Business news wrap-up



Mon, 09 Oct 2017 - 05:00 GMT


Mon, 09 Oct 2017 - 05:00 GMT

 A bank employee counts U.S. dollar notes- Reuters photo

A bank employee counts U.S. dollar notes- Reuters photo

CAIRO – 9 October 2017:

Russia's Rosneft closes purchase of 30% stake in Egyptian Zohr

Russia’s top oil producer Rosneft has closed the transaction to acquire a 30% stake in the concessions agreement for the development of the Egyptian Zohr field.

French delegation to visit Egypt for investment opportunities

Around 160 French companies are operating in Egypt with investments worth more than €4 billion.

EGX closes in red, benchmark down 0.21%

Market capitalization hiked LE 1.3 billion Monday to LE 775.29 billion, compared to LE 776.572 billion in the latest session Sunday.

Gas market law regulations to be ready before year-end

The executive regulations of the New Gas Market Law will be issued before year-end, and the draft has been finished.

Cabinet to set eligible consumers for natural gas sold by private-sector

The private sector will not be allowed to reach all types of natural gas consumers after new law becomes effective.

Egypt, Morocco trade ministers discuss fostering industry, trade ties

Trade and Industry Minister Tarek Kabil asserted on Monday the importance of fostering ties with Morocco.

Yields rise on Egypt's five- and 10-year T-bonds

The T-bonds offered Monday in two installments, with the first valued at LE 1.25 billion and the second worth LE 1 billion.

Telecommunication min. probes with int'l firms pumping investments in Egypt

Telecommunication and Information Technology Minister Yasser el Qady held a number of important meetings with officials of international companies.

Ministers follow-up on South Sinai development plan

The ministry has finished planning the South Sinai investment zone in Nuweiba, Nasr said.

Egyptian pound exchange rate strengthens in Monday transactions

Going down, the euro exchange rate stood at LE 20.64 for buying and LE 20.76 for selling.

Dollar trades below 12-week high vs. yen as North Korea fears weigh

The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week.

Oil stable on lower U.S. rig count, expectation of ongoing Saudi output restraint

Oil prices stabilize on Monday, after a 2 percent slide on Friday.

European shares edge higher, Dax hits new all-time high

European shares opened slightly higher on Monday after four consecutive weeks of gains.



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