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Posted inEnterprise+: Last Night’s Talk Shows
The EGP run, AFCON, Arab tourism occupy Egypt’s talking heads
The news that the EGP is currently the world’s second-best performing currency against the greenback this year got some airtime on Al Hayah Al Youm (watch, runtime: 1:21). The EGP has gained some 7% against the USD so far in 2019. We have a deeper look at the story in this morning’s Speed Round, below. […]
Posted inSpeed Round
Annual inflation increases to 14.1% in May
Inflation accelerates in May: Egypt’s annual headline inflation rose to 14.1% in May from 13% in April, the CBE said in a statement on Monday (pdf). A 15.1% increase in food and nonalcoholic beverages prices, up from a 13% increase the previous month, contributed to the jump, CAPMAS said. Month-on-month inflation was at 1.1% in […]
Posted inSpeed Round
Egypt’s non-oil business activity falls back into contraction territory in May
Non-oil business activity fell back into contraction territory in May: Non-oil business activity contracted in May after having expanded the previous month for the first time since August 2018. The latest purchasing managers’ index fell to 48.2, down from 50.8 in April, signalling "a moderate deterioration in the health of the sector after a slight […]
Posted inSpeed Round
The question on everyone’s lips: Where is the EGP heading?
ANALYSIS- The question on everyone’s lips as we ponder the kickoff of budget season at most companies after the summer break: Where is the EGP heading? The EGP has been on a good run this year, appreciating by about 7% YTD against the USD to 16.7917. But this isn’t set to last: analysts polled by […]
Posted inSpeed Round
Hassan Allam acquires controlling stake in German water treatment company
M&A WATCH- Hassan Allam buys majority stake in German water treatment company: Hassan Allam Holding B.V. has acquired a controlling stake in German water treatment firm Bioworks AG, the company announced in a statement (pdf). This is Hassan Allam’s first European acquisition as it pushes ahead with an expansion into the waste and water treatment […]
Posted inSpeed Round
Standard Chartered gives thumbs up to Egypt’s economic reform program
Standard Chartered gives thumbs up to Egypt’s economic reform program: Egypt will be the only oil-importing Middle East, North Africa, and Pakistan (MENAP) economy to see accelerating economic growth in the coming years, Standard Chartered has said in a report. The British bank predicts anaemic growth in other MENAP oil-importers, despite low crude prices. But […]
Posted inSpeed Round
Demand is high for further secondary offerings -Tawfik
Demand is high for further secondary offerings -Tawfik: There is high demand for the next two secondary offerings scheduled take place in the first wave of the state privatization program, Public Enterprise Minister Hisham Tawfik told Al Mal during a forum at the Egyptian Center For Economic Studies, without naming the companies. Low demand from […]
Posted inSpeed Round
House committee approves legislation allowing foreign asset holders to apply for Egyptian citizenship
LEGISLATION WATCH- Legislative amendments that would allow foreign asset holders to apply for Egyptian citizenship have received committee-level approval at the House of Representatives, according to Egypt Today. Prospective applicants would have to have bought a state-owned or private property, set up a project in accordance with the Investment Act, or deposited hard currency. Applications […]
Posted inSpeed Round
Mineral Resources Act amendments set for parliamentary approval before summer recess
LEGISLATION WATCH- Mineral Resources Act amendments expected to receive House sign-off before the summer recess: The House of Representatives is expected to give its final approval on the amendments to the Mineral Resources Act before it goes on recess in July, an Oil Ministry source told Al Shorouk on Monday. The amendments received committee-level approval […]