Business news wrap-up



Thu, 23 Nov 2017 - 05:06 GMT


Thu, 23 Nov 2017 - 05:06 GMT

U.S. dollars - Reuters

U.S. dollars - Reuters

IPOs of banks expected in 2H 2018

Initial Public Offerings (IPOs) of banks will be offered in the second half of 2018, Governor of the Central Bank of Egypt (CBE) Tarek Amer said Thursday.

All economic indicators mark improvement in Q1 of FY 2017/18

The total investment rate in the first quarter (Q1) of fiscal year 2017/2018 recorded 13.3 percent to reach LE 155 billion, compared to LE 101 billion in Q1 of the previous year, Minister of Planning Hala El-Saeed announced Thursday. In a ministry statement highlighting the economic indicators of Q1, Saieed said that all indicators are recording hikes, “which is a positive result of the economic reform measures,” she said.

Eastern Company issues new cigarette prices

State-owned Eastern Company amended the prices of its cigarette products to be applied as of Thursday based on the latest amendments of Value-Added Tax (VAT). Chairman of the company Mohamed Othman Haroun said that the prices of cigarettes will increase by LE 2-3 per pack under the new amendments.

Luxor to host WCO’s Policy Commission meeting in December

Egypt will host the World Customs Organization’s (WCO) Policy commission meeting for the first time next month in Luxor governorate. The meeting, which will take place from 4-6 December, will be the first to be held in one of the Middle East and North Africa’s (MENA) countries.

Cabinet denies reducing bakeries’ quota of subsidized flour

the Cabinet’s Information and Decision Support Center (IDSC) has denied on Wednesday reports of a reduction in the bakeries’ quota of subsidized flour. The IDSC said that although it denied such reports before, they resurfaced again in the current period, prompting the center to communicate with the Supply Ministry, which denied all these reports.

Food Delivery App Otlob to be acquired by German Delivery Hero

German owned online food delivery company, Delivery Hero, will acquire the popular Egyptian platform Otlob through a partnership agreement. Investment opportunities in the food industry were widely discussed between Yasser El Qady, minister of technology and communication, and Egyptian food company ITIDA CEO, Asmaa Hosny, Delivery Hero CEO, and Peter Jan Vandet.

EGX30 rebounds to 14k points level, market cap skyrockets LE 12B

The Egyptian Exchange (EGX) ended its transactions positively Wednesday on Arab purchases. Benchmark index EGX30 went up 1.93 percent to stand at 14,106 points.

Housing minister calls for speeding up work at New Capital

Minister of Housing Mostafa Madbouly called on the contracting companies working on the New Administative Capital project to speed up their work pace through increasing the number of workers.

Hariri honors Tareq Amer as best Arab central bank governor for 2017

Lebanese Prime Minister Saaed el Hariri honored on Thursday Tarek Amer as the best Arab Central Bank Governor for 2017.



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