News

EGYPT RANKS FIRST AS INVESTMENT-MAGNET AFRICAN COUNTRY

Egypt ranks the first among African countries in 2017 in terms of attracting foreign direct investments, said CEO of COMESA Regional Investment Agency (RIA) Heba Salama. In 2017, foreign direct investments in Egypt were estimatedat $7.4 billion to be followed by Ethiopia, she added.

Salama told African Business Magazine that Egypt took the lion’s share of foreign direct investments coming to the African continent in 2017 with a share representing 42 per cent of total investment in flows to Africa. 

Meanwhile, she made clear that foreign direct investments declined in world states from $1.87 to 1.43 trillion in 2017 and consequently they went down in the African continent to $42 billion. Shelauded the Free Trade Area agreement signed among African states, saying it help ed provide more opportunities for investments, facilitating the movement of citizens and increasing inter-Africa trade. 

(ITALPRESS/MNA).

 


Source: medNews

MOROCCO, 30 BLN DOLLARS IN RENEWABLE ENERGY

Speaking at the opening ceremony of the 11th Arab Energy Conference, minister Rebbah said that investments in the energy sector will reach 30 billion dollars for renewable energy generation projects, which represents great opportunities for the national, regional and international private sector.
To implement these programs, the Kingdom of Morocco attaches great importance to the issue of encouraging investment in the energy sector in general and in the field of renewable energy, in particular, added the minister, underlining in this context that Morocco is committed to efforts in this area through new measures for the development of the legislative framework to improve the climate attracts domestic and foreign private investors.
The minister also noted that the energy sector in Morocco is characterized by an increase in energy demand and an almost total dependence on imports, noting that the total consumption of the Kingdom is equal to 20.8 million tons in 2017, including oil (55.9%) and coal (25.5%).

Rebbah also stressed that renewable energy (wind, hydro, solar) contributes about 5.8%, while it was only 2.6% in 2002. After underlining the diversity of partners in the Moroccan market, Rebbah reported that almost 80 groups are currently interested in the project of liquefied gas at the port Jorf Lasfar, which makes available about 4.5 billion dollars, noting that the ministry is finalizing the final touches before launching the call for tenders.


Source: medNews

CANAL SUEZ SIGNS AGREEMENT WITH PORT OF SINES

Chairman of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCEZ) Mohab Mamish signed a memorandum of understanding with the Portuguese Port of Sines.
The MoU is intended to strengthen parternships and exchange expertise and information regarding the field of ports, according to a statement released by the SCEZ on Thursday.

The statement continued on to highlight that the agreement was signed during a meeting between Mamish and Portugal’s Minister of Sea Ana Paula Vitorino. The meeting was held in order to discuss boosting bilateral cooperation in the port sector. During the meeting, Mamish reviewed a number of key mega-national projects implemented by the country, including the underway Suez Canal development corridor.
Source: Amwal al Ghad.
(ITALPRESS/MNA).


Source: medNews

TUNISIA, THE SCHEME OF THE 2019 BUDGET PROJECT ANNOUNCED

The head of the Tunisian government is reassuring that PLF 2019 will no longer introduce new taxes. Thus businesses and citizens will not have to face new fiscal constraints. He announced that the social component is one of the planks of PLF 2019. Indeed, growth, deficit control and the strengthening of purchasing power for the middle and poor class will be considered as priorities.

Furthermore, the 2019 financial law took into consideration regions and young people. In fact, the project in question takes into consideration the needs of the regions of the inland of Tunisia. Youssef Chahed announced the doubling of the budget for regional development. In addition, a financing line (50million of Tunisian Dinars) for self-financing projects is included in the PLF 2019. It also states that entrepreneurs do not lack ideas but lack self-financing.

He announced that the Tunisians will be able to acquire a popular car whose cost does not exceed 20,000 dinars. The year 2019 will also see the launch of the Bank of Regions.

Moreover, Youssef Chahed said that it would be possible to improve the economic indicators. But “political support has been lacking, the desire for reform does not exist in several partners”, the Prime Minister complains. For him, political negotiations have upset the government’s work and the implementation of reforms.

The companies created in 2019 will benefit from a four-year tax exemption. While in the financial law of 2018, the companies enjoyed a three-year tax exemption. Furthermore, he states that business taxes will be analysed.

(ITALPRESS/MNA).


Source: medNews

JUDICIAL COOPERATION ITALY-ALBANIA IS STRENGTHENED

Bilateral judicial cooperation is a fundamental part of the strong relations between Italy and Albania. At the headquarters of the Ministry in via Arenula, the two justice ministers of the respective countries, Alfonso Bonafede and Etilda Gjonaj, reiterated this concept in a meeting that took place in an atmosphere of complete collaboration.

Fight against corruption, organized crime and terrorism, as well as cooperation in the penitentiary sector were the themes and at the center of the cordial confrontation between the two ministers in the presence of the Undersecretaries for Justice, Vittorio Ferraresi and Jacopo Morrone, the Ambassador of Albania in Italy Anila Bitri Lani and the Italian and Albanian delegations composed of: Natalia Quintavalle, Diplomatic Advisor, Federico Cafiero De Raho, National Anti-Mafia and Counterterrorism Prosecutor, Fulvio Baldi, Head of Cabinet, Raffaella Pezzuto, Head of the International Activities Coordination Office and Francesco Basentini , Head of the Prison Administration, Jonida Gaba and Florion Serjani, respectively Chief of Cabinet and Councilor of Minister Gjonaj and Albanian Attorney General Arta Marku.

