Egypt's PMI signals economy may be on mend after devaluation
Cairo - MENA
Economic activity for Egypt’s non-oil private sector accelerated the most since 2014, a sign that growth may be recovering after authorities abandoned currency controls and secured a $12 billion IMF loan deal, Bloomberg said on Sinday.
The Emirates NBD Purchasing Managers’ Index (PMI) for the whole economy climbed for the third month in a row to 46.7 in February from 43.3 in January. The New Orders sub-index rose to 44 from 39.2.
While readings below 50 indicate the economy is still in contraction, the magnitude of the gain signals an improvement in business confidence three months after Egyptian policy makers floated the pound to ease a crippling dollar shortage.
Authorities have also cited rising dollar inflows in the banking system and an influx of foreign investments in government debt as other signs the reform plan is working.
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Beirut - NNA
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Paris - Emiratesvoice
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Taipei - Emiratesvoice
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Paris - Emiratesvoice
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to 'eternal style' of late Alaia
Paris - Emiratesvoice
Two months after legendary designer Azzedine Alaia's sudden death plunged the fashion world into mourning, an exhibition in homage to the "King of Cling" opens Monday in his studios in Paris. The Tunisian-born designer, renowned for the way his clothes hugged the body, died suddenly in November aged 82, reportedly of heart failure after falling down the stairs at his home. The diminutive maverick, who ignored fashion week convention by showing when and where he wanted, in July produced his first couture collection in six years to rapturous reviews. Now some of his most iconic dresses are going on display in the glass-roofed gallery next to his studio and home in the Marais district where he used to show his creations. It includes the dress worn by supermodel Naomi Campbell, his longtime friend and muse, when she led
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