Latest in Tag: Business Highlight
Latest in Tag: Business
EGP400m to renovate industrial zones
Ministry of Finance sets aside EGP400m in government funds
New gas discovery in North Damietta
BP discovers gas in Salamat well in the East Nile Delta
Bourse’s main index decreases 1.86% last week
The EGX100, the Egyptian bourse’s largest index, decreased 0.36% closing at 744 points, while the EGX20 index decreased 1.86% closing at 6008 points.
Egypt purchases 180,000 tons of Wheat
180,000 tons of Russian and Romanian wheat purchased to produce subsidised bread
Turkish lira at record low, threatening growth
The lira touched 2.0839 to the dollar before climbing back to 2.0696, from 2.0580 at Wednesday’s close.
Gold retailers slowly resume business
The price of gold increased Tuesday, with 21 carat gold increasing EGP6 per gram reaching EGP280, compared to EGP274 on Monday.
Sudan, South must abandon war-footing, Kiir tells summit
Both impoverished nations fought border clashes last year which sparked fears of wider conflict.
Business changes in the new constitution
Egypt’s business directory compares the 2012 constitution and the unofficial constitution draft from a business point of view
Sunny and empty streets
Many countries have decided to halt their fights to El Gouna while the resort town is haven of peaceful tranquility
Agzakhana closes venture capital with Vodafone Ventures Egypt
The company said “innovative healthcare applications and revenue streams” would be replicated across Vodafone’s operating markets as a result of the cooperation between the two parties.
EGP 19bn in remitances from those living abroad
By: Ibrahim al-Masry Kamal Abu Eita, Minister of Manpower and Emigration stated that basic services need to be provided in order to encourage economic growth and benefit the lower classes at a recent conference held for Egyptians living abroad, under the title of “Egypt in the heart” under the auspices of President Adly Mansour. …
Water ministry mulls use of solar power
Ministry of Water and Irrigation reviews possibility of using solar energy to improve water pumps.
Banks resume working amid unrest
Banks returned to working normally starting Sunday for only three hours a day
El-Beblawi tasks ministers to prepare economic roadmap
The government pledges to pay EGP 2.5bn due to contractors before December 2013
El-Beblawi: Preparing the economic roadmap and strategic vision for the future
Prime Minister Hazem el-Beblawi seeks to boost ailing economy
Omran: Committee to stimulate the Nile Bourse and study over-the-counter markets
A committee tasked with putting forth suggestions to stimulate small and mid-sized projects on the Nile Bourse, in addition to studying market conditions on the over-the-counter (OTC) market, will be created for the benefit of investors, according to Mohamad Omran, Chairman of the Egyptian Bourse. In statements made to the Middle East News Agency …
Eid Al-Fitr’s weddings and engagements bolster gold market
Local gold market witnessed a surge in sales and prices in Eid el-Fitr as Egyptians seize the vacation to hold their engagements and wedding ceremonies
Speciality restaurants: the new ‘it’ business
Several young Egyptian restaurateurs targeted the country’s middle class and high spending on food to launch their specialty diners, yielding success
Gulf funds push foreign reserves to highest levels since November 2011
Egypt’s net reserves reached $18.9bn in July, up $4bn from the month earlier, as Gulf aid pledged to the cash-strapped country started flowing in.
Moody’s downgrades Bank of Alexandria’s rating to B3
Moody’s stated the rating action was driven by the firm’s “view that Intesa’s capacity and potentially its willingness to support Bank of Alexandria has been reduced”.
IFC investments in MENA reach $3bn in fiscal year 2013
IFC combined those investments with a broad range of advisory services to support the region’s private sector at a time when many countries are struggling with unemployment and slow economic growth.
Re-investment in Africa a ‘high priority’: Housing Ministry
Malhab said he would work hard to support and encourage the opening up of African markets to Egyptian contracting companies, whether public or private, in particular the Arab Contractors company.
Obama the Africapitalist: Creating a private sector development model for the world to follow
By Tony O. Elumelu Last week was the first time, in my memory, that a US president came to Africa with investment at the top of his agenda and prioritised meeting with the continent’s business leaders, who are the true drivers of development. President Obama should be congratulated for his vision, and for providing the …
M&A transactions with Middle Eastern targets reach $14.7bn in H1 2013
Russell Haworth, managing director, Middle East & North Africa at Thomson Reuters, said: “The value of announced M&A [mergers and acquisition] transactions with Middle Eastern targets reached $14.7bn during the first half of 2013, 30% up [year on year] from $11.3bn, and marking the best first half since 2008
Is the military good for Egypt’s economy?
By Farah Halime, Rebel Economy That’s a question I put to around a dozen Egyptian businessmen over the weekend, all of whom responded with a resounding “Yes”. Here are some snippets of conversations I had with a few of Egypt’s business community over the weekend (some appeared in this story for The National newspaper): Nassef Sawiris, billionaire …
Three-year transition to inflict long-term damage to economy: experts
Regarding Egypt’s request for a $4.8b loan from the International Monetary Fund (IMF), Toulba said negotiations will definitely be put on hold given the current lack of clear political leadership.
Global study: Access to technology boosts profitability
A global survey of business leaders shows that technology choices increase communication and profitability
Stock exchange to continue as normal amid protest speculation
Omran: Upcoming June 30th protests will not cause us to place additional precautionary measures on Egypt’s stock exchange
Bank tax law amended following criticism
The law, which taxes funds set aside by banks to cover potential losses caused by defaulting debtors, was being reviewed by the Central Bank.
Egypt still has the fundamentals to grow: Multinational marketing CEO
Steve Hamilton-Clark, CEO of Taylor Nelson Sofres’ (TNS) MENA office, spoke to Daily News Egypt about the company’s activities and the challenges facing its clients.