Egypt forex reserves rise to USD 17.489 bln in April- c.bank

Cairo - Egypt's foreign reserves rose to USD 17.489 bln in April from USD 17.414 bln in March, the central bank said on Wednesday.

Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to Egypt after the army deposed elected Islamist President Mohamed Mursi following protests against his rule.

IMF says Dubai may need to do more to avert property bubble

Dubai - Dubai may need stronger measures to counter property speculation in the emirate, a senior International Monetary Fund official said on Tuesday as it warned again about a potential real estate bubble.

Growth in the Gulf emirate, the region's trade and business hub, picked up strongly last year as the government committed to real estate projects worth tens of billions of dollars following a property market crash in 2008-2010.

Masood Ahmed, director of the IMF's Middle East and Central Asia department, said the Fund had welcomed moves last autumn by Dubai's government and central bank to cool what could become a "speculative increase" but that more was needed.

"Our own view is that these measures are good but if you look at what's happening in the market it's time to consider stronger measures," Ahmed said in a presentation on the regional economic outlook. "Particularly in terms of ways to discourage quick turnaround - what people refer to as flipping of real estate in Dubai."

A strong rebound in the Dubai property market over the last year has brought a resurgence in "flipping", where investors buy and sell mostly unbuilt properties in quick succession to make speculative profits.

Dubai, one of seven United Arab Emirates, said in September it would double a registration fee charged on real estate transactions to 4 percent to prevent excessive speculation.

In October, the UAE central bank imposed limits on mortgage loans but the restrictions were not as stringent as first planned after lobbying by the banking industry.

Property prices in Dubai, known for ambitious projects such as the world's tallest tower and man-made palm-shaped islands plunged more than 50 percent between 2008 and 2010 after a speculative bubble burst, pushing the emirate close to default.

Ahmed mentioned Hong Kong and Singapore as examples for what Dubai could consider doing: "In the case of Hong Kong, they imposed a 15 percent fee on transactions of real estate that were turned around (re-sold) within six months."

"In the case of Singapore, for certain types of real estate that were turned around within a year the fee was 30 percent."

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The value of real estate transactions in Dubai jumped 53 percent last year, to more than 236 billion dirhams ($64.3 billion). Selling prices for residential property rose by about a third in the first three months of 2014 compared with a year before, prompting the IMF to warn of a possible bubble.

"In terms of macroprudential measures, it is time to be vigilant," Ahmed said. "But perhaps if it turns out that there is a big increase in lending to real estate - so far it is mostly a cash market - there would be the time to look at the additional measures for macroprudential as well."

Deputy Central Bank Governor Mohammed Ali al-Falasi, who attended the IMF presentation, declined to comment when asked by Reuters if the central bank was considering taking any action.

Dubai's economy is expected to grow by about 5 percent this year, a similar pace to 2013.

Dubai accounts for a quarter of the total output of the UAE's economy. Oil-powered Abu Dhabi is responsible for around 65 percent of the federation's output.

The UAE, one of the world's top oil exporters, has yet to release 2013 GDP data. Analysts polled by Reuters in January expected 4.3 percent growth in both 2013 and 2014.

Ahmed said the IMF was likely to raise its current 2014 growth forecast of 4.4 percent for the UAE given strong growth in the non-oil sector, particularly in Dubai.

Business activity growth in the UAE non-oil private sector rose to a record high in April, data showed on Tuesday, while 2013 saw double-digit growth in both tourist numbers and the number of new trade licences.

Mohamed Lahouel, chief economist at the Dubai Department of Economic Development agreed with the IMF's view on property.

"It's certainly speculation that is going on in the real estate market today. What worries me is that ... it's human greed that's driving that," he said at the same event.

"It's very important for Dubai to worry about the impact of speculative demand. It may speed up economic activity for four or five years and then we end up suffering."

Figo had more brains than Cristiano Ronaldo, says Nuno Gomes

The ex-Benfica striker believes the Real Madrid star possesses more power but less subtlety than the former Portugal ace

Former Portugal international Nuno Gomes feels Real Madrid attacker Cristiano Ronaldo is the best in the world at the moment - even though he is not as clever as former Galactico Luis Figo.

Nuno Gomes played alongside Figo for Portugal between 1996 and 2006, while he also featured alongside Ronaldo for the Seleccao during the latter stages of his international career.

While he acknowledges that Ronaldo is blessed with greater physical prowess than his Madrid predecessor, the former Benfica star claims Figo was the more intelligent footballer of the two.

"Figo during his time was the best and Cristiano is the best at the moment," Nuno Gomes was quoted as saying by uefa.com.

"Figo had more brains but Cristiano has more power.

"Maybe Cristiano scores more goals than Figo did because he can play not only as a winger but as a forward, whereas Figo was more of a winger but was rapid."

Figo, who won the 2000 edition of the Ballon d'Or, played 239 games for Madrid between 2000 and 2005, while Ronaldo - twice a winner of the revamped Fifa Ballon d'Or prize - has made 244 appearances.

Barcelona continue €20 million Messi contract talks

The Camp Nou side are confident of reaching an agreement with the attacker on a new deal that will run until June 2019

Barcelona will meet with Lionel Messi's father and agent Jorge on Wednesday to resume talks over a new contract worth €20 million.

The 26-year-old still has four more years remaining on his existing deal, but the Catalans are eager to offer their star player a new and improved contract which will make him the best paid player in the world.

