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An appellate court has overturned a 2016 ruling compelling Etisalat Misr to pay Orange Egypt EGP 500 mn in arbitration relating to a dispute over interconnection fees. The initial ruling, which had awarded Orange EGP 285.19 mn, in addition to fines and arbitration costs, did not take into consideration that the National Telecommunications Regulatory Authority […]
Author Archives: enterpriseam admin
Posted inOther Business News of Note
L’Oréal targets producing 80 mn packs of makeup in 2018
L’Oréal Egypt is targeting producing 80 mn packs of makeup and other cosmetics for local distribution and exports to North Africa and the Middle East this year, up from 75 mn last year, country managing director Benoit Julia said.
Posted inEgypt Politics + Economics
Court clears Ahmed Ezz of final corruption case following reconciliation
A Cairo Criminal Court has cleared steel tycoon Ahmed Ezz of the final corruption case — the alleged squandering public funds from the Dekheila Steel company case, which saw Ezz and three others reach a EGP 1.7 bn settlement agreement with the government, Egypt Independent reports.
Posted inNational Security
Cassation Court upholds death sentence against 4 Ikhwanis for planning attacks
The Court of Cassation, Egypt’s highest appeals court, upheld yesterday the death sentence against four Ikhwan members for plotting attacks against security forces, the Associated Press reports. The court upheld 15-year imprisonment sentences for 14 other defendants on the same charges. The verdict is final.
Posted inSports
Goalkeeper Ahmed El Shenawy bows out of World Cup due to ACL injury
Zamalek football club goalkeeper Ahmed El Shenawy has sustained an anterior cruciate ligament injury and will not be able to play in the World Cup this year, the national team’s doctor Mohamed Abu El Ela tells the BBC. “El Shenawy, 26, was a key part of Egypt head coach Hector Cuper’s World Cup plans, and […]
Posted inON YOUR WAY OUT
Sotheby’s to auction 200 pieces of Islamic empire artwork
More than 200 art pieces produced under multiple Islamic empires, including 14th-century Egypt, are being auctioned by New York firm Sotheby’s, according to Forbes Middle East. Among the pieces being sold is a Mamluk silver-inlaid cast brass bowl priced at USD 85,500-114,000. The exhibition kicks off on Friday as part of Orientalist and Middle Eastern […]
Posted inON YOUR WAY OUT
Egyptian indie ‘Yomeddine’ selected for Cannes official competition
Egyptian independent film “Yomeddine” has been selected to participate in the official competition of the 71st Cannes Film Festival, which runs from 8 to 19 May, Egypt Today reports. Directed by first-time Egyptian-Austrian filmmaker Abu Bakr Shawky, the film tells the story of a leper who escaped from a leper colony with a friend to […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.63 | Sell 17.73 EGP / USD at CIB: Buy 17.63 | Sell 17.73 EGP / USD at NBE: Buy 17.57 | Sell 17.67 EGX30 (Sunday): 17,589 (-0.2%) Turnover: EGP 991 mn (13% BELOW the 90-day average) EGX 30 year-to-date: +17.1% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
17-18 April (Tuesday-Wednesday): Creative Industry Summit, Four Seasons Nile Plaza Hotel, Cairo. 21 April (Saturday): The Egyptian-Sudanese Business Council will hold its first meeting here in Egypt. 24-25 April (Tuesday-Wednesday): Renaissance Capital’s 3rd Annual Egypt Investor Conference, Cape Town, South Africa. 25 April (Wednesday): Sinai Liberation Day, national holiday. 01 May (Tuesday): Labor Day, national […]
Posted inWhat We're Tracking Today
What we’re tracking on 15 April 2018
The House of Representatives will formally kick off its budget debate today,with Finance Minister Amr El Garhy and Planning Minister Hala El Said set to brief MPs on the state budget FY2018-19, according to Ahram Online. The House Budget Committee began deliberating on the budget a week ahead of schedule last Sunday, and initial reactions […]