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Posted inWhat We’re Tracking This Week
What we’re tracking this week
Both the FABEX Middle East 2017 and the second Egypt Projects Summit will take place on Thursday at Cairo International Convention & Exhibition Center and run through to the weekend.
Posted inON THE HORIZON
On the horizon
The House of Representatives will be voting on the State Contractors Act in a plenary session next Monday. The legislation will compensate suppliers and contractors for FX losses incurred after the EGP float and has been in the works since December. On the legislative agenda as well: The Natural Gas Act, which will be voted […]
Posted inEnterprise+: Last Night’s Talk Shows
Bread protests dominate the airwaves
Supply Minister Ali El Moselhy’s recent changes to the bread subsidy system and subsequent protests were the talk of the town last night (more in the Speed Round), receiving sharp criticism from Kol Youm’s Amr Adib, who said that the decision did not take people’s needs into account or factor in the harshness of current […]
Posted inSpeed Round
Finance Minister signs off on VAT executive regulations
VAT executive regulations are at hand: Finance Minister Amr El Garhy signed off on the executive regulations for the value-added tax (VAT) last night, top government officials tell Al Borsa. El Garhy had told President Abdel Fattah El Sisi in a Tuesday meeting that the regulations would be official “in a few days’ time” and […]
Posted inSpeed Round
Drop in EGP accelerating, interbank market stagnant
The drop in the FX rate is accelerating, Ihab Farouk writes for Reuters’ Arabic service. Demand for USD has been increasing given the anticipated Fed rate hike as well as seasonal demand in preparation for Ramadan. Beltone Financial’s Hany Genena says all currencies are losing ground to the USD in anticipation of the rate increase […]
Posted inSpeed Round
Protests break out across Egypt following El Moselhy’s cuts to bread point system
A wave of protests broke out in Alexandria, Kafr El Sheikh, Minya, Assiut, Giza, and Fayoum yesterday in opposition to Supply Minister Ali El Moselhy’s decision last week to cut down on the number of subsidized loaves of bread bakeries can sell per day through the golden card system to 500 from 3,000, Al Mal […]
Posted inSpeed Round
Saudi-Egypt interconnection project tenders postponed to mid-April
“No political reasons for postponement”: The Egyptian Electricity Holding Company said it is postponing ruling on bids to the financial and technical tender for the Egypt-Saudi Arabia electricity interconnection project to mid-April, according to Daily News Egypt. Sources said “the delay is not due to strained political relations between Egypt and Saudi Arabia, but the […]
Posted inSpeed Round
Government freezes negotiations with Singapore’s PSA International over contract term disagreements
Meanwhile, negotiations with Singapore’s PSA International over platform management at the East Port Said port ended after the latter insisted on being given rights to manage all platforms for 10 years, Youm7 reports. Suez Canal Authority chief Mohab Mamish said his team is currently studying seven other management offers, including one from China’s COSCO Shipping […]
Posted inSpeed Round
EFG Hermes top February brokerage league tables
EFG Hermes topped February 2017 brokerage league table for main market transactions, with a 19.56% market share, followed by Pharos Securities (11.69%), CI Capital (8.65%), Beltone Securities Brokerage (4.87%), and Pioneers Securities (3.78%).