11 Updates
India Inc keeps watch on Egypt, prolonged unrest could affect investment
Photo Credit: KHALED DESOUKI, Getty Images

India Inc keeps watch on Egypt, prolonged unrest could affect investment

Jul 4 2013, 7:36am CDT | by

New Delhi, July 4 (IANS) The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

New Delhi, July 4 — The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment. Indian companies operating out of the...

Filed under: news

YouTube Videos

 
 
 

1 year ago

India Inc keeps watch on Egypt, prolonged unrest could affect investment

Jul 4 2013, 7:36am CDT | by

New Delhi, July 4 (IANS) The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

New Delhi, July 4 — The ongoing political turmoil in Egypt has raised concern in India over possible disruption in crude supplies, two-way trade and investment.

Indian companies operating out of the north African nation are keeping a close watch on the evolving ground realities as the country's armed forces moved in to force a resolution to the crisis, swearing in an interim president in place of the ousted Islamist Mohamed Mursi.

There are currently 352 Indian companies operating in Egypt, in the fields of consumer goods, petrochemicals, oil and gas, textiles and telecommunications.

Traders and oil officials say that in a worst case scenario if the present unrest prolongs, the closure of Suez Canal and the Sumed pipeline linking the Red Sea to the Mediterranean would disrupt oil flows and result in spike in oil prices, spelling bad news for the financial market and the current account deficit.

India imports bulk of its crude from the Middle East and Africa. Nearly 95 percent of Egypt's exports to India comprise oil and gas.

Brent crude came down from a two-week high after Egypt's armed forces ousted Mursi and the head of the country's Constitutional Court, Adli Mansour, was sworn-in interim president Thursday.

Mansour said he planned to hold new elections, but did not say when.

Egypt has been facing mass demonstrations since June 30 by the opposition calling for the resignation of Mursi and his supporters. In fact, the Arab world's most populous nation has been in turmoil since the fall of long-standing president Hosni Mubarak as the Arab Spring uprisings took hold in early 2011. During those tumultuous days, a couple of companies like Dabur, Marico and Asian Paints had to shut their operations in the country temporarily.

Former Indian Ambassador Shiv Mukherjee says the change in political situation in Egypt "does not hold any special threat" to Indian investments. "In fact, there has been no history of any antipathy to Indian investment in Egypt."

At the political level, the developments in Egypt are an internal affair of the country. "We may have our views on the democratic process, we may have an opinion on the army taking over, but it's an internal affair. We deal with states."

Mukherjee said it's a "wait and watch" kind of situation and the Indian embassy in Cairo must be in touch with the companies and taking the adequate steps.

The current political instability has occurred at a time when the two countries were making robust efforts to develop a significant partnership by strengthening the bilateral economic and commercial relations, and Indians have emerged as important investors in Egypt.

In March this year, the Egyptian Ministry of Investment had said several Indian companies were willing to invest up to $400 million towards projects in power generation, plastic and real estate in Egypt.

Bilateral trade has grown more than 60 percent during the last five years from $3,384.35 million in 2007-08 to $5,430.05 million in 2011-12. India's exports to Egypt have grown almost 80 percent from about $1,398.83 million in 2007-08 to $2,421.89 million in 2011-12.

IANS

Source: IANS

 
Update
11

4 hours ago

These 6 Maps Reveal The Most Important Values Of People Around The World

Jul 25 2014 3:35pm CDT | Source: Business Insider

The United States Celebrates The World Cup
In its 2010-2014 wave, the World Values Survey asked residents of 52 countries how important they consider family, friends, leisure time, politics, work, and religion. WVS is the largest "non-commercial, cross-national, time series investigation of human beliefs and values ever executed." It dates back to 1981 and has included nearly 400,000 respondents from 100 countries, which house 90 ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
10

9 hours ago

Egypt: World Bank Gives Egypt U.S.$500 Million Gas Loan

Jul 25 2014 10:30am CDT | Source: AllAfrica.com

Day Eight: The Championships - Wimbledon 2014
[Aswat Masriya]Cairo -The World Bank has agreed to give Egypt a $500 million loan to provide 1.5 million houses in 11 governorates with natur ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
9

22 hours ago

Egypt’s “cold war” with the U.S.

