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2018 is the year that refused to go quietly into that goodnight. We have a packed issue this morning after what had been, until yesterday, one of the quietest news days of any given year. The question of the day: How much worse can it get on Wall Street, where shares tanked on Christmas Eve […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Santa brought us no noteworthy business news
It was another humdrum evening on the airwaves, which had no noteworthy business news or discussions to offer us on Christmas. Al Hayah Al Youm (watch, runtime: 05:50), Hona Al Asema (watch, runtime: 32:07), and Masaa DMC (watch, runtime: 08:39) spent the better part of the evening focusing on what would have been late president […]
Posted inSpeed Round
Release of IMF funding held up over oil pricing mechanism; cost of insuring Egyptian debt inches up
Release of IMF funding held up over fuel pricing mechanism? The delay in the IMF’s approval on the release of the next USD 2 bn tranche of its extended fund facility to Egypt appears to be a result of a disagreement over when the Madbouly government will announce plans to peg fuel prices to the […]
Posted inSpeed Round
FinMin looking to replace Real Estate Tax Act with new legislation streamlining appraisal process
EXCLUSIVE- Proposed amendments to real estate tax could be a ‘temporary measure’ ahead of full re-write of bill: A bill now before the House of Representatives packed with piecemeal amendments to the nation’s real estate tax could ultimately be just a stop-gap measure as the Finance Ministry mulls drafting a new real estate tax act […]
Posted inSpeed Round
Eastern Co. to proceed with 4.5% stake sale when share price is at EGP 18.70
IPO WATCH- Eastern Company won’t go ahead with its planned 4.5% stake sale until its share price reaches EGP 18.70, Public Enterprise Minister Hisham Tawfik told the local press in an interview. “There needs to be some kind of stability,” Tawfik said. Eastern Co’s shares stood at EGP 15.61 per share on Tuesday. Given heavy […]
Posted inSpeed Round
FinMin rejects Egypt’s exporters’ remuneration proposal
FinMin rejects exporters’ request for tax waivers: Finance Minister Mohamed Maait has turned down a proposal from exporters for tax and customs waivers as a way to compensate for the government’s failure to deliver on its export subsidy commitments, sources said on Monday. “The issue will be resolved at the nearest chance, just pay what […]
Posted inSpeed Round
Egypt’s poverty rate set to rise in as-yet-unreleased CAPMAS report?
Take this with a grain of salt, but: Will the official poverty rate rise in soon-to-be-released gov’t report? The poverty rate in Egypt could be as high as 30.2%, compared to the 27.8% last recorded, according to sources speaking to the domestic press who claim to have seen a still-unreleased CAPMAS income and expenditure survey. […]
Posted inSpeed Round
FRA gives Raya founder until 28 December to submit MTO
M&A WATCH- Raya Holding founder Medhat Khalil has until 28 December to submit bid for 100% of the company he founded or sell down shares to get below the threshold that makes the offer mandatory, the Financial Regulatory Authority (FRA) said in an EGX statement (pdf). Last week, Khalil withdrew an appeal against the conditions […]
Posted inSpeed Round
Central Bank of Egypt could still be looking into extending debt relief program
CBE still considering extending the debt relief program? The CBE is reportedly still considering extending its EGP 16.8 bn debt relief program, sources told Al Mal. In a conflicting report earlier this week, banking sources had claimed the CBE was not considering the extension. The central bank launched an initiative last June to offer interest […]