Tourism Development Authority approves 4 projects in Egypt's North Coast
Published 2016-05-03 15:07:52| Ahmed El Demerdash
Egyptian Tourism Development Authority (TDA) approved executing four touristic developmental projects on spaces of 14.5 million square meters in North Coast region. TDA Head Serag el Din Saad asserted Tuesday that North Coast is a prominent region for touristic investment as the authority received a number of investors' requests to invest in this region. Saad added that there are eight projects wait for TDA's approvals to be established on the space of 18 million square meters.
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Australia's central bank cut interest rates to an all-time low of 1.75 percent on Tuesday, the first easing in a year as it seeks to restrain a rising currency and stave off the creeping curse of deflation. The Reserve Bank of Australia's (RBA) quarter-point cut sent the local dollar down more than one U.S. cent to $0.7567 as markets wagered a further move to 1.5 percent was now likely. Australia is just the latest in the Asian region to feel the chill of deflation as too many goods chase too little demand. Singapore surprised many by easing last month, and it followed India, Taiwan, Indonesia, China, Japan and New Zealand. Speculation of a possible cut flared last week when Australian government data showed inflation had slowed far more than expected in the first quarter of the year. Underlying inflation dropped to a record low of 1.5 percent, taking it well under the RBA's long term target band of 2 percent to 3 percent and effectively pushing real rates higher. "Inflation has been quite low for some time and recent data were unexpectedly low," RBA Governor Glenn Stevens said in a brief statement after the bank's May policy meeting. "These results, together with ongoing very subdued growth in labor costs and very low cost pressures elsewhere in the world, point to a lower outlook for inflation than previously forecast." Eight central banks globally have embarked on entirely new stimulus cycles so far this year while the Bank of Japan and European Central Bank have embraced sub-zero rates and expanded their asset-buying campaigns. All this easing abroad has in turn boosted the Australian dollar further than the RBA desired, hurting exports and tourism while pushing down import prices and, hence, inflation.
Islamic State fighters killed a U.S. serviceman in northern Iraq on Tuesday when they overran Kurdish defenses in the biggest attack in the area in recent months, officials said. The dead man was the third American to be killed in direct combat since a U.S.-led coalition launched a campaign against the jihadist group in 2014. "It is a combat death, of course, and a very sad loss," U.S. Defense Secretary Ash Carter told reporters during a trip to Germany. A senior official of the Iraqi Kurdish peshmerga force said the man was killed near Tel Asqof, a town 28 km (17 miles) north of Mosul, which the militants occupied at dawn on Tuesday. Early information suggested he had been killed by a sniper, Jabbar Yawar said. The leader of a Christian militia deployed alongside peshmerga in the Tel Asqof area said the town had been attacked by multiple suicide bombers, some driving vehicles laden with explosives. A U.S. military official said the U.S.-led coalition helped the peshmerga repel the attack with air support from F-15 jets and drones. The official, speaking on condition of anonymity, said the man was killed "by direct fire" from Islamic State.Carter's spokesman, Peter Cook, said the incident took place during an Islamic State attack on a peshmerga position some 3-5 km behind the forward line.
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