EGYPT'S URBAN HEADLINE INFLATION CLIMBED TO 9.1%

Source : Gulf Today, December 12, 2011
Egypt's urban consumer inflation for the 12 months to November climbed to 9.1% from 7.1% in October. The urban consumer price index for November was 120.4 versus 119.2 in October and 110.4 in November 2010, Central Agency for Public Mobilization and Statistics (CAPMAS) said.

Egypt's main government grain buyer said it would issue international tenders to buy rice if local producers continue stocking up on the commodity. "We are issuing a tender next week to buy both local and imported rice that is already in the country through private importers," Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC) said.

Foreign reserves have plunged from $36 billion at the end of 2010 to about $20 billion at the end of November. Several Asian countries had already expressed interest in selling the commodity direct to Egypt's government. The government started procuring rice directly from local farmers in October in order to build reserves. The move was intended to smooth out the exaggerated prices that were offered during tenders for local rice.

SUEZ CANAL TOLLS FOR ALL VESSELS TO INCREASE 3% AS OF MARCH 2012

Source : Beltone News, December 4, 2011
Suez Canal tolls for all vessels will increase 3% as of March 2012, Egypt's Suez Canal Authority announced.

The toll increase was based on studies the canal management conducted over recent months regarding maritime transport forecasts for next year, according to an authority statement.

The studies took into account predicted economic growth in various regions around the world and trade expectations. The authority added that it also considered the canal's vital economic role in Egypt and abroad, the importance of keeping it an affordable maritime route and the stability of tolls over the past three years.

EGYPT STATE DEFICIT DROPS TO 3% OF GDP IN Q1 FY2011/12

Source : Beltone News, December 8, 2011
Egypt's total state deficit dropped to 3% of GDP in Q1 of FY2011/12, from 3.3% the year before, according to data published by the Ministry of Finance

The government projects a target deficit of 8.6% of GDP for FY2011/12. The drop in the quarterly deficit is attributable to a growth in revenues, partially offset by a surge in expenditures. As both tax and non-tax income increased, total public revenues grew 23% in Q1 FY2011/12, compared to the same period the year before. Total revenues reached LE64 billion in the three months from July, up from LE52 billion last year. Returns from government holdings grew 57% to reach LE10.4 billion. The Suez Canal, one of Egypt's main foreign currency earners, also witnessed a surge in revenues, climbing LE1.4 billion to reach LE6.1 billion over the three months.

Tax income grew by LE1.4 billion to reach LE42.8 billion. The report also shows a 13.5% surge in total expenditures, to reach LE110.9 billion in Q1 FY2011/12. The growth was mainly driven by a 25% increase in wages, which reached LE35.9 billion, making up a third of total expenditures. Subsidies also increased by LE6.4 billion to reach LE22.1 billion.

MINISTRY OF HOUSING TO COMPLETE INFRASTRUCTURE WORKS IN FOUR AREAS OF IBNI BEITAK PROJECT

Source : Al-Mal, December 12, 2011
The Ministry of Housing, Utilities and Urban Development (link here) is planning to complete infrastructure works in four areas of Ibni Beitak project (Build Your Home, part of the national budget housing project) by end of January, said an official at the New Urban Communities Authority (NUCA) (link here). The official added that the authority is planning to meet with beneficiaries of the Ibni Beitak project in order to resolve the challenges they are facing.

Chevrolet to introduce new 2013 TrailBlazer midsize SUV

Source : Datamonitor - 13 October 2011
Chevrolet has announced that it will introduce the new 2013 TrailBlazer midsize SUV in global markets, beginning in Thailand, in early 2012.

Built on a new global midsize platform developed by GM do Brasil, the TrailBlazer will combine the hauling and towing capability of an SUV with the ride comfort and efficiency of a crossover.

The new TrailBlazer will be unveiled at Dubai International Motor Show, November 10-14