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Business news wrap-up

Wed, Sep. 6, 2017

Egypt's non-oil business activity contraction slows slightly: PMI

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector rose to 48.9 in August from 48.6 a month before

Gold steady as N. Korea tensions, Fed rate outlook support

Gold held steady on Wednesday as heightened geopolitical risks over North Korea and concerns about low inflation in the United States

U.S. dollar exchange rate stable at LE 17.6

It records LE 17.60 for buying and LE 17.70 for selling

HP Enterprise posts surprise revenue rise on networking demand

Hewlett Packard Enterprise Co reported a surprise rise in quarterly revenue, largely helped by higher sales of its networking equipment

China to spend over $1 trillion on planes over next 20 years - Boeing

Chinese airlines are likely to buy more than 7,000 planes worth $1.1 trillion (844.6 billion pounds) over the next 20 years

Egypt keen on expanding economic cooperation with China

Egyptian Trade and Industry Minister Tarek Qabil reiterated on Wednesday Egypt's keenness on expanding economic cooperation with China

Indian investments in Egypt to reach $6B by 2020

There are 50 Indian companies currently operating in Egypt with $3 billion in investment, Khaled Abu El Makarem said.

Elsewedy, Huawei cooperate in solar power projects

Both companies will cooperate to produce developed technologies that can be supplied to solar plants.

Egypt signs MoUs with Vietnam in industry, investment sectors

President Sisi reviewed Egypt’s sustainable development strategy, measures taken to improve the business climate and national projects under construction.

Egypt, EIB to ink €172M loan for wastewater treatment projects

The signing ceremony is due to take place during the bank’s conference in Egypt on September 13 entitled “Boosting investments in the Mediterranean Region.”

Egypt’s foreign reserves rise $100M in August

It records $36.1 billion in August, up from $36 billion in July

Egypt, China sign MoU to promote cooperation in legal services

The memo aims at forming an Egyptian-Chinese committee to settle trade conflicts in a bid to increase cooperation between both states in the coming period.

EGX ends in red, market capitalization loses LE 3B

Turnover stood at LE 765.89 million, while the market saw the trading of 370 million shares on Wednesday.
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