Egypt news

Oil prices hit highest in 2 weeks
12:20 AM Oil prices hit highest in 2 weeks
Dubai-Mubasher: Crude oil prices reached their highest levels in two weeks, after slumping to their lowest since 2009. Crude oil prices rose for the second straight day, increasing by $6.31 to $45.25 a barrel. In addition, Brent prices increased …
Foreign direct investments in Egypt reach $5.7bn – minister
28 August 09:54 PM Foreign direct investments in Egypt reach $5.7bn – minister
Cairo-Mubasher: Net foreign direct investments in Egypt reached nearly $5.7 billion during the first nine months of 2014/2015, said Minister of Investment Ashraf Salman.   He added that the unemployment rate dropped from 13.6% to 12.6% in …
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28 August 06:00 PM US personal spending rises in July
Dubai – Mubasher: Personal spending in the US rose in July along with incomes, although rises in purchases was slightly less than expected, according to FXStreet website. Personal income in July rose 0.4% as expected, while personal spending rose …
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28 August 04:20 PM 5,750 firms established with EGP 10.3bn capital in 6M – CAMPAS
Cairo-Mubasher: A total of 5,731 companies were established in Egypt from January to June 2015, with EGP 10.3 billion in capital, compared with 4,562 firms during the same period a year ago, according to the monthly bulletin of the Central Agency …
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28 August 01:57 PM UK economy grows 0.7% in Q2 on stronger exports
Dubai – Mubasher: Britain's economy grew in the second quarter of 2015 by 0.7%, compared with the previous three months, thanks to stronger exports as well as a sharp rise in oil and gas production, official data showed on Friday. It was higher …
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28 August 01:01 PM Eurozone economic confidence beats fcasts in Aug
Dubai – Mubasher: Eurozone economic confidence rose in August to the highest since June 2011, survey results from European Commission showed Thursday. The economic confidence index came in at 104.2 points in August, compared with forecasts the …
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28 August 11:07 AM Gold rises, shrugs off dollar and equities rally
Dubai – Mubasher: Gold prices strengthened on Friday, disregarding the strong rises in global equities and the US dollar. Gold rose to $130.50 an ounce, gaining $8.30 or 0.72% at around 8:00 GMT. The yellow metal recorded its highest price level …
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28 August 10:50 AM Nikkei continues rise, recoups some losses
Dubai – Mubasher: Japanese stocks ended Friday’s trading in green, extending yesterday’s gains, and paring its losses seen recently due to worries about slowdown in China’s economy and impact on global economies. Japan's Nikkei share average rose …
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27 August 06:08 PM EGX main gauge pares weekly losses on tax delay
Cairo – Mubasher: The Egyptian Exchange indices trimmed their losses by the end of this week, while market capitalization lost around EGP 6.38 billion ($813 million) to end the week at EGP 437.6 billion. The market was buoyed this week by a decree …
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27 August 04:03 PM Italy to build 10 wheat silos in Egypt with $17m investments
Cairo – Mubasher: Egypt’s government will sign over the coming days an agreement with Italy, under which the latter will establish ten horizontal wheat silos with a capacity of 0.5 million tons annually, with investments totalling $17 million, …
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27 August 04:00 PM Egypt bourse gains most in 3 months on institutions
Cairo – Mubasher: Egypt’s stock market rose on Thursday, adding around EGP 12.8 million ($1.6 billion) to its capitalisation, backed by a buying spree among institutions. The benchmark index EGX30 rose 205.34 points or 2.99% - its biggest one day …
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27 August 02:56 PM Egyptian pound stabilizes on Thursday’s FX auction
Cairo-Mubasher: The Central Bank of Egypt (CBE) sold $37.8 million on Thursday's foreign exchange auction, keeping the Egyptian pound unchanged at EGP 7.73. The bank has allowed the dollar to rise by EGP 0.20 each from EGP 7.53 in 4 February, …
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27 August 02:42 PM Egypt's GDRs rise on London bourse
