germany.</div><div>&nbsp;</div><div><em>Reporting by David Lawder and Steve Holland, Writing by David Lawder; Editing by Paul Simao; Reuters</em></div> Fri, 24 Feb 2017 12:33:00 +0000 Reuters 2476639 at http://www.egyptindependent.com sites/default/files/photo/2016/11/25/43/chinas_flag.jpg US$20 billion investments in Egypt within 10 years: Chinese bank http://www.egyptindependent.com//node/2476583 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/11/02/1755/international_cooperation_minister_sahar_nasr.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p><span style="font-size: 1em;">Minister of International Cooperation Sahar Nasr met on Wednesday with a delegation from the Industrial and Commercial Bank of China Limited (ICBC) headed by Ivy Tsai, the director general of the bank for the African continent.</span></p><p dir="LTR">The meeting discussed ways to strengthen joint cooperation between Egypt and the bank in the field of investment and international cooperation. The delegation is expected to meet several ministers and government officials during its visit to Egypt.</p><p dir="LTR">Nasr stressed the government&#39;s open policy adopted to encourage investments, and its efforts to provide an attractive environment for investors and overcome all obstacles to this purpose, noting that her priority is to take action to improve the business environment.</p><p dir="LTR">Ivy reviewed bank-financed projects in Egypt in various sectors, stressing the importance of Egypt on the map of Chinese investments and international cooperation, as well as the diplomatic relations between the two countries which have been outstanding for more than 60 years.</p><p dir="LTR">Ivy put an emphasis on Egypt as a gateway to the African continent, where the ICBC plans to inject investments worth US$35 billion, including US$20 billion in new investments to Egypt during the next 10 years, through a package of important bank-financed projects, including projects in the New Administrative Capital.</p><p dir="LTR">The minister explained that the ministry is closely following the operational steps of the projects according to the priorities of the government, stressing the importance of China as a strategic partner to Egypt.</p><p dir="LTR">The minister also discussed various financing packages offered by the bank and how to use them in supporting Egypt&#39;s development plans.</p> Thu, 23 Feb 2017 09:46:00 +0000 MENA 2476583 at http://www.egyptindependent.com sites/default/files/photo/2015/11/02/1755/international_cooperation_minister_sahar_nasr.jpg Final bonus raised from 1 to 2 months' salary for incoming workers to Saudi Arabia: minister http://www.egyptindependent.com//node/2476598 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/10/03/16030/image_1.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr">The Ministry of Manpower&#39;s labor representative office in Saudi Arabia, located at the Egyptian Consulate in Jeddah,&nbsp;has modified workers&#39; end of service bonus from a value of one month&#39;s salary to two months for incoming laborers, according to a report received by&nbsp;<span style="font-size: 1em;">Manpower Minister Mohamed Saafan.</span></p><p><span style="font-size: 1em;">Labor Adviser in Jeddah, Othman Ramadan, said any incoming workers who complete the duration of their contract have the right to demand the end of service bonus, even if the work period was just one year, on condition that the contract specify the duration of the term. If workers finish the term without violating the conditions of the contract, then the bonus would be counted as a value of two months&#39; salary for every year, instead of one month.</span></p><p><span style="font-size: 1em;">He added that workers are entitled to a bonus, as is their right.</span></p><p>&nbsp;</p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p><p><br />&nbsp;</p> Thu, 23 Feb 2017 09:46:00 +0000 Al-Masry Al-Youm 2476598 at http://www.egyptindependent.com sites/default/files/photo/2016/10/03/16030/image_1.jpeg Iraq to supply Egypt with 1 million barrels monthly: ambassador http://www.egyptindependent.com//node/2476607 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/06/06/505021/iranian_oil_tanker.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The Iraqi Oil Marketing Company SOMO has signed a contract for oil exports with the Egyptian government, al-Ahram quoted Iraqi ambassador to Cairo Habib Mohamed Hady al-Sadr as saying on Thursday.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The company forwarded the contract to the Petroleum Ministry for final approval, he added.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Sadr told al-Ahram newspaper that the first batch of oil, estimated at 1 million barrels, will be handed over to Egypt in the last 10 days of March 2018.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Egypt, Iraq and Jordan are preparing for a major strategic joint energy project, he added. The three countries will extend oil and natural gas pipelines from Basra oil fields through Aqaba port in Jordan to Egypt.&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Saudi Aramco informed Egypt that it would halt the delivery of refined oil shipments to Egypt in October 2016 without giving clear reasons.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The kingdom has been supportive of Egypt&#39;s regime since President Abdel Fattah al-Sisi came to power in 2013. Saudi King Salman agreed during his visit to Egypt in April 2016 to provide Egypt with 700,000 tonnes of refined oil products per month for five years, according to Reuters.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The shipments were suspended after Egypt voted for Russia on a UN resolution that allowed the continuation of air strikes over Aleppo.</div><div>&nbsp;</div> Thu, 23 Feb 2017 03:00:00 +0000 Egypt Independent 2476607 at http://www.egyptindependent.com sites/default/files/photo/2016/06/06/505021/iranian_oil_tanker.jpg