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Is Air France-KLM having a change of heart about Egypt? While he did not directly say it, that’s the impression we got from Executive Vice President of Air France-KLM Group Patrick Alexandre, who sat down for an interview with Ahram Online. KLM had announced last year that it would suspend flights to Cairo due to […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Israel warns of serious, current threat of terrorist attacks in Sinai
Israel urged its citizens yesterday to leave Sinai immediately, Reuters says. Tel Avivintensified its warning against citizens traveling to Sinai “for fear of an imminent terror attack” by Daesh, according to Times of Israel. Eitan Ben-David, the head of Israel’s Counter-Terrorism Bureau, said that in light of the threat in Sinai, Israel “has considered the […]
Posted inSpeed Round
Geldof invests in African fruit firm with eyes on fresh juice operations in Egypt
Irish rock star Bob Geldof's 8 Miles private equity fund announced it acquired a minority stake in UK-incorporated Blue Skies, a fresh-cut tropical fruit producer with operations in several African countries, according to Reuters. Blue Skies has “plans to expand its core fresh-cut fruit business, increase production capacity in South Africa, launch a fresh juice […]
Posted inSpeed Round
Earnings watch: GB Auto, EFG Hermes release 4Q/FY2016 results
EARNINGS WATCH - GB Auto reported a net loss of EGP 865.7 mn in 2016, compared with a netprofit of EGP 233.1 mn in 2015, the company said in its earnings filing. The primarily non-cash loss came despite 24.6% y-o-y growth in revenues to EGP 15.3 bn as the company booked FX charges of some […]
Posted inSpeed Round
Francesco Monaco replaces Don Smith as FCA’s CEO
MOVES- Francesco Monaco succeeded Don Smith as CEO of Fiat Chrysler Automobiles Egypt (FCA) on 1 March, according to a company statement picked up by Al Mal. FCA is looking to expand its investments in Egypt, the newspaper reports. Sources at Telecom Egypt (TE) denied that CEO Tamer Gadalla has resigned from his post, according […]
Posted inSpeed Round
Egyptians expected to spend 55% of their monthly budget on food during Ramadan -Ipsos
Survey on Ramadan spending habits: Food is expected to account for the lion’s share of Egyptians’ expenditures during the month of Ramadan at 55% of total spending for the month, followed by clothing at 15%, according to the results of an Ipsos poll announced at a press conference on Monday, Al Borsa reports. Spending on […]
Posted inSpeed Round
Saudi Arabia slashes tax rates on Aramco, sets income tax rates for other producers
Saudi Arabia issued a royal decree slashing taxes payable by Aramco to 50% from 85%, Bloomberg reports. Aramco currently pays a 20% royalty on its revenue and an 85% tax on income. “The royal decree falls in line with an earlier promise that Saudi Arabia will reduce the overall tax rate paid by its national […]
Posted inTHE MACRO PICTURE
Growth indicators flashing green, but achieving pre-crisis rates unlikely
“It is perhaps odd that despite gloomy news stories about the risks to growth the world economy is recovering,” Deloitte Chief Economist Ian Stewart wrote in his Monday Briefing. “This is a rare thing, a synchronised global recovery with activity strengthening in developed and emerging markets for the first time since 2010.” Stewart says leading […]
Posted inEGYPT IN THE NEWS
Egypt needs to support insolvent businesses, spend on infrastructure projects
On a pleasantly quiet news morning for Egypt in the international press, we note the following stories: Islamist former detainee Mohamed Soltan is protesting (in his own way) a decision by Washington’s Metro to reject his advertising campaign on human rights in Egypt, The Washington Post reports. Soltan hired a truck to park in front […]
Posted inOn Deadline
Is the Bahraini king’s visit to Egypt meant to pave the way for our rapprochement with Saudi?
Is the Bahraini king’s visit to Egypt meant to pave the way for our rapprochement with Saudi? Mohamed Amin seems to think so, taking to the pages of Al Masry Al Youm to say that the timing of the visit — one day before the Arab League Summit kicks off in Jordan — suggests it […]