Egypt news

29 minutes ago Australia’s Qantas marks record turnaround in 6M
Qantas Airways reported record profits in the six months ended December 2017
Embassy of Belgium in Cairo
40 minutes ago Belgian trade delegation to visit Egypt next March
Cairo – Mubasher: A Belgian trade delegation is getting ready to visit Egypt next March in a bid to discover investment opportunities in the North Arab nation and the possibility of partnering up with local institutions in different industries. …
The bank has retained EGP 2.05 billion for 2017
1 hour ago NBK Egypt proposes EGP 188m dividends for 2017
Cairo – Mubasher: National Bank of Kuwait of Egypt on Thursday said that total proposed cash dividends for shareholders amounted to EGP 187.5 million for 2017 profits. Meanwhile, the proposed dividends for employees stood at EGP 150.31 million, …
These projects will create 30,000 job opportunities for Iraqi citizens
1 hour ago 20 Saudi, Egyptian firms team up for Iraq's reconstruction
Riyadh – Mubasher: Twenty Saudi and Egyptian companies have formed a consortium to implement reconstruction projects in Iraq. These projects will create 30,000 job opportunities for Iraqi citizens, especially in construction projects, Okaz …
1 hour ago China may surpass US as top nuclear energy nation –IEA
China is likely to overtake the US as the world's largest producer of nuclear energy by 2030, according to an IEA official
Total dividends for shareholders amount to EGP 316.26 million
1 hour ago HDB proposes EGP 2.5/shr dividends for 2017
Cairo – Mubasher: Housing and Development Bank (HDB) proposed a cash dividend distribution of EGP 2.5 per share for 2017 profits. Total dividends for shareholders amount to EGP 316.26 million, versus dividends worth EGP 253 million for 2016, the …
2 hours ago Banque de France, IMF ink $2.9bn loan to low-income countries
The Banque de France and the International Monetary Fund (IMF) have signed a contract with the aim of funding nations suffering from low income
This will not delay the ministry’s plan to raise electricity tariffs by next July
2 hours ago Egypt to totally lift electricity subsidy by FY20/21- Minister
Cairo – Mubasher: The Egyptian electricity ministry is planning to completely phase out electricity subsidy by the beginning of fiscal year 2020/2021, instead of FY19/20, minister Mohamed Shaker said in a seminar organised by the American Chamber …
2 hours ago Fed bears out optimism about higher growth
Mubasher: The US Federal Reserve expects higher growth rates than it previously forecast, which could allow for higher interest rates, according to BBC World News.
2 hours ago German business morale drops in February
Gross domestic product (GDP) of Europe's biggest economy is expected to increase 0.7% in the first quarter of 2018
Unionaire Group has selected CI Capital to manage its potential IPO
2 hours ago Unionaire Group to float stake on EGX in H1-18
Cairo – Mubasher: The Egypt-based Unionaire Group is planning to be listed on the Egyptian Exchange (EGX) this year to pave the way for floating a stake on the local stock market in the second half of 2018. The electronics manufacturing firm has …
2 hours ago UK GDP rises 0.4% in Q4
The UK has revised its gross domestic product (GDP) for the fourth quarter of 2017 to an increase of 0.4%
3 hours ago Host Hotels to acquire 3 hotels in US for $1bn
The contract comes with a $25 million deposit at-risk
Net profit amounted to EGP 1.08 billion last year
3 hours ago HDB profits rise 68% in 2017
Cairo – Mubasher: The unaudited financial indicators of Housing and Development Bank (HDB) on Thursday showed a 67.7% year-on-year surge in standalone profits for 2017. Net profit amounted to EGP 1.08 billion last year, versus EGP 644 million …
NBK Egypt logs 77% increase in 2017 profits
3 hours ago NBK Egypt profits hike 77% in 2017
Cairo – Mubasher: National Bank of Kuwait of Egypt (NBK) on Thursday reported a 77% year-on-year surge in standalone profits for 2017. Net profit totalled EGP 1.5 billion last year, compared to EGP 848.9 million at the end of 2016, the bank said …
ENPPI will offer a 24% stake on the EGX by the end of 2018
3 hours ago Enppi to float 24% stake on EGX end-2018
Cairo – Mubasher: Engineering for the Petroleum & Process Industries (ENPPI) will offer a 24% stake on the Egyptian Exchange (EGX) by the end of 2018, chairperson Mohamed Hathout told Alborsa News. The state-owned company is currently completing …
“Cyprus is close to selling natural gas to Egypt’s LNG plants”
3 hours ago Cyprus moves close to export gas to Egypt
Cairo – Mubasher: Cyprus is close to signing an agreement to export natural gas to Egypt, according to Bloomberg. Cyprus could supply Egypt with gas discovered by Noble Energy Inc from the Aphrodite field, which contains an estimated 4.5 trillion …
Katilo is seeking to boost its exports by the end of 2018
4 hours ago Egypt’s Katilo to build $120m facility in New Damietta
Cairo – Mubasher: Katilo For Dairy Products is planning to establish a cheese manufacturing facility with an initial investment worth about $120 million within the coming four months, chairman Abdel Moniem Katilo told Alborsa News. The …
Consolidated losses amounted to $42 million in 2017
4 hours ago Global Telecom incurs $42m loss in 2017
Cairo – Mubasher: Global Telecom Holding on Thursday posted that it has swung to losses last year. Consolidated losses amounted to $42 million in 2017, compared to a net profit worth $194 million a year earlier, the company said in a filing to the …
CBE issues EGP 16bn T-bills Thursday
4 hours ago CBE issues EGP 16bn T-bills Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16 billion on Thursday in coordination with the Ministry of Finance (MOF) to finance the budget deficit. The first tranche of T-bills will be offered …
4 hours ago Barclays incurs GBP 1.9bn losses in 2017 
Barclays suffered losses during 2017, due to the US tax reform programme, whereas it achieved pretax profits
EGX is expected to continue seeing a wave of profit-taking on Thursday
4 hours ago EGX to maintain volatile trend amid profit-taking Thursday - Analysts
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue seeing a wave of profit-taking on Thursday, in line with witnessing a volatile trend, analysts told Mubasher. The benchmark EGX30 index is moving upwardly towards 15,400 and …
Global oil prices decreased before announcing the U.S. inventories
5 hours ago Kuwait’s crude oil down 62 cents on Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil dropped 62 cents to settle at $60.8 per barrel (pb) on Wednesday compared to $61.42 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). At the global level, oil prices …
21 February 06:57 PM US business activity marks 27 month-high in February
Mubasher: US business activity rose in February, recording its highest level in 27 months, on the back of both the manufacturing and the services sectors.
21 February 06:12 PM Russia's c.bank cuts interest rates as inflation drops 
Russia's central bank reduced its key interest rate to 7.5% during February, registering its lowest level since mid-2014