Business News wrap – up

Parliament approves raising cigarette taxes

The amendments came to balance the budget and control the budget deficit.

EGX ends positively, market capitalization is up LE 3 billion

Benchmark index EGX30 went up 0.33 percent to stand at 13,725 points.

SME loans under focus after reports of misuse surface.

Some businessmen manipulated banks by acquiring SME loans to enjoy 5 percent interest rates under the Central Bank of Egypt (CBE) initiative.

Brazil eyes food production, tourism, health; invests in Egypt

In light of Egypt’s latest participation in the ninth annual BRICS summit in September, president of the Brazil-Africa Institution discussed potential.

EgyptAir to swing to a profit this year: chairman.

EgyptAir will swing to a profit this year, buoyed by an increase in passengers and cost cutting, the chairman of the state-owned airline’s holding company said.

Honda China JVs to recall 254,650 vehicles starting in January.

Honda Motor Co’s joint-venture companies in China will recall a total of 254,650 Honda-brand vehicles starting on January 8, 2018.

Banks directed 13% of their loans to SMEs.

Banks shifted focus to SMEs since the CBE launched its initiative to support that sector in early 2016.

Oil prices steady as rising U.S. output undermines OPEC cuts.

Oil prices have changed on Tuesday as the impact from expectations of an extended OPEC-led production cut was canceled out by rising output in the U.S.

Sisi, Anastasiades inaugurate Egypt-Cyprus Business Forum.

The Egypt-Cyprus Business Forum aims to activate bilateral economic and trade relations, and explore mutual investment opportunities.