“Finance is reclaiming its dominant earnings position in the index, which had been taken over by tech following the 2008 crash,” Mian says. Second-quarter earnings for the finance sector are expected to climb almost 20% from the same period in 2012, with all of the different industries within the sector including major banks, regional banks, insurers and brokerages set to report higher profit. Leading the way will be investment banks and brokerage houses, whose earnings are seen surging 40%. The industry has once again become such a driver of U.S.
Egypt’s new finance minister faces daunting task
“Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development,” said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012. The army ousted Mursi, Egypt’s first freely elected leader, on July 3 after millions of Egyptians poured into the streets to protest against the Islamist president and his government. Galal received a doctorate in economics from Boston University in 1986 after graduating in business administration from Cairo University. During his 18 years as an economist at the World Bank he concentrated on the Middle East and North Africa.