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The House’s Transportation Committee has revealed that the Transport Ministry incurred EGP 5.8 bn in losses last year, and has called on Transport Minister Galal Saeed to put in place a plan to reverse the ministry’s losses, Al Mal reports. An unnamed source told the newspaper that a hike in the prices of public transport […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Egyptian Automotive Manufacturing Association expects sales to drop by 50% in 1H2017
The Egyptian Automotive Manufacturing Association (EAMA) expects total car sales during 1H2017 to drop 50% year-on-year, due to the “unreasonable” rise in car prices following the EGP float that have led to a near-complete halt in car sales over the past few months, EAMA head Hassan Soliman said, Al Mal reports.
Posted inBanking + Finance
EGX issues new regs governing rights issues for OTC market companies
The EGX has issued new regulations governing the transfer of rights issues during the capital increase of non-listed companies whose securities trade on the over-the-counter (OTC) market. Under the regs, these companies must open the door for shareholders to transfer rights issues as soon as the company publicly announces a capital increase and at least […]
Posted inOther Business News of Note
Maersk Line to collect payment in EGP equivalent of USD in state-owned ports
Maersk Line has reportedly begun issuing invoices for loading and unloading in state-owned ports in USD that are to be collected in EGP equivalent according to the daily exchange rate, Al Borsa reported. In private ports domestically, Maersk Line, the world’s largest shipping company, accepts payments in USD, the company said, citing the exchange rate […]
Posted inOther Business News of Note
Tahya Misr is investing EGP 2.5 bn into health, education, real estate sectors in 2017
The Tahya Misr Fund has allocated EGP 2.5 bn in new investments towards projects in the health, education, and real estate sectors, fund director Mohamed Ashmawy told Al Borsa. The fund is looking to build seven pharma factories in partnership with companies including Vacsera and Pharco, he added.
Posted inNational Security
Violence intensifies in North Sinai
Eight people were killed on Saturday in southern Rafah when a shell landed on their house, eyewitnesses tell Reuters. No entity claimed responsibility for the attack yet and shell’s origin remains unknown. Two policemen were also wounded when fire was exchanged during a security raid on Saturday, according to Ahram Online.
Posted inON YOUR WAY OUT
Qatari authorities to deport Egyptian workers for possessing illegal meds
An unknown number of Egyptian workers were detained while entering Doha for possessing medications recently banned by the Qatari authorities, Ahram Online says. The workers reportedly failed to present their prescriptions to airport authorities and now face deportation
Posted inON YOUR WAY OUT
Egypt’s Big Macs are the world’s cheapest
Thank you, devaluation? Egypt has the world’s cheapest Big Mac, according to a survey by The Telegraph’s Oliver Smith. Don’t expect this to last for a long time: The Economist’s Big Mac Index suggests McDonald’s Big Macs should be a lot more expensive in Egypt. On the other end of the spectrum, Switzerland has the […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.7456 | Sell 18.9100 EGP / USD at CIB: Buy 18.651 | Sell 18.751 EGP / USD at NBE: Buy 18.6 | Sell 18.7 EGX30 (Thursday): 12,806.77 (-3.74%) Turnover: EGP 1.451 bn (233% above the 90-day average) EGX 30 year-to-date: +3.741% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
22 January (Sunday): Business in Africa: The Untapped Potential special luncheon at the American Chamber of Commerce. Register here. 22-31 January (Sunday-Tuesday): 28th African Union Summit, Addis Ababa, Ethiopia. 24 January - 26 January (Tuesday-Thursday): Global Oil & Gas Middle East and North Africa 2017, Cairo International Convention Center, Cairo. 25 January (Wednesday): Revolution (police) […]