Business - Pixabay
Business - Pixabay

Business news wrap-up

Wed, Aug. 16, 2017

Diplomatic crisis ‘a blow’ to Qatar's economy: report



Foreign liabilities of commercial banks declined, fueling concerns about a potential struggle in external debts, Capital Economics said.

Oil edges up on falling U.S. crude stocks, but global glut weighs



Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply.

PWC fined 5.1 million pounds over audit of RSM Tenon



Britain's accounting watchdog has fined audit firm PricewaterhouseCoopers LLP 5.1 million pounds.

U.S. dollar exchange rate stabilizes Wednesday



It recorded LE 17.71 for buying and LE 17.81 for selling at the central bank.

Saudi Arabia plans to launch 2nd local currency sukuk issuance next week



Saudi Arabia plans to launch the second issue of its local currency sukuk program during the week beginning on August 20.

Presidents of NBE, Banque Misr expected to retain posts



Well-reliable banking sources expected on Wednesday that Presidents of National Bank of Egypt and Banque Misr Hisham Okasha and Mohamed el Atrebi.

Egypt, WB to sign 3rd tranche worth $1B August 20



Minister of Investment met with representatives of the World Bank and AFDB over signing third tranches and reviewing the latest developments of

CBE to keep interest rates on hold: HC Securities



Current interest rates will remain stable to benefit from them until inflation rates return to normal levels in September, senior economist at HC Securities noted.

Minister: wheat, sugar, oil supplies are adequate to needs



The government is now working to expand the subsidies system to ensure it reaches the right beneficiaries, as well as widening the social safety nets, the minister said.

Mamish: Up to 50% tariffs cut for container ships in Suez Canal



Head of the Suez Canal Development Zone, Mohab Mamish, said that the tariffs cut will be applied on the ports of the Suez Canal Development Zone as a first phase.

EGAS gives gas import licenses to 3 firms: official



The three firms include BB Energy Trading and Qalaa Holding’s TAQA Arabia.

Moody’s to upgrade Egypt’s rating to B2: Pharos



Pharos believe that a credit rating upgrade will support further foreign inflows into the equity and the fixed income market.

EGX ends in green, turnover down LE 147M



Market capitalization gained LE 2.1 billion ($1.2 billion) totaling LE 699 billion, down from LE 696.9 billion registered Tuesday.
 
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