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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Consumer Protection Act dominates econ coverage in the airwaves
President Abdel Fattah El Sisi signing the Consumer Protection Act into law dominated the economic discussion on the airwaves last night. Also guiding the business conversation was the impact on yesterday’s trading of the arrest of Alaa and Gamal Mubarak, Hassan Heikal and Yasser El Mallawany. We have full coverage of both topics in today’s […]
Posted inSpeed Round
Arrests over alleged stock market manipulation trigger EGX sell-off
**#1 Arrests in Al-Watany Bank insider trading case trigger EGX selloff: The EGX30 dropped to its lowest level since January 2017 yesterday following the arrest of Gamal and Alaa Mubarak on charges of stock market manipulation, Filipe Pacheco and Tamim Elyan write for Bloomberg. The benchmark EGX30 was down 3.6% at yesterday’s closing bell as […]
Posted inSpeed Round
El Sisi signs amendments to Consumer Protection Act into law
**#2 LEGISLATION WATCH- New consumer protection act creates advertising watchdog, puts car, e-commerce and real estate sectors under spotlight: President Abdel Fattah El Sisi signed into law amendments to the Consumer Protection Act, the amended text of which was published on Sunday in the Official Gazette. The act, easily the least business-friendly of the Sisi […]
Posted inSpeed Round
FRA to complete Insurance Act draft this month, expects to send it to cabinet by December
**#3 LEGISLATION WATCH- Insurance will be mandatory for everything under the sun as part of draft Insurance Act now being finalized: The Financial Regulatory Authority is expected to complete a draft of the new Insurance Act and submit it to the board for approval before the end of this month, FRA deputy head Reda Abdel […]
Posted inSpeed Round
FinMin to launch new national system for e-payments
**#4 Is the Finance Ministry about to compete with the likes of Fawry? The Finance Ministry is planning to launch a new national electronic payments system that could see it roll out ATMs and point-of-sale (PoS) terminals at which people will be able to pay bills and fees for government services, sources close to the […]
Posted inSpeed Round
New EGX trading regs to come into effect on Thursday
REGULATION WATCH- New EGX trading regs to come into effect on Thursday: The Financial Regulatory Authority approved changes yesterday to trading regulations that will round securities trading under EGP 2 per share to the thousandth decimal point, according to a bourse statement (pdf). Under the new regulations, which come into effect on Thursday, these shares […]
Posted inSpeed Round
FinMin reaches agreement with Lawyers Syndicate on VAT
FinMin renews agreement with Lawyers Syndicate on VAT: The Finance Ministry renewed an agreement on Sunday with the Lawyers Syndicate that sets the value-added tax rates for their services. The agreement sets a flat VAT on each service or type of court proceeding undertaken by a firm. Representing clients or filing a motion in a […]
Posted inSpeed Round
Matouk Bassiouny chosen as legal counsel in Eastern sale
**#5 EXCLUSIVE- Matouk Bassiouny wins mandate on Eastern sale: Law firm Matouk Bassiouny has been chosen to act as legal counsel on the 4.5% stake sale of Eastern Company, a Finance Ministry source told Enterprise. The news has yet to be made official. EFG Hermes was tapped earlier this month as banker for the transaction, […]
Posted inSpeed Round
EFG eyes entry into new EM markets, growth in non-banking financial industry, and investment in education and energy
**#6 EFG eyes entry into new EM, sees growth in non-banking financial services: EFG Hermes is looking to enter one or two new emerging markets in the next two years as part of a plan to expand its footprint, Group CEO Karim Awad tells Al Mal in an interview. The firm is already active in […]