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Fuel subsidies in the FY2017-18 budget have not changed: The amounts earmarked for energy subsidies in the FY2017-18 budget have not changed since the original announcement last month, Vice Minister of Finance Mohamed Maait said on Wednesday, according to Al Mal. The budget allocates EGP 140 bn to energy subsidies, with EGP 110 bn of […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Looks like the House will be postponing recess
It looks like the House will postpone its summer recess: The House of Representatives’ majority bloc, the Support Egypt Coalition, decided on Wednesday to postpone MPs’ summer recess to mid-July from its original 30 June date, coalition spokesperson MP Ahmed Zeidan tells Al Borsa. The House will still have to vote to postpone their summer […]
Posted inSpeed Round
Turkey fast-tracks bill to deploy troops in Qatar
Qatar smackdown day 3. (Or: The best Ramadan soap opera we’ve ever watched.) Turkey’s parliament approved a bill allowing its troops to be deployed to a Turkish military base in Qatar, largely supported by MPs from the ruling AK Party (AKP) and the nationalist opposition group MHP, according to Reuters. AKP lawmakers had proposed “debating […]
Posted inSpeed Round
Sawiris loses four-year old legal battle over Djezzy against Algerian government
Naguib loses four-year old legal battle against Algerian government: An international court on Wednesday rejected OTMT Chairman Naguib Sawiris’ c. USD 4 bn claim against the Algerian government over the ownership of national Algerian mobile operator Djezzy, CNBC Arabia says. Sawiris’ Orascom Telecom will also be footing 50% of the Algerian government’s legal bills for […]
Posted inSpeed Round
MAF could be acquiring French hypermarket chain Geant
Majid Al-Futtaim (MAF) is the frontrunner in the bid for a controlling stake in French hypermarket chain Geant, with the transaction value likely to reach USD 500 mn, Bloomberg reports. MAF, which operates Carrefour stores in the Middle East, is competing with Saudi Arabian retailer Bindawood Holding. Geant had hired BNP Paribas SA to advise […]
Posted inSpeed Round
International news on 8 June 2017
If you’re feeling as worn-down as we are this morning at the near-midpoint of Ramadan, take heart that there are only four stories the outside world is talking about this morning, and they’re all big: 1- All things Qatar, from the news that Egypt, Saudi and the UAE are now making clear (behind the scenes) […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Reactions of the Qatar blockade is still topping coverage of Egypt
Reactions to the blockade of Qatar are still topping coverage of Egypt in the foreign press this morning, with Bloomberg shifting the discussion to Russia’s alleged role. A piece by Leonid Bershidsky dismisses the notion that Russia had anything to do with hacking Qatar News Agency. The move would be antithetical to Russian interests, which […]
Posted inEGYPT IN THE NEWS
EGP is still overvalued, no longer in free float -Werr
The EGP is “overvalued” and “no longer floats freely,” Patrick Werr claims in The National. He says a “new currency crunch may be inevitable in the coming few weeks when the central bank eases restrictions on transferring money out of the country.” Werr says the EGP is getting “less and less convertible” and cites the […]
Posted inEGYPT IN THE NEWS
KGB helped start the Six-Day War -Bergman
The KGB helped ignite the Six-Day War, Ronen Bergman writes in the New York Times. “The heads of the KGB were deeply anti-Semitic, and saw in Israel and world Jewry ‘a danger which is only second to the main enemy, the United States.’ The K.G.B. was intent on destabilizing Israel, totally disproportionate to the country’s […]