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25 June 11:36 PM

Egypt news

Turbulences in global financial markets will need to be tackled along the way
1 hour ago BIS calls on central banks to hike rates
Mubasher: The Bank for International Settlements on Sunday called on the world's major central banks to increase interest rates. Turbulences in global financial markets will need to be tackled along the way, Reuters reported, citing the BIS, which …
Global Economy
(Photo credit: Radio Free Europe)
12:42 PM Alternative to Qatar demands 'not escalation but parting ways' says UAE minister
Early on Saturday, a top UAE official stated that if Qatar failed to accept the ultimatum issued by Arab states against it, then the alternative would "not [be] escalation but parting ways", Reuters reported. "The alternative is not escalation, …
Politics
Foreign currencies were mostly stable against the EGP early Sunday
12:16 PM EGP remains stable against foreign currencies on 1st day of Eid
Cairo – Mubasher: US dollar prices and other foreign currencies were mostly stable against the Egyptian pound early Sunday, the first of the Eid Al Fitr holiday. The USD-EGP pair saw prices ranging between EGP 17.95 and EGP 18.08 for buying and …
Macroeconomics
Lawmakers failed to access their emails away from Westminster
12:02 PM UK lawmakers suffer cyber security attack – AP
Mubasher: One month after the ransomware attack crippled the UK's health service, a new attack was launched against the British parliament on Saturday, The Associated Press reported. Hackers attempted to gain access to email accounts, officials …
Macroeconomics
The report predicted that only nine countries will form half of the world's population by 2050
23 June 04:38 PM UN raises world population forecasts to 9.8bn by 2050
Mubasher: The world's population is expected to grow to 8.6 billion by 2030, 9.8 billion by 2050 and 11.2 billion by 2100, mainly driven by Africa's rising populations, according to The United Nations' (UN) forecasts. The UN adjusted its previous …
Global Economy
The relocation will result in hundreds of jobs leaving London
23 June 03:51 PM EU to relocate 2 agencies from London
Mubasher: The European Union (EU) on Friday announced it would move the European Medicines Agency (EMA) and European Banking Authority (EBA) out of London by the Brexit deadline, set on 30 March 2019, according to BBC News. The EU will hold a …
Global Economy
The EGX closed the week ended Thursday, 22 June at a decline
23 June 01:47 PM EGX ends down, gains EGP 4.9bn in week
Cairo – Mubasher: The Egyptian Exchange (EGX) closed the week ended Thursday, 22 June at a decline, with the benchmark EGX30 index falling 0.46% or 61.61 points and closing at 13,417.14 points. Turnover amounted to EGP 2.66 billion after 870.2 …
Trading Activities
Egyptian President Abdel Fattah El-Sisi extends capital gains tax freeze
23 June 01:17 PM Egypt's El-Sisi endorses EGX stamp duty, ratifies capital gains tax freeze extension
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has signed off on a stamp duty to be implemented on transactions carried out on the Egyptian Exchange (EGX) for both buyers and sellers, according to a decree published in the official …
Banking and Finance
The Egyptian Exchange
22 June 02:48 PM EGX closes Thursday on positive note
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) rose at Thursday’s close by 0.3% or 40.70 points to the level of 13,417.14 points. Likewise, the EGX70, EGX100, and EGX50 indices grew by 0.27%, 0.53%, and 0.05%, …
Trading Activities
Telecom Egypt's board approved to appoint the NBE as a loan agent for the loan
22 June 12:50 PM TE approves conditions for EGP 13bn syndicated loan
Cairo – Mubasher: Telecom Egypt (TE) said Thursday that its board of directors has approved conditions for a syndicated loan worth EGP 13 billion and to appoint the National Bank of Egypt (NBE) as a loan agent for the loan. The board agreed to …
Companies Investments
The Egyptian Exchange
22 June 11:56 AM EGX30 gains 89 pts in early Thursday trade
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) rose at Thursday’s open by 0.66% or 88.91 points to the level of 13,465.06 points. By 10:49 am Cairo time, the EGX70 index advanced 0.48%, the EGX100 index ascended 0.69%, …
Trading Activities
Profits reached EGP 10.6 million in May 2017
22 June 11:45 AM South Cairo Mills profits soar 563% in May
Cairo – Mubasher: South Cairo and Giza Flour Mills and Bakeries said Thursday that is profits rose 562.5% year-on-year in May 2017. Profits reached EGP 10.6 million in May 2017, compared to EGP 1.6 million in May 2016, according to a bourse …
Financial Results
The company targets to increase revenues to EGP 10.3 billion in FY17/18
22 June 11:05 AM AMOC eyes EGP 575m profits in FY17/18
Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) seeks to achieve profits worth EGP 575.2 million in the estimated budget for fiscal year 2017/2018, compared to an estimated profit of EGP 652.4 million for FY16/17. The company targets to …
Companies Investments
The Egyptian Exchange
22 June 10:35 AM Sideways trend to continue on EGX Thursday – Analysts
Cairo – Mubasher: Stock market analysts expected the sideways movement to continue on the Egyptian Exchange (EGX) on Thursday. Market analyst at Mubasher International for Securities Shahd Raafat said that the main index ended Wednesday’s session …
Trading Activities
The economic court had earlier delayed the lawsuit to 21 June
22 June 10:11 AM Lawsuit against Delta Construction adjourned to 13 September
Cairo – Mubasher: Delta for Construction and Rebuilding said Thursday that the lawsuit filed against the company has been adjourned to 13 September, according to a bourse filing. The economic court had earlier delayed the lawsuit to 21 June. The …
Management Decisions
Port Said, Ismailia, Suez, and Minya are among the new destinations for Careem
21 June 05:52 PM Careem plans expansion in 6 Egyptian cities
Cairo - Mubasher: The head of Careem operations in Egypt, Ramy Kato, said that his company is planning to expand in six governorates by the end of 2017. This will raise the total number of governorates in which the private transportation network …
Companies Investments
EgyptAir will have four flights per day from Bahrain
21 June 03:29 PM EgyptAir provides 15 flights for returnees from Bahrain
Cairo - Mubasher: EgyptAir has offered 3,400 seats for Egyptians coming from Bahrain through 15 flights at four per day. The chairman and CEO of the Egyptian airlines, Safwat Musallam, said that the extra trips will be available between 22 to 25 …
Macroeconomics
Porto will raise its capital through the distribution of bonus shares
21 June 03:14 PM EGX approves Porto Group capital hike
Cairo - Mubasher: The listing committee of the Egyptian Exchange (EGX) has approved raising both the issued and authorized capital of Porto Group Holding from EGP 455.9 million to EGP 501.5 million through the issuance of bonus shares. The …
Corporate Actions
The main index closed at the level of 13,376.4 points
21 June 03:11 PM EGX30 down to lowest level in June
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Wednesday’s trading session in the red zone, as the benchmark index fell 0.29%, losing 39 points, and closed at 13,376.4 points, its lowest level this month. The equal-weighted index EGX50 …
Trading Activities
UNDP to establish new investment fund in Egypt
21 June 02:58 PM UNDP to establish new investment fund in Egypt
Cairo – Egypt: The Ministry of Investment and International Cooperation signed an agreement with the United Nations Development Programme (UNDP) to establish Egypt’s first Development Investment Support Fund with a target capital of $50 million. …
Macroeconomics
The Egyptian Exchange
21 June 11:56 AM Arab sales drag EGX30 lower at open
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) declined at Wednesday’s open by 0.68% or 90.6 points to the level of 13,324.9 points. By 10:45 am Cairo time, the EGX50 index fell 0.41%, while the EGX70 and EGX100 indices …
Trading Activities
The amount will be used in financing a triple treatment plant project
21 June 11:30 AM Heliopolis Housing signs EGP 100m leasing deal with GLC
Cairo – Mubasher: Heliopolis Company for Housing and Development said Wednesday that it has signed a leasing agreement worth EGP 100 million with Global Leasing Company (GLC). The amount will be used in financing a triple treatment plant project …
Companies Investments
The Egyptian Exchange
21 June 11:19 AM Oriental Weavers starts capital cut procedures
Cairo – Mubasher: Oriental Weavers Group said Wednesday that it has decided to transfer the ownership of 6.6 million shares in Oriental Weavers Company – US in preparation for writing them off. The company will cut the issued capital from EGP 450 …
Insider Trading & Treasury Stocks
The Central Bank of Egypt
21 June 11:07 AM CBE to offer T-bills worth EGP 13bn Wednesday
Cairo - Mubasher: The Central Bank of Egypt (CBE) will offer EGP 13 billion in treasury bills (T-bills) on Wednesday, according to a statement. The T-bills will be offered through three tranches; 182-day bills at EGP 6.25 billion, 364-day bills …
Bonds
The Egyptian Exchange
21 June 10:51 AM EGX likely to move sideways Wednesday – Analysts
Cairo – Mubasher: Stock market analysts expect the Egyptian Exchange (EGX) to move sideways on Wednesday before continuing the upward trend after the Eid Al Fitr holiday. Market analyst at Mubasher International for Securities Shahd Raafat said …
Trading Activities