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Author Archives: enterpriseam admin
Ministers approve decision to “rationalize spending” in FY 2022-2023
Budget cutbacks in the works? Ministers approved a decision by Prime Minister Moustafa Madbouly to rationalize spending for the remainder of the current fiscal year, cabinet said in a statement Thursday following its weekly meeting. The statement didn’t include any additional information as to how the state may cut down on its spending. The government […]
New real estate registry, competition law, and tax amendments are now in effect
El Sisi signs into law real estate registry, competition, and tax law amendments: President Abdel Fattah El Sisi has ratified a number of legislative amendments recently passed by the House of Representatives, according to a decree published in the Official Gazette. #1- Amendments to the Real Estate Registry Act that streamline the real estate registration […]
Last Night’s Talk Shows: Getting imports flowing again
Imports led the inaugural talk shows of 2023, after Prime Minister Moustafa Madbouly held a presser at the weekend (watch, runtime: 16:48) on government efforts to clear the backlog of goods at ports. The central bank on Thursday lifted the requirement to use letters of credit to finance imports and rather go back to using […]
Three policemen reported dead in Ismailia terror attack
A rare terrorist attack in mainland Egypt is dominating coverage in the foreign press this morning: The attack on a security checkpoint in Ismailia on Friday is believed to have left four people dead, including three policemen, according to local press reports. Authorities have not yet provided an official statement on the attack or its […]
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FRA tightens controls on follow-on lending to SMEs
DEBT- State-owned Assiut National Oil Processing Company (ANOPC) secured a USD 2.9 bn loan to finance its new hydrocracking complex, according to a statement by the National Bank of Egypt, which acted as financial advisor and agent for the transaction. The 12-year loan is being extended by a consortium of international lenders including Credit Agricole, […]
2022 was the worst year for stocks and bonds since the financial crash
2022 wiped more than USD 30 tn in value from global stocks and bonds as soaring inflation, rising borrowing costs, and global outflows thanks to the ongoing war on Ukraine handed markets their heaviest annual loss since the global financial crisis, according to the Financial Times. Global equities lost a combined USD 25 tn last […]