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June 30, 2014

“All non-productive expenses have been trimmed down,” Alkaffas said, but declined to go into details pointing to a statement due to be issued later.
13:36 GMT
Boosted by aid worth billions of dollars from Gulf Arab countries after Sisi deposed Islamist president Mohamed Morsi last July, Egypt’s 2013/14 budget deficit was set to shrink to around 11 per cent of GDP from some 14 per cent the year before.
Meanwhile, Israeli manufacturers see further expansion of their overseas activity.
04:55 GMT
Monthly analysis by the economic division of the Israel Manufacturers Association presents worrying figures showing a continued decline in Israel's industrial exports
An increase of approximately EGP 10bn ($1.4 billion) for fuel subsidies will be stipulated in the budget for the 2014/2015 fiscal year to offset the increase in global prices of oil, according to a senior petroleum ministry official.
04:55 GMT
The escalation of violence in Iraq threatens investments in one of the world’s most important oil reserves, as Iraq was expected to become the world’s largest oil exporte
The regulations will be issued before the end of the year and a six-month grace period for its implementation will be put in place.
04:55 GMT
A high commission set up to develop the regulations ensuring retailers close at 9 p.m. has completed its task.
The estimated size of the proposed deal is the supply of seven BCM (billion cubic meters) of gas annually for 15 years.
04:55 GMT
The value of the agreement is estimated at some $30 billion.