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Auto sales fell 45.6% year-on-year during the first five months of 2017 to 46.3k vehicles, down from 85.3k during the same period in 2016, according to the latest report from the Automotive Information Council (AMIC) picked up by El Watan. Passenger car sales dropped 43% y-o-y to 33k units from 58.5k last year, while bus […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Fawry planning EGP 400 mn expansion in coming 18 months
E-payments platform Fawry is planning a EGP 400 mn expansion over the next 18 months of its online payment network and upgrade its infrastructure, CEO Ashraf Sabry said, according to Al Borsa. Fawry is also partnering with seven new banks to offer mobile wallet services in the near future, he added.
Posted inOther Business News of Note
Government, private sector partnering to support entrepreneurship
The government is increasing partnerships with the private sector to support startups, especially in IT, Priya Vithani writes for Wamda. One example is Paymob, a project in partnership with Mastercard and the Egyptian Banks Company, whose online wallet has 3.5 mn users now, she says. “In the past year, the Central Bank has relaxed limitations […]
Posted inLegislation + Policy
Legislation governing trade union organizations will be issued before the end of 2017
Legislation to govern trade union organizations will be issued before the end of 2017, according to Labor Minister Mohamed Saafan, Al Shorouk reports. The draft legislation — which will complement the upcoming Labor Act by enshrining international labor union regulations and standards such as transparency and autonomy — will be put up for national dialogue […]
Posted inEgypt Politics + Economics
Tax dispute settlements worth EGP 2 bn resolved since September
The Tax Authority settled disputes worth EGP 2 bn since the Tax Dispute Resolution Act passed last September, authority chief Emad Samy said on Sunday, according to Al Mal. The Tax Authority’s dispute resolution committees — which had resolved some 450 cases worth EGP 1.5 bn since last March — are expected to finalize their […]
Posted inON YOUR WAY OUT
Colin Kaepernick, Marquise Goodwin pay a visit to Egypt
US NFL superstars Colin Kaepernick, Marquise Goodwin pay a visit to Egypt: National Football League (NFL) stars, the former San Francisco 49ers quarterback Colin Kaepernick and the team’s wide receiver Marquise Goodwin were apparently in Edfu and Aswan in Upper Egypt, Goodwin’s Instagram pictures reveal. The image above was taken at the Temple of Philae. […]
Posted inON YOUR WAY OUT
HITS Solutions uses cloud computing for HR management
Egyptian software startup HITS Solutions allows companies to use cloud computing for HR management, Abdulghani Kataya says in a review for Wamda. “The system creates a folder for each employee where vacation days, bonuses, KPIs, compensations, and claims are logged daily up to retirement,” writes Kataya.
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0385 | Sell 18.1382 EGP / USD at CIB: Buy 17.95 | Sell 18.05 EGP / USD at NBE: Buy 17.89 | Sell 17.99 EGX30 (Sunday): 13,487 (+0.7%) Turnover: EGP 489 mn (36% below the 90-day average) EGX 30 year-to-date: +9.3% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
06 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates. 13-15 July (Thursday-Saturday): AGRENA’s 19th Annual Poultry, Livestock, and Fish show, Cairo International Convention Center, Cairo. 15-19 July (Saturday-Wednesday): SSIGE’s GeoMEast 2017 International Congress and Exhibition, Sharm El Sheikh. 23 July (Sunday): Revolution Day, national holiday. 03-05 August (Thursday-Saturday): Watrex Expo […]
Posted inWhat We're Tracking Today
What we’re tracking on 02 July 2017
** We apologize for being a few minutes late this morning, but there was rather a lot of news in the past week or so. Welcome back, everybody, and welcome to the new fiscal year. We hope you enjoyed a relaxing Eid break, because the government certainly didn’t, having enacted a flurry of key and […]