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Beltone Financial’s board of directors has decided to cancel its Global Depositary Receipt (GDR) program, provided they receive approval from the company’s general assembly, Beltone said in a statement to the EGX (pdf). The company will continue procedures to raise its capital by about EGP 1 bn, according to the statement.
Author Archives: enterpriseam admin
Posted inEgypt Politics + Economics
FinMin agrees to exempt profits on fixed income investments from income tax
The Finance Ministry has agreed to exempt fixed income investors from paying a 2.5% income tax on the profits they make from their investments, member of the Financial Regulatory Authority’s (FRA) consultative committee, Essam Khalifa, tells Al Mal. According to Khalifa, the ministry’s decision grants the same exemption applied to profits from investment funds under […]
Posted inON YOUR WAY OUT
In pictures: The first Saudi royal visit to Egypt
The King Abdul Aziz Foundation for Research and Archives (Darah) published pictures of the first Saudi royal visit to Egypt back in 1946, according to Arab News. During King Abdul Aziz’s 13-day trip, he visited several cities and landmarks, including Al Azhar mosque, the Arab League and Alexandria.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.85 | Sell 17.95 EGP / USD at CIB: Buy 17.86 | Sell 17.96 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Wednesday): 13,621 (+0.2%) Turnover: EGP 702 mn (3% below the 90-day average) EGX 30 year-to-date: -9.3% THE MARKET ON WEDNESDAY: The EGX30 index […]
Posted inCALENDAR
07-11 October (Sunday-Thursday): Egypt-Romania Business Council to meet in Bucharest. 08-14 October (Monday-Sunday): The IMF and World Bank annual meetings in Bali, Indonesia. 09-11 October (Tuesday-Thursday) Egypt Renewable Energy Conference, Cairo, Egypt. Second week of October: NI Capital expected to select winning bid in its tender for the management of Alexandria Containers & Cargo Handling’s […]
Posted inWhat We're Tracking Today
What we’re tracking on 10 October 2018
The EGX30 was basically flat yesterday, closing down 0.1% after closing on Monday at as 12-month low under pressure from the emerging markets turbulence and margin calls for local investors. Global Telecom fell 4.7% and Edita 7.1% yesterday, according to Reuters. EFG Hermes, meanwhile, rose 1.7% after a senior company exec said it was closing […]
Posted inEnterprise+: Last Night’s Talk Shows
Shorter work week proposal scraped; law to regulate poultry industry, arrest of Egyptian militant still getting airtime
The airwaves offered up a mixed bag of nuts last night, with topics ranging from a rejected proposal for a shorter work week for state employees, a law regulating the poultry industry, and the arrest of an Egyptian militant in Libya. The Madbouly Cabinet has officially nixed a proposal to shorten state bureaucrats’ work week […]
Posted inSpeed Round
Egypt could issue up to USD 20 bn in FCY-denominated bonds over the next four years
** #1 EXCLUSIVE- Egypt could issue up to USD 20 bn in FCY-denominated bonds over the next four years: The government is working on a plan to issue as much as USD 20 bn in foreign-currency denominated bonds between now and 2022, a senior government official told Enterprise on Tuesday. The source declined to go […]
Posted inSpeed Round
FinMin releases final draft of the Customs Act
** #2 LEGISLATION WATCH- FinMin releases final draft of the Customs Act: The Finance Ministry has released the final draft of the amended Customs Act on Tuesday after consultations with business groups and global financial institutions, according to a ministry statement. The ministry plans to introduce the act to the House of Representatives during the […]