Business news wrap-up



Tue, 12 Sep 2017 - 05:48 GMT


Tue, 12 Sep 2017 - 05:48 GMT

Economy - Pixabay

Economy - Pixabay

Egypt's Q4 2016-17 current account deficit narrows by 50 percent -central bank

Egypt’s current account deficit narrowed by 50 percent in the fourth quarter of 2016-2017 to stand at $2.4 billion from $4.8 billion a year earlier.

Citigroup sees third-quarter markets revenue down 15 percent vs year-earlier

Citigroup Inc (C.N) third-quarter total markets revenue is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections.

U.S. dollar exchange rate steady Tuesday

Dollar registered LE 17.61 for buying and LE 17.71

Egyptian furniture exports down 7% YoY in 8 months

Saudi Arabia topped the list of furniture importers from Egypt in the first eight months of the year, importing with furniture worth $50 million.

Egypt’s FDI records $13.3B in FY 2016/17: CBE

Egypt’s net foreign direct investments (FDI) have increased to $13.3 billion in the last fiscal year (FY) 2016/2017, with a 6.5 percent increase.

$1.2B medical city to be set up in Egypt with Saudi investments

The project will include the biggest teaching hospital in the Middle East with a capacity of 1,200 beds.

Egypt Aluminum to raise capital by LE 4B

The company is conducting financial and economic studies for an expansion project with a production capacity of 250,000 tons per year.

SMEs hit 17,000 with total finances of LE 19B in 2017: CBE

The CBE is planning to raise the loan-to-deposit (LTD) ratio to 60-65 percent, up from 40-45 percent.

EGX ends on a mixed note, benchmark down 0.43%

Turnover leveled down to LE 1.25 billion after registering LE 1.38 billion Monday, while traded volume increased to 555 million shares.

SCZone, Hamburg Port Authority discuss bilateral cooperation

Mamish arrived Tuesday in Munich as part of his tour of Germany leading a high-level delegation from the SCZone.

Elsewedy Electric unit to export €44M electric meters to Togo

The agreement will be implemented over nine months, starting from the fourth quarter of 2017.

UPDATE 2-OPEC sees higher oil demand, signs of tighter market

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market.



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