Boosaaso beach somalia Putland photos





Boosaaso beach somalia Putland photos

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Kenya inflation seen down in October, fuel prices a worry

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 Kenya's year-on-year inflation is expected to fall for the 11th month running in October, helped by a better harvest easing food prices but offset to some extent by rising fuel costs. Despite the signs that inflation could be close to bottoming out, analysts think the central bank has scope to keep easing interest rates as attention shifts to supporting economic growth. Eight out of 11 analysts polled by Reuters predicted inflation would decline in October, with a median estimate of 4.88 percent, down from 5.32 percent in September. Forecasts ranged from 3.60 percent to 6.00 percent. The data is due on October 31. "Inflation is nearing the bottom in the current cycle. While fuel price increases may dampen the downward pressure on inflation, low food inflation is still likely to over-ride them," said Mbiyo Phumelele, head of macroeconomic research at CFC Stanbic Bank. Kenya's Energy Regulatory Commission raised pump prices for the second straight month during ...
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Egypt says IMF deal doesn't need approval by MPs

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Egypt denied on Monday that a $4.8 billion loan requested from the International Monetary Fund would be put to a yet-to-be-elected parliament for approval, a move that could have delayed the dispersal of funds. Any hold-up could shake the confidence of investors who have been cheered by Egypt's progress with seeking the loan, needed to plug holes in the country's budget and balance of payments. Alaa El Hadidi, the spokesman for Prime Minister Hisham Kandil, said that in the absence of a parliament - the chamber was dissolved in June - President Mohamed Mursi had legislative powers and could approve any agreement. "In accordance with the constitutional declaration, any international agreement needs to be approved by the legislative authority, and in the absence of parliament, President Mohamed Mursi is empowered to take such decisions," he told Reuters. Earlier, Egyptian state TV carried a report quoting Kandil as saying the IMF deal would be put to parliam...
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