Business News Wrap-Up



Thu, 22 Feb 2018 - 03:43 GMT


Thu, 22 Feb 2018 - 03:43 GMT

Egyptian pound - Creative Commons via Wikimedia

Egyptian pound - Creative Commons via Wikimedia

EGX ends 3rd week of February in green

The Egyptian Exchange (EGX) ended the third week of February in green, amid Egyptian buying.

The benchmark EGX30 increased 0.49 percent, or 74.43 points, to end at 15,318.92 points.

Restaurants, Hotels, Suez Canal record highest revenues in Q1

The Central Agency for Public Mobilization and Statistics (CAPMAS) said in its monthly bulletin that the Restaurants and Hotels sector and the Suez Canal sector recorded the highest revenues among all sectors during the first quarter (Q1) of Fiscal year 2017/2018.

Dollar exchange rate shows varied performance at major banks

The US dollar exchange rate showed varied performance during morning transactions at major banks on Thursday.

The dollar exchange rate dropped one piaster recording LE 17.59 for buying and LE 17.69 for selling at the National Bank of Egypt.

Egypt’s 10 concessions to drill for gas in Mediterranean Sea

Egypt is moving towards self-sufficiency in gas and becoming the Middle East’s energy hub, with expectations to stop importing liquefied gas by June 2018, after the production of its giant gas field, Zohr, began last December.

Egypt Today reviews the concession areas in the Mediterranean Sea and the companies working on them.

CBE issues LE 16B in T-bills Thursday

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 16 billion in treasury bills on Thursday.

The T-bills are to be offered in two installments, with the first valued at LE 7.5 billion with a 182-day term and the second worth LE 8.5 billion with a 357-day term.

Egypt Post offers ATM cards with no minimum charge

Egypt Post’s Board Chairman Essam al-Saghir said Wednesday that Egypt Post launched an ATM service for citizens with no minimum charges, adding that an ATM card could be issued with a balance of LE 10 ($0.57).

Egypt agrees to finance Japanese schools with $175.7M

Prime Minister Sherif Ismail witnessed the signing of a concessional financing agreement by the Japanese government in the framework of the Egyptian-Japanese Education Partnership Program to support and establish Japanese schools in Egypt with total support of $175.7 million.



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