News | - Part 9

Chile’s ENAP to build $30 mln oil pipeline in Egypt

SHARM EL SHEIKH, Egypt (Reuters) – A subsidiary of Chile’s state oil company ENAP will invest $30 million to build a 90 km oil pipeline in Egypt’s Western Desert, the country’s ambassador told Reuters at an international conference on Friday in the Red Sea resort of Sharm El Sheikh.Jose M. De la Cruz said the pipeline would allow the company to extract oil from a new discovery west of Cairo and sell it to the…

Egypt eyes deals worth $15-$20 billion at investment summit

Posted on by The Editorial Team

SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

Africa Executives Welcome Thiam Move, Say There Should Be More

Posted on by The Editorial Team

JOHANNESBURG – African business leaders cheered Tidjane Thiam’s appointment as chief executive of Swiss banking giant Credit Suisse Group AG this week. So far, though, Mr. Thiam’s ascent to the top of a western multinational looks like the exception to the rule that executives from the continent still don’t reach the top of the global corporate elite. “He’s a great leader who happens to have roots in Africa. At some point we need to get to…

South African rand hits 13-yr low as market sees U.S. rate hike

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand fell to a new 13-year low to the dollar on Monday, after investors sold off emerging market currencies amid heightened expectations of an imminent interest rate hike in the United States. At 1508 GMT the rand was trading 0.21 percent softer at 12.0600 to the dollar after earlier stumbling 0.8 percent to 12.1330, its weakest level since early March 2002, according to Thomson Reuters data. The currency recouped some…

Kenya set for faster growth, says World Bank

Posted on by The Editorial Team

NAIROBI–Low oil prices and loose monetary policy in the U.S. have bolstered Kenya’s economy, East Africa’s largest, helping it grow faster than expected last year and setting it on course for sustained growth in the years ahead, the World Bank said in a report Thursday. The risk for sub-Saharan Africa’s fifth-largest economy is that international economic conditions won’t necessarily remain so favorable, given weak demand for goods in the eurozone, still grappling with slack growth,…

Egypt’s cabinet approves long-awaited investment law

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s cabinet approved a long-awaited draft law on investment on Wednesday, aimed at making deals less vulnerable to legal disputes or changes in government, and reducing stifling bureaucracy. The government is seeking to address foreign business concerns before an investment conference in Sharm el-Sheikh set for mid-March, when Egypt hopes to secure domestic and foreign investment of up to $12 billion (7.8 billion pounds). Announcing the new law, Prime Minister Ibrahim Mehleb…

Egypt Walks a Fine Line With Interest Rate Strategy

Posted on by The Editorial Team

In January, the cash-strapped Arab state surprised the market with interest-rate cuts aimed at stimulating the troubled economy. At its latest monetary policy meeting the central bank again caused surprise, but this time it was by keeping rates steady. Analysts had expected a different decision. In a note published ahead of the central bank meeting last week Emirates NBD, Dubai’s biggest bank, noted that Egypt’s core consumer price index had dropped to nearly a two-year…

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