Indians In Egypt

The European Commission extended last week rules allowing member states to support film-makers with public money.With current arrangements due to expire at the end of the year, the European Union's executive arm decided to extend the rules until the end of 2012."For European creators to express them

From Marjane Satrapi, the Iranian creator of “Persepolis,” to cutting-edge artists from Seoul or South Africa, star authors joined some 200,000 fans in southern France this week for the world’s biggest comic book showcase.Once a year the sleepy south-western town of Angouleme turns into the capital

THE HAGUE: I was struck down with gastroenteritis last week, not that surprising in Egypt you may think, except I wasn’t scoffing down fuul and tameya in Embaba, but contemporary delights in sanitized Europe.Europe may be considered low risk for diarrhea, but the dreadful bug, strikes travelers anyt

I’ve always loathed chess, the way you hate anything you’ve never been particularly good at. I’m not good at it is because I don’t have a brain suited to making moves that are five steps ahead of my intentions, or a drive to deliberately calculate the gains of every action I take nor a predilection

The recent appointment of George Mitchell as special envoy to the Middle East isno doubt a positive sign of President Obama's commitment to the region, signaling that there will be immediate and direct American involvement in the Arab-Israeli peace negotiations. Mitchell, who was the architect of Ir

On his second full day in office, President Barack Obama made a major gesture toward restoring the Constitution and the rule of law by signing two executive orders: one closed the prison at Guantánamo Bay, and the other restored America to the company of civilized nations by closing so-called “black

Mobinil says Q4 profit up 25 percent Mobinil, Egypt's largest mobile operator by subscribers, said on Sunday its fourth-quarter profit grew 25 percent to LE 551 ($99 million), beating analysts' forecasts. Investment bank EFG-Hermes had forecast a profit of LE 526 million, Beltone Financial estimated

CAIRO: Egypt's main stock index recoiled on Sunday, with heavyweight Orascom Construction (OCI) providing selling impetus by shedding more than 5 percent in low-volume trade dominated by local investors. "OCI is the leader, and everyone is following it," said Teymour El-Derini from Beltone Financial

VIVEK SINHA Financial Chronicle NEW DELHI July 2: The Economic Survey 2008-09 has favoured change in the land acquisition norms to ensure equity for landowners, land users and developers. It mooted that land usage for hotels and commercial development may be treated differently. To improve investment environment and fast track growth, the Survey proposed to give states the mandate for clearing projects. "Real estate and housing development should be outside the purview of Central environmental regulations and left to states. The ministry should be concerned only with the environment policies," stated the Survey. These recommendations, however, elicited mixed response from the real estate sector. Even as developers hailed the recommendations to amend the land acquisition laws and changes in the urban land use rules, they were not impressed by the Survey’s proposal to give states the mandate for environmental clearance. "These policy changes have been due for several decades now. I am confident that the incumbent government will expedite changes in the land acquisition rules which will lead to a level playing field between land owners, developers and ease the process of land acquisition," said Mr Naveen Raheja, MD of Gurgaon-based Raheja Developers. The spokesperson for the Omaxe said that the recommendations are a welcome move.

Olga Tellis Mumbai July 2: The Economic Survey presented to Parliament by Pranab Mukherjee on Thursday is virtually a carbon copy of the wishlists he has received from industry leaders and chambers of commerce with its strong plea for radical reforms in the financial sector, from scrapping the commodities transaction tax, the securities transaction tax and the fringe benefit tax to freeing oil, fertiliser and drug prices and breaking the government’s monopoly on running trains, nuclear plants and coal mines. So India Inc is cheering. But the stock market was not impressed: the Sensex went down over a 100 points as various highlights of the Economic Survey became available. It recovered later on short covering. The market has realised that even if the government wants to undertake these reforms, it does not have much leeway considering that its mandate has come primarily from rural India and the masses. It is interesting that the survey does not agree with India Inc. as far as more stimulus packages are concerned. It says "the effort to maintain ample liquidity in the system might be sowing the seeds of the next inflationary cycles. It would be important therefore to ensure that once economic growth picks up sufficient momentum the excess liquidity is rolled back in an orderly manner. There is also concern related to transmission channels, the lags and the impact of monetary policy changes on the financial and real sector." Its observation on the credit market would be music to the ears of India Inc. and those yearning for cheaper home and personal loans. It says the "credit market suffers from structural rigidities due to high credit demand which, in turn, encouraged banks to raise deposits at higher rates for maintaining long-term liquidity. This has now come in the way of cutting lending rates at a pace which is consistent with the current outlook on inflation and the need for stimulating investment demand. It makes a pointed reference to government spending beyond its means.  

