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Dominating the airwaves was the new fuel pricing mechanism that the government will impose on 95 octane gasoline come April (scroll down for the full story in this morning’s Speed Round). There was not much else from the airwaves last night. Masaa DMC also hosted the family of Mohamed Abeed, the officer who was killed […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Income Tax Act amendments to equalize capital gains tax imposed on corporates
LEGISLATION WATCH- Income Tax Act amendments to impose 10% capital gains tax on all corporates: Proposed amendments to the Income Tax Act would impose an across-the-board 10% capital gains tax on listed and privately held companies alike, House Planning and Budgeting Committee Chair Yasser Omar said. As it currently stands, the law imposes a 22.5% […]
Posted inSpeed Round
Egypt’s FX reserves fall for first time after EGP float
Foreign reserves have fallen for the first time in two years: Egypt’s net foreign reserves fell in December for the first time since the currency float, coming at USD 42.551 bn fromUSD 44.513 bn at the end of November, the CBE said yesterday. The fall is attributed to year-end interest payments made to foreign treasury […]
Posted inSpeed Round
Gov’t to implement fuel pricing mechanism on 95 octane gasoline in 2Q2019
95 octane fuel could move up or down 10% thanks to new price mechanism: The price of 95 octane gas may fluctuate up or down by 10% when the a new pricing mechanism that pegs it to the global market comes into effect in April, according to a government decree establishing the committee that will […]
Posted inSpeed Round
FRA looking to file criminal case against Beltone officials over Sarwa IPO
FRA looking to file criminal case against Beltone officials over Sarwa IPO: The Financial Regulatory Authority (FRA) is looking to file a criminal case against officials at Beltone Financial’s brokerage and investment banking arms over alleged irregularities in the IPO of Sarwa Capital, according to statements from the FRA presented to the Administrative Court last […]
Posted inSpeed Round
AMOC shareholders decide to postpone stake sale until profitability rebounds
AMOC shareholders decide to postpone stake sale until profitability restored: Shareholders in the Alexandria Mineral Oils Company (AMOC) have decided to hold off on the sale of a 20% stake on the EGX as part of the state privatization program until the company’s profitability rebounds, an unnamed government source tells Al Shorouk. According to the […]
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Draft Insurance Act details leaked
LEGISLATION WATCH- Insurance Act to substantially increase minimum capital requirement for insurance companies: The new Insurance Act would raise the minimum requirement for the issued and paid-in capital of life and property insurance companies by 150% to EGP 150 mn, according to details of the law that leaked on Sunday, courtesy of Al Mal. Property […]
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Regs for IDA autonomy ready by month-end
LEGISLATION WATCH- Regs for granting IDA independence from Trade Ministry ready by month-end: The Industrial Development Authority is planning to finalize by the end of this month the draft executive regulations for recently passed legislation granting the authority operational autonomy, a source from the IDA told Amwal Al Ghad. The legislation will make the IDA […]
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Emaar Misr appoints Moustafa El Kadi as new CEO
MOVES- Emaar Misr has tapped Moustafa Mounir Moustafa El Kadi (LinkedIn) as the company’s new CEO, according to a company disclosure (pdf). Former CEO Mohamed El Dahan’s resignation, which he had submitted over the weekend, was approved by the company’s board of directors.
Posted inSpeed Round
El Sisi talks terrorism, Ikhwan, political prisoners in CBS 60 Minutes interview
El Sisi talks terrorism, Ikhwan, political prisoners in CBS 60 Minutes interview: Egypt has been cooperating with Israel in the sweeping anti-terrorism campaign in Sinai, which is necessary to allow Egypt’s Air Force to cross into Israeli airspace, President Abdel Fattah El Sisi said in an interview on CBS’ 60 Minutes. El Sisi defended Egypt’s […]