Egypt news

A negative outlook indicates that business conditions are expected to worsen - (Photo Credit: Arabianeye-Reuters)
23 minutes ago Moody's: Negative outlook for oil refining and marketing
Mubasher: Moody's outlook for the refining and marketing industry in North America and Europe, as well as the Middle East and Africa remains negative, the rating agency said in a new report issued on Monday. A negative outlook indicates that …
The Egyptian Exchange - (Photo Credit: Arabianeye-Reuters)
04:09 PM EGX indices rises on Monday
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Monday’s trading session in the green zone, as the market cap increased to EGP 1.4 billion. The benchmark index EGX30 added 0.89% or 70 points reaching the level of 7,974.8 points, similarly, …
OPEC revenue will likely be higher if no additional investments are made - (Photo Credit: Arabianeye-Reuters)
03:24 PM Bank of America: oil price war is over
Cairo - Mubasher: The oil price war between major producers is over, according to a recent report by Bank of America Merrill Lynch, published hours before the OPEC summit which will be held in Algeria. Since 2014, OPEC has engaged in a market …
Egyptian President Abdel Fattah El-Sisi - (Photo Credit: Photo Archive)
03:10 PM El-Sisi: government will control goods prices in 2 months
Cairo - Mubasher: Egyptian President Abdelfattah El-sisi said on Monday that the government is working on a programme to increase the supply of basic commodities in order to control price hikes within two months. Elsisi remarks were made on the …
North Cairo Flour Mills posts EGP7.06m profits in 2 months
01:50 PM North Cairo Flour Mills posts EGP7.06m profits in 2 months
Cairo – Mubasher: North Cairo Flour Mills posted net profits of EGP 7.06 million in August and July 2016 up by 48.3% from the same period of the previous year. The company reported net profits of EGP 4.76 million for the similar period of the …
Sabaa Pharmaceutical completes expansions worth EGP22m
01:08 PM Sabaa Pharmaceutical completes expansions worth EGP22m
Cairo – Mubasher: Sabaa International for Pharmaceutical and Chemical Industry Co. said it finished off expansions worth EGP 22 million at its plant in Kafr el sheikh. The expansions comprise the installation of new production lines and are …
Trading value reached EGP 77 million after 22.5 million - Photo Credit: Mubasher
11:59 AM Cairo bourse opens in green
Cairo – Mubasher: The Egyptian Exchange initiated Monday's Trading session on a stronger note backed by national and foreign investors' buying appetite. The main index gained 33.6 points, 0.42%, to 7,938 points by 10:55am Cairo time. The small and …
Canal Shipping Agencies cuts dividends payout for FY15/16
11:55 AM Canal Shipping Agencies cuts dividends payout for FY15/16
Cairo – Mubasher: Canal Shipping Agencies reduced the dividends distribution for the fiscal year 2015-2016 to EGP 0.1664 per share instead of EGP 0.1685 per share. The shareholders share in total dividends declined from EGP 33.7 million to EGP …
Telecom Egypt was the first company to have a 4G license at EGP 7.08 billion - Photo Credit: Reuters
11:31 AM Telecom Egypt to buy more 4G frequencies
Cairo – Mubasher: The landline monopoly Telecom Egypt has a submitted a request to the National Telecom Regulatory Authority (NTRA) to buy extra 4G frequencies, according to a bourse filing on Monday. This step will help the landline monopoly to …
The company earned EGP 36.6 million in 2015/16 - Photo Credit: Reuters
10:56 AM Alexandria Flour Mills posts lower annual profits
Cairo – Mubasher: Alexandria Flour Mills reported a 3.7% decline in its profits for the fiscal year ended 30 June 2016, according to a bourse filing on Monday. The company earned EGP 36.6 million in 2015/16, compared with EGP 38.08 million a year …
the number of arrivals fell to 9.3 million tourists - Photo Credit: Reuters
10:54 AM Egypt's tourist arrivals slide 51.2% in 6 months
Cairo – Mubasher: The number of tourists arrived Egypt in the first six months of 2016 declined 51.2% year-on-year to 2.3 million from 4.8 million, said the Central Agency for Public Mobilizations and Statistics (CAPMAS) on Monday. The state-run …
NBE Headquarters - Photo Credit: Reuters
10:34 AM Capital Intelligence affirms NBE at ‘B-/B’, stable
Cairo – Mubasher: Capital Intelligence Ratings (CI) announced affirming the National Bank of Egypt’s (NBE) long-term foreign currency rating (FCR) at ‘B-’ and the short-term FCR at ‘B’, with a stable outlook, according to a statement issued on …
Egyptian Exchange (EGX)
10:01 AM Egypt’s bourse benchmark likely to test level of 7,900pts – Analyst
