Latest news with #Economist
Al-Ahram Weekly
5 hours ago
- Business
- Al-Ahram Weekly
Egyptian Pound undervalued: Economist's Big Mac Index 2025
The Egyptian pound remains significantly undervalued, according to the Economist's July 2025 Big Mac Index, as measured by both the Raw Index and the GDP-adjusted version. The index shows that buying a Big Mac in Egypt costs less than half what it does in the United States—suggesting the pound is far weaker than its 'fair value' relative to the US dollar. According to the Raw Index, a Big Mac costs EGP 125.00 in Egypt, compared to $6.01 in the US. This implies an exchange rate of EGP 20.80 to the dollar. Given the actual market exchange rate of EGP 49.35, the pound is deemed 57.9 percent undervalued. To address criticism that goods are naturally cheaper in poorer countries due to lower labour costs, The Economist also publishes a GDP-adjusted index for a more nuanced view. Under the GDP-adjusted index, a Big Mac costs $2.53 in Egypt, compared to $6.01 in the US—a 57.9 percent difference. However, when accounting for Egypt's GDP per capita, a Big Mac should cost just 28.8 percent less. This suggests that the pound is still undervalued by approximately 40.8 percent. The report comes amid a slight appreciation of the Egyptian pound over the past six months. The dollar has declined by 2.42 percent against the pound, with the current exchange rate at EGP 49.07. Rising remittances from Egyptians abroad are among the factors contributing to this trend. First introduced in 1986, the Big Mac Index was designed as a lighthearted way to illustrate purchasing-power parity (PPP)—the theory that exchange rates should eventually equalize the price of identical goods across countries. Although never intended as a precise economic tool, the index has become widely cited in textbooks and academic studies, providing an accessible snapshot of currency valuation. For those who take their fast food more seriously, The Economist also publishes a 'gourmet' version of the index. In Egypt, the McDonald's franchise is owned and operated by Manfoods, a subsidiary of the Mansour Group. The chain has been operating in the country for 28 years, with more than 131 branches across 14 governorates—mainly in Cairo and Giza—with total investments exceeding EGP 1 billion. Follow us on: Facebook Instagram Whatsapp Short link:
CTV News
4 days ago
- Business
- CTV News
‘No chance' of interest rate cut in upcoming Bank of Canada decision: Economist
Watch Economist Colin Mang discusses the Bank of Canada's upcoming interest rate announcement and factors influencing the decision.
Daily Mail
5 days ago
- Politics
- Daily Mail
EXCLUSIVE Shock impact of Epstein scandal on Trump's presidency... and the cabinet member now on the brink, revealed in new Daily Mail poll
A new Daily Mail poll stands in sharp contrast to a flood of recent surveys suggesting an impending political collapse for President Donald Trump. Apparently, Trump's public support is on a downward trajectory - at least according to the latest Economist/YouGov poll and others. Your browser does not support iframes. Your browser does not support iframes. Your browser does not support iframes.
