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3 Kahira for Pharmaceuticals and Chemical Industries Co. Not Profit Ask Your Booksellers THE MIDDLE EAST The Middle East ( LE.3) OBSERVER Observer - Libraries THE PUBLISHER: AHMED FODA CHIEF EDITOR: H.A. RAOUF for all Int'l New Books MIDDLE EAST COUNSELORS: and Scientific Journals YASMIN FODA Publications Dept. AHMED SHAFIK Head Office and MAHMOUD FODA N.M.M. RASHED Advertisements : 41, Sherif Dir. of Public Relations: Street, Cairo, Egypt KAMAL MOKHTAR Tel.: 23939732 - 23926919 ihsvirsiter Head Office : 41, Sherif St., Cairo, Egypt Tel.: 23939732 - 23926919 Fax : 23939732 - 27485844 E-mails Addresses: [email protected] E-mails Address: - , [email protected] 9 I wiliterati 411 saalk■ 46 a 4 asi AS* [email protected] Asal.:34 periodic,[email protected] 3 1 Web. wvvw.meobserver.org Economic covering the Middle East , Arab Gulf and African Markets L.4...- isi.li.rbajiC-e..tiatt [email protected] Web site : www.meobserver.org Please ask for our list Printed at Societe Orientale de Publicite of publications 60th YEAR No. 38 CAIRO WEDNESDAY, SEPTEMBER 25, 2013 ESTABLISHED 1945 (S.O.P.) - Cairo, Egypt %.- IRAN TO GOLD SLUMPS, OIL PRICES GAIN Flash Gold prices and stocks on major markets gave back . INVEST OVER some gains last Friday, after soaring earlier this week in COOLING OFF OR $11B. IN the wake of the Federal Reserve's unexpected decision to CEASEFIRE IS maintain its monetary stimulus, Reuters said. ALUMINUM The Fed's move had spurred benchmark US stock indexes MUCH REQUIRED SECTOR to all-time highs last Wednesday, as well as driving up the IN OBAMA- Iran plans to invest price of gold and lowering bond yields, but doubts about the around 8.5 billion euros direction of US monetary policy remain. ROHANI TALKS ($11.4 billion) in its alu- St. Louis Federal Reserve Bank President James Bullard From Ahmed Foda minum industry as part of said in an interview on Bloomberg TV last Friday that a start It seems that the US plans to nearly quadruple to winding down the stimulus programme was possible in administration could finally production by 2025, an October, depending on upcoming economic data. accept the unscheduled official at mining group Gold prices fell 2.3 per cent last week, giving back about meeting between Obama and Imidro said last Thursday. half of the week's gains, while bonds and currencies were lit- Iranian President Hassan Iran is the 20th largest pro- tle changed. The Dow Jones Industrial Average was down Rohani at a time all sides ducer of aluminum in the 88.96 points, or 0.57 per cent, at 15,547.59. The Standard & have reached to a dead end. Poor's 500 Index was down 7.61 points, or 0.44 per cent, at world, according to the Political analysts believe it 1,714.73. ( Cont. on page 5) Iranian Mines and Mining is a breakthrough in the Industries Development and CONFERENCE AIMS TO ESTABLISH A Tehran-Washington relations Renovation Organisation NATIONAL COUNCIL TO EFFECTIVELY and there are actually some (Imidro), and needs the extra inquiries over this meeting supplies to meet demand TACKLE ECONOMIC WOES during the UN General Assembly sessions. which is growing by 10 per Egypt's Presidential advisor for Political Affairs cent a year. Moustafa Hegazi left Cairo for New York on Sunday to Aluminum is a.lightweight take part in a forum on the Egyptian economy. metal used widely in trans- Hegazi will address the forum, hosted by an American port, packaging and con- center, about the future prospects of the Egyptian economy. Meanwhile, Egyptian government officials, economists, struction. It can also be used and leading business figures are gathering in New York on to make tubes for uranium Monday to discuss Egypt's economic future. enrichment gas centrifuges. The three-day conference, entitled 'Egypt Economic Iran's economy has been Reform Forum: A way forward,' aims to "create a framework 'hobbled by Western sanc- for an Egypt National Economic Council, which would sup- tions aimed at pressuring . General El-Sisi talking to the Minister of Interior Mohamed Ibrahim. He has denied his intention to turn for the presidency. port Egyptian authorities in developing a sound economic Tehran to stop efforts to plan for Egypt's future," according to the event's mission enrich uranium to levels that statement. could be used in weapons. MINIMUM WAGE RATE COULD HAVE UNINTENDED CONSEQUENCES Egypt's interim government, installed after the ousting of Iran produced 338,000 The new minimum wage increase announced by the Prime Minister Hazem al-Beblawy would require raising taxes and could Islamist president Mohamed Morsi in July, is still coming to tons of aluminum last year cause unintended consequences to the economy, according to Finance Minister Ahmed Galal, Al-Masry Al-Youm