EGYPT: ‘ Plans to raise up to $1.5-billion on International Markets by issue of $10-billion in Islamic bonds (Sukuk) to finance its budget deficit ‘

#AceMarketReport – Sept.08:Egypt plans to raise between $1 billion and $1.5 billion from international markets by issuing bonds before the end of the calendar year, Samy Khallaf, Head of Debt Management at the finance ministry said Monday at the Euromoney Egypt Conference.

The planned bond issuance is part of a $10 billion program, $1.5 billion of which was raised in June, according to Khallaf. In addition, Finance Minister Hany Kany Dimian said Egypt plans to issue Islamic bonds (Sukuk) to finance its budget deficit for the current fiscal year. The Sukuk will be issued in 2016, Dimian said at the Euromoney conference.

Meanwhile, Investment Minister Ashraf Salman said at the conference that Egypt needs $51.1 billion in domestic investments and $10 billion in foreign direct investments to grow at a rate of 5 to 5.5 percent of gross domestic product. He addedthat the depreciation of Egypt’s pound “is no longer a matter of choice.”

According to the Central Bank, Egypt’s foreign currency reserves fell to $18.096 billion at the end of August from $18.534 billion in July.

[Ahram Online,

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Article: MPs warn UKFI over banks’ £1 privatisation fees that should costs millions

#AcFinanceNews – Sept.08: Much wants more and greedy wants the lot. What’s the catch? MPs warn UKFI over banks’ £1 privatisation fees, that should have cost them millions.
http://www.theguardian.com/business/2015/sep/08/mps-warn-ukfi-over-banks-1-pound-privatisation-fees

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#MARKETS: Global stocks rise in Europe & Asia while the Dollar lost ground against Euro ‘

#AceMarketsNews – Sept.08: Shares rose in Europe and Asia on Tuesday while the dollar lost ground against the euro after trade data from China and Germany highlighted the divergent outlooks of the two heavyweight economies Reuters reported.

China said its imports fell far more than expected last month, adding to concerns about the world’s second-biggest economy’s contribution to global growth.

The markets will remain unsteady for some time even though certain well placed analysts are predicting a return to normality. The fact that the figures over China’s reserves are still very much lower as there recent Aug.11 injection of capital of some $96-billion leads to a weakened and struggling economy.

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MARKETS: ‘ FTSE up on positive company results, China share bounce back by small percentage ‘

#AceMarketsNews – Sept.08: After a lacklustre day of rises and falls Monday today Reuters reported British shares rallied on Tuesday, extending their gains from the previous session with well received company news and a rebound in the Chinese stock market improving sentiment.

Even though with the U.S. Federal reserve undecided over an interest rate rise, together the proposed UK minimum wage increase for over 25-year-olds, this may just be seen as a blip in a very large ocean of up and coming market fluctuations.

Chinese regulators stepped in with measures to stabilise the stock market following a move to remove personal income tax dividends for shareholders who hold stocks for more than a year.

The Shanghai Composite Index rose 2.9 percent.

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