Business - Economy

Most Fed officials say slower rate hike pace appropriate 'soon'

A majority of US Federal Reserve policymakers found that a slower pace of interest rate hikes would "likely soon be appropriate," the central bank said Wednesday.

Explainer: What you need to know about Egypt’s NWFE programme

Egypt’s Country Platform for the Nexus of Water, Food and Energy (NWFE) aims to mobilise climate finance and private investments from multiple international financing institutions to accelerate the national climate agenda and support the country's green transition.

European, US stocks held back by economic gloom

European and US stocks made modest gains on Wednesday on news that major economies contracted in November and as traders looked ahead to Federal Reserve committee minutes.

EIB to offer Egypt €150 mln loan to overcome the food problem

Eefje Schmid, head of the Policy and Impact Unit at the European Investment Bank (EIB) Global's Strategy & Partnerships Department, has unveiled a 150-million-euro loan to be given to Egypt early 2023 to help it overcome the food problem.

INTERVIEW: Russia can play a pivotal role in global climate action process: Russian acclaimed entrepreneur Andrey Melnichenko at COP27

“The well-organised COP27 came amid great challenges the African continent is facing, which exacerbated by the consequences of the ongoing conflict in Ukraine that placed a big pressure on the continent’s countries”, said the acclaimed Russian billionaire entrepreneur Andrey Melnichenko in an interview with Ahram Online held in Sharm El-Sheikh during the UN Conference of Partners on Climate Change in its 27the (COP27) Egypt hosted 6-20 November.

Battling inflation 'priority' as global growth slows: OECD

World economic growth is slowing due to decades-high inflation, the OECD said Tuesday, calling for "essential" further monetary policy tightening and "more targeted" government support.

UK public borrowing surges from energy support, inflation

British state borrowing jumped last month on fallout from costly energy support and soaring inflation, official data showed Tuesday.

OECD forecast: High rates and inflation to slow world growth

Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023.

Dubai airport traffic returns to pre-pandemic levels: Statement

Passenger traffic at Dubai international airport returned to pre-pandemic levels in the third quarter, a statement said on Tuesday, with volumes nearing 18.5 million at the major aviation hub.

Closing prices for crude oil, gold and other commodities on Monday

Benchmark U.S. crude oil for December delivery fell 35 cents to $79.73 a barrel Monday. Brent crude for January delivery fell 17 cents to $87.45 a barrel.

Fears of fresh China Covid curbs rattle stocks, oil prices

Oil prices plunged to lows unseen since January and global stocks mostly fell on Monday as renewed concerns about harsh coronavirus curbs in China rattled investor sentiment.

Recession-hit UK needs more migrant labour: Business lobby

Britain needs more migrant labor to boost productivity as it faces a toxic mix of soaring inflation and shrinking growth, the country's main business lobby group warned Monday.

CBE hands off responsibility for managing low-interest rate initiatives to Ministry of Finance

The Central Bank of Egypt (CBE) issued on Monday a circular to banks operating in the Egyptian market announcing they will no longer manage low-interest rate initiatives issued by the bank across several sectors in the country, handing off the responsibility to the Ministry of Finance

EIB approves €10.9 bln finance to accelerate green transition worldwide, including Africa

The Board of Directors of the European Investment Bank (EIB) has approved financing worth €10.9 billion to accelerate climate action and clean energy, business investment, health and sustainable transport investment across the world, including Africa, the bank announced Sunday.

10,000 Egyptian expats registered to import cars without customs over past 48 hours: Minister

About 10,000 Egyptian expatriates registered over the past 48 hours on the Egyptians Expats Cars app, which will allow them to apply to import cars for personal use without paying customs, Egypt’s Minister of Finance Mohamed Maait said on Saturday.

Egypt signs deals worth EGP 10 billion for financing green projects: Minister

Egypt signed a number of partnership agreements and letters of intent (LOI) worth around EGP 10 billion with development partners last week for its NWFE and NWFE+ programmes designed to finance green and ecofriendly projects.

Banks return cheap ECB loans but inflation fight goes on

Eurozone banks are set to pay back on Friday just under 300 billion euros ($311 billion) in cheap loans paid out by the European Central Bank, the institution said, as it looks to ease sky-high inflation.

UK unveils emergency budget amid big demands but little cash

Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation's budget while helping millions of people slammed by a cost-of-living crisis as Russia's war in Ukraine pushes up energy prices and slows economic growth.

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for December delivery fell $1.33 to $85.59 a barrel Wednesday

Fitch Solutions raises Egypt GDP growth projection in 2022 by 0.3%, lowers inflation projection by 0.2%

Fitch Solutions has revised up its projections for Egypt’s real GDP growth in 2022 by 0.3 percent to 6.62 percent from 6.59 percent it projected in October, according to its latest update on its monthly MENA Economic Outlook Report.

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