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Business News Wrap-up

Thu, Feb. 8, 2018

Egypt’s core inflation drops to 14.35% in January 2018: CBE

The Central Bank of Egypt (CBE) said that the Egyptian annual core inflation rate declined to 14.35 percent in January 2018 from 19.86 percent in December 2017, according to a report on Thursday.

On monthly basis, core inflation increased by 0.17 percent in January 2018 compared to a decline by 0.37 percent in December 2017.

Total find natgas off Cyprus in field close to Zohr: Eni

Italy’s Eni and France’s Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt.

Egyptians pull EGX down, following the decline of U.S. stocks

The Egyptian Exchange (EGX) returned to the red zone in Thursday’s trading session amid Egyptian selling, affected by the decline of the U.S. stocks.

The benchmark EGX30 decreased 0.77 percent, or 115.76points, to end at 14,921.29 points.

Sisi orders to adjust prices of Greenhouse products

President Abdel Fatah al-Sisi ordered a price adjustment of greenhouse products in order to be affordable for all citizens, during his speech at the inauguration ceremony of the first phase of the greenhouse project in the Matrouh governorarte.

“Greenhouses products will be offered through the Ministry of Supply‘s ports and movable ports to control the prices,” one of the officials of the greenhouses project said.

Sisi orders government to save seasonal labor’s rights

President Abdel Fatah al-Sisi ordered the Egyptian government to protect seasonal labor’s rights and to search for alternatives that guarantee their health insurance, during his speech on Thursday.

Sharp decline in inflation sets up rate cut for next week: Capital Economics

Capital Economics maintained its long-held view that Egypt’s inflation and interest rates will fall further than most expected, according to Thursday’s report.

The report added that the continued sharp decline in Egypt’s inflation in January paves the way for the central bank to embark on an easing cycle at its monetary policy meeting next week.

Egypt launches ‘Furnex & the Home fair’ Thursday

Egypt launched Furnex & the Home international trade fair on Thursday at the Cairo International Convention Center.

Furnex & the Home international trade fair will be held from February 8 to 11(Thursday-Sunday).

Qatar warns banks & financial institutions agaisnt trading in cryptocurrency

Qatar’s Central Bank warned financial institutions including banks not to trade in bitcoin or any other cryptocurrency, according to financial sources and a circular seen by Reuters.

Egypt’s inflation declined to 17% in January 2018

Egypt’s annual inflation declined to 17 percent in January 2018, the Central Agency for Public Mobilization and Statistics (CAPMAS) stated on Thursday.

On a monthly basis, Inflation decreased 0.2 percent to 266.3 points in January 2018, compared to 266.8 points in December 2018, the monthly report of CAPMAS showed.

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