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Al-Ahram Weekly 14 - 20 September 2000 Issue No. 499 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 14 - 20 September 2000 Issue No. 499
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region Interview International Economy Opinion Culture Travel Living Sports Profile People Time Out Chronicles Cartoons Letters Local power
PRESIDENT Hosni Mubarak inaugurated yesterday Sidi Kreir's power station on the northern coast west of Alexandria. Electricity Minister Ali El-Sa'idi said the station was one of the largest in Egypt, and the first to be designed and operated fully by Egyptians. Most parts of the power station were also manufactured locally, confirming the advancement in this industry and ability to export to other countries, such as Lebanon. El-Sa'idi, during a briefing to President Mubarak and top officials, said that another power station would be opened north of the Gulf of Suez in two months, and a third north of Port Said in four months. He added that electricity has now covered 98 per cent of Egypt's households with an ability to expand further to cover new areas.Money talks
PRIME MINISTER Atef Ebeid inaugurated the annual Euromoney conference in Cairo on Tuesday, reports Sherine Abdel-Razeq. Ebeid told representatives of international and Egyptian institutions that the government would continue its policy of stablisation of the exchange market through market forces, "not through administrative actions in the foreign exchange market."The prime minister also said that none of the public sector banks would be privatised before one year and a half, but that some of the joint-venture banks will be privatised before the end of this year. He added that the financial sector is undergoing a comprehensive programme of legislative reform, focusing on the quick settlement of disputes. The government is also studying the timing of the first tranche of privatisation of the national telecommunications company, and will launch a portion of oil production and oil distribution companies for privatisation "in the coming phase" Ebeid said.
"A lot of change is happening in the legal framework of the business sector and the next People's Assembly will discuss 17 economic laws, the most important of which is the mortgage law," Ebeid said, adding that 43 economic authorities will be transformed into holding companies in preparation for their privatisation.
The conference, held in Cairo for the fifth consecutive year, brought together some 1,500 attendants and is regarded by the government as a major venue in which to showcase opportunities for regional and international investors.
Oil down
OIL PRICES dropped yesterday but still held above $34 a barrel despite evidence that Saudi Arabia has taken steps to push more crude onto the market.Under a new production pact sealed on Sunday, OPEC plans to boost output by 800,000 bpd from 1 October, bringing the cartel's official output ceiling to 26.2 million bpd. This latest output rise, the third in seven months, aims to bring oil prices down to about $25 a barrel.
US President Bill Clinton said he was keeping a watchful eye on prices following the OPEC deal and was considering releasing oil from the nation's emergency stockpile.
Consumer discontent is also mounting across Europe, where high taxes have produced some of the most expensive fuel prices in the world. In Britain farmers and truckers have blockaded refineries, demanding a cut in taxes to reduce prices. Germany, the Netherland, Belgium, Ireland and Spain have also witnessed mass protests.