The visit took place within the framework of the Pameca V, a project of the European Union that offers technical assistance to the main Albanian police agencies to strengthen their capacity to fight organized crime, of which Italy has the leadership and has articulated yesterday’s meeting at the headquarters of the DNA (National Anti-Mafia Directorate), where the two representatives of the Justice met the national anti-mafia prosecutor Federico Cafiero De Raho.

Giovanni Russo, deputy prosecutor of the National Anti-Mafia Directorate, illustrated the functioning of the DNA database, while Alessandra Cataldi, director general of the automated information systems of the Judicial Organization Department presented the SIDDA – SIDNA project, the basis of a modern and efficient response of the State to organized crime, able to provide a rapid understanding of the phenomenon and its manifestations.

During his visit to Italy, the minister also met representatives of the Superior Council of Magistracy and the National Anti-corruption Authority.

(ITALPRESS/MNA).


Source: medNews

TURKEY HAD HIGHEST IMPORT SHRINK OF G20 COUNTRIES

Among G20 countries in the second quarter of this year, Turkey saw its imports shrink the most according to the latest report on foreign trade from the Organization for Economic Co-operation and Development (OECD).

The report indicates that Turkey’s imports were down by 9.4% in the second quarter compared to the first quarter. Imports stood at $64.3 billion in the first quarter,but declined to $58.3 billion in the second quarter.

In the same period, Turkey’s exports decreased by 0.9% from $40.07 to $40.3 billion.

G20 international trade contracted in the second quarter of this year, following eight consecutive quarters of growth, the OECD said. G20 exports declined by 0.6% and imports by 0.9%, it noted.

It indicated that Saudi Arabia saw the highest increase in exports in the second quarter with 9.7%, followed by India (5.7%), the U.S. (4.4%), Canada (4.4%), Russia (1.2% and Australia (1.2%). China’s exports were $645.2 billion in the first quarter before declining to $627.2 billion in the second quarter.

“Imports contracted in most G20 economies, most significantly in Turkey (9.4%) and Brazil (6.5%). Imports only increased in India (2.9%), Canada (1.4%), Mexico (1.4 percent), Japan (1.2%) and Indonesia (1.2%)”, the OECD said in the report.

The organization also said the widespread contraction in international trade can be partly explained by the significant depreciation of a number of currencies against the U.S. dollar in the second quarter, notably the Argentine peso (down 18%), the Turkish lira (down 15%) and the Brazilian real (down 11%).”These effects were partially offset by rising oil prices: benchmark Dubai Crude increased to $71.6 per barrel in the second quarter compared to $64.0 in the previous quarter,” it added.

Meanwhile, Turkey’s foreign trade balance ran a $5.98 billion deficit in July, marking a year-on-year fall of 32.6 % the national statistical body announced Wednesday.

Last month, the country’s exports amounted to $14.07 billion, an 11.6% annual hike, while imports totaled $20.05 billion, a 6.7% decrease, compared to July 2017, the Turkish Statistical Institute (TurkStat) said.

TurkStat noted that from January to July this year, exports were $96.27 billion – up 7% on a yearly basis – and imports were some $143 billion, an annual hike of 10.2&.According to official figures, the seven-month trade balance showed a deficit of $46.75 billion, up 10.2% over the same period last year.

Official data showed that the ratio of manufacturing industries products in total exports was 94.9% in July, amounting to $13.36 billion.

In 2014, Turkey’s exports hit an all-time high of $157.6 billion, while the figure was nearly $157 billion last year.

Fonte: Daily Sabah Economy

(ITALPRESS/MNA)


Source: medNews

ALBANIA, FOREIGNERS INCREASE IN NUMBER

According to data from the Albanian Institute of Statistics, 12,606 foreign citizens hold a residence permit in 2017. An increase of 3.1% compared to 2016. The economic magazine Monitor reports. During the period analysed, the number of applications for residence permits was 9.027 and concerns people coming mainly from Iran (22%), from Italy (20%), from Kosovo (11%), from Turkey (10%), followed by Greece (3.2%), the United States (3.1%), China (2.8%), Syria (2.5%), Macedonia (1.8%) and the United Kingdom (1.6%). Arrivals for work reasons increased (6,334 compared to 6,263 in 2016, + 1%), as well as family reunification (2,982 compared to the 2,783 of the previous year, + 7%) and study (656 compared to 652 in 2016, +0.6%).

(ITALPRESS/MNA).


Source: medNews

"SANTA ROSALIA" PAINTING WILL BE EXHIBITED IN PALERMO

At the church of Sarria in Floriana, in the presence of the President of the Republic Marie Louise Coleiro Preca and the Minister of Culture Owen Bonnici, a ceremony was held to enhance the loan from Malta to the Sicily Region of the opera by Mattia Preti.