Miami Herald
15-07-2025
- Politics
- Miami Herald
Is Trump administration covering up Epstein evidence? What Americans say in poll
Most Americans expect total transparency from the government when it comes to Jeffrey Epstein — but few think they're getting the full story, according to the latest YouGov/Economist poll. The survey comes after President Donald Trump's administration concluded an investigation into Epstein, who died in prison in 2019 in what was ruled a suicide after he was charged with sex trafficking minors. In early July, the Department of Justice and FBI said their 'exhaustive review' had revealed no 'client list' and no evidence under which third parties could be charged. It also reaffirmed an earlier official finding that Epstein took his own life in a New York City jail cell. At the same time, Trump — once described by Epstein as his 'closest friend' in an interview with author Michael Wolff — has made it clear he'd like to move on from the matter. 'Are you still talking about Jeffrey Epstein? This guy's been talked about for years,' the president said in response to a reporter's question about Epstein on July 8. 'That is unbelievable.' Here is a breakdown of the findings. Most say there is a cover-up In the survey — which sampled 1,680 U.S. adults July 11-14 — 67% of respondents said they believe 'the government is covering up evidence it has about Epstein.' Just 8% said they disagreed, and 25% said they were not sure. On this question, there was a significant partisan divide. Strong majorities of Democrats and independents — 82% and 69%, respectively — said they believe information is being withheld. Meanwhile, 50% of Republicans said the same. In contrast, just 3% of Democrats said the government is not covering up evidence, while 6% of independents and 15% of Republicans said the same. The poll — which has a margin of error of 3.4 percentage points — also asked respondents whether the government should release 'all the documents that it has about the Jeffrey Epstein case.' Here, the consensus was even stronger. Seventy-nine percent of respondents said the Trump administration should disclose all the information it has on Epstein, while just 5% said it should not. An additional 17% said they were not sure. The partisan divide on this question was less noticeable. Overwhelming majorities of Democrats (85%), independents (76%) and Republicans (75%) said all documents should be made public. Just 3% of Democrats and 6% of Republicans and independents disagreed.
The Herald Scotland
14-07-2025
- Entertainment
- The Herald Scotland
Poet withdraws from Edinburgh Book Festival over 'genocide apologists'
But in a statement shared on social media he said he was withdrawing over what he called "the festival's insensitive (to say the least) invitation of at least two genocide apologists during Israel's relentless extermination of the Palestinian people". Joudah's announcement on X, posted on Sunday, July 13, was referring to writer Etgar Keret and journalist Anshel Pfeffer, who are both from Israel and appear in the festival's programme. He said: "The festival knew what it was doing when it invited Keret and Pfeffer. "A lack of common decency is a genocide's best friend in a cultural system that continues to endorse the genocide. I will respect my living and my dead." Etgar Keret had been billed to to discuss his new collection, Autocorrect, in conversation with British writer Daniel Hahn. However the event has now been cancelled. Asked why he'd pulled out, Mr Keret told The Herald: "With the mess my country is currently in I feel there are more urgent issues for me to talk about. It is frustrating but compared to what's going on in my region it feels like discovering a pimple while having a heart attack." Meanwhile the event featuring Anshel Pfeffer, Israel correspondent for the Economist, is going ahead as planned and will look "behind the curtain of Israeli Politics," according to the festival's website. The programme states: "Few writers are better placed than Pfeffer to offer a critical understanding of the political psyche of Israel and the on-the-ground situation for Israelis and Palestinians at this calamitous moment." Read more A spokesperson for Edinburgh International Book Festival said: "The Book Festival has a long history of presenting Palestinian voices and since 2016 has hosted over 60 events directly on Israel and Palestine with sensitivity and care. "At this critical and distressing time, we respect and acknowledge the right of authors to choose which festival programmes to participate in and work with all of our authors to support them to take part.' It is the latest in a string of controversies surrounding the book festival, with some criticising an invitation for former First Minister Nicola Sturgeon and lack of gender critical authors on the line-up. In 2023 climate activist Greta Thunberg was due to appear but pulled out in opposition to the festival's long-standing relationship with Edinburgh-based investment firm Baillie Gifford and its links with the fossil fuels industry. Pressure from climate campaigners to cut ties with Baillie Gifford culminated in organisers ending the partnership last year. They said the festival's board and management had 'collectively agreed' to end the 20-year relationship with its biggest sponsor, while director Jenny Niven said the pressure on her staff had 'simply become intolerable". Edinburgh-based authors Sir Ian Rankin and Jenny Colgan, alongside the Scottish Government and the People's Postcode Lottery, have since stepped in to help plug the funding hole left by the decision. The event, which dates back to 1983, has also attracted new backing from the Edinburgh-based legal firm Digby Brown and additional support from the Hawthornden Foundation, which was set up by the late Drue Heinz, a long-time supporter of Scottish culture who funded a number of literary retreats.
