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Ibrahim Eissa’s show has been pulled off air at his request, broadcaster Al Kahera Wal Nas said in a statement yesterday. Eissa will take time off to focus more on his writing, according to a statement carried by Al Masry Al Youm. Eissa also issued a statement, thanking the channel, the staff, and his viewers, […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Gov’t approves investment law draft
Habemus investment act: The Ismail cabinet approved the final draft of the investment act at its meeting last Thursday and sent it to the State Council (Maglis Al Dowla) for final review prior. The Council will then forward the law to the House of Representatives for debate. Investment Minister Dalia Khorshid said her ministry has […]
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CBE keeps interest rates on hold, allows companies to repay foreign currency debt over as many as to three years
CBE leaves interest rates unchanged, says it already moved preemptively: The central bank’s Monetary Policy Committee (MPC) decided to keep interest rates unchanged during its last meeting of 2016, moving with market expectation. The overnight deposit rate remains at 14.75% and the overnight lending rate at 15.75%. The CBE had increased rates by a total […]
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CBE reports USD 1.9 bn BoP surplus in 1Q2016-17
Egypt’s balance of payments (BoP) recorded a surplus of USD 1.9 bn in 1Q2016-17, driven primarily by a net inflow of USD 7.1 bn in the capital and financial account, the CBE reported. The trade balance in the three months ending September 2017 narrowed to USD 8.67 bn from USD 10.01 bn a year earlier […]
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Gov’t approves agreement to transfer Tiran and Sanafir to Saudi Arabia, court approves
Has the endgame in the rift with KSA begun? The Ismail government approved an agreement to transfer the Tiran and Sanafir islands to Saudi Arabia on Thursday and passed it on to the House of Representatives for approval. On Saturday, the “appeals court in Cairo upheld a verdict by a lower court that annulled a […]
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Egypt haggles in the wheat market, manages to secure discounts
GASC, the world’s largest wheat trader, is flexing its muscles: Egypt’s haggling power in the global wheat market is back in full force, Bloomberg reports. The world is overloaded with wheat and Egypt, “bought 235,000 metric tons of wheat in a tender Thursday and managed to pay an average 82 cents a metric ton less […]
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El Sisi gives nod to pharma price pacts, calls for more investment in the industry
El Sisi gives nod to pharma price pact, calls for more investment in industry: President Abdel Fattah El Sisi appeared to give a nod yesterday to an agreement between big pharma and the Health Ministry that would allow manufacturers hit by spiraling input costs to raise prices on a pre-determined schedule. A statement carried by […]
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Russian flights to Egypt to resume “soon” –Putin
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 […]
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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 […]
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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 […]