Business News Wrap-up

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Tue, 27 Mar 2018 - 03:46 GMT

Economy - Pixabay

Economy - Pixabay

Egypt to issue next Eurobonds on Luxembourg stock exchange in April



The Finance Ministry will issue its anticipated euro denominated Eurobonds on the Luxembourg stock exchange in three weeks.

Official sources told Al-Borsa newspaper that the overdraft of the issuance will be finalized by the end of the week and it would include disclosures on Egypt’s commitments, including the country’s foreign debt.

EGX30 passes 17,200 levels by gaining 166 points



The Egyptian Exchange (EGX) ended Tuesday on mixed performance, amid Arab and foreign purchases.

EGX indices recorded a height at the beginning and in the middle of the session, affected by the presidential election in Egypt, until the decline of EGX70 before closure.


Africa’s Continental Free Trade Area: Challenges and opportunities



Egypt and African Union member states are in the process of establishing the Continental Free Trade Area (CFTA) in order to boost trade and economic growth and strengthen integration among African countries.

According to the African Union, the objectives of the agreement is to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Continental Customs Union and the African customs union.

Egypt economy stabilizes under Sisi but prices remain to be tamed



Egyptian President Abdel Fatah al-Sisi has revived economic growth and tackled pressing problems in power and gas supply, but as he heads for a second term, he must juggle austerity under an IMF programme with the need to tame inflation.

EFG Hermes records profit of LE 1.23B in 2017



Egyptian Financial Group Hermes Holding (EFG Hermes) consolidated profit that declined 13.22 percent in 2017, recording LE 1.23 billion after tax and minority interest, compared to LE 1.41 billion in 2016.

Cooperation protocol signed to provide vegetable oil at suitable prices: Min.



Minister of State for Military Production Dr Mohamed el Assar, Minister of Investment and International Cooperation Dr Sahar Nasr and Minister of Supply and Internal Trade Dr Ali Moselhi attended Tuesday the signing of a cooperation protocol between Abu Zaabal Company for Specialized Chemicals (Military Factory 18), the Holding Company for Foodstuffs and Sky Crescent Trade Company .

Elsewedy’s subsidiary signs contract for LE 225M



Elsewedy Electric Co. SAE announced that its subsidiary, Egytech Elsewedy, signed a contract with the Egyptian Electricity Transmission Company (EETC) for LE 225 million.

HC Securities expects interest rate cut in next MPC meeting



Investment bank HC Securities and Investment expects a 100 basis points cut in interest rates in the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) meeting on Thursday, March 29, a statement from HC said.

Agriculture bank settles debt of LE 1.4B



The Agriculture Bank of Egypt has processed the debt of 23,000 defaulters, which amounted to LE 1.4 billion ($79.26 million) until the end of February 2018, according to Chairman of the bank, al-Sayed al-Kosair.

Aman Certificates yield at NBE rises to LE 35M



Vice Chairman of the National Bank of Egypt Yehia Abul Fotouh said that the bank issued 25,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 35 million ($906,086) since the issuance of the certificate.

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