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The central bank’s moves to raise interest rates put Etisalat Misr under financial pressure and drove it to reduce expenditure, CFO Ehab Roshdy told Al Mal. Roshdy says Etisalat considers itself a long-term investor in Egypt and so it understood the government’s drive for economic reform. He added that the company, since the beginning of […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
SCZone board meets to decide on allocating land to Mercedes-Benz
The Suez Canal Economic Zone’s (SCZone) board reportedly met yesterday to discuss allocating land to Mercedes-Benz, said sources who reiterated that the company is indeed planning a regional logistics and distribution hub in the SCZone, Al Borsa reports. SCZone Chairman Mohab Mamish had announced last month that Mercedes-Benz will be reopening shop in Egypt and […]
Posted inBanking + Finance
Banque Misr reverses decision to cut rates on deposits -source
Banque Misr has cancelled its decision to cut interest rates on EGP-denominated savings accounts by up to 75 bps after the CBE’s move to raise the required reserves ratio, a source told Al Mal. Reversing the decision came after the bank saw increased demand on one of its funds that pays interest daily and generated […]
Posted inBanking + Finance
Banque Misr to start negotiations with the CBD for CNY 3 bn loan
Banque Misr will begin negotiations soon with the China Development Bank (CBD) to establish a CNY 3 bn credit line,Vice Chairman Akef El Maghraby tells Al Mal. Negotiations will start once a specific set of needs for the loan are established, Maghraby adds. The bank had signed an MoU for the facility last month, most […]
Posted inBanking + Finance
President confirms Omran as head of EFSA
President Abdel Fattah El Sisi confirmed Mohamed Omran’s appointment as Egyptian Financial Supervisory Authority Chairman in a decree yesterday,according to AMAY.
Posted inOther Business News of Note
EK Holding sells 15% stake in I Squared for USD 60 mn
Egypt Kuwait Holding announced it completed the sale of the company’s 15% stake in I Squared Capital Investments for USD 60 mn, according to a bourse disclosure. The transaction was completed on Monday.
Posted inON YOUR WAY OUT
On this day: 11 October
ON THIS DAY- On this day in 1987, a major sonar exploration of Loch Ness in Scotland was called off after failing to find Nessie. In China, in 1976, Communist Party, Hua Guofeng ordered the arrest of four leading radicals in Peking a month after Chairman Mao Zedong’s death. “The so-called Gang of Four is […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.59 | Sell 17.69 EGP / USD at CIB: Buy 17.58 | Sell 17.68 EGP / USD at NBE: Buy 17.6 | Sell 17.7 EGX30 (Tuesday): 13,824 (-1.0%) Turnover: EGP 1.4 bn (52% above the 90-day average) EGX 30 year-to-date: +12.0% THE MARKET ON TUESDAY: The […]
Posted inCALENDAR
11-12 October (Wednesday-Thursday): 2030 Mega Projects Conference, Nefertiti Hall, Cairo International Convention Center, Cairo. 11-13 October (Wednesday-Friday): Middle East and Africa Rail Show, Cairo International Convention Center, Cairo. 15-16 October (Sunday-Monday): The Marketing Kingdom Cairo 3 conference, Dusit Thani Lakeview Hotel, Cairo. 17 October (Tuesday): The Narrative PR Summit, Four Seasons Nile Plaza, Cairo. 18-19 […]
Posted inWhat We're Tracking Today
What we’re tracking on 10 October 2017
Expect the rest of this football-centric news week to be focused squarely on the global macro outlook: The IMF and World Bank annual fall meetings kicked off yesterday and will run until 15 October. Among those attending are Investment Minister Sahar Nasr, Finance Minister Amr El Garhy, EGX chief Mohamed Farid and Egyptian Financial Supervisory […]