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Business news wrap-up

Thu, Aug. 10, 2017

Egypt's core inflation increases to 35.26 pct in July -c.bank




Egypt's core inflation rose to 35.26 percent year-on-year in July from 31.95 percent in June, the central bank said on Thursday.


Average yields drop on Egypt's six-month, one-year T-bills




The average yields on Egypt's six-month and one-year treasury bills fell at auction on Thursday, continuing their decline since last week.


Foreign sales weigh on EGX, benchmark down 0.9%



Market capital reversed Wednesday’s gains and lost LE 2.54 billion ($143 million), recording LE 715.16 billion, down from LE 717.7 billion.

U.S. dollar weakens in mid-day banking transactions



The U.S. dollar exchange rate declines five piasters at Banque du Caire and four piasters at Banque Misr.

Foreign investors’ purchases register $15B since November

Garhy made the statements during his meeting with a delegation from international rating agency Moody’s Investors Service this week.

Petroleum Minister hails new law regulating natural gas market



Molla has stressed the law regulating gas market activities issued recently by a presidential decree will provide natural gas to customers at the local market.


UAE ‘bans banks with Qatari shareholders’




Credit Suisse, Deutsche Bank and Barclays were reported to have low chances to win new deals in Abu Dhabi, Financial Times said.


Naeem Holding turns profitable in H1, transfers stake in unit




Naeem Holding decided to transfer the 49 percent of shares owned in Naeem Shares and Bonds Company to Ittihad Capital Company.


Cabinet names Mona Zobaa as new GAFI executive director




Prime Minister Sherif Ismail also appointed Mohamed Abdel Wahab as the deputy director of the General Authority for Investment and Free Zones.


Dar Al Ma'arif, Banque Misr sign agreement to settle LE1.8B indebtedness




Dar Al Ma'arif , one of the oldest publishing houses in the Arab world, and Banque Misr signed on Thursday an agreement to settle 1.8-billion-pound


More spending pressures looming on 5 Saudi mega banks: Moody’s



Lower Saudi government spending would press on the profitability of the five largest banks of the kingdom in 2018.


Shaker in talks with Orascom-Edra over power projects




Mohamed Shaker discussed on Thursday with a delegation representing Orascom-Edra consortium boosting cooperation in the power and renewable sector.


Mitsubishi Hitachi signs ¥12B deal with Egypt for gas turbines




The loan is funded by the Japan International Cooperation Agency (JICA), head of the EEHC said.


North Korea nerves push stocks down for third day, lift gold




World stocks fell for a third day on Thursday and investors moved again into the Swiss franc, yen and gold as North Korea ratcheted up tensions with the United States with a threat to land a missile just short of the U.S. territory of Guam.
 
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