Latest in Tag: Business Highlight
Latest in Tag: Business
Egypt relaxes controls on Forex transfers
A central bank letter circulated to banks on Monday and posted on the bank’s website said the change would take effect from January 2014 and could not be applied retroactively.
UAE market regulator changes margin lending rules, penalties
Margin lending – borrowing with cash or share holdings as security, has been in high demand as investors sought to maximise gains from a UAE market surge, with Dubai and Abu Dhabi’s bourses jumping 108% and 63.1% respectively last year.
Fiat has assured Italy on investments, minister says
Fiat’s recent $4.35bn deal to gain full control of No. 3 US automaker Chrysler has raised worries the merger could further diminish Fiat’s presence in recession-hit Italy and lead to job cuts.
Government issues ‘Citizen Guide’, outlines plans
The guide includes details on the share that each governorate will receive from the government’s stimulus package and the sectors that possess its largest portion.
Sumed establishing 200k tonne capacity diesel storage stations
The route is considered an alternative to the Suez Canal when transporting petrol from the Arabian Gulf to the coast of the Mediterranean Sea.
Ministry of Defence funds six vital roads: Head of Greater Cairo Reconstruction
The first stage of the project involves extending the Cairo-Alexandria highway by 40 kilometres, linking it to the Orbital Road at Bashtil Station, with investments of EGP 5bn.
Libya budget crisis looms as oil strikes wipe out finances
Oil exports, which account for practically all the government’s annual revenue of around $50bn, have fallen from more than 1 million barrels a day in July, when the strikes began, to just 110,000 bpd.
Egypt Auctions 22 Oil, Gas Exploration Concessions
Exploration companies have been hesitant to develop untapped gas finds in Egyptian waters partly because the amount the government pays them barely covers their investment costs.
The Stock Exchange predicts positive results in 2014
This week will have only four sessions due to the New Year holiday next Wednesday.
Application of law regulating work of medical professionals starts January
Al-Rabat confirmed that the law will serve to improve the income of workers in the government’s health care sector, pointing out that the law states that an extra allowance for those being paid a risk allowance will be effectively paid EGP 120 per month starting 1 January 2014.
Banque Misr provides EGP 285m of Islamic funding to Upper Egypt Electricity
The funding will be used to maintain and renovate the Al-Waledeya station’s first unit boiler, which will be carried out by the boiler’s original producer Mitsubishi.
Banque Misr deposits rise to EGP 188.8bn
The deposits rose to EGP 188.8bn compared to EGP 162.5bn, reflecting a 16.2% increase, exceeding the sector’s average, recorded at 15.1%. This expanded Banque Misr’s market share to 15.9%.
Oil prices rise amid South Sudan violence
Brent North Sea crude for February gained 26 cents to $111.82 a barrel in London deals.
Turkish Lira hovers near record low on graft probe
The market also awaited the central bank’s announcement of its 2014 monetary and exchange rate policy report on Tuesday, in which it will provide guidance after the Fed decision.
Saudi unveils record $228 bn budget for 2014
The kingdom had budgeted for revenues of $221 billion in 2013, and an expenditure of $218.7 billion.
Egypt says to complete $1.5bn payment to oil firms this week
Approval of the $1.5 billion payment was announced by the government on 4 December.
Egypt Pound slips again at Forex auction
The central bank sold $38.6 million to banks at Monday’s auction, with a cutoff price of 6.9075 pounds to the dollar, weaker than the 6.8972 at the previous sale on Thursday.
Egypt to pay $1bn to foreign oil firms Monday: Central Bank
Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy after years of turmoil.
India’s ‘Gilbertaro’ wins National Electricity Network contract
The contract shall be concluded Sunday between the Egyptian Electricity Transmission Company and the Indian Company with a total amount of $95.7m, including $57.7m, €19.7m and EGP 108.6m
Entrepreneurship activity witnesses slight improvement: Global Entrepreneurship Monitor
The Total Entrepreneurship Activity rate rose by 0.82% from 2010 to 2012
Bourse rises to 35-month high on economic stimulus plan
MidEast stocks mostly gained on Tuesday
WFP scales up its Syria emergency operation as growing numbers struggle for food
In 2014, WFP plans to feed 4.25 million displaced Syrians inside their country and around 2.9 million Syrians who fled to neighbouring countries.
Egypt to repay part of debt to oil companies in Egyptian pounds
Egypt’s foreign currency reserves, which stood at $36bn before autocrat Hosni Mubarak was ousted in 2011, have been under pressure ever since and fell to $17.8bn in November from $18.6bn in October.
Egypt’s tourism lags due to poor marketing
Marketing campaigns abroad are generally unprofessional and do not improve the country’s ability to address tourists or study the target markets.
Egypt is the most difficult country for international movie production companies to obtain licenses for filming.
Presidential decree allows for reconciliation in tax disputes
The new law published today in the Official Gazette allows reconciliation in accordance to Law No. 159 of 1997 concerned with reconciliation in tax disputes listed in front of courts
Canals proposed to end Egypt’s water shortage
EGP 1.2 billion to raise irrigation capacity and put end to water shortage
Petroleum products subsidies system to be reformed through five-year plan: Minister of Petroleum
Petroleum products subsidies reached EGP 120bn in last year’s budget, EGP 57bn of which were allocated for diesel, while in the current year’s budget, it was assigned EGP 99bn.
Iran President Rouhani targets stagflation in first budget
Analysts say soaring inflation is due to increasingly tough economic sanctions and mismanagement by former president Mahmoud Ahmadinejad.
Central Bank chief: Currency black market won’t last long
The central bank introduced dollar sales last December to help counter a run on the pound.
Cairo’s bourse climbs in first gain in three days
Dubai slips from 5-yr high, other markets mixed