Cairo-Mubasher: Global depository receipts owned by Egyptian companies surged collectively on Thursday on London Stock Exchange (LSE). Commercial International Bank’s GDRs advanced 2.11% to EGP 48.9 with total traded value of EGP 30 million. GDRs …
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27 August 01:10 PM El Kahera Housing half-year profits surge 34.5%
Cairo-Mubasher: El Kahera Housing saw an increase of 34.5% to EGP 96.17 million in net profits for the first half of 2015, up from EGP 96.17 million for the same period of 2014. The company's gross reached EGP 160.8 million in the first half of …
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27 August 11:43 AM China sets yuan exchange rate at 4-year low
Dubai – Mubasher: China's central bank set on Thursday the benchmark exchange rate for the yuan at a four-year low against the US dollar, a move that reflects reduced expectations for the unit following devaluation. The People's Bank of China …
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27 August 11:31 AM Americana shareholders OK capital hike
Cairo-Mubasher: The extraordinary general meeting of Egyptian Company for International Tourism Projects (Americana) gave a nod to increasing issued capital from EGP 291.6 million to EGP 400 million. The EGP 108.4 million capital hike will be …
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27 August 11:19 AM Rowad Tourism turns to losses in H1
Cairo-Mubasher: Rowad Tourism suffered EGP 3.05 million in losses for the first half of 2015, against net profits of EGP 7.43 million for the comparable period in 2014. The hotels and resorts operator attributed its losses in H1 to the absence of …
Optional[Waleed Ibrahim, Chairman and Managing Director]
27 August 11:00 AM Pioneers half-year profits skyrocket 159%
Cairo-Mubasher: Pioneers Holding Company for Financial Investment posted a 159% jump to EGP 564.439 million in the first half of 2015, up from EGP 217.925 million for the same period of 2014, said Waleed Ibrahim, chairman and managing director. …
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27 August 10:27 AM EGX benchmark likely to test 7,000 points -Analysts
Cairo-Mubasher: The Egyptian Exchange(EGX)is expected to continue its upside correction trend on Thursday, while the benchmark index EGX30 may test the level of 7,000 points, if it maintained its position above the level of 6,800 points, said Mona …
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27 August 09:52 AM CBE to auction EGP 8bln in T-bills Thursday
Cairo-Mubasher: The Central Bank of Egypt (CBE) said Thursday it will auction EGP 8 billion in treasury bills. The EGP 8 billion will be offered through two auctions – a 182-day auction at a value of EGP 3.5 billion and a 364-day auction at a …
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26 August 07:47 PM Egypt to import LNG from Russia’s Gazprom till 2019
Cairo – Mubasher: The Egyptian Natural Gas Holding Company (EGAS) signed an agreement to import liquefied natural gas (LNG) from Russia's Gazprom till 2019. In March, Egypt and Russia sealed a deal, under which the former would import 35 LNG …
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26 August 06:29 PM Egypt, Russia to build Suez Canal industrial zone
Cairo-Mubasher: Egyptian President Abdel Fattah El-Sisi stated that his talks with Russian President Vladimir Putin reflected the aim of developing strategic cooperation between the two countries.  We are looking forward to establishing a Russian …
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26 August 05:55 PM Egypt’s non-oil exports down 19% in 7 months
Cairo – Mubasher: Egypt’s non-oil exports fell by 11.84% in July to reach EGP 10.582 billion ($1.37 billion), compared with EGP 11.140 billion ($1.56 billion) in the same month a year ago, according to The General Organization for Export & Import …
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26 August 05:08 PM Pioneers ups stake in Electro Cable to 0.61%
Cairo-Mubasher: Pioneers Holding has purchased around 1.480 million shares of Electro Cable Co. at an average price of EGP 0.88 each, totalling EGP 1.3 million. Thus, Pioneers raised its shareholding to 0.61%. The company’s standalone earnings for …
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26 August 03:58 PM CIB pushes EGX main gauge higher; EGX50 sole faller
Cairo – Mubasher: Egypt’s stock market indices showed mixed performance on Wednesday, while market capitalisation added around EGP 94.9 million ($12.1 million) backed by foreign and Arab buying appetite. The main index EGX30 reversed its early …
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