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23 May 03:41 PM

Egypt news

The deal will expand EgyptAir’s network to above 20 destinations in Europe
23 minutes ago EgyptAir, Ukraine Airlines ink codeshare deal
Cairo – Mubasher: EgyptAir and Ukraine International Airlines on Thursday announced signing codeshare partnership agreement. Under the deal, Egypt's flagship carrier will place its code on Ukrainian flights between Kiev and Cairo as well as Kiev …
Macroeconomics
24 minutes ago Car giants axe 38,000 jobs as sales tumble – Report
Auto giants announced at least 38,000 layoffs over the past six months.
Global Reports
Egypt targets tax proceeds of EGP 856.6 billion in FY19/20
1 hour ago Egypt’s MoF denies EGP 10bn tax evasion
Cairo – Mubasher: Egypt’s ministry of finance (MoF) denied reports stating that the country is losing EGP 10 billion annually due to tax evasion practices. The ministry stressed on the efficiency of the country’s tax system, according to a …
Taxes
2 hours ago JLL leapfrogs in Fortune 500 list
The leap of the leading professional services firm was the second biggest move on the prestigious list.
Global Markets brief
The property developer’s capital will be raised to EGP 1.44 billion
2 hours ago EGX approves MNHD’s EGP 240m capital raise
Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved increasing Madinet Nasr Housing and Development’s (MNHD) issued and paid-up capital by EGP 240 million, distributed over 240 million shares at a nominal value of EGP 1 …
Management Decisions
2 hours ago Gold prices firm as trade blues, Fed approach support dollar
Trade tensions supported the dollar, while investors looked for a direction after the minutes of the Federal Reserve meeting indicated that rates would remain unchanged.
Global Markets brief
Egypt’s imports registered $33.5 billion in H1 FY18/19
2 hours ago Egypt’s foreign trade grows 11% in H1-18/19 – CBE
Cairo – Mubasher: Trade exchange between Egypt and its foreign partners rose by 11.32% year-on-year during the first half of fiscal year 2018/2019, according to data released by the Central Bank of Egypt (CBE) on Thursday. The North African …
Central Banks
Delta Insurance’s capital will be raised to EGP 120 million
3 hours ago EGX nods to Delta Insurance’s EGP 20m capital hike
Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved increasing Delta Insurance’s issued and paid-up capital by EGP 20 million, distributed over 5 million shares at a nominal value of EGP 4 per share. The EGX-listed firm’s …
Management Decisions
The summit will take place during the period between 10 and 11 September
3 hours ago Dubai to host ‘Future Manufacturing and Trade Summit 2019’ in September
UAE – Mubasher: Dubai will host the fourth edition of ‘Future Manufacturing and Trade Summit’ in September. The Middle East’s leading event will take place during the period between 10 and 11 September at the International Festival City, according …
Event
3 hours ago German business morale falls in May on weak services
The German business climate index slid to 97.9 points in May, from the revised 99.2 in April.
Global Markets brief
The deal was approved by Egypt’s cabinet on 24 February
3 hours ago Sisi approves deal to open IsDB representative office in Egypt
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has issued a presidential decree to approve an agreement with the Islamic Development Bank (IsDB)  to open its representative office in Egypt, according to the country’s official gazette. …
Macroeconomics
Lebanon’s F&B Co. offers to buy Danah's 100% stake in Edafco
4 hours ago Danah receives $3.2m offers for stakes in Light Food, Edafco
Mubasher: Danah Al Safat Foodstuff announced receiving two offers to acquire its stakes in Light Food Company and Egyptian Dairy and Foodstuffs (Edafco). The Kuwaiti company has received a purchase offer from Alteco Company to buy its entire stake …
Mergers and Acquisitions
4 hours ago Eurozone business posts sluggish growth in May as demand stagnates
Factories in the Eurozone reported tougher conditions, as the output extended its contraction for the fourth month in a row.
Global Reports
The USD-EGP exchange rate settled at EGP 16.9 for buying at NBE
5 hours ago USD stabilises against EGP early Thursday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound has stabilised earlier on Thursday at 18 banks. The USD rate remained stable at EGP 16.9 for buying and EGP 17 for selling at National Bank of Egypt (NBE), Banque Misr, and …
Banking and Finance
5 hours ago German private sector growth hits 3M-peak in May
Germany’s flash composite output index came in at 52.4 in May, up from 52.2 in April.
Global Markets brief
The issuance will be used to finance the budget deficit
5 hours ago Egypt issues EGP 18bn T-bills Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Thursday on behalf of the Ministry of Finance (MoF). The first tranche of the T-bills will be offered through 182-day notes at EGP 8.75 …
Central Banks
oil futures declined at Wednesday’s settlement on the back of higher US inventories
5 hours ago Kuwait’s crude oil price drops 45 cents on Wednesday
Mubasher: The price of Kuwait’s crude oil went down 45 cents to settle at $71.65 per barrel (pb) on Wednesday, compared to $72.10 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). Globally, oil futures declined …
Commodities
5 hours ago Mining giant BHP sees ‘sooner-than-expected’ end to coal era
BHP Group will direct its focus to boost “value to shareholders” at its thermal coal mine in Australia and the Cerrejon business in Colombia.
Global Markets brief
10:22 AM Oil falls on building US crude inventories amid economic fears
US crude inventories climbed by 4.7 million barrels in the week ended 17 May to 476.8 million barrels, hitting their highest level since July 2017.
Oil and Energy
12:12 AM Oil ends lower on Wednesday  
Mubasher: Oil futures fell at Wednesday’s settlement, as US inventories rose.  
Oil and Energy
22 May 10:21 PM Gold goes up at Wednesday’s settlement   
Mubasher: Gold settled higher on Wednesday, as minutes from the Federal Open Market Committee showed near consensus over patient stance on interest rates.
Goods and Metals
The Interconnector is an energy highway bridging Africa and Europe
22 May 08:45 PM Egypt inks electricity interconnection pact with Cyprus, Greece
Cairo – Mubasher: Egyptian Electricity Transmission Company on Wednesday signed a cooperation agreement with Cyprus’ Euro Africa Interconnector to connect the power grids of Egypt, Cyprus, and Greece through Crete, according to a statement …
Companies Investments
Egypt’s electricity minister Mohamed Shaker
22 May 08:07 PM Egypt to phase out electricity subsidies by 2022
Cairo – Mubasher: The Egyptian government is planning to phase out electricity subsidies by 2022, electricity minister Mohamed Shaker told CNBC. Following the liberation of the EGP exchange rate against the USD in November 2016, the cost of …
Macroeconomics
The ministry allocated EGP 100 million to Education Support Fund
22 May 04:16 PM Endowments ministry allocates EGP 300m to support needy villages, education
Cairo – Mubasher: Egypt's ministry of religious endowments announced the allocation of EGP 300 million to the country’s needy villages and Education Support Fund. An amount of EGP 200 million will be directed to needy villages, the minister of …
Macroeconomics
The food industries index registered 108.72 points
22 May 03:54 PM Egypt manufacturing index rises 15% in March – CAMPAS
Cairo – Mubasher: Egypt’s index of manufacturing and extractive industries, excluding crude oil and petroleum products, grew by 15.1% month-on-month to 142.80 points in March from 124.10 points, according to data released by the Central Agency for …
Macroeconomics