Business news wrap-up



Sat, 30 Sep 2017 - 05:22 GMT


Sat, 30 Sep 2017 - 05:22 GMT

Economy - Pixabay

Economy - Pixabay

Finance Ministry fixes customs dollar at LE 16 till end of October

The Finance Ministry decided to set the customs dollar exchange rate at LE16 as of October and for one month. The dollar exchange rate, which has been stable during the last phase, reached 17.63 for buying and 17.73 for selling.

Trade Ministry prepares new strategy to boost textile industry

Egypt’s Trade Ministry is currently preparing a national strategy for the spinning and weaving and readymade garments industries, Minister of Trade Tarek Kabil said in a statement on Saturday.

Badr depot for petroleum products to operate in November

Development works at the “Tube” depot in Badr city, northeast of Cairo, are 95 percent complete and it will be experimentally operated in November, a statement from the Petroleum Ministry said Saturday.

Value of mobile pre-paid cards decreased by 36%

Some of Egypt’s mobile network operators wanted their request, to increase the prices of mobile calls, to be executed through deductions from the value of the pre-paid cards, a source from the telecom sector said Saturday.

6,500 tons of butane gas arrive at Red Sea ports

The Red Sea port of Safaga received two ships carrying 1,732 passengers, including 1,500 workers serving pilgrims, 95 trucks and eight cars, spokesman for the Red Sea Ports Authority Malak Youssef said on Saturday.

Armenian president affirms strength of ties with Egypt

Armenian President Serzh Sargsyan asserted the importance of promoting economic cooperation with Egypt in line with the agreement reached during the joint committee meetings with the aim of developing a plan on implementing the deals inked between the two sides as soon as possible.

U.S. fines HSBC $175 million for lax forex trading oversight

The U.S. Federal Reserve fined HSBC Holdings PLC $175 million on Friday for “unsafe and unsound practices” in its foreign exchange trading business, the latest in a series of fines for banks that fail to prevent market manipulation.



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