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The United Bank of Egypt is looking to settle EGP 500 mn in overdue debts with its clients in 4Q2017, Chairman Ashraf El Kady told Al Mal. The settlements would decrease the bank’s bad loan portfolio to EGP 1.5 bn from EGP 2 bn.
Author Archives: enterpriseam admin
Posted inOther Business News of Note
USTDA signs grant agreement with Elsewedy for waste lube oil re-refining
US Trade and Development Agency Thomas R. Hardy signed an agreement for a grant with Elsewedy Electric. The grant aims “to evaluate the technical, regulatory and financial viability of a waste lube oil collection and re-refining network in Egypt” during his two-day visit to Egypt. Hardy also met with leaders and members of AmCham, the […]
Posted inLegislation + Policy
After years of grandstanding socialism, Parliament plans to strike at labor union freedoms
It would appear that the House of Representatives may plan to torpedo the Manpower Ministry's Labor Unions Act (which regulates the formation and activities of workers unions). Their gripe? The act allows for greater freedom to form workers unions, said House Manpower Committee member Maysaa Atwa, Al Mal reports. Egypt’s institutions cannot afford more than […]
Posted inEgypt Politics + Economics
Egypt court hands down sentences in 2015 soccer riot
An Egyptian court handed down two life sentences yesterday to men involved in a deadly soccer riot in 2015 that left at least 20 dead, the Associated Press reports. Dozens others received sentences ranging from two to ten years, while two others were acquitted.
Posted inON YOUR WAY OUT
On this day: 25 September
ON THIS DAY- Three years ago today, we published the fist issue of Enterprise, sending it to about 50 friends and family members. This time last year Enterprise readers were reading about the three mobile network operators opting against bidding for 4G spectra. Internationally, the US Army’s 101st Airborne Division escorted nine black students into […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.62 | Sell 17.72 EGP / USD at CIB: Buy 17.61 | Sell 17.71 EGP / USD at NBE: Buy 17.63 | Sell 17.73 EGX30 (Sunday): 13,607 (-0.6%) Turnover: EGP 719 mn (17% below the 90-day average) EGX 30 year-to-date: +10.2% THE MARKET ON SUNDAY: The […]
Posted inCALENDAR
23-25 September (Saturday-Monday): Invest In Africa Conference and Exhibitors Summit, Gala Theater Complex, Cairo. 25-27 September (Monday-Wednesday): Egypt Downstream Summit and Exhibition, Kempinski Royal Maxim Palace, Cairo. 26 September (Tuesday): Egypt’s Internal Trade Reinvented event with Supply Minister Ali El Moselhy, AmCham, Cairo. 28 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review […]
Posted inWhat We're Tracking Today
What we’re tracking on 24 September 2017
A very happy autumn to all of you, folks. It’s the best time of year, so far as we’re concerned: cooler weather, shorter days and the promise of another chance to grow the business, do better as a person and have more fun in the new year. British trade envoy Sir Jeffrey Donaldson arrived in […]
Posted inWhat We're Tracking Today
Take our 3Q2017 reader survey
*** TAKE OUR READER SURVEY and tell us how you feel about business (and Egypt) this morning. It’s the largest quarterly survey of senior execs doing business here and of the folks who invest in them, and it won’t take more than a couple of minutes to complete unless you’d like to leave us a […]
Posted inWhat We're Tracking Today
Bloomberg’s tips on understanding emerging markets
Bloomberg’s tips for understanding emerging markets: We're at the beginning of a turning point in the cycle in which EM will outperform U.S. shares, writes Ben Carlson for Bloomberg View. But poring over data from the past decade finds that volatility in the asset class is a far cry from the steady returns this year […]