The Uber and Careem applications transmit to customers a transparent image of what is happening behind the scenes within their companies, thus highlighting the deficiencies inherent in Egyptian work attitudes. Through their innovative applications, Uber and Careem have succeeded in offering a transparent relationship between customers and the drivers assigned to them, providing an additional service that the Egyptian workforce is unaccustomed to. Rather than advancing and developing their operating system and practices, ordinary taxis in Egypt are trying to prevent Uber and Careem from working in the country. Egypt is probably the only country where taxi drivers have the right to approve customers’ destinations prior to giving them a ride. Sadly, many Egyptian citizens are not passionate about the work they do and are continuously thinking of switching to better jobs!
The United States and Britain on Tuesday imposed restrictions on carry-on electronic devices on planes coming from certain airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified security threats. A spokesman for British Prime Minister Theresa May said there would be curbs on electronic items in the cabin on flights from six countries in the Middle East. No US airlines are on the list because there are no direct flights on them between the United States and the cited airports, officials said. The British regulations affect British Airways, easyJet, Jet2, Monarch, Thomas Cook, Thomson, Atlas-Global, Pegasus, EgyptAir, Royal Jordanian, Middle East Airlines, Saudia, Turkish Airlines and Tunisair. On March 6, Trump signed a revised executive order barring citizens from Iran, Libya, Syria, Somalia, Sudan and Yemen from traveling to the United States for 90 days.
French luxury goods group Hermes said on Wednesday it was starting 2017 on a solid footing after delivering record 2016 profits, providing further evidence of a broader recovery in the luxury goods industry. Chief Executive Axel Dumas nevertheless struck a cautious note for the year given underlying global political and economic uncertainties. Hermes, known for its US$10,000 Birkin bags and US$400 printed silk scarves, said net profits had risen by 13 percent rise to a record €1.1 billion (US$1.19 billion). The company's sales growth had mainly stemmed from a strong performance at its leather goods arm, which makes 50 percent of group sales, while other divisions also performed well although its watches unit lagged. Several analysts expect the luxury goods sector to benefit in 2017 from improved consumer sentiment in China, tax cuts under the new US administration and robust Middle Eastern demand due to firmer oil prices.
Aman for e-Payments has organised a celebration in Shubra Al Kheima to familiarise citizens with its services. Aman has developed an innovative style for direct communication with the public. The objective is to achieve quick and more positive results, which have been felt by the organisers of the ceremony. The festival included a variety of shows, games, competitions, and grand prizes that attracted thousands of citizens in the Shubra Al Kheima district. Aman aims to establish a cashless society, which saves time and effort and achieves financial inclusion to sections of society that are unable to obtain financial or banking services.
The number is expected to reach 250 emerging companies in the FinTech field by 2020. Omar Soudoi, managing director at PAYFORT, said that the report showed that the FinTech sector will continue to grow fast in the region. According to the report, emerging companies working in the field of financial technology have spread in 12 countries in the Middle East. Statistics show that three out of four emerging companies choose Egypt, Jordan, Lebanon, or the United Arab Emirates (UAE) as their base country. The report expects the volume of investments in emerging companies in the field of technology to reach EGP 50m in 2017.
According to Taxify’s Egypt manager, Mostafa Sabry, the company plans to expand to Egypt’s coastal cities. But this has only encouraged us more to enter the market and set Egypt as our main office in the Arab region. We ousted a major player from the Hungarian market, and this same player is offering its services in Egypt. We are always ranked in the top three service providers in the European and African markets where we provide our services. The law obliges companies to cooperate with agents, unlike the case in the European market where companies deal directly with drivers.
It also looks closely at the global oil market and expects several challenges to arise. As for China, there are mixed prospects with an expected slowdown to 6.3%, and an expected slowdown 7.8% in India, with an uncertain recovery in Brazil. Oil market rebalancing in 2016, 2017 expected to be challenging2016 was a turning point for the oil price collapse given the rebalancing of the oil market. While the intensity of the war has certainly lessened, the region is still far away from political stability. The coupling of deteriorating living conditions with political pressure on civil society could be very challenging, especially if inflationary pressure remains as high.
Trump has vowed to make the fight against Islamic State a priority and directed the Pentagon and other agencies in January to submit a plan for defeating the militant group. The meeting is the first of the international coalition since Iraqi government forces, backed by the US-led international coalition, retook several Iraqi cities from Islamic State last year and liberated eastern Mosul. While the jihadist group is overwhelmingly outnumbered by Iraqi forces, it has been using suicide car bombs and snipers to defend its remaining strongholds. Discussions on Wednesday will also focus on how to help Mosul rebuild and ways to tackle Islamic State operations in Libya and elsewhere. In Syria, the US-led coalition has been working with an alliance of Kurdish and Arab militias.
