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Nine banks will need to make capital adjustments to comply with CBE, Banking laws: There are nine banks in Egypt which must make adjustments to meet the minimum cap requirement of EGP 1.5 bn laid out in leaked draft amendments to the Central Bank and Banking acts, by Al Mal’s count. The list includes the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Internet prices to rise after VAT implementation
You’re set to pay more for your ADSL package now that service providers will themselves be required to pay the 14% value-added tax, according to a report from the Cabinet Information and Decision Support Center picked up by AMAY. Data packages across the board will cost more for the ISPs to provide starting in September […]
Posted inSpeed Round
Supply Ministry denies lowering subsidized bread allocations
Supply Ministry denies lowering subsidized bread allocations: The Supply Ministry has denied it will lower daily subsidized bread allocations, stressing that it is still studying the issue, Ahram Gate reports. The ministry had issued a report indicating that smart card holders consume an average of 2.5-3.8 loaves of bread out of their daily ration of […]
Posted inSpeed Round
Egyptian Exchange board elections wrap up
MOVES- Hashem El Sayed and Khaled Abu Heif were elected yesterday to fill the two listed companies’ seats on the EGX’s board of directors, while Ahmed Bahaa was elected to fill the small and medium enterprises’ seat, Al Mal reports. El Sayed is the chairman and managing director of the Egyptians for Housing and Development […]
Posted inSpeed Round
Earnings watch: Orange Egypt’s losses grow, Vodafone Egypt revenue snapshot
EARNINGS WATCH- Orange Egypt reported an increase in net loss after tax to EGP 1.10 bn in 1H2017 from EGP 33.4 mn in the same period last year. Revenues rose 6.33% y-o-y to EGP 6.12 bn in 2Q2017. Orange Egypt blamed loss on the impact of the float on equipment imports, the CBE’s interest rate […]
Posted inSpeed Round
Cairo has the second largest number of HNWIs in Africa, Alexandria 13th
Cairo has the second largest number of HNWIs in Africa, Alexandria ranks 13th: Wondering where the rich live in Africa? Cairo comes in second place on the list of African cities with the largest number of high net worth individuals (HNWIs), according to AfrAsia Bank’s Africa Wealth Report 2017. The report suggests that the number […]
Posted inSpeed Round
Ryanair submits bid for Alitalia
Ryanair became the latest airline to bid for failing Alitalia on Monday, says a piece in the Financial Times. Ryanair’s CFO refused to give and details on the bid, but made clear how important the Italian market is to the airline. Other high profile contenders include Etihad, who already own a significant stake in Alitalia, […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
Investors wary of bubble-like effect in ETFs tracking emerging market debt
The rapid growth of a BlackRock exchange-traded fund that tracks emerging markets debt is causing fear of a bubble-like effect, Natasha Doff writes for Bloomberg Markets. The iShares JP Morgan EM Local Government Bond ETF doubled in size this year, with over USD 3 bn inflows. “The risk is that if the carry trade unwinds, […]
Posted inEGYPT IN THE NEWS
Egyptian squash “clean sweeps” Junior Squash Championships
Topping coverage of Egypt in the foreign press this morning is the “clean sweep” Egypt players achieved at the World Junior Squash Championships — winning both the individuals’ women’s and men’s finals for the first time since 2013, NZ Herald reports. The women’s final was an all Egyptian affair, with Rowan El Araby beating Hania […]