Traders at the stock exchange in Cairo, Egypt. Reuters
Egypt’s unemployment rate dropped to 8.1 per cent in the first quarter of 2019 from 10.6 per cent in same period the previous year, state statistics agency CAPMAS said on Wednesday.
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
Egypt’s communications ministry will begin work on a 40 billion Egyptian pound ($2.44 billion) telecommunications network in the first phase of a new capital city being built east of Cairo, a cabinet statement said.
The foreign investments in India increased to $443 million in the financial year 2019 from $224 million in financial year 2018. Poised to be the third largest consumer retail destination in the world, India is now an attractive investment destination for retail.
Warren Buffett’s Berkshire Hathaway Inc posted a 23 per cent decrease in quarterly operating profit, while soaring prices in stock holdings such as Apple Inc enabled the conglomerate to smash its old record for full-year earnings.
Argentina on Saturday agreed to start consultations with the International Monetary Fund that could lead to a new financing programme, days after the global lender said the country’s debt situation had become “unsustainable”.