Even as it acknowledges past mistakes, Uber says the fallout hasn't damaged its business yet. Uber CEO Travis Kalanick was conspicuously absent from Tuesday's call, though he is in the eye of the storm thrashing the company. Last month, Kalanick hired former US Attorney General Eric Holder to lead an investigation into the sexual harassment charges leveled by the former engineer, Susan Fowler. Huffington said Uber's board wouldn't have allowed Kalanick to remain on the job, unless he had apologized for his mistakes and agreed to hire a chief operating officer. Without identifying any candidates, Huffington said the applicants to become Uber's chief operating officer are "truly world-class leaders who have worked in very complex organizations already.
At 19, British photographer David Magnus was invited to shoot a still relatively unknown pop group called The Beatles during a concert at a Buckinghamshire private school. Behind the scenes, The Beatles invited friends like Mick Jagger, seen here with John Lennon"Nobody expected that these four talented lads from Liverpool would go on for what is now 54 years," Magnus, now 72, told CNN in an email. Fifty years later, the public can see Magnus' behind-the-scenes photos from that weekend at his new exhibition, "The Beatles Unseen: Photographs by David Magnus," at London's Proud Chelsea gallery. He was struck to see a large crowd already gathered, "the majority of whom were not even born when The Beatles were making their music." "The Beatles Unseen: Photographs by David Magnus" is on at Proud Chelsea in London until May 14, 2017.
Cairo commuters have cause to celebrate as the brand-new mobile app 'SWVL' will launch next week, providing convenient, affordable vans and buses running across the city on fixed routes. Dubbing his startup SWVL (pronounced swivel), the app is expected to come live next week, kicking off with 10 vans hustling around the streets of Cairo, linking the most in-demand destinations. SWVL is planning on offering rides that are seventy percent cheaper than other transportation services, with relatively the same experience, Kandil explained. The buses and vans are going to commute on assigned routes, going from point A to B with minimal number of stops in each zone. The startup has attracted regional and international investors, as it is looking to address an unseved gap in Cairo’s transportation options.
Six local and international excavation missions have obtained the necessary approvals to resume their underwater archeological excavations for antiquities along the shores of Alexandria and Red Sea governorates, according to the Department of Underwater Antiquities in the Ministry of Antiquities. Only two of the six missions will resume work next month, he added. The second is the Egyptian mission which will work along Red Sea coasts from April 15 until May 7, headed by Mohamed Mostafa. Maguid said the other four missions have asked for the commencement of their work to be delayed until fall. These include Frank Goddio with the European Institute of Underwater Antiquities in France; Harry E. Tzalas with the Institute of Hellenic Underwater Archaeology in Greece; Galina A. Belova with the Russian Institute for Archaeology and Egyptology Studies; and Paolo Gallo with Turin University in Italy.
Iraqi government forces attempted to evacuate civilians from Mosul's Islamic State-held Old City on Tuesday so that troops could clear the area, but militant snipers hampered the effort, Iraqi officers said. "Our forces control around 60 percent of the west now," Defence Ministry spokesman Brigadier General Yahya Rasool told a news conference in eastern Mosul. We know it means a lot to Daesh," he said, using an Arab acronym for Islamic State. Baghdadi and other leaders have fled the city for the hinterlands, where Islamic State remnants may regroup and wage a new phase of insurgency. At the same time, IS forces in the Syrian city of Raqqa are under attack in a parallel conflict.
He noted that the primary deficit recorded a decline of 40%, while the primary deficit to GDP stood at 1.3%, compared to 2.6% in the last FY. Primary deficit differs from the total fiscal deficit. While the fiscal deficit is defined as the difference between total revenue and expenditure, primary deficit is being calculated by deducting interest payment from fiscal deficit. El-Mounir pointed out that tax revenues grew by 25%, including increases in corporate tax by 27%, tax on wages by 16%, real estate tax by 132%, and VAT by 31% compared to sales tax. He added that the ministry is working to develop a programme to inventory real estate deeds, noting that the ministry detected more than 600,000 real estate deeds during the last two months.
GB Lease has acquired a market share of 16.4% in January 2017, with funds of EGP 271.16m compared to EGP 128.36m in January 2016, a market share of 13%, according to the chairperson and managing director of GB Lease, Amal Ragheb. She said that the company ranked third among leasing companies operating in the Egyptian market, with 144 contracts and funds of EGP 2.3bn in 2016, along with about 164 contracts worth up to EGP 1.12bn in 2015. Ragheb stressed her company’s keenness to expand in the Egyptian market during the current period through providing adequate funding for many vital sectors that support the Egyptian economy. Ragheb predicted that local leasing would achieve further growth in the coming period due to the fast spread of a financial leasing culture. She noted that the leasing market recorded a total of about 2,325 contracts worth EGP 21.5bn in 2016, compared to 2,720 contracts worth EGP 19.4bn in 2015.