15 SEP 2016

Billionaire Sawiris says ready to invest in Argentina, Brazil
Egyptian billionaire Naguib Sawiris says he’s interested in investment opportunities in Argentina and Brazil, mainly in the mining and telecommunications industries. Sawiris is ready to make investments from $250 million to $500 million in Argentina, the businessman said in an interview with Bloomberg Television’s Erick Schatzker from Buenos Aires.

Source : Arab Finance

15 SEP 2016

Egypt’s expat remittances down in Q3
Remittances sent from Egyptians working abroad declined 14% in the third quarter of 2015-2016, according to a report by the Central Agency for Public Mobilisation and Statistics (CAPMAS). Expat remittances reached $4.2 billion in Q3-16, compared to $4.9 billion in Q3-15. Egypt depends on its hard currency sources to support the cash reserves which declined from $36 billion in January 2011 to reach $16.5 billion by the end of August 2016.

Source : Mubasher

14 SEP 2016

EGX30 retreats 0.1% during early trading on third day of Eid Al-Adha
The major index of the Egyptian Exchange, EGX30, retreated slightly by 0.12% during the early trading of Wednesday’s session, the third day of Eid Al-Adha, registering 8,178.3 points, while the equally weighed index EGX50 increased by 0.07%, registering 1,371.3 points. The EGX20 index declined by 0.26%, registering 8,165.2 points, while the medium shares index EGX70 increased by 0.1%, registering 357.6 points. The broader index EGX100 inclined also by 0.01%, registering 816.9 points.

Source : Daily News Egypt

14 SEP 2016

KLM suspends flights to Cairo amid Egypt's foreign currency problems
KLM Royal Dutch Airlines will suspend flights to Cairo beginning in January as a result of Egypt's foreign currency problems, the company said in a statement on Wednesday. Egypt is facing an acute dollar shortage that has stifled the ability of some companies to repatriate earnings and transfer money abroad, with many waiting in lengthy queues for allocations from the country's central bank and others resorting to an expensive black market for dollars that cuts into profits.

Source : Zawya

13 SEP 2016

Russia may ban Egyptian citrus amid wheat dispute
Russia threatened to ban Egyptian citrus imports on Tuesday, a move that could escalate a trade dispute over exports of Russian wheat to the world's largest importer of the grain. Moscow said this week it hopes to hold talks with Egypt, its top buyer, over Cairo's failure to approve Russian wheat shipments since tightening its regulations on ergot, a common grains fungus, in late August.

Source : Zawya

13 SEP 2016

Egypt says receives first $1 bln tranche of World Bank loan
Egypt received on Friday the first $1 billion tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government's reform programme, the international cooperation ministry said in a statement. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and to ease a dollar shortage that has crippled import activity and hampered recovery.

Source : Arab Finance

08 SEP 2016

New export support programme aims to double Egyptian exports
TThe Ministry of Trade and Industry’s new export support programme aims to double exports to various foreign markets, said minister Tarek Kabil. The programme was recently approved by the board of directors of the Export Development Fund. Kabil pointed out that the ministry had recently set up a comprehensive assessment of the programme since the start of the response burden for exports in 2002, and until the end of fiscal year 2015/2016.

Source : Daily News Egypt

08 SEP 2016

Egypt to gain EGP 42bn from raising cigarette prices
The increase in cigarette prices will rise the Egyptian government’s earnings from Eastern company to EGP 42 billion ($473 million) per year, according to the company’s chairman Mohamed Othman Haroun. This surge in earning is subject to minting the same sales volume, Haroun told Mubasher. During the company’s latest OGM, the chairman said that the government annual earnings from Eastern Co. amount to EGP 34.1 billion in the fiscal year 2016-2017, compared to EGP 30.9 billion in the year before. The latest price increase is according to the current sales tax law, and not the new value added tax, Haroun revealed to Mubasher. Eastern Company produced 81.7 billion cigarettes in FY 2014-2015, and it is planning to increase production levels to 84 billion cigarettes in FY 2016-2017.

Source : Mubasher