CAIRO: ‘ Egypt to pay $1.1-billion to purchase 4-Naval Corvettes from France ‘

#AceFinanceReport – CAIRO:Egypt will buy four naval corvettes from France for one billion Euros ($1.1 billion), an anonymous French official told AFP Saturday.

In 2014, the French shipbuilder DCNS has signed contracts with Egypt to sell the four Gowind-class corvettes, the official added.

President Abdel Fatah al-Sisi met Saturday with French Minister of Defense Jean-Yves Le Drian and discussed bilateral relations and …

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` Egypt Levies Wealth Tax to Raise Funds for their Social Programmes ‘


#AceFinanceNews – CAIRO – May – Egypt’s government has approved a temporary 5 percent tax on the wealthy to collect funds for social programs, Reuters reports.

The tax rise, which will apply to those earning over one million Egyptian pounds ($142,200) a year, still needs to be passed by Interim President Adly Mansour before it can be implemented and will only be applied for a temporary period.

“In pursuit of the principle of social justice, the cabinet has approved the suggested amendment from the finance ministry on the income tax law with regard to implementing an additional temporary five percent tax on income more than one million pounds,” the statement said.

After the army’s ouster of freely elected Islamist president Mohamed Mursi in 2013, a presidential election to be held this month is widely expected to be won by army chief Abdel Fattah al-Sisi.

However, the new president faces severe economic challenges. Egypt’s economy has been hammered for the past three years as turmoil following a mass uprising in 2011, calling for social justice and  better distribution of wealth, drove foreign investors and tourists away.

The country of 85 million has been struggling to  curb a budget deficit that swelled to around 14 percent of GDP last year and is under pressure to cut subsidies that eat up around a fifth of its budget but risks triggering protests if it does so.


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Russians Energy Minster says ` Domestic Gas Prices in `Europe ' Could Rise by 50 Percent if it Cut's Supplies from Russia '

#AceFinanceNews – EUROPE – April 04 – (RT) – “Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.

“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked.

The US has insisted that Europe needs to urgently cut its dependence on Russian gas, with the US Secretary of State John Kerry saying Moscow should no’t use energy exports as a political weapon.

“It really boils down to this: no nation should use energy to stymie a people’s aspirations,” Kerry said in Brussels on Thursday, the same day Russia’s Gazprom increased the price to Ukraine another $100 per 1,000 cubic metres.

On Wednesday the US and EU reaffirmed their plan to move away from Russian gas, stressing that developments in Ukraine “have brought energy security concerns to the fore” .

Meanwhile, Russian energy companies have started to feel the pulse in markets outside Europe, mostly focusing on Asia.

Gazprom talked to Kuwait and Egypt about increasing LNG supplies and hopes to sign a long-term supply deal with China next month.

Also, the president of Russia’s oil major Rosneft has toured Japan, South Korea, Vietnam and India.



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` European Parliament Member believes it is wrong for `European Union ‘ to Grant of Financial Aid ‘ to the ` Ukraine ‘

#AceFinanceNews – MOSCOW – March 25 – Pino Arlacchi, member of the European Parliament, believes it is wrong of the European Union to grant financial aid to Ukraine and suggests confiscating funds of Ukrainian oligarchs invested in European banks.

The funds Ukrainian oligarchs invested in European banks, exceeding 50 billion euro, should be confiscated and channelled for relief to Ukraine, he said in an interview with Itar-Tass.

He believes the new composition of the parliament of the European Union will endorse such a resolution regarding Ukraine.

He noted that such measures had been approved for North Africa, when the funds of dictators of Egypt, Tunisia and Libya were confiscated. So, there exist juridically substantiated mechanisms for that, Arlacchi said.

He noted, however, that there was a need for a request for this from the Ukrainian government, which is so far under oligarchs’ control.

Arlacchi recalled that the European Union had prepared an economic package for relief to Ukraine in the amount of 11 billion euro.

Criticizing this stand he noted that two billion euro out of the sum was a grant that was actually a gift to the corrupt government that could not guarantee the return of the funds.

Arlacchi noted it was irresponsible to give such a loan to the Ukrainian government.


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