Egypt's Tourism Revenue Drops by 43% in Q1: Official
Published 2014-04-16 10:40:14| Amwal Al Ghad English
Egypt's tourism revenues dropped 43 percent in the first quarter of 2014 to $1.3 billion, Adela Ragab, the country's economic adviser to the Minister of Tourism, told Reuters on Wednesday. The tourism sector, which has been damaged by the political instability that followed a popular uprising that toppled autocrat Hosni Mubarak in 2011, suffered another blow in February when a coach carrying Korean tourists was bombed by Islamist extremists. Ragab said around 15 countries issued travel warnings against Egypt after the incident, which contributed to a 30 percent drop in the number of tourists in the first quarter to two million people. The sector saw a 41 % drop in revenue last year to $5.9 billion compared to the year earlier after hundreds were killed in the violence that followed the army's overthrow of Islamist President Mohamed Morsi in July.
- Egypt's Tourism Revenue Drops by 43% in Q1: Official
- Michigan, White House Discuss Federal Money For Bankrupt Detroit: Report
- Israeli, Palestinian Negotiators To Meet On Wednesday, U.S. Says
- Ukraine Launches 'Gradual' Operation, Action Limited
- More Than 300 People Missing After South Korea Ferry Sinks: Coastguard
- China Economic Growth Slows To 18-Month Low In First-Quarter
- Alexandria Court Orders Egypt's Elections Committee To Bar Brotherhood Candidates From Polls
- Morsi's 'Jail Break' Trial Adjourned
- Sabahi's Campaign Says Egypt's Government Refused Complaint Of Bias
- Egypt's Constitution Party To Officially Announce Its Stance To Presidential Race
Michigan officials and President Barack Obama's Administration are discussing a plan to free up $100 million in federal money to aid Detroit's retired city workers, the Detroit Free Press reported on Tuesday. Citing two people familiar with the talks, the newspaper said the talks were centered around federal money flowing to Michigan for blight removal. Under the plan, $100 million would be earmarked for Detroit, reducing the $500 million the city's emergency manager, Kevyn Orr, plans to use to eliminate blight over the next 10 years. The $100 million saved could then be used by Orr to ease pension cuts for retirees under the city's plan to adjust its $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history, according to the report. A spokeswoman for Michigan Governor Rick Snyder declined to comment on the report. Orr's spokesman did not immediately respond to a request for comment. The Free Press said the White House would not comment late Tuesday. Snyder has asked the state legislature to allocate $350 million in settlement money that the state receives for Detroit from U.S. tobacco companies over 20 years. That money along with funds pledged by philanthropic foundations and the Detroit Institute of Arts, would raise about $815 million for the city's retirees and eliminate the possibility of a fire sale of art works in the city's bankruptcy. Detroit's police and fire retirees would see no pension reduction under a deal reached announced by U.S. Bankruptcy Court mediators on Tuesday. That deal relies on the $815 million.
Israeli and Palestinian negotiators will meet on Wednesday to try to extend peace talks beyond an April 29 deadline, the U.S. State Department said on Tuesday. The two sides will meet despite Israeli anger at the killing of an off-duty Israeli policeman in the occupied West Bank on Monday on the eve of the Passover Jewish holiday. The policeman's wife and a child were wounded. "They're going to be meeting again tomorrow," State Department spokeswoman Jen Psaki said. "The parties are working on determining if there's a path to extend the negotiations for a period of months past April 29th." Asked about the killing, Psaki urged both sides "to exercise restraint and avoid any actions that would raise tensions." The peace talks appeared on the verge of collapse this month when Israel refused to carry out a promised prisoner release and the Palestinians signed on to 15 international conventions. Israel called off the prisoner release unless it received assurances the Palestinian leadership would continue the talks past the deadline. In response, the Palestinians signed the treaties, including the Geneva Conventions on the conduct of war and occupations, a defiant assertion of statehood that surprised the United States. U.S. Secretary of State John Kerry, who revived the peace talks in July after a nearly three-year hiatus, has sought to place the onus on the two sides for continuing the negotiations. The main issues in the more than six-decade conflict include borders, security, the fate of Palestinian refugees and the future of Jerusalem, which both sides claim as their capital.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Sawiris Says Ready to Invest $1-2 billion in Telecom Italia-Paper
- New Egyptian Satellite ‘EgySat’ to Launch from Kazakhstan on Wednesday
- Egypt Looking to Revitalise Economic Relations with US: Industry Minister
- Nestlé Egypt Inks MoU with Egyptian Environment Ministry Today
- Apple Cannot Escape U.S. States' E-Book Antitrust Cases: Judge