Egypt

Egypt

Postby winston » Wed Jun 11, 2008 9:26 am

Egyptian Inflation Accelerates to Record 19.7%
By Abeer Allam

June 10 (Bloomberg) -- Egyptian inflation accelerated to a record 19.7 percent in May, putting pressure on the central bank to raise its key interest rates for a fourth time this year.

Urban inflation accelerated from 16.4 percent in April, the Cairo-based Central Agency for Public Mobilization and Statistics said in a faxed statement today. The May inflation rate is the highest since the government began regularly releasing records to the public in July 1998.

Parliament approved price increases on May 5 for items including fuel and cigarettes, and boosted taxes on vehicles to fund a 30 percent pay raise for state workers. The salary increases came after three people were killed in riots on April 6 and 7 in the northern textile town of Mahalla El-Kobra, part of a series of protests against the selling of state enterprises, firings and high food prices.

``We see inflation peaking at a little above 20 percent year- on-year in the third quarter this year, but would caution that risks to this forecast are heavily skewed to the upside,'' Ashok Bhundia of Goldman Sachs Group Inc. wrote in a note to clients before today's data release. The central bank is likely to raise rates by at least half a percentage point on June 27, Bhundia said.

Food Costs

Inflation has been accelerating to records throughout the Middle East as food prices surge. Inflation in Saudi Arabia accelerated to a record 10.5 percent in April while consumer prices in Qatar jumped 14.8 percent in the first quarter from a year earlier. In Jordan, inflation accelerated to 15.7 percent in May.

Egyptian inflation in May was driven by a 27 percent jump in food and beverage prices, a 18 percent rise in transportation costs and a 13 percent increase in prices for alcohol and cigarettes, according to the statement.

National inflation, which includes urban and rural areas, accelerated to 21.1 percent in May from 15.8 percent in March. Egypt releases national and rural inflation figures every two months. The rural inflation rate for May was 22.9 percent, up from 17.6 percent in March.

Egypt's central bank on May 9 boosted its overnight deposit and lending rates by half a percentage point to 10 percent and 12 percent respectively after inflation in April accelerated to its fastest pace in three years.

Egypt uses urban inflation, price changes in the country's major cities and provincial capitals, for its target range, which is 6 percent to 8 percent.
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Egypt

Postby winston » Sat Jan 29, 2011 9:18 am

Image

I just had a looked at the map and noticed that Eqypt is on Africa and next to the Middle East.

Actually, I dont know where Middle East starts and ends but have always lumped all the Muslim countries together as the Middle East...
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Re: Middle East

Postby winston » Mon Jan 31, 2011 12:34 pm

On CNBC:-

"Mubarak has more mummies in his cabinet than King Tut" :lol: :lol:
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Re: Middle East

Postby winston » Mon Jan 31, 2011 12:40 pm

Joke on CNBC:-

Mubarak is on his death-bed.

The nurse told him that the people are outside his room and wants to say goodbye.

Mubarak asked where are they going ...

:lol: :lol:
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Re: Middle East

Postby winston » Tue Feb 01, 2011 7:24 am

Not vested

The Market Vectors Egypt Index ETF <EGPT.P> rose 7.9 percent.
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Re: Middle East

Postby kennynah » Tue Feb 01, 2011 11:28 pm

mohd el barahdei ... a possible next presdient of egypt....

i fear, the egyptians are jumping from the boiling kettle into the burning flames...

you will remember that mohd was 2nd in charge of the energy agency that corroborated hooligan bush's contemptuous lie abt WMD in iraq...mohd later assumed the top position becos his boss resigned during the iraq invasion...obviously, he couldn't live with himself....
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Re: Middle East

Postby winston » Wed Feb 02, 2011 6:47 am

kennynah wrote:mohd el barahdei ... a possible next presdient of egypt....


My understanding is that he does not have ground support as he has been living outside of Egypt for a long time....
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Re: Middle East

Postby winston » Wed Feb 02, 2011 7:02 am

I think Mubarak just said that he will be stepping down ..

3 Scenarios for Egypt

Commenting on what might happen next in Egypt, David Reidel, of Reidel Research Group, offered three possibilities. The first scenario, which he called unlikely, would be acceptance of Mubarak's proposed changes. If there were to happen, the risk trade would be back on with increased volatility in the equities, he said.

The second scenario involved having the ElBaradei coalition take over power. Investors would be wise to short the dollar and expect volatility in the equities.

The third scenario would be a bloodbath, with troops and police coming in to set up a police state, a move that would be good for the U.S. dollar but bad for everything else.


Source: Fast Money, CNBC
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Re: Middle East

Postby winston » Wed Feb 02, 2011 7:04 am

I think they want him out now not in September ...

=============================

Egyptian President Hosni Mubarak confirms he will not stand for re-election in September.

Source: CNN International
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Re: Middle East

Postby winston » Wed Feb 02, 2011 8:25 pm

Egypt

Now you have a few thousand "pro-stability ( pro-Mubarak )" demonstators that have infiltrated the demonstration. The potential for violence is very high :(

Source: CNN
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