First Independent Mena Newspaper
With rumors surrounding the market claiming that some Egyptians have withdrawn their funds from banks out of concern they would be frozen by the authorities, Egypt’s central bank has taken steps to safeguard deposits in local and foreign currencies in Egyptian banks in response to the rumors. In a press release to address the situation, […]
Four issuers in Tunisia have been affected by a recent review exercise for new ratings. Fitch Ratings said it carried out the review due to a recent recalibration of the Tunisian National scale in a released statement. The recalibration of the Tunisian National scale follows Fitch Ratings downgrade of Tunisia’s sovereign rating and country ceiling […]
Moroccan authorities, the employers’ association, CGEM, trade unions and the social security fund, CNSS, have finally agreed to institute unemployment benefits to ease the strain of the global financial crisis that is sparing no country. The project to set up such an allowance was first tabled some 12 years ago but several obstacles have so […]
The Tunisian authorities are putting up for auction thousands of luxury items that were once owned by toppled dictator Zine El Abidine Ali and his family. They hope to raise at least 10 million euros to fund several development projects. The list of goods put on sale includes a pair of miniature gold sphinxes, a […]
World rating agency Standard & Poors has downgraded its long-term foreign- and local-currency sovereign credit ratings of Egypt to ‘B-‘ from ‘B’. It has also switched its outlook is negative, citing recent political developments that weakened Egypt’s institutions and the increasingly polarized political discourse that could undermine the effectiveness of policy-making. According to S&P, a […]
After the signing of agreements between the government of Algeria and Renault#, the news of subcontractors has been delivered to the public and it has been appreciated by the local businesses in the domain. It has been revealed that several components which will be need by Renault at its production plant in Oued Tlélat, Oran […]
Reports have been claiming that Dubai’s Majid Al Futtaim# (MAF) was in talks with Egypt’s Mansour Group# to buy its supermarket business in a deal valued at $200 million to $300m and it has led to Arabian Gulf firms present in Egypt to develop a zeal for expansion despite low valuations. It’s also signaling a […]
The upshots of the global financial crisis are long to list. In a catchy word, they are condensed in the phrase “shift to the East”. Driven by the increasing power and strength of emerging market economies, the timing and extent of the shift raise questions over what real objectives the new players are set to […]
Algeria has already concluded four partnership agreements with French companies as the presidential visit goes on. The agreements cover areas like pharmaceutical, medical devices and food. Companies from the two countries will be going into joint ventures for the establishment of projects with investments rules fixed at 51%-49%, as stated in rules governing foreign investment […]
The European Investment Bank (EIB) has dedicated 270 million Euros to help Tunisia boost employment among young people, diversify the private sector, and develop infrastructure in the poorest regions in a statement from the bank. The loans were finalized by the bank in two different contracts. The first contract was concluded between the European Investment […]