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How many times have we heard this? Flights between Russia and Egypt will be resumed “soon,” Russia’s president Vladimir Putin reportedly told President Abdel Fattah El Sisi, according to Reuters. “Putin affirmed Russia's intention to resume regular flights between Moscow and Cairo in the very near future," the Egyptian presidency said in a statement, but […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Was the EGX the best- or the worst-performing bourse in 2016?
Was the EGX the best- or the worst-performing bourse in 2016? In absolute terms, the EGX was up 74.1% (see graph, above, or download our XLSX and check for yourself). But in USD terms, we’re the second-worst globally — behind Nigeria and just ahead of Ghana, Bloomberg reports.Keep things in local currency and we’re still […]
Posted inSpeed Round
EFG Hermes tops Egyptian Exchange’s December, FY2016 league tables
Speaking of the EGX: EFG Hermes topped the bourse’s December 2016 league table with an 18.9% market share, followed by CI Capital (8.0%). A close-fought campaign saw Pharos close the month with 6.0%, followed by Pioneers (5.9%). Beltone closed out the top five with a 3.7% share. On a full-year basis, EFG Hermes was ranked […]
Posted inSpeed Round
Companies hike product prices by 10-40% at the start of the new year
New year, new pricing: A number of high-profile food and FMCG companies have raised prices by 10-40% for the new year, Al Borsa reports, pointing to dairy and dairy product producers Al Marai, Greenland, and President, as well as snack makers Edita and Chipsy. Pepsi Co., Danone, Cadbury, Solo, and household product makers Procter & […]
Posted inSpeed Round
State to continue subsidizing bread, Supply Minister says prices to remain fixed
The state will continue to subsidize bread in 2017, the price of which will remain unchanged at EGP 0.05 a loaf despite the additional costs of production (currently at EGP 0.5 per loaf), Supply Minister Ali El Sheikh confirmed. According to Al Borsa, El Sheikh also said that Egypt’s wheat reserves are enough to cover […]
Posted inSpeed Round
Kreuger resigns as Allianz Egypt head, Issa becomes new Chairman
MOVES- Antoine Issa, MENA CEO of Allianz, has been appointed chairman of the board of Allianz Egypt. He succeeds Udo Krueger, who retired as CEO and Chairman of Allianz Egypt effective 21 December 2016. Issa joins Ayman Hegazy, managing director of Allianz Egypt Life, and Mohamed Mahran, managing director of Allianz Egypt P&C.
Posted inSpeed Round
Mamish reappointed as Suez Canal head
MOVES- Admiral Mohab Mamish was reappointed as chairman of the Suez Canal Authority for a one-year term, Al Masry Al Youm reported. Mamish has been at the Authority’s helm since August 2012.
Posted inSpeed Round
New Armed Forces spokesman
MOVES- The Egyptian Army has a new spokesman as Col. Tamer Mahmoud El-Refai replaces Brig. Gen. Mohamed Samir. El-Refai is 1994 graduate of the Military College and has served as an information analyst in military intelligence. The announcement was made on the official Egyptian Army Spokesperson Facebook page, with more on the official Twitter feed […]
Posted inSpeed Round
A 2017 wish list for the Egyptian economy
Haven’t made your 2017 wish list yet? Go steal veteran finance writer Patrick Werr’s. At the top of his list: For the state to get out of the price-fixing business, to turn Egypt into a giant free-trade zone, and for the state to get out of the real estate business. We’d rank the free-trade-zone idea […]
Posted inTHE MACRO PICTURE
Top emerging EMEA picks for 2017 focus on Russia, Egyptian bonds, avoid Turkey
The top 2017 emerging EMEA picks are focused on Russia, as investors “seek bargains in politically stable countries.” Bloomberg’s Ahmed Namatalla and Selcuk Gokoluk say “almost everybody loves Russia and wants to get as far away as possible from Turkey.” 2017’s top calls are “centered on markets where the political climate is improving and assets […]