Business News Wrap-up
Wed, Jan. 10, 2018
Egypt’s annual inflation dropped in December to 22.3 percent, compared to 26.7 percent in November, the official statistics agency announced Wednesday.
The significant decline in annual inflation rates in December would encourage the Central Bank of Egypt (CBE) to cut interest rates in February, macroeconomic research consultancy Capital Economics said Wednesday.
Germany’s DEA Group planned to pump more investments in Gulf of Suez and Disouq regions in Egypt, CEO of the group Maria Moraeus Hanssen said Wednesday.
Mineral exploration and mining company Centamin Egypt produced 544,658 ounces of gold in 2017, higher than the company’s expectations of 540,000 ounces.
The Ministry of Petroleum-affiliated Petroleum Gas company (Petrogas) targets filling 3.9 million tons of butane gas into some 312 million cylinders in fiscal year 2018/19 to meet domestic needs, the company’s head Adel al-Shuwaikh said in a statement Wednesday.
Egypt’s economy is projected to expand by 4.5 percent in fiscal year 2017/18 (to end June 30), boosted by continuous reforms and improved business climate, the World Bank (WB) predicted in a Wednesday report.
he Egyptian Exchange (EGX) ended its transactions Tuesday in green, with benchmark index EGX30 going up 0.22 percent to stand at 15,192 points.
President Abdel Fatah al-Sisi said Wednesday that economic reforms should reflect positively on the livelihoods of Egyptians, stressing on the importance of addressing the economy’s structural deficits.