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The Finance Ministry has cut the value-added tax on imports of machinery, equipment, and capital goods to 5%, effective immediately, according to a statement from the ministry. The tax cut also applies to production lines that are imported either in parts or already assembled. Finance Minister Amr El Garhy says the exceptional rate reduction decision […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Nahar and CBC merger falls through
M&A WATCH- The merger between satellite channels CBC and Al-Nahar has fallen through, sources close to the matter tell Al Borsa. The transaction, announced last May, reportedly faced “many procedural and technical difficulties.”
Posted inSpeed Round
MM Group shares start trading
Shares of MM Group (MTIE.CA) rose 8.2% in their EGX debut yesterday, closing at EGP 6.45, Al Borsa reports. The stock hit an intraday high of EGP 6.70. Investment Minister Sahar Nasr was on hand for the ringing of the bell to start trading. Beltone Investment Banking was the sole global coordinator and bookrunner, while […]
Posted inSpeed Round
Higher exports and lower imports drive Egypt’s trade deficit for January down 37.1% y-o-y
Exports up, imports down in January. Egypt’s trade deficit dropped 37.1% year-on-year in January to USD 2.34 bn compared to USD 3.72 bn in the same month last year, according to the latest statistics from CAPMAS. Exports rose 27.1% y-o-y to USD 1.82 bn, led by rising crude oil and fertilizers sales. Imports fell 19.3% […]
Posted inSpeed Round
Earnings watch: Orascom, Elsewedy Electric
EARNINGS WATCH- Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016, according to its earnings filing. Revenues rose 30% y-o-y to EGP 24.6 bn during the year, the company said in its earnings release, which quotes CEO Ahmed El Sewedy as saying, “Our […]
Posted inSpeed Round
Reported terrorist attacks in Egypt were down in 4Q2016 -TIMEP
The number of reported terror attacks across Egypt dropped considerably in 4Q2016, according to a think-tank report. On the whole, Egypt saw an average of 68 reported attacks per month in 2016. The majority of reported attacks targeted security forces and 92% of all attacks were in North Sinai. Read the full report from the […]
Posted inUncategorized
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Posted inEGYPT HOLIDAY PHOTO OF THE DAY
Cairo’s Moez Street
Today’s Egypt Holiday Photo of the Day is of Cairo’s Moez Street. A UN study found Moez Street in old Cairo to have the largest concentration of medieval architectural treasures in the Islamic world. The image was shot for CIB’s 2016 Annual Report (microsite and print edition) by Zeina Abaza at Inktank Communications, which has […]
Posted inTHE MACRO PICTURE
Favorable demographics driving EM economic advancement -GSAM 207 symposium
Favorable demographics are driving rapid economic advancement for emerging markets (EMs) and creating a broader set of opportunities for investors. That was the takeaway from the 2017 Goldman Sachs Asset Management symposium, where panelists were concerned about how rising US interest rates and a stronger USD will impact EM flows, but noted that EM equities […]
Posted inEGYPT IN THE NEWS
Emergency law is topping headlines in international media
The leading headline on Egypt in the foreign press this morning is the House ofRepresentatives’ adoption of the three-month state of emergency. Most media outlets focus on how the move could erode freedoms. Reuters quotes the Arab Network for Human Rights Information, which said the law would not achieve security and was intended to “further […]