Cairo – Mubasher: The Egyptian Exchange (EGX) benchmark index EGX30 foreseen to test the level of 7,900 points on Monday, Ahmed Abdel Hamid, Managing Director at Watheeqa Securities Brokerage told Mubasher. The benchmark will target the level of …
The MoF headquarters - Photo Credit: Mubasher
08:57 AM CBE to auction EGP 1bn in T-bonds today
Cairo – Mubasher: The Central Bank of Egypt would issue Monday treasury bonds worth EGP 1 billion in coordination with the Ministry of Finance (MoF) to fund the country's budget deficit. The EGP 1 billion will be auctioned through two tranches: …
Technical indicators gave a go-ahead signal for selling the gold metal - Photo Credit: Reuters
07:18 AM Gold prices fall in early trade
Mubasher: Gold prices saw a slide in Monday's early trade in spite of the decline of US dollar index after the Federal Reserve left key policy rates unchanged. By 4:05am GMT on London Metal Exchange, the US dollar index inched down 0.05% to 95.36 …
Oil prices are likely to remain volatile until the date of the meeting - Photo Credit: Reuters
06:30 AM Oil nears $47 per barrel in early trade
Mubasher: Oil prices rose in Monday's early trade nearing $47 a barrel; however, the future scene is still unclear ahead of the two-day OPEC meeting, which will start today, that could reverse the present gains. By 3:20am GMT, Brent crude and WTI …
Traders are advised to adopt quick speculation  - Photo Credit: Reuters
05:52 AM GCC bourses likely to extend jittery performance – Analysts
By Mahmoud Gamal Mubasher: GCC stock markets are forecast to keep delivering a volatile performance on Monday as traders are watching out for world and oil markets' trend as well as the two-day OPEC meeting that will start today in Algeria, …
The Egyptian pound will decline 25% by the end of 2016 - (Photo Credit: Arabianeye-Reuters)
12:34 AM Analysts sure of pound floating, disagree on timing
By: Mahmoud Salah Eldin Cairo - Mubasher: The Monetary Policy Committee (MPC) of the Centeral Bank of Egypt (CBE) will by meeting on 17 October days after the anticipated decision regarding the International Monetary Fund’s (IMF) loan to Egypt. …
Beltone Financial Holding HQ - (Photo Credit: Arabianeye-Reuters)
25 September 06:17 PM Beltone to acquire 60% of Auerbach Grayson for $24m
Cairo - Mubasher: Beltone Financial Holding approved the fair value study of Auerbach Grayson in order to acquire 60% of the American Company for $24 million (EGP 214.7 million). The company’s board approved investing in Auerbach Grayson capital …
Photo credit :Arabianeye - Reuters
25 September 04:50 PM Lawsuit against Delta Construction’ chairman adjourned to 24 October
Cairo – Mubasher: Delta for Construction and Rebuilding said Sunday that the lawsuit filed by a group of its shareholders against the company’s Chairman has been adjourned. The company said that the lawsuit No. 330 for the 8-year judicial resume …
The CBE decided to maintain interest rates on Thursday - (Photo Credit: Arabianeye-Reuters)
25 September 04:28 PM MoF: Treasury bond returns down on Monday
Cairo – Mubasher: Returns on the Egyptian government’s treasury bonds have decreased in Sunday’s auction, as the Central Bank of Egypt (CBE) decided to maintain interest rates, according to date released by the Ministry of Finance (MoF). Treasury …
EGX closes on negative note; equities shed EGP1.5bn
25 September 04:11 PM EGX closes on negative note; equities shed EGP1.5bn
Cairo – Mubasher: The Egyptian Exchange (EGX) indices retreated collectively on Sunday as the market capitalization lost EGP 1.5 billion. The benchmark index EGX30 eased 0.12% or 9.41 points to close at 7,904.53 points. The small and medium caps …
Obour Land files with EGX for listing shares
25 September 02:16 PM Obour Land files with EGX for listing shares
Cairo – Mubasher: Obour Land said it submitted a request to the Egyptian Exchange (EGX) in order to list its shares. The company seeks to float 200 million shares at EGP 1 par value each on Egypt’s bourse through an Initial Public Offering. The …
Egypt petroleum subsidy spending reaches EGP 51bn in FY15/16
25 September 12:59 PM Egypt petroleum subsidy spending reaches EGP 51bn in FY15/16
Cairo – Mubasher: Egypt's spending on petroleum subsidies reached EGP 51 billion in the fiscal year 2015-2016, said Minister of Petroleum, Tareq Al-Mula. Egypt has incurred costs of nearly EGP 95.3 billion to arrange the local market needs of …
Central Bank of Egypt (CBE) governor, Tarek Amir - Photo Credit: Reuters
25 September 12:56 PM Growth concerns behind CBE decision to hold rates – Pharos
Mubasher: The Central Bank of Egypt (CBE) surprisingly maintained key interest rates on last Thursday against all expectations, according to a report by Pharos Research on Sunday. Earlier, the research firm expected the Monetary Policy Committee …