Barcelona vice-president Javier Faus and general director Antoni Rossich met with Jorge Messi on Tuesday at the club's offices to present him with their contract offer and plans for the future and both parties will hold further talks on Wednesday to iron out a number of details.

The reigning Spanish champions are willing to pay Messi an annual salary of €20m after taxes, with the prolific attacker's new deal running until June 2019.

A number of recent reports suggested that Messi is unhappy with life at Barcelona following a number of off the field problems at the club this season.

Sandro Rosell was forced to step down as club president following the controversial transfer of Neymar, while Fifa handed Barca a transfer ban, which has now been suspended following an appeal.

Nevertheless, the forward is excited about the project presented to him as the Blaugrana aim to rebuild their squad and has no intention of leaving any time soon.

Messi has netted 28 goals in 29 La Liga appearances so far this season and will be hopeful of adding to his tally in the next two games as Barcelona still have a shot at winning the Liga title.

They currently trail leaders Atletico Madrid by two points, but meet the Vicente Calderon side on the final day of the 2013-14 campaign.

Januzaj earns more than Ronaldo & Messi did at 18, claims agent

The Belgian's representative says the 19-year-old is the highest paid young player in the world and was the subject of an "insane" offer from Paris Saint-Germain last October

Adnan Januzaj's agent claims the Manchester United winger is the highest paid young player in world football and says Lionel Messi and Cristiano Ronaldo were both earning less when they were 18.

The Belgian has made 33 appearances this season after being given his first-team debut by former manager David Moyes and signed a five-year contract with United back in October.

Prior to signing the deal, Januzaj's agent claims the 19-year-old was targeted by several of Europe's top clubs and revealed that Paris Saint-Germain launched an "insane" last-ditch offer.



"I can only say that he is the highest paid young player in the world," Dirk De Vriese toldSport/Voetbalmagazine. 

"At 18, he has a larger contract than Cristiano Ronaldo or Lionel Messi at that age. That really says a lot and I'm very proud of that.

"All the big clubs have pulled at his sleeve. Especially Paris Saint-Germain, who wanted to go very far for him. 

"Five minutes before we signed the contract extension [with United], an adviser to the president of Qatar offered us an insane deal. 

"Because Adnan could have left as a free agent, the Qatari investors were able to do the impossible. As well as with his salary, as with the signing on fee."

Arsenal were close to signing Hazard, reveals Wenger

The Frenchman says that he spent time with the Belgian winger's representatives at his home before the Gunners were blown out of the water by the Blues' offer two years ago

Arsene Wenger has revealed that Arsenal came close to signing Chelsea winger Eden Hazard two years ago. 

The Belgian was the subject of a mass scramble for his signature in 2012 after deciding to leave Lille, as the likes of Manchester United, Manchester City, Tottenham and Arsenal all competed with the Blues for the 23-year-old.

Eventually Chelsea clinched the €40 million signing and the winger has gone on to become a key player for the west Londoners, winning the PFA Young Player of the Year award this season.

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Wenger told BeIN Sports: "Yes, I wanted to take him. I had his agent at my home but again the barrier was financial and Chelsea made an effort that I couldn't make.

"He can be one of the players who grows into the [Lionel] Messi, [Cristiano] Ronaldo stature if he continues to develop well."

Wenger, who is expected to put pen to paper on a new contract at the Emirates Stadium, also considered his possibilities should he ever leave the Gunners.

"If I were to go somewhere then I think it would be in a different country because I am so much Arsenal that I would not like to coach anywhere else in England," he remarked.

"Germany [is an option] because I am of German culture a little bit and it's a country where I have never worked and I am very close to it."

ESC drama underway after first semi-final

It's goodbye for Albania, Belgium, Estonia, Latvia, Moldova and Portugal, but onward for 10 others, including Russia - to the audible disappointment of some - as well as first-time qualifiers Montenegro and San Marino.

That's big news for the latter's Valentina Monetta, in particular. Not only is it San Marino's first time in the finals since joining the contest in 2008, it puts an end to singer Monetta's losing streak after failing to get beyond the semi-finals for the last two years. Her 2014 song, 'Maybe,' was produced by German Eurovision veteran Ralph Siegel.

Armenia's Aram Mp3, tipped by many as the favorite to win the 2014 contest, breezed on to the finale to be held Saturday (10.05.2014) with his dubstep-infused ballad. He'll face tight competition from seasoned Swedish songstress Sanna Nielsen, also billed as a favorite, who qualified Tuesday night.

All eyes to the east

While Russia and its 17-year-old Tolmachevy twins, the youngest competitors in this year's ESC, are hardly the most musically interesting entry, the eastern giant is at the center of contest buzz.

Some were predicting an easy slide to the finals for Russia, thanks to its singers' cherubic charm and elaborate stage show in which the twins deliver their tune on a swaying seesaw. Others said Russia's new anti-gay laws and stance on Ukraine would make it a pariah in this year's contest. When announcement of Russia's advancement to the finals met with boos from the crowd, both camps were shown to be at least somewhat right.

Meanwhile, Ukraine's Mariya Yaremchuk also qualified for the finale with her danceable 'Tick-Tock,' which she performs alongside a male dancer spinning in a hamster wheel.

Another ten finalists will be selected in the next semi-finals round to be broadcast Thursday night. All eyes are sure to be on Austria's gender-bending Conchita Wurst, while everybody will be rising to their feet with Greece's Freaky Fortune.