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EGP / USD CBE market average: Buy 17.86 | Sell 17.95 EGP / USD at CIB: Buy 17.86 | Sell 17.96 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Monday): 12,934 (-1.6%) Turnover: EGP 997 mn (25% above the 90-day average) EGX 30 year-to-date: -13.9% THE MARKET ON MONDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
03-05 December (Monday-Wednesday): First Egypt Defense Expo “EDEX 2018”, Egypt International Exhibition Center, Nasr City Cairo. 04 December (Tuesday): The Central Bank of Egypt will terminate the foreign exchange repatriation mechanism, according to a CBE statement (pdf). 04 December (Tuesday): Uber CEO Dara Khosrowshahi will be in Cairo for “an important announcement, according to an […]
Posted inWhat We're Tracking Today
What we’re tracking on 04 December 2018
The central bank’s parallel FX repatriation mechanism ends today for new portfolio investments. “The decision applies on any fresh foreign currency portfolio investments wishing to enter the local currency Egyptian T-Bills, T-Bonds market and the stocks listed on the Egyptian Stock Exchange,” the CBE said in a statement (pdf) last week. Anyone who came into […]
Posted inWhat We're Tracking Today
Qatar announces its departure from OPEC days before crucial oil cuts meeting
Qatar has pulled out of OPEC ahead of the cartel’s Thursday meeting to talk about production levels. The Gulf state will nevertheless attend this week’s meeting, Reuters reports. The impact of the pullout could be more political than anything else: Qatar, a top natural gas producer, accounted for only 2% of OPEC’s total oil output, […]
Posted inWhat We're Tracking Today
A worthy critique of how we broke capitalism
Must-read this morning: A worthy critique of how we broke capitalism. Many moons ago, we were heard remarking that the primary social duties of a company of any size were to (a) pay a livable wage and (b) pay their taxes — and that, by extension, all of the noise relating to ESG and CSR […]
Posted inWhat We're Tracking Today
What we’re tracking on 3 December 2018
Who do you have to know to get fast internet around these parts? Serious question. We went, with our checkbook wide open, to one of the three big mobile network operators — one that claims to be corporate friendly and that says it offers bundles including WiMax and microwave solutions. One with whom we have […]
Posted inEnterprise+: Last Night’s Talk Shows
It’s customs, customs, customs on last night’s talk shows
The new FX rate to calculate customs on non-essential finished imports dominated the conversation on last night’s talk shows, with Finance Minister Mohamed Maait blanketing the airwaves to discuss the issue with the talking heads. The minister had held a presser earlier in the day. We have the full story in Speed Round, below. Using […]
Posted inSpeed Round
Digesting the change in how customs are calculated on non-essential goods: Car prices are up, interest rate cuts could be postponed
Car prices are up and analysts suggest interest rate cuts could be postponed as nation digests the change in how customs on non-essential goods are calculated: The exchange rate used to calculate customs on non-essential imports has been currently set at EGP 17.90 to the greenback and will be reviewed monthly to gauge the impact […]
Posted inSpeed Round
Egypt’s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22
EXCLUSIVE- FinMin’s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22: The Finance Ministry’s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt’s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government official told Enterprise. State budget […]