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GASC launched a wheat tender on Tuesday for 60K tonnes of wheat for delivery on 1-10 April, Reuters reports.
Author Archives: enterpriseam admin
Posted inManufacturing
Paperwork forming new company for SME factory bailout fund finalized
State-owned Ayady, the Tahya Misr Fund, and the National Investment Bank and BPE Partners have finalized paperwork for establishing the EGP 150 mn Union Capital, which will manage a bailout fund for distressed SME factories, Al Shorouk says.
Posted inHealth + Education
Two cases of bird flu infections reported in Egypt
Two cases of H5N1 avian influenza (that’s bird flu to you and me) in Egypt were reported by the UN’s Food and Agriculture Organization (FAO) on Monday, Outbreak News Today reports. The first case was in Minya, while the second and fatal case was in Fayum.
Posted inTourism
TDA forces companies to make overdue payments at post-float exchange rates
The Tourism Development Authority (TDA) will not be setting a fixed exchange rate for tourism industry companies with overdue mortgage payments, bills and fees, saying they must pay the piper and use the post-float USD exchange rates to calculate their dues in EGP terms, TDA boss Serag El Din Saad tells Al Borsa.
Posted inBanking + Finance
Banks allowed to recognize profit in capital after audit, without need for other approvals
The central bank has issued a directive allowing banks to factor interim profits as part of their capital base for capital adequacy purposes, according to Al Borsa. The laws previously allowed banks to include final profits recognized after annual general meetings.
Posted inBanking + Finance
NBE board approves EGP 30 bn capital increase
The National Bank of Egypt’s board of directors approved a EGP 30 bn capital increase to EGP 50 bn, funded through the bank’s reserves and retained earnings, AMAY reports.
Posted inEgypt Politics + Economics
M2 money supply up 41.51% y-o-y
M2 money supply increased by 41.51% y-o-y by the end of January, according to CBE data, as per Reuters. M2 money supply stood at EGP 2.7 tn at July’s end.
Posted inEgypt Politics + Economics
Sawiris sues Free Egyptians Party for expelling him
The Sawiris-Free Egyptians Party beef took another turn this week, with Naguib Sawiris filing a lawsuit against the party’s head on Monday for expelling him, Ahram Online reports.
Posted inON YOUR WAY OUT
Egypt receives praise from 3RP for handling of Syrian refugees
Egypt’s policies towards Syrian refugees within its borders has been hailed as a model of social inclusiveness in a report (pdf) by the Regional Refugee and Resilience Plan (3RP) — a global organization which attempts to coordinate responses to the Syrian refugee crisis. The report notes the absence of the refugee camps and describes the […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 15.7679 | Sell 15.8706 EGP / USD at CIB: Buy 15.7 | Sell 15.8 EGP / USD at NBE: Buy 15.7 | Sell 15.75 EGX30 (Tuesday): 11,938 (-0.7%) Turnover: EGP 1.2 bn (177% above the 90-day average) EGX 30 year-to-date: -3.3% THE MARKET ON TUESDAY: The EGX30 ended […]