Priya Ranjan Dash Financial Chronicle New Delhi July 2: In this year’s economic survey, you get to read the story of an economy that is quite different from what you hear from the rest of the world. The Indian economy is most definitely bruised by the global recession, but stands confident of growing at the fastest pace in the world by March 2010 on its own domestic strength. The $1 trillion plus economy grew 6.7 per cent, the second fastest after China, in 2008-09. This was in sharp contrast to the global contraction, particularly in OECD and other emerging economies. It could grow by about 7 per cent in 2009. The World Bank has projected India to surpass China and become the fastest growing economy in 2010. The Indian economy has acquired a unique place in the world, primarily on account of its successful growth run of the past five years at an average of 8.8 per cent. The slowdown of 2.1 percentage points in 2008-09 may be only a blip that does not mark a halt to the growth story. It all boils down to India’s vastly expanded domestic market in the past five years and a strong investment rate of 40 per cent of GDP, drawn primarily from a high domestic savings rate of 38 per cent. The two together ensure that the economy grows at over 7 per cent in the normal course. Despite India’s slowdown in 2008, the consumer market absorbed 140 million new telephone connections, over 1.5 million passenger cars and around 7.5 million two-wheelers. The automobile industry has had an annual growth of 11.5 per cent in the past five years and telecom industry 30 per cent. Indian markets were no doubt hit by the global financial tsunami, and plummeted from the stratospheric levels to the shallows between January and October 2008. However, since March 2009 they have recorded the smartest rise among all global bourses. At Thursday’s close of 14,658, the Bombay Stock Exchange benchmark sensex has seen more than threefold increase in the past five years. During 2008, indices went down across Asian markets, with the SSE Composite Index (Shanghai, China) falling 65.4 per cent to 1,821 at the end of December 2008. The fall in sensex was lower at 52.4 per cent. From the survey, you get a glimpse of India’s several strengths that can help an early mitigation of the adverse impact of the global financial crisis and recession. To begin with, more than half of India’s GDP comes from services. Historically, across countries, services tend to be less affected by cyclical downturns than manufacturing. Second, India has had six years of average 4.4 per cent agriculture growth. As a result of the scaling up of rural development programmes, farm loan waiver, employment guarantee scheme and higher support prices for crops, rural income and consumption are strong. Third, India continues to be a preferred destination for investments. Foreign direct investment flows into India, according to a recent Unctad study, went up from $25.1 billion in 2007 to $46.5 billion in 2008, or up 85 per cent, the highest increase for any country.  

AGE CORRESPONDENT NEW DELHI July 2: This may not be music to the ears of the railway ministry, but the Economic Survey has suggested the private sector participation be allowed in passenger trains and railway services for trains travelling to tourist destinations. The Survey has observed, "Private entry into passenger train/railway services should be allowed to and from all tourist destinations." Further, it has said that the Railways can identify about a dozen of tourists routes in the country and then license can be issued to private companies to provide passenger services on these routes. Regarding the performance of the Railways, the Survey has noted that the revenue earned from the freight traffic showed an increase of just 4.9 per cent, whereas during 2007-08 it had shown an increase of nine per cent. The Survey says that in the freight segment, bulk traffic accounts for nearly 84 per cent of the revenue earning freight traffic of which nearly 43 per cent is coal. As for passengers, the Railways carried 697.1 crores passengers in 2008-09 which was an increase of 6.9 per cent over the previous fiscal. Regarding the Railways ambitious Dedicated Freight Corridor project, which entails an investment of over Rs 28,000 crores, the Survey says that it is to be implemented through an SPV and funded through internal generation, external borrowing as well as multilateral funding sources. the Survey identified 594 stations for upgradation in terms of amenities. the Survey identified 594 stations for upgradation.

