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The Central Bank of Egypt has issued guidelines for a previously announced directive requiring banks to begin presenting their financial statements in accordance with the IFRS 9 accounting standards, according to Amwal Al Ghad. According to the guidelines, banks following fiscal year (as opposed to calendar) reporting will be required to comply with the standards […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Flat6Labs to triple investment fund capital by 2Q2019
Cairo-based incubator Flat6Labs plans to triple the capitalization of its investment fund to EGP 150 mn during 2Q2019, according to statements from Chief Investment Officer Dina El-Shenoufy reported by the local press. This will involve increasing its capital by a further EGP 100 mn. The startup accelerator is also aiming to graduate eight startups from […]
Posted inOther Business News of Note
Investment minister explores investment opportunities with LG
Investment Minister Sahar Nasr and Finance Minister Mohamed Maait met with vice president of LG Hong Bom-Shak to discuss increasing the company’s investments in Egypt during their business trip in South Korea, according to an official statement.
Posted inMORNING ROUTINE
Tarek Abdel Rahman, Managing Partner, Compass Capital
Tarek Abdel Rahman, Managing Partner at Compass Capital: My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Tarek Abdel Rahman, managing partner at private equity firm Compass […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.48 | Sell 17.58 EGP / USD at CIB: Buy 17.47 | Sell 17.57 EGP / USD at NBE: Buy 17.46 | Sell 17.56 EGX30 (Wednesday): 14,772 (-0.8%) Turnover: EGP 661 mn (27% below the 90-day average) EGX 30 year-to-date: +13.3% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
26-28 February (Tuesday-Thursday): International Conference on Petroleum Mineral Resources and Development, Egyptian Petroleum Research Institute, Nasr City, Cairo, Egypt. 28 February (Thursday): Scaling-up MENA SME's Report Launch by Endeavor Egypt, AUC Tahrir, Cairo. 03-06 March (Sunday-Wednesday): EFG Hermes One-on-One Conference, Dubai. 05 March (Tuesday): The EBRD will release its Transition Report 2018-19, “Work in Transition,” […]
Posted inWhat We're Tracking Today
What we’re tracking on 27 February 2019
The slow news week continues, at home and abroad. It’s not a seasonal thing, just a quirk of the news cycle: A year ago, we were busily discussing a USD 15 bn agreement to import gas from Israel and a veritable ton of M&A and investment news here at home, while internationally the news was […]
Posted inEnterprise+: Last Night’s Talk Shows
Last Night’s Talk Shows on 27 February 2019
Due to technical difficulties resulting from Doc Brown’s manipulation of the space-time continuum, our talk shows roundup is on hiatus today. We will resume tomorrow with our regular coverage of the lowlights on the nation’s airwaves.
Posted inSpeed Round
FinMin, FEB reach agreement on new tax treatment deductibles
EXCLUSIVE- FinMin, FEB reportedly reach agreement on cost-to-income ratio in new tax treatment: The Finance Ministry and the Federation of Egyptian Banks (FEB) have reached an agreement on a key aspect of newly ratified amendments to the Income Tax Act that change how banks and corporations account for income from investments in government debt. The […]