360° Coverage : India Inc keeps watch on Egypt, prolonged unrest could affect...

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

16 hours ago

Sudan: 50 Years On - Remembering the October Revolution

Oct 21 2014 4:50am CDT | Source: AllAfrica.com

[African Arguments]Many Sudanese intellectuals watched on with wry amusement as, in 2011, the global media announced that the popular uprisings in Egypt, Tunisia and Libya were the first civilian movements to overthrow m ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
10

17 hours ago

The truth of King Tut: The Egyptian Pharoah 'was developing breasts and had wide hips'

Oct 21 2014 3:24am CDT | Source: Daily Express

A CLUB foot, buck teeth, and feminine hips - Egypt's most famous ancient ruler was no chariot boy rac ...
Source: Daily Express   Full article at: Daily Express
 

 
Update
9

1 week ago

Citigroup pulls out of consumer banking in 11 countries, profit jumps

Oct 14 2014 8:08pm CDT | Source: Business Standard

Citigroup Inc said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high co ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
8

1 week ago

10% Of The World's Population Controls 87% Of The Wealth

Oct 14 2014 10:29am CDT | Source: Business Insider

The top 10% of the world's population controls approximately 87% of the world's wealth. This is according to Credit Suisse's annual Global Wealth report. One of the major themes of the report was the ongoing rise in global inequality. "Personal wealth varies greatly across individuals," the analysts write. "During much of the last century, wealth differences contracted in high income countries, but this trend may h ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
7

1 week ago

GITEX-EGYPT: Offering HR services on the Online platform

Oct 14 2014 8:01am CDT | Source: Africa Business

Engineers’ Careers GITEX Hall: Concourse 1 Stand: CC1-22 Engineering companies in Egypt and the Middle East seeking to recruit well qualified personnel can now do it through Engineers’ Careers, a dynamic organization that strives to provide the best human resources online services. Engineers Careers’ is the first organ ...
Source: Africa Business   Full article at: Africa Business
 

 
Update
5

1 week ago

Minibus collision kills 30 in Egypt

Oct 13 2014 6:06am CDT | Source: BBC News

Three minibuses are involved in a collision in southern Egypt, killing at least 30 people and injuring more than a dozen, sec ...
Source: BBC News   Full article at: BBC News
 

 
Update
4

1 week ago

Man locked up in Egyptian prison for two days after being accused of stealing sunglasses

Oct 10 2014 6:01am CDT | Source: Daily Express

A HOLIDAYMAKER has described how he was locked up in Egypt after a man accused him of stea ...
Source: Daily Express   Full article at: Daily Express
 

 
Update
3

2 weeks ago

Egyptian Sekhemka Statue: Trials and Tribulations of Northampton Museum Private Auction Row

Oct 6 2014 1:16pm CDT | Source: IBTimes UK

Northampton Borough Council has caused public outcry by privately selling a precious Eg ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
2

2 weeks ago

CSUN’s Rohr Chabad House begins celebrating the High Holy Days

Oct 4 2014 5:48pm CDT | Source: The Daily Sundial

Cal State Northridge is hosting a variety of Jewish events in celebration of the High Holy Days this week. Friday was the start of Yom Kippur, where the Rohr Chabad House at CSUN hosted an event for the start of fasting. At 5 p.m. today, Chabad House will be breaking the Yom Kippur fast with a special service and dinner in celebration of the end of the holiest day of the year. Wednesday night marks the start to Sukkot, a seven-day celebration commemoratin ...
Source: The Daily Sundial   Full article at: The Daily Sundial
 

 
Update
1

2 weeks ago

 

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

Spanish nurse cured of Ebola
Madrid, Oct 21 (Xinhua) Spanish nursing auxiliary Teresa Romero was pronounced cured of the Ebola virus disease according to World Health Organisation (WHO) guidelines after the results of a second test confirmed Tuesday that she no longer had the virus in her blood.
 
 
Clinical trials of Ebola vaccine start Nov 1 in Switzerland
Geneva, Oct 21 (IANS/EFE) The World Health Organisation (WHO) announced Tuesday that it will begin clinical trials Nov 1 in Switzerland of one of the two anti-Ebola vaccines currently under development.
 
 
Colombia to launch world's first floating gas liquefaction plant
Bogota, Oct 21 (IANS/EFE) The world's first floating gas liquefaction plant is due to begin operating next year off the coast of northern Colombia under a pact between Canada-based Pacific Rubiales Energy and Belgian shipbuilder Exmar.
 
 
Paralysed man walks again after pioneering cell therapy
London, Oct 21 (IANS/EFE) A paralysed man has been able to walk again after therapy that involved transplanting cells from his nasal cavity into his spinal cord, the BBC reported Tuesday.
 
 
 

Latest from the Network

Keira Knightley was 'a goody two-shoes'
Keira Knightley was ''a goody two-shoes'' when she was younger. The 29-year-old actress claims she was a ''boring'' well-behaved child and never skipped school because she didn't want to upset her parents or teachers....
Read more on Celebrity Balla
 
Kat Dennings is in love with Kim Kardashian
Kat Dennings thinks Kim Kardashian's butt is ''amazing.'' The '2 Broke Girls' actress was ''very nervous'' when the 'Keeping Up with the Kardashians' star filmed a cameo for the show's 80th episode and was too shy to...
Read more on Celebrity Balla
 
Taylor Swift doesn't 'need some guy' for inspiration
Taylor Swift is ''figuring out how to cope'' with life on her own. The 'Shake It Off' hitmaker hopes her upcoming album, '1989,' will prove she doesn't ''need some guy'' to help her ''make a great record'' or to feel...
Read more on Celebrity Balla
 
Sarah Hyland is 'great'
Sarah Hyland says she is ''great'' after obtaining a restraining order against her ex-boyfriend. The 'Modern Family' star is happy to be focusing on her career again after a judge recently granted her a three-year...
Read more on Celebrity Balla
 
India re-elected to UNHRC for two years
United Nations, Oct 21 (IANS) India was Tuesday re-elected to the United Nations Human Rights Council (UNHRC) for the term 2015-2017 in a keenly contested election in the UN General Assembly in New York. Other...
Read more on Politics Balla
 
Spanish nurse cured of Ebola
Madrid, Oct 21 (Xinhua) Spanish nursing auxiliary Teresa Romero was pronounced cured of the Ebola virus disease according to World Health Organisation (WHO) guidelines after the results of a second test confirmed...
Read more on Business Balla
 
Gurdwara closed in Belgium
Brussels, Oct 21 (IANS) The mayor of the town of Vilvoorde in Belgium, Hans Bonte, has ordered the closure of the local gurdwara, Guru Nanak Sahib, for one month. Belgian media Tuesday charged that the Sikh temple "...
Read more on Politics Balla
 
Air strikes kill 28 militants in Pakistan
Islamabad, Oct 21 (IANS) At least 28 militants were killed when the Pakistani army launched an air strike in the country's northwest tribal town of Datta Khel Tuesday, military said. In a statement, Inter Services...
Read more on Politics Balla
 
Report reveals large-scale torture in China's 'Black Jails'
Beijing, Oct 21 (IANS/EFE) The use of hotels and factories as clandestine prisons where thousands of people -- mostly women -- are tortured to prevent their complaints against the government from coming to light has...
Read more on Politics Balla
 
Clinical trials of Ebola vaccine start Nov 1 in Switzerland
Geneva, Oct 21 (IANS/EFE) The World Health Organisation (WHO) announced Tuesday that it will begin clinical trials Nov 1 in Switzerland of one of the two anti-Ebola vaccines currently under development. WHO Assistant...
Read more on Business Balla