Rashme Sehgal New Delhi July 1: The Ganga remains in drastic need for a resuscitation. The Planning Commission has prepared a report on the water quality data of the river for 2008-2009 and found that despite crores being pumped in to revive the river, its biological oxygen demand (BOD) fails to meet even the standard bathing requirements. One of the holiest pilgrimage sites — Devprayag — has a faecal coliform (FC) count that fails to meet the standard bathing requirements, the report notes. The Supreme Court had asked the Planning Commission in response to a petition filed by environmentalist lawyer M.C. Mehta in 2007 to verify if the funds allocated to the Ganga Action Plan (GAP) had been spent effectively. The report prepared under the supervision of former member (water resources), Kirit Parekh regretted that the BOD levels in eight of the 16 cities monitored had continued to rise. Similarly, in UP, the FC count in 12 cities had shown a substantive increase in 2007-2008 over 2002. Of the 10 cities monitored in Uttarakhand, only in Rishikesh and Haridwar did the FC count show acceptable levels for bathing. The situation was worse in Bihar and West Bengal, the report noted. The execution of the Ganges Action Plan (GAP) has led to some improvement in that 3,750 million litres of sewage is being treated per day but the PC highlights that the sewage treatment plants (STP) are presently meeting only 52 per cent of the needed capacitd in 2008. The PC report noted that even if all the projects considered under JNNURM became operational, the STP would not be able to meet the needs of Patna, Kanpur. Rishikesh-Haridwar, Allahabad, Varanasi and Howrah by 2010. Industrial pollution of a toxic and non biogradable kind was also responsible for worsening pollution levels thereby worsening the eco system of the river.  

AMIT AGNIHOTRI New Delhi July 2: In order to actually benefit the targeted groups in the government’s inclusive growth agenda, the Economic Survey 2008-09 has laid stress upon better governance and improved service delivery in the various social welfare schemes. Appreciating that some transparency has been brought in the implementation of the programmes like Bharat Nirman, Jawaharlal Nehru Urban Renewal Mission and National Rural Employment Guarantee Scheme (NREGS) through innovative steps taken by the government, the Economic Survey said that much more needs to be done in this direction. Taking stock of the social sector welfare programmes aimed at rural areas, the Economic Survey said while Bharat Nirman was launched for building the essential rural infrastructure in order to provide basic services to village people and raise their quality of life, Jawaharlal Nehru Urban Renewal Mission sought to secure similar services for the urban poor. NREGS, said the Economic Survey, has ensured that rural poor can demand employment as a matter of right and enables them with sufficient purchasing power for their basic needs, especially food. The Economic Survey has also pointed out the need to involve local communities and Panchayati Raj Institutions (PRIs), to the maximum possible extent, so that poor people have a stake in planning for their welfare and uplift. The Economic Survey further said this will help the government prevent leakage and wastage while implementing the schemes with overlapping objectives and beneficiaries. NREGS benefited around 4.5 crore households across the country in 2008-09, showing an increase of 32 per cent over the previous year and provided employment to over 4.47 crore households in the last fiscal. "This is a significant jump over the 3.39 crore households covered under the scheme during 2007-08," the Survey noted. The pioneering programme saw its Budget outlay increase to Rs 30,100 crore in the interim Budget for 2009-10. In the last fiscal, the same stood at Rs 16,000 crore.

Age Correspondent New Delhi July 2: Seeking regulatory reforms in higher education, the Economic Survey has suggested that quality foreign players should be allowed in the sector. The report has also called for reforms in the regulatory framework and regulatory institutions for higher education. The report says that "such a move would help in focusing on providing honest and transparent quality rating and information on the financial costs". The survey called for allowing "regulated entry of high quality foreign and rated domestic institutions to provide higher education" and also pointed out that rating the quality of educational institutions and all education service providers could be helpful for the whole sector. Regarding prestigious institutions like the IITs and the IIMs, the survey said there is a need to streamline the admission procedure for such entities. The streamlining of the admission procedure should also ensure that the quality of student intake does not suffer. "Intake should be based on entrance examination which tests the aptitude to grasp knowledge and not the knowledge itself," the report noted. The survey stressed that the number of higher education institutions could be increased through the entry of private players and ensure that their degrees are internationally accepted.  

