Business news wrap-up
Sun, Dec. 10, 2017
Egypt’s core inflation fell to 25.54 percent year-on-year (YoY) in November, the Central Bank of Egypt (CBE) announced Sunday.
CBE’ indicators showed that the annual core inflation dropped to 25.54 percent in November, from 30.53 percent in October, while the monthly inflation increased to 1.31 percent in November against 0.70 percent in October.
Benefiting from the base effect as one year has passed since the flotation of the Egyptian pound, economic analysts expect inflation rates to continue declining over the coming months.
Influx of foreign direct investment (FDI) hiked to register $3 billion in the first quarter (Q1) of fiscal year (FY) 2017/18, the Central Bank of Egypt (CBE) announced Sunday.
Remittances of Egyptians abroad continued to hike as it registered $5.9 billion in the first quarter of (Q1) of fiscal year (FY) 2017/18, compared to $4.3 billion in the same period last year.
Egypt will sign contracts with Moscow during Russian President Vladimir Putin’s visit to Cairo on Monday for the country’s first nuclear power plant, three senior sources told Reuters on Sunday.
The program is financed by a Canadian grant and will involve bringing a Canadian expert to explain to Egyptian companies the requirements of exporting to Canada.
Bilateral trade between Egypt and Italy is targeted to reach an annual level of €6 billion, up from a current value of €2.59 billion, Trade Minister Tarek Kabil said Sunday.
Egypt’s exports of crude oil and petroleum products increased 16.8 percent in the first quarter (Q1) of fiscal year (FY) 2017/18, data from the Central Bank of Egypt (CBE) showed Sunday.
Two gas flares at Zohr gas treatment plant have started operation, Minister of Petroleum Tarek el-Molla announced Sunday. He said that the plant pumped experimental quantities of gas to the national grid, in preparation to start processing Zohr gas at this plant in the next few days.