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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Tuk tuks, online shopping and oracle business from your favorite explorer keep talking heads busy
Tuktuks are under assault once more as Egypt looks to seven-seater microvans as replacements, Local Development Ministry Spokesman Khaled Kassem told Hona Al Asema (watch, runtime: 02:42). We have more in this morning’s Speed Round, below. E-commerce and how to regulate it earned some airtime on Hona Al Asema (watch, runtime: 11:37). E-commerce supports SMEs […]
Posted inSpeed Round
Enterprise poll: CBE could cut rates by up to 100 bps this Thursday
SURVEY- CBE could cut key interest rates this Thursday: The Central Bank of Egypt (CBE) could cut its key interest rates by 50-100 bps when its Monetary Policy Committee meets this Thursday, six out of 10 economists surveyed by Enterprise said. Respondents cited the EGP’s recent appreciation as well as steady inflows in portfolio investment. […]
Posted inSpeed Round
Fitch upgrades Egypt’s long-term credit rating to ‘B+’ with a stable outlook
Fitch Ratings has upgraded Egypt’s long-term foreign-currency issuer default rating to ‘B+’ with a ‘stable’ outlook. The agency said that Egypt’s rating upgrade is supported by “further progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.” These reforms, the ratings agency said, are expected to […]
Posted inSpeed Round
CBE gives Banque du Caire nod to buy out Cairo International Bank
M&A WATCH- CBE gives Banque du Caire the nod to buy out Cairo International Bank: The Central Bank of Egypt has given Banque du Caire the greenlight to buy out Cairo International Bank in Kampala, Uganda, to expand its reach in Africa, Chairman Tarek Fayed told Al Masry Al Youm. BdC currently owns 60% of […]
Posted inSpeed Round
SODIC signs purchase agreement for 500-acre plot in Egypt’s Sheikh Zayed
SODIC lands 500-acre plot in Egypt’s Sheikh Zayed: SODIC signed on Thursday a EGP 15.3 bn purchase agreement with the New Urban Communities Authority (NUCA) for a 500-acre plot in Sheikh Zayed, the real estate developer said in a statement (pdf). SODIC is paying NUCA EGP 2,470 per sqm in installments over 11 years. Some […]
Posted inSpeed Round
AfDB bans two GE units from bidding on power contracts following misconduct
GE subsidiary in Egypt is banned from bidding on AfDB power contracts: The African Development Bank (AfDB) has banned a GE subsidiary in Egypt and another in Germany from bidding on power contracts for up to 76 months as part of a settlement of earlier cases of misconduct, Reuters reported. The two units, which were […]
Posted inSpeed Round
Did the government have (another) change of heart on Egypt’s tuk-tuks?
Did the government have (another) change of heart on tuk-tuks? Egypt’s governors are looking into issuing public transport licenses for seven-seater minivans as a replacement for three-wheeled tuk-tuks and plan to push the minivans as alternatives for tuk-tuk drivers, according to a Cabinet statement. The Local Development Ministry will look into providing jobs as minivan […]
Posted inSpeed Round
FEI pushing for taxation on profit instead of revenue in Universal Healthcare Act
Business lobby proposes 1% surtax on net profit to fund healthcare system: The Federation of Egyptian Industries Tax and Customs Committee has proposed to the Finance Ministry an amendment to the Universal Healthcare Act that would see companies taxed 1% of profit rather than revenue, Youm7 reported. A government official told Enterprise last week that […]
Posted inSpeed Round
El Sisi orders gov’t to drop appeal against court ruling allowing annual pension increases
El Sisi orders gov’t to drop appeal against mandatory annual pension increases: President Abdel Fattah El Sisi issued an order on Thursday for the Madbouly government to drop its appeal against a Supreme Administrative Court ruling enshrining pensioners’ right to an annual increase in their pensions, according to an Ittihadiya statement. The matter will now […]