Non-banking financing tools conference kicks off in Egypt
Published 2016-05-31 11:58:16| Amwal Al Ghad English
Non-banking financing tools conference started in Cairo on Tuesday shedding the light on latest legislative and regulatory developments in the field of non-traditional financing tools. The conference was inaugurated by Minister of Public Sector Affair, Ashraf El Sharkawy, and the Egyptian Financial Supervisory Authority EFSA’s Chairman Sherif Samy. In addition, the event, organized by Financial Services Institute (FSI) and affiliate of EFSA, is attended by those who are working field of non-traditional financing tools, experts in the non-banking financial sector and leaders of the business sector.
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Delaying a sales tax increase in Japan scheduled for April next year makes "some sense" because the weak economy means a tax rise is not likely to increase revenue, ratings agency Standard & Poor's said on Tuesday. Going ahead with the plan could push Japan's economy into several quarters of anaemic economic growth, Kim Eng Tan, S&P's Asia-Pacific senior director of sovereign ratings, told Reuters in an interview. Delaying the tax hike would not be an indication that Japan's government is giving up on fiscal consolidation, Tan said. However, the government does need to introduce bolder structural reforms to push up growth and consumer prices, because there is limited room to expand fiscal and monetary policy, Tan said. Prime Minister Shinzo Abe will delay the tax hike by two and a half years, sources told Reuters, due to worries the move could push down consumer spending even further and possibly hasten a return to deflation. In September last year S&P cut its rating on Japan to A+ from AA-, which is four notches below its top rating of AAA, because it doubts the government's will reverse economic deterioration. The agency raised its outlook to stable from negative.
Egypt’s leasing activity declined by 8.8 percent in 2016; the number of contracts has slumped to 836 from 910, Sherif Samy -chairman of the Egyptian Financial Supervisory Authority (EFSA) – announced Tuesday. The value of the leasing contracts registered 7.01 billion Egyptian pounds (US$billion) by the end of April 2016 compared to 7.8 billion pounds in 2015, Samy noted. Real estate activities topped the list of activities by acquiring the largest market share of leasing contracts to reach 5 billion Egyptian pounds marking 71%.
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