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The House of Representatives is looking to introduce new legislation to govern government cooperatives, according to Rep. Abdel Hady Kassabi, Al Mal reports. A House committee met last week to begin reviewing the separate laws on state retail outlets, which they claim have not been updated in 28 years, with the aim of amending them […]
Author Archives: enterpriseam admin
Posted inEgypt Politics + Economics
Cairo Criminal Court sentences 14 to life in prison for Ikhwan membership
A Cairo Criminal Court sentenced 14 people to life in prison on Thursday on charges of belonging to the outlawed Ikhwan, “possessing firearms, violating citizens’ personal freedoms, and disrupting constitutional provisions,” the Associated Press reports. Six other defendants were handed down 15-year sentences and another defendant was given a 10-year prison sentence. The verdicts can […]
Posted inNational Security
Egypt to buy another 24 Rafale fighter jets from France this year?
Egypt could ink an agreement with France as early as this year to purchase another 24 Rafale fighter jets, French daily La Tribune reported last Wednesday, citing statements made by French Armed Force Minister Florence Parly in April. Egypt had quietly signed a communications agreement with the US back in January, removing an obstacle that […]
Posted inSports
Egyptian football players face fines, int’l bans for paid interviews at World Cup
Some players from Egypt’s national football team are facing fines and bans on playing internationally after reportedly accepting up to USD 5,000 for giving unauthorized interviews to a Saudi television channel at the World Cup, Egyptian Football Association (EFA) head Hany Abo Rida said, ESPN reports. According to Abo Rida, the interviews violate the EFA’s […]
Posted inON YOUR WAY OUT
Night/Ext selected as first Egyptian film to participate in 2018 Cairo International Film Festival
Night/Ext was selected as the first Egyptian film to participate in this year’s Cairo International Film Festival (CIFF), the festival’s president announced last week. The film follows the story of three individuals “breaking the social norm and flirting with its boundaries” after meeting one night. Last year’s edition of the festival did not feature any […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.83 | Sell 17.93 EGP / USD at CIB: Buy 17.84 | Sell 17.94 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Thursday): 16,125 (-1.1%) Turnover: EGP 829 mn (17% below the 90-day average) EGX 30 year-to-date: +7.4% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
16 July (Monday): Cairo Court of Appeals to issue ruling on EGP 5.6 bn antitrust case against pharma companies including Ibnsina. 23 July (Monday): Revolution Day, national holiday. 16 August (Thursday): CBE’s Monetary Policy Committee meeting. 21-25 August (Tuesday-Saturday): Eid Al Adha (TBC), national holiday. 28-29 August (Tuesday-Wednesday): CI Capital’s 5th Annual Egypt Equities Conference, […]
Posted inWhat We're Tracking Today
What we’re tracking on 5 July 2018
Egypt has received the fourth tranche of its USD 12 bn Extended Fund Facility from the IMF, Finance Minister Mohamed Maait confirmed in an interview with Youm7. Sources had said this week that Egypt received the USD 2 bn tranche last Friday, bringing the total amount received by Egypt up to USD 8 bn. We’re […]
Posted inWhat We're Tracking Today
Global PMI readings show signs of global slowdown
Global PMI readings show signs of global slowdown: Cutting through the optimism are reports that global trade is already in the midst of a slow down, undercutting the strong global export growth witnessed in 2017. Surveys of purchasing managers in manufacturing this week indicate dwindling international demand growth, as economic growth in major regions like […]