Latest in Tag: Market Highlight
Latest in Tag: Market
Sinai event impedes tourism revival efforts
By Abdel Razaq El-Sheweikhy Tourism investors expressed fear that the terrorist attack in the Sinai will negatively impact tourism in Egypt, particularly in southern Sinai. They predicted that hotel reservations would decline in that area the coming week by 40 percent. Samy Soliman, head of the Taba and Nuweiba Investors Association, said that the effects …
Pharmacists reject price cuts
By Basma Tharwat and Nourhan Yasser The Pharmacy Owners’ Division (POD) of the Cairo Chamber of Commerce (CCC) has rejected a price modification resolution from the Ministry of Health. A statement by the Egyptian Pharmacists Syndicate (EPS) required pharmacy owners to implement resolution 499 of the Ministry of Health regarding medication pricing. Adel Abdel Maksoud, …
Minister of Industry: The economy is capable of overcoming the current stage
By Salah El-Monoufy Hatem Saleh, Minister of Industry and Foreign Trade, confirmed that the Egyptian economy is capable of overcoming the current stage, particularly because Egypt has a strong infrastructure, which makes high growth rates possible within the coming period. In a statement, the minister said that during the coming period the ministry will focus …
Exchange rate of USD reached a new peak
The price of U.S. dollars in Egyptian pounds reached record rates last Sunday. The exchange rate increased at exchange to EGP 6.07 for buying and 6.08 for selling for the first time in 7 years, compared to 6.06 for buying and 6.07 for selling the day before, according to the Central Bank of Egypt (CBE). …
The Arab African Bank launches e-business
By Islam Serour Capitalising on the internet boom in Egypt, the African Arab Bank (AAIB), in co-operation with Amadeus and Cloud Lock International, has announced the launching of a more secured online payment gateway through its Click2Shop service. “The new product provided by the AAIB and supported by Wallety security system will diminish the risks …
Transportation authorities meet new Minister to discuss solutions for sector’s ills
The Minister of Transportation, Dr Mohamed Rashad, held a meeting with directors and officials of transportation authorities, companies and the ministry, to study plans for the coming period. The directors shared their vision for the future, stressing the necessity of providing and developing infrastructure. They also discussed the importance of reshaping transportation so that it …
Vodafone Egypt nets EGP 2.9b during Q2
Vodafone Egypt’s revenues amounted to EGP 2.9 billion by the end of the second quarter, compared to EGP 2.8 billion in the first quarter, with a growth rate of 2.5 percent. The domestic company acquired 2.7 percent of Global Vodafone’s revenues with a value of ÂŁ10.7 billion. Vodafone Egypt’s Internet subscribers reached 5 million users …
Experts advocate real estate companies to partner up
By Ahmed Samir Political disturbances in Egypt affected investment in a number of sectors, particularly the real estate sector, which has suffered from a lack of liquidity and capital flow. Developers have begun to search for greater liquidity, either through joint ventures and partnerships or merging with other companies in order to increase companies’ capital. …
Egypt among the group of most optimistic countries about their future Global Consumer Confidence declines three points to 91 in Q2 2012
Consumer Confidence among Egyptians reached 103 points in Q2 2012, up 6 points from last quarter, which is the highest increase in MENAP. Consumer Confidence is the highest since the survey was established in 2005 – placing Egypt among the group of countries most optimistic about their future. Global consumer confidence declined three index points …
New Minister of Industry negotiates with banks to resuscitate indebted factories
By Ibrahim El-Masry The newly appointed Minister of Industry and Foreign Trade, Hatem Saleh, has said that the Ministry is negotiating with the National Bank of Egypt (NBE) as well as a number of other banks to reach settlements for 1,500 factories that defaulted on their loans in the aftermath of the 25 January Revolution. Saleh …
Sales in automobile spare parts market take a dip
By Inaam El-Adawi Dealers in spare automobile parts have been assured that that their trade will not diminish as car companies launch their 2013 models, even if the market is stagnating. Desouky Sayed Desouky, Spare Parts Division Director at Cairo Chamber of Commerce (CCC), said that new parts will only begin to impact the market …
Banks adopt new methods to measure customer satisfaction
he banks compete with one another to create better metrics to assess customer satisfaction in order to provide better services
HSBC: China manufacturing shows ‘modest improvement’
Slowing economic growth in the United States and Europe’s ongoing sovereign debt crisis have dented growth in China, the world’s largest exporter
European stocks rebound before US jobs data
The European single currency jumped to $1.2285 from $1.2178 late on Thursday in New York
Facebook hammered as earnings fuel doubts
Facebook shares have dropped more than 35% from the IPO price in May of $38
Steel price to be fixed in August to EGP 4,450 per tonne
Since the beginning of this month, international prices for steel have not changed. Prices stabilised at $615 per tonne of steel and $580 per tonne of billet.
Markets risk ECB disappointment after Draghi remarks
ECB chief Mario Draghi statement on doing whatever it takes to preserve the euro sent stock markets soaring and reduced Spanish borrowing costs
Emirati real estate investment firm considers Egyptian market re-entry
By Mohamed Darwish Amlak, a real estate investment company based in the United Arab Emirates (UAE) is in the processof studying the possibility of entering the Egyptian real estate market by developing 10 acres that it owns in Nasr City. Hatem Amer, the CEO of Amlak Egypt, said that the company is still scrutinising the …
Banks regain confidence in construction materials market
Banks willing to finance the stagnant construction materials sector
Fresh strategy for developing food and agricultural industries
By NihalMounir Mahmoud Eissa, Minister of Industry and Foreign Trade, said that a comprehensive strategy to develop food and agricultural industries is currently being finalised. The strategy is in a similar vein to a group of Ministry of Industry and Foreign Trade strategies to develop the Egyptian engineering and textiles sectors, which included mechanisms for …
Ambiguity looms over automobile market
Automobile market remains in danger
Real estate companies adapt to summer’s Ramadan
Real estate companies are extending their offers to include the holy month as growth in property continues
Stock market exceeds analysts Ramadan expectations.
EGX stable at the end of Ramadan’s first session.
Car companies suffer from political uncertainty
Political events have contributed to the downturn in the Egyptian car market and led some companies to make changes in their plans to import vehicles in the second half of 2012.