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The first 11 months of 2016 saw car sales decline by 27% year-on-year, with Chevrolet clocking in the highest number of units sold to reach 21.8% of total sales, followed by Hyundai, Nissan, and Toyota at 20.1%, 11.4%, and 6.6%, respectively, Al Borsa reports.
Author Archives: enterpriseam admin
Posted inLegislation + Policy
Hilton, Mövenpick to settle tax disputes
The Hilton and Mövenpick hotel groups, along with the Industrial Development Bank and the October for Development and Real Estate Investment Company have all filed requests to resolve tax disputes with the Tax Authority. The companies are ending the dispute by paying a settlement fee, unnamed sources told Al Borsa. The cases of tax disputes, […]
Posted inLegislation + Policy
House Economic Committee sets up sub-committees to monitor state slush funds
The House Economic Committee has established four sub-committees mandated with monitoring and auditing state-controlled “private funds,” which have a total of EGP 52.7 bn in their coffers, Al Borsa reports. An unnamed source from the committee said the move aims to minimize the opportunities for corruption in the private funds, which have gained a less-than-stellar […]
Posted inEgypt Politics + Economics
GAFI tenders 7.6 mn sqm for tourism, agri projects in New Valley and Fayoum
The General Authority for Free Zones and Investments (GAFI) is auctioning off 7.6 mn sqm of land in New Valley and Fayoum for projects in agriculture, waste recycling, water exploration, tourism, food production, and residential developments, among others, Al Borsa reported. Applicants are expected to present feasibility studies and a down payment equal to at […]
Posted inNational Security
Legal experts concerned about imposing exceptional measures under the excuse of combating terrorism
President Abdel Fattah El Sisi’s remarks on amending laws to speed up court proceedings in terrorism crimes is drawing up concerns among legal experts, Al-Monitor reports. House Speaker Ali Abdel Aal said the House was even willing to amend the constitution to “allow the military judiciary to look into terrorism crimes.” A number of experts […]
Posted inSports
ECA refers CAF, beIN sports to prosecution ahead of AFCON
The Confederation of African Football (CAF) is in violation of market competition laws, the Egyptian Competition Authority (ECA) says. The ECA is accusing CAF President Issa Hayatou of abusing his controlling position by offering Lagardère Sports the exclusive rights to air CAF competitions for 12 years without allowing for a fair competition from other bidders. […]
Posted inON YOUR WAY OUT
Richard Branson’s happy mantras
Richard Branson says “positivity is infectious, and something I always associate with our Virgin teams.” To promote more happiness in 2017, he asked some of the employees at Virgin about their “happy mantras” and picked a few to adopt in 2017 including: “Throw kindness around like confetti” “Happiness has a true sense of simplicity. Its […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.1114 | Sell 18.3854 EGP / USD at CIB: Buy 17.86 | Sell 18.11 EGP / USD at NBE: Buy 17.86 | Sell 18.11 EGX30 (Wednesday): 12,608.44 (+1.47%) Turnover: EGP 1.588 bn (265% above the 90-day average) EGX 30 year-to-date: +2.13% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
07 January (Saturday): Coptic Christmas, national holiday. 13 January (Friday): Egypt to attend Africa-France Summit 2017 in Mali. 22-31 January (Sunday-Tuesday): 28th African Union Summit, Addis Ababa, Ethiopia. 25 January (Wednesday): Revolution (police) day, national holiday. 30 January – 2 February 2017 (Monday-Thursday): Arab Health Exhibition, Dubai International Convention & Exhibition Center, UAE. 14-16 February […]
Posted inWhat We're Tracking Today
What we’re tracking on Wednesday, 4 January 2017
It’s purchasing managers’ index day — cue the gnashing of teeth. The Emirates NBD Egypt PMI by Markit is due out this morning by 6:15am CLT — or about 10 minutes after we typically tap “send” on Enterprise. It will be posted here when released. The last iteration found the gauge at its lowest level […]