EBCC NewsNews Headlines UK Unemployment falls to 2.47 million In the three months to May 2010, UK unemployment fell by 34,000 to 2.47 million. The rate of unemployment at 7.8% is the lowest this year. The number of people in work rose by 160,000. Most new employment can be ascribed to a 148,000 increase in part-time workers, while the number of full-time workers only increased by 12,000. Currently the UK’s part-time workers account for 27% of the entire workforce, the highest rate since records began in 1992. These new figures give hope that the UK’s economic recovery is starting to gain momentum and that the market is stabilizing. Nonetheless analysts remain concerned that the new government’s cuts in public sector jobs will not be compensated adequately by private sector job growth. Withdrawal of British Troops from Afghanistan to begin in 2011 UK Prime Minister David Cameron has announced that the world could see a withdrawal of British troops from Afghanistan as early as next year. US President Obama has declared that the pull-out of US troops will commence in July 2011. While talks have occurred between Obama and Cameron, the UK Prime Minister is careful not to set specific dates for the pull-out. Cameron states that withdrawal will depend on the conditions on the ground and security of the Afghan region. He has confirmed that Afghan forces should be leading security by 2014 and British combat troops will no longer be present by 2015.
Egypt projects budget deficit drop CAIRO — Egypt's Finance Minster Youssef Boutros Ghali says the country's budget deficit is expected to decline even further this fiscal year. Boutros Ghali said on Tuesday that state revenues for fiscal year 2009-2010 was LE 269 billion (US$ 47 billion) while total expenditures were LE 367 billion. The deficit for that fiscal year, which ended last month, was 8.3 percent. Boutros Ghali said he anticipated savings on wages and cutbacks of about LE 15 billion. Savings on subsidies will bring the deficit even lower. Egypt's economy is projected to grow at slightly over 5 percent this year. The country relies heavily on revenue from tourism, the Suez Canal and worker remittances — all of which are expected to pick up with the slowly rebounding global economy.
BP Signs New Gas Deal in Egypt British Petroleum PLC said on Monday that it has signed a new agreement in Egypt to develop significant gas resources in two deepwater blocks—a badly needed vote of confidence in the UK company whose reputation has been damaged by the deepwater oil spill in the Gulf of Mexico. The reason deepwater wells have become more common in recent years is simply that the shallower ones are harder to find. This is notably the case in Egypt, where the traditional oil fields in the Gulf of Suez--the Middle East’s oldest--have become less productive as the most easily extracted oil has run out. Oil majors (notably BP) have invested billions in the last decade to squeeze more out of what remains with new technology.
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