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FX reserves inched up slightly to USD 44.35 bn at the end of June, up from USD 44.27 bn the previous month, the Central Bank of Egypt said in a statement.
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s FinMin studies increased tax rates for cigarettes
EXCLUSIVE- Cigarette prices may rise soon thanks to a potential tax increase: The Finance Ministry is studying a proposal to increase the fixed tax on cigarette packs, two government sources told Enterprise over the weekend. The increase could range between EGP 1.5 to 2, the sources estimate. As the law stands, the rates are EGP […]
Posted inSpeed Round
Egypt’s exchange to establish new derivatives clearing company ahead of market launch later this year
Egypt exchange to establish new derivatives clearing company ahead of market launch later this year: The EGX will set up a new derivatives clearing company with Misr for Central Clearing, Depository and Registry (MCDR) in time to launch the new derivatives market by the end of the year, EGX Chairman Mohamed Farid said, according to […]
Posted inSpeed Round
Acumen files EGP 20 mn lawsuit against FRA boss for reputational damage
DISPUTE WATCH- Acumen files EGP 20 mn lawsuit against FRA boss for “reputational damage”: A Giza court is expected to rule on 30 July on a EGP 20 mn lawsuit filed by Acumen Holding against Financial Regulatory Authority (FRA) boss Mohamed Omran for reputational damage, the local press reported. The company is demanding EGP 20 […]
Posted inSpeed Round
Finance Ministry completes executive regs for Public Contracts Act
LEGISLATION WATCH- The Finance Ministry has completed the executive regulations of the Public Contracts Act and will send them to Cabinet for review, Youm7 reports. The new regulations aim to promote fair competition for government tenders, increase interest, and improve the transparency of the bidding process. The regulations lengthen the payment period for tender participants, […]
Posted inSpeed Round
Cabinet agrees to draft decree on civil servants’ minimum wage
CABINET WATCH- Cabinet agrees to draft decree on civil servants’ minimum wage: The Madbouly Cabinet has agreed to draft a decree setting civil servants’ minimum wage at EGP 2k for the lowest rank and EGP 7k for the highest rank starting FY2019-2020, according to a statement. Ministers also agreed to issue the executive regulations for […]
Posted inSpeed Round
El Sisi swears in new heads of Court of Cassation, Administrative Prosecution Authority
El Sisi swears in new Court of Cassation, Administrative Prosecution Authority heads: Judge Abdallah Assr was sworn in before President Abdel Fattah El Sisi yesterday as the head of the Court of Cassation, the nation’s highest appeals court, according to an Ittihadiya statement. The president also swore in Essam El Din El Menshawy as the […]
Posted inSpeed Round
Global Telecom appoints Gerbrand Nijman as company CEO
MOVES- Nijman appointed GTH CEO: Gerbrand Nijman (LinkedIn) was appointed Global Telecom’s chief executive on 1 July, replacing Vincenzo Nesci who is now a non-executive director, the company said in a statement to the EGX (pdf) on Thursday. Nijman had been the company’s chief financial officer for four years prior to his promotion.
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt in the news on 07 July 2019
The sale of a 3000-year-old bust of King Tutankhamun at auction for GBP 4.7 mn (USD 6 mn) tops coverage of Egypt in the foreign press today (BBC | New York Times | Washington Post | Financial Times). Despite repeated calls from Egypt to return the bust, auction house Christie’s went ahead with the sale, […]