Jul 24 2014 10:09pm CDT | Source: Canada Free Press

The 6th Round Of The China-U.S. Strategic And Economic Dialogue & 5th Round Of The China-US High Level Consultation On People-To-People Exchange
An unusual security search at the entrance of the Egyptian presidential palace in Cairo took place two days ago as reported by Egyptian newspapers and the Italian RAI 24 news. John Kerry and his staff were asked to go through a metal detector, and one staff member was asked to show the contents of his pockets before visiting President Al-Sisi. This humiliating reversal of protocol was a sign of mistrust towards the U.S. by an Egypt never shy about expressing hos ...
Source: Canada Free Press   Full article at: Canada Free Press
 

 
Update
8

2 days ago

Egypt: Two "Extremists" Killed and 15 Arrested in Sinai - Army

Jul 23 2014 7:13am CDT | Source: AllAfrica.com

Day Eight: The Championships - Wimbledon 2014
[Aswat Masriya]Sinai -The Egyptian army launched a security crackdown on Tuesday night in several areas in North Sinai, killing two "extremists", the army spokesman ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
7

3 days ago

9 Insider Tips On How To Ace A Harvard Business School Interview

Jul 22 2014 11:24am CDT | Source: Business Insider

Algeria v Armenia - International Friendly
If you're vying to get into Harvard Business School, first you've got to nail the interview. While HBS isn't known for throwing candidates strange interview questions, it can still be a nerve-wracking experience — one 30-minute interview isn't long to make a strong impression.  We spoke with Nabil Mohamed, a second-year Harvard student, about his interview experience. As editor-in-chief of The ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
5

4 days ago

Israeli Invasion Of Gaza Halts Jerusalem Season Of Culture

Jul 21 2014 1:57pm CDT | Source: Forbes Real Time

UN Secretary Ban Ki-moon Holds A Press Conference In Amman
U.S. secretary of state John Kerry and United Nations secretary-general Ban Ki-Moon are headed to Egypt in hopes of negotiating a cease-fire as the violence in the Gaza Strip escalates, with seven more Israeli soldiers killed, bringing the military’s number of deaths to 25 since Israel launched a ground invasion [... ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
4

4 days ago

How Baidu Plans to Go Global

Jul 21 2014 1:30pm CDT | Source: Fool.com

DreamHack Valencia Gaming And Lan Party
Baidu just released a Brazilian search engine, and it plans to do the same in Thai and Egypt. Can Baidu become a truly global search engine ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
3

4 days ago

Ethiopia: Tripartite Talks Over Gerd to Resume

Jul 21 2014 1:57am CDT | Source: AllAfrica.com

SUDAN-WRESTLING
[ERTA]Ethiopia, Sudan and Egypt will resume tripartite negotiations over the construction of Ethiopia's hydro power plant project known as the Grand Ethiopian Renaissance Dam (GERD). ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
2

5 days ago

Libya: Gunmen Kill Egyptian Border Guards Near Libya

Jul 20 2014 1:46am CDT | Source: AllAfrica.com

"Earth To Echo" - Special Screening - Inside Arrivals
[VOA]Security officials in Egypt say gunmen armed with rocket-propelled grenades have killed at least 20 guards near th ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
1

1 week ago

Morsi’s fugitive son arrested at Egypt train station

Jul 18 2014 2:00pm CDT | Source: The Nation - Pakistan

Mohamed Morsi Meets With Mahmoud Abbas
CAIRO : A son of ousted Egyptian president Mohamed Morsi, who was sentenced to a year in prison for possession and use of hashish, was arrested early Friday at a train station south of Cairo, security officials said. Abdullah Morsi, 19, who security officials said was on the run, was arrested while boarding a train heading to Upper Egypt. His arrest was also reported by the official MENA news . ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

UN body concerned about impact of Gaza violence on women
United Nations, July 26 (IANS) The United Nations Population Fund (UNFPA) Friday expressed its deep concern about the impact of the ongoing Gaza conflict on women's health and access to safe births.
 
