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Business news wrap-up

Sun, Aug. 6, 2017

U.S. dollar exchange rate keeps slightly weakening Sunday

The exchange rate of the CBE for the U.S. dollar is LE 17.76 for buying and LE 17.86 for selling.

Kuwait's Zain Group reports flat second quarter profit

Zain, Kuwait's biggest telecom operator by subscribers, reported flat second-quarter profits on Sunday.

Misr Kuwait Investment turns to profits in H1

Misr Kuwait Investment and Trading’s sales increased to LE 14.2 million in H1 of 2017, up from LE 9.13 million in H1 of 2016.

GPC to increase oil output to 6,000 b/d by end of 2017

General Petroleum Company – GPC has raised its crude oil output to 57,000 barrels per day, for the first time since establishment.

MIDEAST STOCKS-Saudi and Dubai trade sideways, Qatar underperforms

Stock markets in Saudi Arabia and Dubai were flat on Sunday after a mixed group of Saudi corporate earning

Electricity, Investment minister cooperate for Dabaa project

Both ministries sign a LE 2 million ($112,556) agreement to clear 11,000 feddans of land of mines, Sahar Nasr says.

BMW urges foreign carmakers to pay into German transport fund - FAS

Foreign carmakers should contribute to a proposed German fund set up to improve urban transport infrastructure.

EGX ends in green; turnover loses L E 214M

EGX’s market capital gained LE 4 billion ($225 million), totaling LE 715.8 billion compared to LE 711.7 billion on Thursday.

Liquidity hikes LE 800B, near money rises LE 700B in March

The monetary supply leveled up to LE 631 billion in March 2017 compared to LE 529.8 billion in the same period of the previous year.

IDA launchers terms of licensed factories

The projects shall be in food, engineering, chemicals, textile and pharmaceutical sectors.

Egyptian citizen’s share in foreign debts amounts to LE 13,600

Foreign debt hiked $18 billion in nine months to reach $73.9 billion by the end of March of fiscal year 2016/17.

Suez Canal revenues mark $2.1B in Q2 2017

Mamesh stated that 7,294 ships passed through the canal in Q2 2017, compared to 7,021 ships in Q2 2016.

UK ready to pay up to 40 billion euros to leave EU

Britain is prepared to pay up to €40 billion (£36.12 billion) as part of a deal to leave the European Union.
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