Latest in Tag: Business Highlight
Latest in Tag: Business
Steel jumps to EGP 4,900 a tonne and cement drops to EGP 460
Importers call on the Ministry of Industry to cancel newly imposed anti-dumping duties
EBDA discusses amending proposed tax reforms
Egyptian Business Development Association suggested that the government should repeal clauses calling for decreased exemptions for projects run by Egypt’s Social Fund for Development and other non-profit organisations
EGAS to discuss new pricing mechanisms of natural gas
Gas prices for steel, iron and cement factories are expected to rise to $6 per million BTU
Ministry of Electricity considers hydrocarbon dependence
The Ministry of Electricity seeks to embark on a new a nuclear programme and establish coal-fired plants in Port Safaga
EBDA discusses tax amendments
The Ministry of Finance issued the reforms without consulting any tax advisors regarding the feasibility
Tourism Ministry to impose new hotel standards starting next May
“The price of services in Egypt’s tourist industry has gone down since the January 25th Revolution, as the average cost a night in an Egyptian hotel has dropped to $65.”
Government to turn Cairo Stadium into investment zone
The Ministry of Sports seeks to promote athletics across Egypt and generate revenue for the ministry
Banks offer loans to develop call centres
In cooperation with the Cairo Chamber of Commerce, a variety of loans are being offered to enhance the call centre industry
Government guarantees two huge electricity projects
Electricity projects are expected to be funded by private sector investments via the build-operate-ownership system
ENBD to acquire BNP Paribas Egypt for $500 million
Gulf investors show interest in the Egyptian market despite political turmoil
Consumer confidence down by 4.1 per cent
Report shows a drop in confidence in economic policies
Government discusses ways to amend new tax decree
Minister of industry and foreign trade discusses increase of diesel prices with members and board of directors of the Federation of Egyptian Industries
Traders differ on impact of EGP devaluation
Exporters see an opportunity while importers see disaster in devaluation of currency
Rebel Economy Wrap
Egypt’s constitution and why the wheel won’t turn
Christmas tourism reservations drop by 50 per cent
Officials attribute drop in tourism to violence and unrest in Cairo
SCAF-instated CBE law modifications to be confirmed by Morsy
President Morsy will issue a declaration in a few days to amend 2 articles of the presidential decree number 64 for 2004 governing the Central Bank of Egypt, according to state-owned Al-Ahram. The cabinet has already approved the modification to the law that was issued by the Supreme Council of Armed Forces (SCAF) last year. …
Financial community pessimistic
By Mahmoud Kasas Experts in finance and investment banking agreed that the government’s recent decision to postpone the signing of the $4.8 billion IMF loan will have a negative impact on the country’s economic climate. “Postponing the loan will deter investors seeking to do business in Egypt,” said CEO of CI Capital investment bank, Mahmoud …
Delay of IMF deal presages economic deterioration
Anxiety due to possible downgrading of Egypt’s credit rating and the collapse of the Egyptian pound
Egypt Railways seeks EGP 320 million to fund new development project
Three new companies have been created for the purpose of improving service for long/short term travel and freight trains
Rebel Economy Wrap
Egypt Delays IMF Loan Deal – The Big Impact
Tourism officials react furiously to new tax hikes
Wines and spirits make up 20 per cent of the industry’s revenue
Developers demand balanced land contracts
Real estate investors are drawing up plans to create more balanced land contracts
November inflation rate lowest in seven years
Economic slowdown and low purchasing power curbed price increase
Developer sues Industrial Development Authority
IDG claims that the authority has imposed unjustified fines
New taxes on mobile phone services
New tax includes an EGP 25 tariff on every SIM card sold
Egypt’s credit rating risks further devaluation
By Nasser Youssef Countries such as Egypt, who currently have a B rating need three years before their credit rating can improve Egypt’s credit rating could be downgraded once again if the country’s political situation does not improve, warned Nicholas Hardy, a representative from the Standard and Poor’s Credit Rating (S&P). He added that many …
EGAS: 18 companies partake in gas importation bid round
Results of the bid round to be announced in the first half of January 2013
Lower income, higher prices
Tax reforms signal the instigation of skyrocketing inflation
Price of engine oil doubles
Calls for the Ministry of Petroleum to set price ceilings on oil companies
Foreign international reserves dwindle
During the month of December net reserves rose by $705 million