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Banque Misr agreed to extend a EGP 1.2 bn facility to Damietta furniture city at an exceptional 7% interest rate, bank Chairman Mohamed El Etreby said on Monday, Al Borsa reports. Direct project financing will carry a 5% interest, El Etreby adds. The first phase of the furniture city project in Damietta, which is being […]
Author Archives: enterpriseam admin
Posted inLegislation + Policy
House speaker refers social media monitoring bill to joint committee for review
House of Representatives Speaker Ali Abdel Aal referred a draft law on monitoring social media platforms to a joint taskforce of the House committees on CIT and legislation for review, Al Masry Al Youm reports. If passed, the bill would require social media users to register their national IDs and personal information with state-owned Telecom […]
Posted inNational Security
Badie sentenced to life in prison
Former Ikhwan supreme guide Mohamed Badie was sentenced to life in prison yesterday in a retrial for "planning violent attacks", according to AFP. “Badie is being prosecuted in more than 35 trials, according to his lawyers. He received three death sentences in other cases but those rulings have also been scrapped.”
Posted inSports
Abo Rida elected to Fifa Council
Egyptian Football Association president Hani Abo Rida has been elected to the Fifa Council, according to BBC. Abo Rida got 50 votes with four going to his Cameroonian challenger Zelkifli Ngoufonja. “It takes to seven the number of Africans on the Fifa Council,” BBC says.
Posted inON YOUR WAY OUT
House seeks stricter punishments against insulting state figures and institutions
Cracking down on “insulting state figures and institutions”: The House of Representatives is looking to amend the country’s Penal Code to enforce stricter punishments for anyone convicted of insulting the president and other “state symbols,” according to Al Shorouk. House Defense Committee chair Kamal Amer reportedly submitted a draft proposal to House Speaker Ali Abdelaal […]
Posted inON YOUR WAY OUT
Ikhwan members killed in shootout with Interior Ministry, Air Force destroys weapons convoy from Libya
In the latest from the war on terror, the Interior Ministry reports having killed in a shootout what the AP refers to as eight members of the Ikhwan before they could carry out terror attacks, while the Egyptian Air Force is said to have destroyed a 15-vehicle convoy laden with weapons as it crossed illegally […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0303 | Sell 18.1324 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Monday): 12,828 (+1.1%) Turnover: EGP 839 mn (40% below the 90-day average) EGX 30 year-to-date: +3.9% THE MARKET ON MONDAY: The EGX30 index […]
Posted inCALENDAR
08-09 May (Monday-Tuesday): Third Egypt CSR Forum, Intercontinental Citystars Hotel, Cairo. 9-11 May (Tuesday-Thursday): 2nd Egypt Oil & Gas Summit, Cairo. 10-12 May (Wednesday-Friday) The 15th Middle East & North Africa International Franchise Exhibition, AUC Downtown Greek Campus, Cairo. 10-12 May (Wednesday-Friday): RenCap's 8th Annual Pan-Africa 1:1 Investor Conference, Lagos. 11-14 May (Thursday-Sunday): Le Marché […]
Posted inWhat We're Tracking Today
What we’re tracking on 08 May 2017
The central bank is selling USD 1 bn worth of one-year, USD-denominated treasury bills today. The bills’ settlement date is 9 May and they mature on 8 May, 2018. The House Budget Committee is due to start discussing today the state’s 2017-18 budget. Separately, Al Borsa reports that Finance Minister Amr El Garhy and Planning […]