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A consortium of international financing institutions is arranging a USD 662 mn short-term credit facility for the Egyptian General Petroleum Company (EGPC), unnamed sources tell Al Mal. The EGPC will use the facility to cover the costs of supplying Egypt’s petroleum consumption. The consortium is led by the International Islamic Trade Finance Corporation and includes […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Finance Ministry to keep customs rate at EGP 16
The Finance Ministry will keep the exchange rate for customs stable at EGP 16 per USD 1 for January 2018, the ministry announced in a statement on Sunday. The rate has remained unchanged since September, reflecting a stability in the FX rate, Reuters notes.
Posted inOther Business News of Note
ACA signs cooperation MoU with FBI
The Administrative Control Authority signed an MoU to facilitate cooperation with the US FBI. “The MOU between the two agencies, both responsible for investigating government corruption, was signed during a visit to Cairo by a delegation of senior agents from the FBI,” the US Embassy said in a statement. “Over the last three years, the […]
Posted inEgypt Politics + Economics
El Sisi signs ratifies Youth Institution Act
President Abdel Fattah El Sisi signed off on the Youth Institution Act yesterday, after the House of Representatives voted to pass it, the state-run MENA reports. The law, which has been published in the Official Gazette, bans political activity at public youth clubs.
Posted inEgypt Politics + Economics
Morsi sentenced to three years in jail
Former President Mohamed Morsi was sentenced to three years in jail over insulting judiciary, Xinhua reports. “The defendants were accused of insulting the judiciary system, offending some judges and inciting hatred against them, the judge read. Morsi is currently serving a 20-year prison sentence.”
Posted inEgypt Politics + Economics
Mahienour El Massry receives two year prison sentence
An Alexandria court sentenced activist Mahienour El Massry to two years in prison for illegally protesting the government’s decision to transfer sovereignty of Tiran and Sanafir to Saudi Arabia, judicial sources told Reuters. Four others were tried in absentia and given four-year prison terms on the same charges. El Massry was arrested in November and […]
Posted inSports
Salah wins ESPN poll for player of the year
Mohamed Salah picked up yet another accolade on Monday after garnering the most votes in ESPN’s poll for 2017 Player of the Year, according to the ESPN website. Salah’s tally for the poll came in at 70% and adds to his recent awards as English Premier League player of the Month and BBC Footballer of […]
Posted inON YOUR WAY OUT
Former Al Ahram CEO passes away
Former Ahram CEO and veteran journalist Ibrahim Nafea passed away yesterday. Nafea, 84 at the time of his death, had been battling cancer, Ahram Online reports. “Nafea started his career as a reporter at Reuters news agency. He then worked as an editor at Egyptian Radio and an economy editor at the state-owned Al-Gomhoreya daily […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.68 | Sell 17.78EGP / USD at CIB: Buy 17.66 | Sell 17.76EGP / USD at NBE: Buy 17.67 | Sell 17.77 EGX30 (Sunday): 15,019 (+0.01%) Turnover: EGP 486 mn EGX 30 year-to-date: +21.7% THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session up 0.01%. CIB, the index […]
Posted inCALENDAR
29-30 January (Monday-Tuesday): Seamless North Africa, The Nile Ritz-Carlton, Cairo 12-14 February 2018 (Monday-Wednesday): Egypt Petroleum Show 2018 (EGYPS), New Cairo Exhibition Center. 19-20 February 2018 (Monday-Tuesday): The Banking Tech North Africa, The Nile Ritz-Carlton, Cairo 17-21 February 2018 (Saturday-Wednesday): Women For Success - Women SME's "World of Possibilities" Conference, Cairo/Luxor. 05-07 March (Monday-Wednesday): EFG […]