 
DG: No survivor in Algerian plane crash, probe launched (Roundup)
Algiers/Paris, July 25 (IANS) Algeria Friday declared a three-day national morning for the victims of the Air Algerie flight AH 5017 that crashed over Mali the previous day with no survivor yet found from the plane wreckage, media reports said.
 
 
Earth missed solar catastrophe just a year back: NASA
Washington, July 25 (IANS) Just a year ago, on July 23, the Earth missed being hit by a giant solar flare from the most powerful storm on the sun in over 150 years, NASA has said in a sensational revelation.
 
 
McDonald's Japan withdraws chicken products of Chinese origin
Tokyo, July 25 (IANS/EFE) The Japanese subsidiary of McDonald's Friday announced the withdrawal of all its chicken products sourced from China, following the expired meat scandal that led to the closure of Chinese meat processing firm Husi.
 
 
 

Latest from the Network

Zoe Saldana pregnant with twins!
Los Angeles, July 26 (IANS) "Avatar" fame actress Zoe Saldana, who is married to Marco Perego, is reportedly pregnant with twins. The couple is delighted with the news. The 36-year-old is around three months pregnant...
Read more on Celebrity Balla
 
Hezbollah to offer full support to Hamas
Beirut, July 26 (IANS) Hezbollah leader Sayyed Hassan Nasrallah Friday pledged his full support to the Hamas movement during the latter's ongoing fighting with Israel in the Gaza Strip, despite their blatant difference...
Read more on Politics Balla
 
Sandra Bullock too scared to stay in LA
Los Angeles, July 26 (IANS) Actress Sandra Bullock may move out of her house here after the armed stalker incident in June. She is reportedly planning to settle down in Austin, Texas. The 49-year-old was left shaken...
Read more on Celebrity Balla
 
Israel, Hamas agree on 12-hour ceasefire in Gaza
Gaza/Jerusalem, July 26 (IANS) The Islamic Hamas movement has agreed on a 12-hour ceasefire in the Gaza Strip starting from Saturday morning, a Hamas official said late Friday night. Hamas spokesperson in Gaza Sami...
Read more on Politics Balla
 
I'm open to having children: Cameron Diaz
Los Angeles, July 26 (IANS) Actress Cameron Diaz is upset that her comment on motherhood has been misconstrued. She clarifies that she is not opposed to children. "I've never said I didn't want kids...I said, 'I haven...
Read more on Celebrity Balla
 
Apple Loop: iPhone 6 Launch Dates, iWatch Patents, And Where To Find Those MacBook Stickers
Taking a look back at another week of news from Cupertino, this week’s Apple Loop covers Apple’s Fall launch events, mobile payments in the next iPhone, a potential iWatch patent, thoughts from the Q3 2014 earnings call...
Read more on Apple Balla
 
Paris Jackson asked to reconnect with family
Los Angeles, July 26 (IANS) Late pop star Michael Jackson's daughter Paris, who has returned here from her boarding school in Utah, has been advised to reconnect with her family. After she made an attempt to take her...
Read more on Celebrity Balla
 
UN body concerned about impact of Gaza violence on women
United Nations, July 26 (IANS) The United Nations Population Fund (UNFPA) Friday expressed its deep concern about the impact of the ongoing Gaza conflict on women's health and access to safe births. "Reports of the...
Read more on Politics Balla
 
Kate Upton always wanted curvy figure
Kate Upton has always wanted a curvaceous figure. The 'Other Woman' star, 22, admits she ''begged'' for a shapely body when she first started modeling and was overjoyed when people started praising her sexy shape....
Read more on Celebrity Balla
 
Jenny McCarthy's son reported her to police
Jenny McCarthy's son called the police on her. The former Playboy model admits Evan, 12 - whom she has with ex-husband John Asher - once reported her for texting on her phone whilst she was driving. Speaking on Sirius...
Read more on Celebrity Balla