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Egyptian representatives of foreign charter airlines filed complaints to the Prime Minister over delayed payments from the government under the 2015 charter flights incentives program, Al Shorouk reports. Thomas Cook has not been paid its incentives for two years, according to Egyptian Travel Agencies Association VP Moudy Al Shaer. German tour operator FTI’s Meeting Point […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
NBE considering funding used cars purchasing
The National Bank of Egypt may create a product to finance the purchase of second-hand vehicles, head of the bank’s Retail Credit Risk department Karim Sous says, according to Al Mal. NBE isn’t the only bank getting in on the used car action as the sector as a whole is apparently expanding in this line […]
Posted inBanking + Finance
Egyptian startup wants to be the country’s first bitcoin exchange
BitCoin Egypt is planning to launch Egypt’s first registered bitcoin exchange by the end of August, according to Startup MGZN. The exchange will reportedly start trading between local currency and bitcoin. One of the founders says he believes bitcoin “was still a commodity in the country and technically it was not a subject of any […]
Posted inEgypt Politics + Economics
Is the Investment Minister’s visit to North Sinai a sign of a new calm there?
Investment Minister Sahar Nasr visited North Sinai governorate in a rare appearance there by a senior government official. Nasr inspected work on development zones funded through USD 340 mn in financing from the Saudi Fund for Development (SFD), according to a ministry statement. The Sinai Development Program includes 12 financing agreements with the SFD and […]
Posted inEgypt Politics + Economics
10,000 more workers join ongoing Mahalla strike
Another 10,000 workers from Mahalla’s Misr Spinning and Weaving Company joined the ongoing strike over delays in the disbursement of a hardship raise for state workers, Al Masry Al Youm reports. The workers are threatening to take their sit-in into the factory and bring family members to join until the government responds to their demands.
Posted inSports
Egypt International Amr Warda accused of harassment
Recently signed Amr Warda might be in danger of losing his contract with his new Portuguese club Feirnese after accusations of [redacted] harassment popped up, according to Al Bawaba. The club is considering cutting his loan contract just three days into it.
Posted inON YOUR WAY OUT
Alwanat cultural center ballet show to be performed Thursday
The first ballet performance to be put on in Minya will be held on Thursday, the Alwanat cultural center announced, according to Egypt Independent. 50 male and female dancers from the first ballet school in Upper Egypt will be performing under the direction of Cairo Opera House soloist and Higher Institute of Ballet professor Mamdouh […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.73 | Sell 17.83 EGP / USD at CIB: Buy 17.72 | Sell 17.82 EGP / USD at NBE: Buy 17.74 | Sell 17.84 EGX30 (SUNDAY): 13,280 (-1.4%) Turnover: EGP 551 mn (40% below the 90-day average) EGX 30 year-to-date: +7.6% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
17 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates. 31 August-04 September (Thursday-Monday): Eid Al-Adha, national holiday (TBC) as specified by the Astronomical and Geophysics Institute. The Thursday is the waqfat Arafat, with the first day of the Eid on Friday, 1 September. September — The House of Representatives is […]
Posted inWhat We're Tracking Today
What we’re tracking on 13 August 2018
Please, God, let them lower interest rates. The central bank promised us that the 200 bps rate hike earlier this summer would be ‘temporary.’ Their first opportunity to prove this with a rate cut comes this Thursday, when its monetary policy committee is next scheduled to meet. Where’s the market to short humankind? “It’s hard […]