Egypt news

7 minutes ago Oil drops on record US crude output, weak demand fears
Oil prices fell on Thursday as US crude output rapidly approached an unprecedented 12 million barrels per day, amid concerns about weakening demand.
The contracts are still under discussion
23 minutes ago Eastern Co considers new contracts with int'l firms
Cairo — Mubasher: Eastern Co, Egypt’s monopoly cigarette maker, on Thursday has announced that it is considering new manufacturing contracts with international companies. The contracts are still under discussion and any further details will be …
16 January 11:36 PM EGX may remove 8 stocks from benchmark – Beltone Research
Cairo – Mubasher: A group of eight companies are expected to be removed from the Egyptian Exchange's (EGX) benchmark EGX30 index.
16 January 11:29 PM Oil goes up at Wednesday's settlement
Mubasher: Oil futures settled higher on Wednesday due to the decline in the US inventories.
The projected solar plant will be located on up to 96,000 square metres
16 January 10:59 PM Arabian Cement Co to build EGP 100m solar plant
Cairo – Mubasher: Arabian Cement Co. has signed an agreement with Solaris Egypt to build a solar power plant in its plant in Suez, with EGP 100 million investments. Funded by Qatar National Bank Al Ahli, the solar plant will be the first in Egypt …
16 January 10:34 PM Gold settles up on Wednesday
Mubasher: Gold went up at Wednesday’s settlement, backed by the negative developments in respect of Brexit.
The FV of CIB was set at EGP 90 per share
16 January 09:21 PM Pharos Research sets FV of 10 EGX-listed banks
Cairo – Mubasher: Pharos Research has set the fair value (FV) of 10 banks listed in the Egyptian Exchange (EGX). The FV of Commercial International Bank (CIB) was set at EGP 90 per share, with equal weight recommendation, according to Pharos’ …
16 January 07:27 PM Goldman Sachs swings to profit in Q4
Goldman Sachs posted a year-on-year profit in the fourth quarter of 2018, while its investment banking and investing and lending revenues came better than expected.
16 January 06:34 PM US crude inventories drop as oil prices rise
US crude oil stockpiles fell by 2.7 million to 437.1 million barrels in the week ended 11 January.
16 January 06:24 PM Egypt launches Rod El-Farag Suspension Bridge project
Cairo – Egypt: Egypt is planning to build a massive suspension bridge over the Nile, named Rod El-Farag Suspension Bridge.
16 January 06:23 PM Egypt’s gov’t OKs EUR 150.5m pact with Germany
Cairo – Mubasher: The Egyptian cabinet has approved an agreement with Germany on the technical and financial cooperation with total investments of EUR 150.5 million.
16 January 06:21 PM Egypt closes $1.2bn deal with China’s EximBank for electric train
Cairo – Mubasher: Egypt’s National Authority for Tunnels (NAT) has signed a $1.2 billion agreement with China’s EximBank to finance a light rail system.
16 January 06:19 PM US builder sentiment recovers in January
US home builder morale improved in January on a gradual decline in mortgage rates in recent weeks, data showed on Wednesday.
16 January 05:59 PM Bank of America profit surges in Q4 on higher rates
Bank of America on Wednesday reported a year-on-year 208% surge in its net income during the fourth quarter of 2018, while its revenue climbed 11%.
16 January 05:53 PM Qalaa Holdings buys Qatar Petroleum’s stake in Egyptian Refining
Qalaa Holdings signed a MoU with state-run Qatar Petroleum to purchase an additional stake in the Egyptian Refining Company.
16 January 05:52 PM Kuwait invests $2.8bn in Egypt
Kuwait’s investments in Egypt have amounted to $2.8 billion reflecting a business of 1,247 companies
16 January 05:34 PM Dubai Frame attracts 1m visitors in a year
The 150-metre structure offers views of Dubai’s old and modern city
16 January 05:31 PM Etihad Airways launches world’s 1st flight run by UAE plants
Sustainable fuel for the flight was produced from oil in Salicornia plants
16 January 05:18 PM Fiserv to acquire First Data for $22bn
US financial technology provider Fiserv on Wednesday announced that it would purchase payment processor First Data in an all-stock $22 billion deal.
16 January 04:58 PM Platinum may become new ‘Dark Horse’ among metals – PIMCO
Platinum is expected to be the dark horse among major metals in the coming period due to its low price
16 January 04:44 PM US import prices fall in December on lower fuel costs
The costs of the US import dropped in December 2018, helped mainly by lower fuel prices, data showed on Wednesday.
16 January 04:11 PM Turkey C.bank keeps policy rate on hold as inflation slows
Turkey's central bank left its benchmark interest rate unchanged on Wednesday, mollifying investor worries that it could relax policy after inflation retreated.
16 January 03:30 PM No-deal Brexit could be ‘fatal’ – German automakers  
German car manufacturers on Wednesday warned of dire consequences, if the UK crashed out of the European Union without an accord.
16 January 02:51 PM GCC sovereign outlook seen stable despite several challenges – Moody’s
Egypt is an important investment destination for Eni
16 January 02:35 PM Eni’s investments in Egypt hit $13bn in 3 yrs – CEO
Cairo – Mubasher: Italy-based Eni has invested around $13 billion in Egypt over the previous three years, the firm's CEO said.  Egypt is an important investment destination for Eni, the Egyptian cabinet said in a statement, citing Claudio …