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The Supply Ministry is allowing domestic pasta manufacturers to buy 350k tonnes of wheat from domestic growers, Ahram Gate reports. This would bring the total amount of purchased from domestic farmers to 3.75 mn tonnes during the current harvest season and comes a day after the Ministry concluded its purchase season, having bought 3.4 mn […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
GASC issues tender to purchase 30k tonnes of soybean oil
The General Authority for Supply Commodities (GASC) issued a tender to buy 30k tonnes of soybean oil, set for delivery 15-30 August, according to UkrAgroConsult. Deadline for bids is 29 June. The last soybean tender GASC held was also for 30k tonnes held on 4 May, according to the website.
Posted inManufacturing
LG incurred losses last year, still set to invest locally
LG Egypt incurred losses in 2016 because of the EGP float, Managing Director Don Kwak said, according to Al Mal. Kwak says LG was not “compensated” for the FX losses the company made during the year. He also noted that the company’s topline also dropped by 50% y-o-y last year. However, LG is set to […]
Posted inAutomotive + Transportation
Careem planning expansion in six new governorates, signs agreement with Orange
Ride-hailing app Careem is planning to expand in six new governorates by year-end, Chief Operating Officer Ramy Kato said, according to Al Borsa. New targets include Damietta, Port Said, Ismailia, Suez, Minya, and Asyut. Careem now offers its services in 10 governorates: Cairo, Alexandria, Mansoura, Damanhour, Hurghada, Zagazig, Banha, Mahalla, and Kafr El Dawar. The […]
Posted inBanking + Finance
Finance Ministry plans to issue EGP 371 bn in 1Q2017-18
The Finance Ministry will issue treasuries worth EGP 371 bn in 1Q2017-18, according to the Finance Ministry’s schedule for T-bill issuances for next quarter. This comes at a time of increased demand for Egypt’s bonds, as foreigners increased their holdings in Egyptian treasuries by 5.1% to EGP 164 bn (USD 9.3 bn) in just over […]
Posted inOther Business News of Note
Federal court fines Egyptian and Singaporean shipping lines for concealing pollution in Gulf of Mexico
The Federal Court in Texas has issued a USD 1.9 mn fine against two shipping companies, one of which is Egyptian, for concealing pollution in the Gulf of Mexico, American Shipper reports. The Tanker Company of Egypt and Singapore's Thome Ship Management “illegally dumped oil-contaminated bilge water and garbage off the coast of eastern Texas […]
Posted inON YOUR WAY OUT
The most-clicked stories in Enterprise since 15 June
The most-clicked stories in Enterprise in the past seven days include: The Central Bank of Egypt’s confirmation that this is a five-day weekend. (CBE statement, pdf) Western Union built its business on refugees and immigrants. (Bloomberg Businessweek) Testimony to Congress by EAEF Chairman Jim Harmon (EAEF, pdf) An Egyptian former CIA Operative Is Caught Up […]
Posted inON YOUR WAY OUT
There is more to Alexandria than just nostalgia
Alexandria might drown in the near future due to rising sea levels, but few people “give it a thought that the drowning might eventually be caused by those who speak and write about the city with a deep sense of nostalgia,” Berit Schuck writes in Cairobserver. Stories about the city’s past “overshadow every contemporary discourse. […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0400 | Sell 18.1397 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Wednesday): 13,376 (-0.3%) Turnover: EGP 682 mn (37% below the 90-day average) EGX 30 year-to-date: +8.4% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
26 May-23 June (Friday-Friday): Window for firms to submit expressions of interest to the European Bank for Reconstruction and Development for consulting on Egypt’s oil and gas sector reform, London, UK. 22 June (Thursday): Nile Summit scheduled to be held in Uganda. 26-28 June (Monday-Wednesday): Eid Al-Fitr (TBC). 30 June (Friday): 30 June, national holiday. […]