Business News Wrap-up

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Thu, 26 Apr 2018 - 05:20 GMT

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Thu, 26 Apr 2018 - 05:20 GMT

Egyptian Currency – File Photo

Egyptian Currency – File Photo

Egypt’s exports of cement record $28M in Q1-2018



Egypt’s exports of cement marked an increase of 16 percent during the first quarter of 2018 to record $28 million (LE 494.9 million), compared to $24 million in the same period of 2017, according to General Organization for Export and Import Control (GOEIC).

Eni announces the start of Zohr’s second line production



Italian Energy Company Eni announced Thursday the start of the second production line of Zohr gas field, according to Reuters.

Orange turns into profitability in Q1-2018 with LE 15.9M



Orange Egypt for Telecommunications’ consolidated results turned into profitability in the first quarter of 2018, recording LE 15.94 million ($898,925), compared to a loss of LE 300.6 million during the same period of 2017.

Petroleum min., BP official discuss expanding in ship refueling



Petroleum Minister Tarek el-Molla on Thursday discussed at a meeting with CEO of British Petroleum (BP)'s Supply and Trading Business Alan Haywood the possibility for expanding the company’s activities in ship refueling and oil refinery operations to benefit from refined oil products.

EGX continues upward trend, market cap exceeds LE1T



The Egyptian Exchange (EGX) ends Thursday’s session in green, as benchmark EGX30 continued its profit above 18,000 points; in addition, market capitalization exceeded LE 1 trillion for the first time.

LE 25B: Foreign investors’ net purchases in EGX since flotation



Foreign Investors at the Egyptian Exchange (EGX) have bought at LE 25 billion since November 2016, compared to LE 1.6 billion before the flotation of the Egyptian Currency, with an increase of LE 23.4 billion, according to Chairman of EGX Mohamed Farid.

WFP allocates $454M to back Egypt's 5-yrplan for food security



Egyptian Ambassador to Italy and Permanent Representative to UN Organizations in Rome Hisham Badr said the UN World Food Program (WFP) supports Egypt's 2018-2023 plan for food security with 454 million dollars.


EGX market cap exceeds LE1T for 1st time



For the first time in its history, the Egyptian Exchange (EGX) market cap exceeded LE 1 trillion.

Sisi approves $1.15B support agreement from World Bank



President Abdel Fatah el-Sisi approved Thursday the agreement between Egypt and the World Bank Group to receive a loan that is amounted to $1.15 billion (LE 20.33 billion).

Exports of gold, precious stones record $700M in Q1-2018



Egypt’s exports of gold, ornaments and precious stones decreased 3 percent in the first quarter in 2018, recording $700 million, compared to $701 million during the same period of 2017, according to the General Organization for Export and Import Control (GOEIC).

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