NAYANIMA BASU Financial Chronicle NEW DELHI June 2: Even as the government moves ahead to make the SEZ Act investor-friendly, the Economic Survey’s suggestion to arrest growth of such tax-free zones in the country has come as a surprise. Rooting for policy changes in the trade sector to boost exports, the Survey enlisted "checking proliferation of the SEZs" as one of the measures. The SEZ Act came into effect from February 2006 with the objective of making the country a manufacturing hub, promoting exports, generating employment and development of infrastructure. The government has approved 568 SEZs, out of which 318 had been notified, as per the latest official data. "This shows that the government now wants only serious players to come in who view it as a long-term business strategy. It is time that the government takes a step back, re-look at the policy that will attract investors who have serious intentions," Mr Rajiv Chugh, tax partner, Ernst & Young said. With the global economic downturn thickening, almost all the big developers have applied for surrendering their projects. Some have sought extensions to start their operations. SEZs had always been a debatable issue since its inception resulting in violent protests by farmers, landholders and civil society as it is widely viewed as real estate business.  

Age Correspondent New Delhi July 2: After Uttarakhand, trouble for the saffron camp is brewing in the BJP-ruled Himachal Pradesh. Sources disclosed that a section of the party leaders and ministers in the Prem Kumar Dhumal Cabinet have started sending feelers to the senior party leaders in the capital questioning the performance of the chief minister. In a letter, being circulated by this particular section, the dissident camp highlighted the fading popularity of the chief minister. It was being claimed that the victory margin of both Mr Dhumal and his son, Anurag Thakur, had shown a steep decline. There was also resentment brewing against the chief minister for taking a U-turn on the appointment of a parliamentary secretary in the state. The BJP had been consistently opposing the creation of the particular post. A parliamentary secretary with a Cabinet rank looks after the functioning of the state Assembly. Taking a cue from Uttarkhand, the dissident faction was also questioning the "style of functioning" of Mr Dhumal.  

Parul Chhaparia Financial Chronicle New Delhi July 2: The Economic Survey has recommended setting up of a single regulatory body that will cover highways, railways, ports and airports for overall development of transport sector. "The authority will have at least one member from each sub-sector. If needed it could also have specialised groups of professionals in each sector. The corresponding department/ministry could be the authority for appointing the sub-sector member and specialised sub-units," the Survey said. *** Food coupons to tackle malnutrition Age correspondent New Delhi July 2: Terming malnutrition as a major threat to social and economic development, the Economic Survey 2008-09 stressed on the need to modify the existing policies and programmes to tackle the problem. Observing that there are major deficiencies in the public distribution system, the Economic Survey has mooted the idea of providing food coupons to poor people to address the issue of diversion of foodgrain. "It may be useful to introduce food stamps/coupons which may be valid outside the PDS outlets once the markets get better integrated. Food coupons will allow the consumers a wider choice," the survey said.

Iraqi leaders insist they can maintain security as American troops leave the country's cities, writes Salah Hemeid

With more than 100 death penalties already issued this year activists are increasingly questioning the effectiveness of capital punishment, reports Dena Rashed

Talks between Hamas and Fatah sponsored by Egypt have been delayed once again -- till 25 July, writes Saleh Al-Naami

Dina Ezzat reports on the little progress made in pursuit of inter-Palestinian and Arab rapprochement

NDP leaders say press reports that the party intends to nominate Gamal Mubarak as its candidate in the 2011 presidential elections in a matter of weeks are complete fabrications, reports Gamal Essam El-Din

Although the struggle over the chairmanship of the Bar Association has ended, the battle between former and current syndicate chairmen continues, Mona El-Nahhas reports

The Ministry of Health's new crisis management centre is to lead the battle against swine flu, reports Reem Leila

Security forces took the outlawed Muslim Brotherhood by surprise this week arresting several of the group's leading figures, reports Gamal Essam El-Din

Responsible development may be the shortcut to a competitive economy. Sherine Nasr reviews the findings of the latest competitiveness report

Government bodies concerned with small enterprises joined forces with international agencies to give the SMEs sector in Egypt a boost

The world's airlines lost more than $3 bn in the first quarter of 2009, the IATA said on Tuesday.

In choppy trade, the BSE benchmark Sensex tumbled nearly 2 per cent on profit-booking.

TRAI issued draft regulations for introduction of mobile number portability in the country.

The banking sector has emerged as biggest job generator in the first quarter of current fiscal.

GMR has decided to withdraw its qualified institutional placement due to existing market conditions.

India's fiscal deficit in April-May was at Rs 907.58 bn, or 27.3 per cent of the full-year target.

Ten years and $325 mn later, the Bandra-Worli Sea Link opened out hope for harried commuters as well as investors betting on infrastructure.