Business news wrap-up

Overview: Thriving Egyptian-Chinese economic relations

Bilateral trade between both countries recorded $5.178 billion in the first six months of 2017.

Meat to be sold during Eid at reduced prices

The Food Industries Holding Company’s branches will be open during Eid Al-Adha holidays to sell meat at 20-30 percent discounts.

Data props up sterling after worst month since October

Sterling steadied above $1.29 on Friday, gaining back some initial losses in morning trade in London after the PMI index of sentiment came in well above forecasts.

Nasr reviews final preparations for Mediterranean conference

Sahar Nasr met with Christophe Lucet to discuss Egypt's final preparations for the "Promoting Investments in the Mediterranean Basin."

OPEC oil output slips from 2017 high on renewed Libyan outages

OPEC oil output has fallen this month by 170,000 barrels per day (bpd) from a 2017 high, a Reuters survey found.

EGX ends August on negative note, turnover down LE 3.2B

Market capitalization slightly inched down to LE 705.013 billion compared to LE 705.629 last week.

Gold edges lower, but North Korea worries lend support

Gold inched lower on Friday as mild profit-taking set in after recent rallies and as investors awaited U.S. jobs data for direction on interest rates.

Trade volume between Egypt, BRICS states hits $20B in 2016

BRICS is an association of emerging countries comprised of Brazil, Russia, India, China and South Africa.

AMOC to establish Mazut refining project worth $ 500M

Egypt's Ministry of Petroleum has put a plan to get rid of Mazut by 2021 by refining and transferring it to other products of high value.