said. grips with the decline of the country's economy since the and is aiming for 770,000 "The current wage rates do not meet the minimum requirements for decent living, and I personally as a minister wish we could afford January 2011 Revolution. Hassan Rohani tonnes in 2016 and 1.5 mil- much more than a LE1,200 minimum wage, but in order to achieve that, we must apply a just progressive tax, increase production and The budget deficit has grown by a whopping 78 per cent lion tonnes by 2025, Panthea improve the efficiency of services," Galal said. since the 2010/2011 fiscal year, reaching 14 per cent of GDP. Geramishoar, senior expert Galal urged a wider economic perspective. "What is important is to study the impact of any decision on the economic activity and Economic growth, which peaked at 7.2 per cent in June 2008 And my question is what in Imidro's non-ferrous public and private sectorsAsee whether it would encourage growth or not, and whether it would increase unemployment," the minis- before the global financial crisis took its toll, has slowed to kind of solutions the two sides department said at a Metal ter said. an average of 2.3 per cent and the official unemployment could really reach while the Bulletin conference in "The ministry does not have a money store of its own hidden from society! In order to receive funds, we must pull money from dif- rate has risen to 13.3 per cent from 8.9 per cent in the fir Iranian president still insists Geneva. ferent sources... What is more important than fund-raising, however, is making sure that any financial decision will not adversely affect quarter of 2011. (Cont. on page 2) that his country is not willing the level of prices," Galal added. ANGELA MERKEL SECURES to cede any of its nuclear rights IRAQ'S SOUTHERN Galal said if the decision affected prices, the cabinet could be perceived as having deceived people when the wage increase would and is going ahead with its OIL OUTPUT be lost through higher prices. HISTORIC VICTORY IN GERMAN nuclear programme. "The pay increase could possibly come at the expense of those not getting paid, simply because they would become unemployed and ELECTION - BUT FAILS TO WIN And my second question is REMAINS CUT BY this wouldn't be fair. how can the cooling off period ABSOLUTE MAJORITY with Tehran could take place at LEAK "Funding unemployment allowance from the funds allocated for workers' wages is also not fair," he added. "The current cabinet's duty is to act with the utmost credibility because it is not subject to political pressure and is ae&ptable to soci- Chancellor Angela Merkel won a historic third term in a time the US is mulling an Oil pumping to Iraq's office with an overwhelming victory for her ruling con- attack against Syria with Iran southern export terminals -- ety,- he said. The cabinet also must not leave a heavy burden for the following cabinet" Gala' mentioned. servative Christian Democrats in Germany's general is possibly a target. remained reduced due to a election on Sunday night after securing huge gains. Obama's statements imply pipeline leak last Tuesday, EGYPTIAN EXPORTS TO US FALL BY 45% The German Chancellor's Christian Democrats (CDU) there is a diplomatic chance to according to shipping Minister of Trade and Industry Mounir Fakhri Abdul Nour said that Egyptian exports have decreased by 45 per cent, a huge romped home with over 41 settle a three-decade differ- data, adding to the impact fall, in the first half of 2013 compared with the same period last y ear. per cent of the vote - an ences with Iran, differences of planned work taking Meanwhile, Qualified Industrial Zone (QIZs) exports to the US have also fallen by 17 per cent. according to a Ministry of Trade and increase of 8 per cent over that existed since the eruption _ylace, Reuters said. Industry press release. Germany's last general elec- of the Islamic Iranian revolu- The statement came -during the minster's trieettt with the newly formed Egyptian-American Business Cormcii to set forthcoming tion in 2009. They now tion that lead to cutting off The flow rate stood at command 311 seats in the 1.58 million barrels per day plans to regain confidence in local exports to the US market. (Cont. on page 2) Bundestatt - just five short relations between the two (bpd) last week, lower than of an absolute majority. Cotlfitfie& in 1979. GCC ECONOMIC GROWTH TO SLOW THIS YEAR And as I expect solutions normal, the data showed. The economic growth in Gulf Co-operation Council countries is expected to slow to 4 per cent this year and 4.3 per cent next But the election brought a between the two sides would Iraq exported 2.3 million year after two years of sustained expansion, according to a report by Euler Hermes.
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