The loan was facilitated following the official visit to Sicily by the President of the Republic last June. The work of Mattia Preti will be exhibited at the “Santa Rosalia e la peste” exhibition starting September 3, 2018 at the Palazzo dei Normanni in Palermo. The Cultural Councilor of the Maltese President,  Rosette Fenech, will be present at the inaugurating ceremony.

The President wanted to underline the high symbolic value of the donation which confirms the historic friendship between the Italian and Maltese peoples.

During the ceremony, one of the restorers of the Opera, Giuseppe Mantella, illustrated to the audience the intense restoration work carried out at the church of Sarria made possible by the contributions of private individuals facilitated by the work of the Maltese NGO Din l-Art Helwa.

(ITALPRESS/MNA)


Source: medNews

FROM 21 TO 24 NOVEMBER FIRST BUSINESS FORUM ITALY MALTA

From 21 to 24 November 2018 will be held in Malta the first Business Forum Italy Malta (MIBF) dedicated to all lawyers, accountants and notaries regularly enrolled in an Italian and Maltese professional register. The event is organized by the Italian-Maltese Chamber of Commerce (MICC), with the encouragement of Mario Sammartino, Italian ambassador to Malta, and is the first forum of its kind in Malta.

Italy is the first country for trade relations with over one billion euros of products exported to Malta. The investments on the Maltese territory by the Italian entrepreneurs are evident. There are over 8000 companies that have an Italian shareholder, including restaurants, bars, commercial activities of various kinds, gaming, trading and financial companies. 

“The aim of the MIFB is to promote a proper culture of corporate internationalisation and all the opportunities for foreign investment offered by Italy and Malta-says Victor Camilleri, president of the Italian Maltese Chamber of Commerce- We want to provide Italian professionals who have customers interested in starting an international business in Malta, a precise training to have all the elements of knowledge useful to identify what is the most suitable form of investment.

All professionals participating in the Forum who will pass the final test, will be given the opportunity to become a member of the Italo Maltese Chamber of Commerce. “Becoming a Representative of MICC will give the opportunity to become part of an international network of high-profile professionals who can guide customers in the process of internationalization both in Italy and in Malta-says Denis Borg, General Secretary- the Representative members, in collaboration and agreement with the MICC, will have the possibility to organise country presentation, information and training events, entrepreneurial missions in their own areas of work, in order to disseminate Italian and foreign entrepreneurs investment opportunities in Italy, Malta and the Mediterranean”.

Not only that, for the first time in Malta all the opportunities for investment in Italy put in place by the Italian government with the plan “Invest in Italy” will be promoted. Ronaldo is an important example of foreign investor who will benefit, for all his income not generated in Italy, of the flat tax to 100,000 euros. In Malta there are hundreds of law firms that work globally for the management of the assets of important international investors who, at the moment, see the island of the Knights as a gateway to the Mediterranean and Europe. During the MIBF, the opportunities for attracting investments that Italy has reserved to them in the plan “Invest in Italy” Will be explained by expert.

Another key element is blockchain, Malta was called the island of the cryptocurrencies and blockchain. On November 24 within the MIBF there will be the first blockchain Summit Italy Malta. 

“The Government of Malta was the first at European level to regulate the ICO and blockchain- president Camilleri continues -there are many Italians active in this field. The Italo Maltese Chamber of Commerce, through the best law firms in Malta, has decided to create a specific summit for the Italians. The aim is to give entrepreneurs active in this area the opportunity to understand how to set up an ICO in Malta, to quote their fintech to the Malta Stock Exchange and to understand all the consequences from a legal and fiscal point of view if residing in Italy”.

(ITALPRESS/MNA)

 


Source: medNews

ISRAEL, REAL ESTATE SECTOR SLOWS DOWN

Globes, one of the main Israeli economic daily newspapers reports the news that, according to a survey published in mid-August by the Central Bureau of Statistics at the initiative of the Ministry of construction and housing, the purchases of new homes in second quarter of 2018, amounted to 5,329, down 17%, compared to 6,430 in the second quarter of 2017. As of May 2016, the demand for new homes has fallen by an average of 1.5% per month, from 4,220 homes in May 2016 to 2,890 to June 2018.

Nearly 26% of new homes sold in the second quarter were in the northern district, 17.5% in the district of Tel Aviv, 12% in that of Haifa and 9% in the district of Jerusalem.

8,500 housing units were purchased in Israel only in June 2018, of which 530 as part of the subsidized price plan. The figure was 10% lower than that of June 2017.

A survey of the real estate market published by the Chief Economist of the Ministry of Finance stated that while the volume of business had increased in May, it went down in June to one of the lowest levels for this month in the last decade. The aggregate number of new homes sold between January and June was 9% lower, but this decline was partially offset by the number of apartments sold as part of the revised price plan, which was twice that of the corresponding period last year. Investors bought only 1,100 housing units throughout Israel and in Tel Aviv, only one in four buyers was an investor. A historical minimum, according to the Ministry of Finance, for investors, who in recent years have represented 40% of buyers in the most important economic center of the country.

(ITALPRESS/MNA)


Source: medNews

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