Business News Wrap-up

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Sun, 15 Apr 2018 - 05:06 GMT

FILE- Egyptian currency

FILE- Egyptian currency

Estimated budget deficit in 2018/19 stands at LE 430.8B



The preliminary financial statement for the 2018/2019 budget estimated a budget deficit of LE 438.59 billion, compared to LE 430.8 billion ($24.42 billion) as an expected deficit of 2017/2018 budget, with an increase of LE 7.5 billion.


Russian tourists can reach 1M in 2018: Tourism expert



Russian tourists visiting Egypt are expected to reach one million by the end of year, former head of Egypt's Federation of Tourism Chambers Elhamy al-Zayat said on Sunday.

Unemployment rate decreases 2.3% in 3 years: Min.



The Egyptian economic reform program contributed in reducing the unemployment rate by 2.3 percent in three years, Minister of Finance Amr el-Garhy said.


Parliament approves amendments to Income Tax Law



Parliament finally approved on Sunday amendments to some provisions of the Income Tax Law no. 95 of 2005. The amendments are related to two articles of the law.

EGX ends Sunday in red amid foreign selling



The Egyptian Exchange (EGX) ended Sunday's session in red, amid foreign selling. The benchmark EGX30 declined 0.15 percent by the end of Thursday’s session, or 26.83 points to end at 17,588.86 points.

Egypt allocates LE 10B for Upper Egypt development in 2018/19



Egypt aims to direct LE 10 billion of the government’s investments in the new fiscal year 2018/19 to develop Upper Egypt’s governorates, Planning Minister Hala al-Saeed said on Sunday.

Iron, cement revenues record LE 300M in new budget



Iron and cement’s expected revenues in the upcoming budget of fiscal year 2018/2019 recorded LE 300 million ($17 million) of the total revenues of LE 989 billion.

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