The International Monetary Fund (IMF) Executive Board has finished the initial and subsequent reviews of Egypt's Extended Fund Facility (EFF) Arrangement, according to a report released on the IMF website.
The report indicates that the IMF approved (...)
Kristalina Georgieva, IMF Managing Director and Chair, highlighted Egypt's macroeconomic challenges exacerbated by the regional unrest and disruptions in the Red Sea impacting Suez Canal receipts.
In an IMF report on Egypt's economy, Georgieva (...)
Egypt approved the establishment of a special free zone and an investment zone in Ras El Hekma, as per a cabinet statement on Wednesday.
Additionally, the Cabinet approved granting the Golden License to Ras El Hekma Urban Development Project Co. for (...)
Egypt's stock market (EGX) closed red on Wednesday. The main index, EGX30 sunk by 3.21 per cent, to 25,917.59 points.
The small to mid-size enterprises' index, EGX70 dropped by 3.49 per cent, to 5,997.17 points.
The index, EGX100 index went down by (...)
Mexico's inflation exceeded expectations in the first half of April, likely solidifying the decision to maintain interest rates at the central bank's May monetary policy meeting.
According to Bloomberg citing official figures released on Wednesday (...)
Canadian retail sales dropped for the second consecutive month in February, falling short of expectations. The decline was led by reduced sales at gasoline stations and fuel vendors.
According to Statistics Canada, retail sales shrank by 0.1 per (...)
US Mortgage rates surged to their highest point in five months, leading to a decline in home-purchase applications for the fifth time in the past six weeks, Bloomberg reported citing the Mortgage Bankers Association (MBA) data released on (...)
Tesla shares went up 10 per cent on Wednesday following the company's optimistic sales forecast for the year and plans to introduce more affordable models by early 2025, according to Reuters.
This news buoyed investors amidst concerns stemming from (...)
Tesla Inc has announced the pricing for its newest Model 3 Performance version in China at 335,900 yuan ($46,364.29), Reuters reported.
Deliveries of the vehicle are scheduled to commence from the third quarter of this year, as per an official (...)
Tesla anticipates incurring over $350 million in expenses during the second quarter due to the recent large-scale layoffs it initiated, according to Reuters citing a regulatory filing on Wednesday.
The electric vehicle manufacturer also reaffirmed (...)
Russia's oil and gas revenue is projected to nearly double in April compared to the previous year, reaching $14 billion, as indicated by calculations from Reuters.
This surge underscores the challenges faced by Western nations in their efforts to (...)
The Organisation of the Petroleum Exporting Countries (OPEC+) expressed excitement about the prospect of its partnership with Namibia and pledged its support for the country's oil endeavors, as per a Reuters report on Wednesday.
OPEC+ Secretary (...)
US core capital goods orders saw a moderate increase in new orders in March, with revised data from the previous month suggesting a slower pace of business spending on equipment during the first quarter, Reuter reported citing the Commerce (...)
China's private refiners may resort to purchasing obscured-origin cargoes to sustain crude inflow amid impending US sanctions on Iranian oil exports, Bloomberg reported on Wednesday.
The US House passed stricter measures following an attack on (...)
Denmark's Maersk has announced potential plans to resume certain shipping services at the US Port of Baltimore following the anticipated opening of a temporary channel, according to a Reuters report on Wednesday.
This channel, boasting a depth of 20 (...)
New Zealand experienced a notable decline in imports in the first quarter, marking the lowest levels since mid-2021. This downturn reflects a subdued economy, where both consumers and businesses are curbing their demand, Bloomberg reported citing (...)
Zimbabwe's ZiG shift has quashed a more than 330 per cent Zimbabwe Stock Exchange (ZSE) surge this year, leaving investors grappling with the consequences, Bloomberg reported.
ZiG, backed by gold, replaced the Zimbabwean dollar, which had already (...)
US oil and gas transactions in the first quarter (Q1) surged to a record-breaking $51 billion, building upon the intense merger activity seen last year, particularly in the primary US shale region, according to Reuters citing data from Enverus (...)
US business activity tapered off to a four-month low due to softer demand in April, while inflation rates saw a slight decrease despite a notable rise in input costs. These shifts suggest potential relief ahead, aligning with the Federal Reserve's (...)
Egypt's total funding by entities regulated by the Financial Regulatory Authority (FRA), has reached 69.5 billion Egyptian pounds in January, including capital market activities and non-banking financial operations, according to the authority's (...)
Shell, TotalEnergies, and Mitsui & Co. are in discussions to invest in Abu Dhabi National Oil Co.'s (ADNOC) upcoming LNG export project in the UAE. A final investment decision on the project could happen as soon as next month.
According to sources (...)
Anglo American Plc has revised its diamond production forecast for the year downwards due to ongoing challenges in the industry stemming from excessive inventory following a tumultuous 2023, Bloomberg reported on Tuesday.
In the latter half of last (...)
The World Bank has decided to halt a $150 million funding for a Tanzanian tourism project, responding to long-standing appeals from the Oakland Institute, a US-based rights group, Associated Press (AP) reported on Tuesday.
Initiated in 2017, the (...)
Abu Dhabi is entering the eurobond market for the first time in roughly three years, a move prompted by diminishing hopes of imminent interest rate cuts in the US, Bloomberg reported on Tuesday.
The affluent emirate, a key member of the United Arab (...)
Egypt is anticipating a $400 million infusion in budget support from the UK over two years, marking the latest contribution to a comprehensive global bailout aimed at bolstering its economy.
Rania Al-Mashat, Egypt's International Cooperation (...)