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EGP / USD CBE market average: Buy 18.0450 | Sell 18.1444 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Tuesday): 13,415 (-0.7%) Turnover: EGP 521 mn EGX 30 year-to-date: +8.6% THE MARKET ON TUESDAY: The EGX30 ended Tuesday’s session down 0.7%. CIB, […]
Author Archives: enterpriseam admin
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. […]
Posted inWhat We're Tracking Today
What we’re tracking on 20 June 2017
IT’S OFFICIAL: Eid Al-Fitr in Egypt will be a three-day break from Sunday, 25 June until Tuesday, 27 June, Prime Minister Sherif Ismail announced yesterday, according to AMAY. All public institutions will be closed on those days. The Central Bank of Egypt subsequently announced (pdf) banks will also be closed Sunday-Tuesday. The Electricity Ministry will […]
Posted inWhat We’re Tracking This Week
What we’re tracking this week
President Abdel Fattah El Sisi will attend the Nile Basin Initiative’s presidential summit in Uganda on Thursday, 22 June, where discussions on Egypt rejoining can be expected. Foreign Minister Sameh Shoukry is there ahead of the ministerial preparatory meeting on Wednesday.
Posted inEnterprise+: Last Night’s Talk Shows
Pension increases and electricity price hikes in the airwaves’ limelight last night
Rising electricity prices and bumps in pension payouts were in the limelight on CBC Extra with Lamees Al Hadidi last night. Lamees first spoke to Social Solidarity Minister Ghada Wali, who explained that the increase in the minimum monthly pension payment to EGP 150 from EGP 130 came at the request of the House majority […]
Posted inSpeed Round
Controlling inflation is gov’t top priority, rates increase temporary -El Garhy
Controlling inflation is now Egypt’s top priority, Finance Minister Amr El Garhy told Bloomberg TV (runtime 03:25). The priority is to bring inflation down into the ‘teens, El Garhy said. Concerns about “reform fatigue” will have no impact on the government’s economic growth target, he says, explaining that “next year’s 4.6% [GDP growth target] is […]
Posted inSpeed Round
Agriculture companies holding back on capex amid high interest rates
Until rates do come down, some business owners are feeling the pinch and are thinking twice about new investment, say players in the agriculture sector speaking with Al Bora. They say the most recent rate hike (which sent rates up 200 bps) drove up their production costs by as much as 4%. Hesham El Naggar, […]
Posted inSpeed Round
House votes on income tax amendments, hardship raises, and pension increases
Parliament approves income tax cuts: Manufacturers and others with lower cost labor can take heart, though: Interest rates may speak against CAPEX right now, but the cost of running their businesses just got a bit lighter with income tax cuts passed by the House of Representatives yesterday. MPs voted on Monday to increase the minimum […]
Posted inSpeed Round
ENR to get EUR 290 mn facility from EBRD to finance fleet upgrade
It’s a good week for the Egyptian National Railway, which is getting EUR 290 mn from the EBRD to finance its fleet upgrade. In the latest sign the Ismail government is taking rail transport seriously, ENR is getting EUR 290 mn in financing from the European Bank for Reconstruction and Development to help finance the […]