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Business news wrap-up

Mon, Nov. 27, 2017

EGX closes in mixed note, market cap up LE 3.5B

Arab and foreign individuals as well as foreign institutions were net sellers at LE 16.5 million, LE 13.9 million and LE 30.6 million respectively.

Remittances jump $400 million in Q4 of FY 2016/17

State transfers registered $66.5 million of this figure in Q4.

Government borrows LE 2.5 billion in T-bonds Monday

The T-bonds are to be offered at LE 1.5 billion with a three-year term and at LE 1 billion with a 7-year term.

BMW to spend 6.5-7 percent of sales on R&D in 2018: CFO in Handelsblatt

German carmaker BMW (BMWG.DE) will further raise its spending for research and development next year, to between 6.5 and 7 percent of sales.

Asia stocks hit by China, South Korea weakness, euro at 2-month high

Asian stocks surrendered early modest gains and retreated from a decade high on Monday, caused by weakness in the Chinese and South Korean markets.

IMF believes Egypt’s reform results to be felt in 2018

Inflation should go down steadily over the next year and into single digits by 2019, Subir Lall Assistant Director in the European Department of IMF said.

Samsung Electronics shares drop after Morgan Stanley cuts view

Samsung Electronics Co Ltd’s (005930.KS) shares fell more than 4 percent to a one-month low on Monday after Morgan Stanley cut its recommendation.

Japan plans extra budget of $24-26 billion for fiscal 2017

Japan’s government is set to compile an extra budget worth around 2.7-2.9 trillion yen ($24-26 billion) for the fiscal year ending in March 2018.

National projects create 745k jobs: Minister

The government is focusing on services and community projects, Hala el-Said Minister of Planning noted.

Trade between Egypt, Asia down $1.2B year-on-year

Bilateral trade between Egypt and Asian countries declined to $23.1 billion in the first eight months of 2017.

Nasr: Gov't to upgrade EGX to contribute to Egypt's financing needs

Investment and International Cooperation Minister Sahar Nasr said that the government seeks to upgrade the Egyptian Exchange (EGX).
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