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It’s a pleasantly quiet news morning today with no single story dominating the headlines. The only lunar eclipse this year is this morning and the so-called “super blood wolf moon” will not be as spectacular in Egypt as in some other countries this time around. A partial eclipse began at 5:33am CLT and the total […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Auto boycott, Macron and chocolate are on the minds of Egypt’s talking heads
“Let it Rust,” a social media campaign to boycott the purchase of new cars in protest against high prices, dominated the airwaves last night, albeit with variance in opinion. Car prices declined earlier this month after the country lifted customs on European cars, but activists calling for the boycott say prices are still too high. […]
Posted inSpeed Round
Egypt’s budget deficit shrinks to 3.6% from 4.2% in 1H2018-19
Egypt’s budget deficit shrank to 3.6% of GDP in 1H2018-19, down from 4.2% the previous year. The state treasury recorded a primary budget surplus of 0.4% of GDP, up from a deficit of 0.3% during the same period last year, Finance Minister Mohamed Maait said during a meeting yesterday with President Abdel Fattah El Sisi […]
Posted inSpeed Round
Tax Authority to mark “cost of investment” as deductible in new banking tax treatment
EXCLUSIVE- Tax Authority to mark “cost of investment” in treasuries as deductible in new tax treatment: The Tax Authority could allow banks to count the “cost of investment” in state treasuries as an expense that would lower their pre-tax income, authority head Abdel Azim Hussein told Enterprise. Why does this matter? A new tax treatment […]
Posted inSpeed Round
Government shows big appetite for Egypt’s T-bills as yields fall
Government T-bill yields go the way of bonds: Meanwhile, it appears that yields on government bills are following bonds downwards. Yields on 6-month and 1-year notes fell to 18.829% and 18.904%, respectively, marking their lowest since June and August, CBE data showed. The government sold about EGP 27 bn of 6-month and 1-year T-bills during […]
Posted inSpeed Round
MP working on draft law to raise wages
The House is looking to force the private sector to raise wages: MP Sahar Etman is working on a draft law that would raise wages for employees in both the public and private sector, Al Mal reports. In a statement picked up by the newspaper, Etman says that there is no current legislation that could […]
Posted inSpeed Round
House committee to approve draft law to regulate real estate development
LEGISLATION WATCH- Housing Committee planning sweeping regulatory changes for real estate industry: The House of Representatives’ Housing Committeewill approve in one month’s time a law to establish a federation for real estate developers and set up a fund to hedge against sector-related risks, committee Secretary Mohamed Ismail told Al Shorouk. The committee is now reviewing […]
Posted inSpeed Round
Mercedes-Benz says new policies, clarity were behind its return to Egypt
Mercedes-Benz says new policies, clarity were behind its return to Egypt: New policies adopted by the Madbouly government provided clarity for car makers and encouraged Mercedes-Benz to return to the market with an assembly plant, Mercedes-Benz Egypt CEO Thomas Zorn said, according to a Trade and Industry Ministry statement. The statement said Zorn agreed with […]
Posted inSpeed Round
Egyptian court delays case to extend presidential terms
Court delays hearing on lawsuit designed to scrap term limits for the presidency: The Cairo Court of Urgent Matters has postponed until 24 February a hearing into a third-party lawsuit that aims to extend presidential term limits, according to a MENA news agency report picked up by Xinhua. The constitution only allows presidents to be […]