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Egypt’s non-oil sector improved in June— Report

Published

4 months ago

July 4, 2024

Months after an infusion of foreign cash from the UAE and an expanded arrangement with the IMF, Egypt’s non-oil private sector showed more signs of improvement in June, according to a poll released on Thursday.

Egypt’s S&P Global Purchasing Managers’ Index increased from 49.6 in May to 49.9 in June, an improvement attributed to reducing price pressures and improved demand forecasts. It demonstrates that the country was approaching recovery while staying below the 50.0 level that separates growth from contraction for 43 straight months.

“Egyptian non-oil companies saw an increase in sales volumes in June for the first time since August 2021,” S&P Global said.

The survey follows a reshuffled cabinet took office with the mandate to reduce inflation and increase investment.

The sub-index for new orders recorded 50.2 points, the highest level since August 2021. The most encouraging signals came from the industrial and services sectors, which the companies attributed to a rebound in market conditions. On the other hand, construction activity decreased.

June saw a mostly stable job market as some businesses announced increases in hiring to keep up with demand, while others did not replace laid-off or retired employees.

According to S&P analyst David Owen, companies seem to be “heading on the road to recovery”.

“If we see further rises in sales and purchases in the second half of this year, firms should have the motivation and need to expand their output,” Owen said.

“While June saw the fastest rise in input prices for three months, firms generally commented that this was due to a high degree of volatility in market prices rather than an accelerating inflation trend,” S&P Global said.

The study did note that the future output sub-index reached its lowest point in the series’ history, with the majority of businesses expressing uncertainty about their potential to grow in light of the current economic unrest.

“Some hoped for a pick-up in demand. Positive expectations were seen in three out of the four monitored sectors, with construction the outlier,” S&P Global said.

Related Topics:Egypt Featured Non oil profit

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Ethiopian PM Abiy Ahmed meets Putin at BRICS, eyes stronger ties

Published

6 days ago

October 24, 2024

Ifeoluwa Dada

Ethiopian Prime Minister Abiy Ahmed, who is representing a member country at his first BRIC summit, had a bilateral discussion with Russian President, Vladimir Putin.

The Russian leader praised the countries’ closeness and referred to Ethiopia’s joining the organisation as a “important step.” They have had diplomatic relations for over a century.

“Our countries’ positions on most global and regional issues are often quite close. We appreciate that Ethiopia supports most Russian initiatives in the United Nations,” Putin said.

Abiy Ahmed urged robust intra-BRICS investment and trade in strategic areas during his speech at the 16th BRICS Summit in Kazan.

Under his leadership, his nation’s economy ranked third in Sub-Saharan Africa.

Earlier this year, Ethiopia officially became a member of the rising economies group. It is among the most recent additions to the block.

By elevating the voices of the Global South, the BRICS nations have demonstrated their will to realise their vision of a multipolar world. The bloc has even been hailed by some members as a counterweight to the world order dominated by the West.

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Sudanese army reports first RSF commander defection

Published

1 week ago

October 22, 2024

Ifeoluwa Dada

Sudan’s army announced on Sunday that a Rapid Support Forces commander had defected with some of his troops, the first senior person to do so since the war began more than 18 months ago.

Army supporters uploaded pictures of Abuagla Keikal online, claiming to be of the former army officer who defected and became the top commander of the RSF in the southeast state of El Gezira.

Later, the RSF released a statement in which it claimed that Keikal had changed sides following a “deal” and that the soldiers who defected with him in the eastern state of El Gezira had suffered losses.

The army, which has recently reported gains against the RSF in parts of the capital, said Keikal had decided to make the move because of the RSF’s “destructive agenda”.

Keikal, a military intelligence official before the war, did not immediately respond to requests for comment. The RSF has taken over large swathes of Sudan in a fight with the army that the UN believes has resulted in one of the greatest humanitarian disasters in history.

Over ten million people have been displaced by the war, which has also caused severe starvation in some areas of the nation and attracted international powers who have provided material support to both sides.

It started in April 2023 when rivalries between the army and the RSF, vying for influence before a transition to civilian rule supported by the international community, became apparent.

After pulling off a coup in 2021, two years after veteran tyrant Omar al-Bashir was overthrown by a popular revolt, the army and the RSF had previously shared power.