North africa news

SCZone tunnels will be completed in June 2018
26 September 05:49 PM SCZone tunnels execution to end June 2018 - Mamish
Cairo – Mubasher: The chairman of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCZone) Mohab Mamish said that the SCZone's tunnels will be completed in June 2018, in coordination with the Armed Forces Engineering Authority. …
Headquarter of the CBE
26 September 05:01 PM Fixed yield deposits hits EGP 10bn Tuesday - CBE
Cairo – Mubahser: The Central Bank of Egypt (CBE) said that total fixed yield deposits amounted to EGP 10 billion on Tuesday, with a return of 19.25%. Offers presented by 17 banks amounted to EGP 40.4 billion were accepted at an allocation rate of …
EGX closes Tuesday marginally up
26 September 04:54 PM EGX30 passes 13,700 pts; market cap gains EGP 2.5bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Tuesday up on the back of Egyptian and Arab investors’ buying. The benchmark EGX30 index added 0.22% or 29.71 points to the level of 13,704.13 points. The EGX70 index inched up 0.22% to 772.44 …
Alwaleed has topped the same list for nine years in a row
26 September 04:48 PM Alwaleed tops list for most influential Arabs
Riyadh - Mubasher: Prince Alwaleed bin Talal has been ranked number one in Middle East Magazine’s 2017 list of the World’s 50 Most Influential Arabs, for the ninth consecutive year. The chairman of Kingdom Holding Company (KHC) and Alwaleed …
Egypt’s minister of trade and industry Tarek Kabil
26 September 04:30 PM Egypt extends anti-dumping duty on rebar imports
Cairo – Mubasher: Egypt’s minister of trade and industry Tarek Kabil on Tuesday said that the period of applying the anti-dumping duty on Chinese, Turkish, and Ukrainian rebar imports has been extended for two months to end in December. …
Spinneys Egypt to inject EGP 250m investments for expansion plans
26 September 03:57 PM Spinneys Egypt to invest EGP 250m by 2019 – CEO
Cairo – Mubasher: Spinneys Egypt will invest up to EGP 250 million as a part of its four-year expansion plans, which started in 2015, CEO Mohanad Adly told Almal newspaper. The supermarket chain is looking to pump total investment worth EGP 500 …
EGPC to launch new crude oil exploration tender end-2017
26 September 03:53 PM EGPC to launch new crude oil exploration tender end-2017
Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) is preparing for a new tender for crude oil exploration at its concession areas before the end of 2017, CEO of the EGPC Abed Ezz El-Regal told Youm7. This auction will be launched …
OPPO plans to build smartphones factory in Egypt
26 September 02:39 PM OPPO to set up smartphones factory in Egypt
Cairo – Mubasher: OPPO Electronics Corp is in talks with the Egyptian government over establishing a smartphones factory in Egypt, brand director for OPPO MENA Andy Shi told Shorouk News. These negotiations may succeed depending on the investment …
Sales cost increased to EGP 2.58 billion in FY16/17
26 September 12:48 PM HADISOLB losses EGP 750m in FY16/17
Cairo – Mubasher: The modified financial indicators of Egyptian Iron and Steel (HADISOLB) on Tuesday showed a 21.9% year-on-year rise in losses for fiscal year 2016/2017. The firm’s losses reached EGP 750.26 million in the fiscal year ended June …
Headquarter of the EFSA
26 September 12:11 PM EFSA suspends 6 clients on EGX over manipulation
Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has decided to suspend six clients from trading on the Egyptian Exchange (EGX) for manipulating securities and not conforming with the capital market law and its executive …
The price of Brent crude oil rose by 4%
26 September 12:08 PM Kuwait crude oil up 56 cents Monday – KPC
Mubasher: The price of Kuwait’s crude oil increased by 56 cents to reach $54.06 per barrel (pb) on Monday compared to $53.50 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). The price of Brent crude oil …
The Egyptian Tax Authority is studying the imposition of E-commerce taxation for the first time
26 September 11:52 AM Egypt reviews E-commerce tax imposition
Cairo – Mubasher: The Egyptian Tax Authority is studying the imposition of E-commerce taxation for the first time through seizing the firms’ operation incomes that exceed billions. Applying value-added tax (VAT) on these activities will bolster …
EGX indices rise collectively early Tuesday
26 September 11:44 AM Local buying push EGX up early Tuesday
Cairo – Mubasher: The Egyptian Exchange (EGX) rose collectively early Tuesday, bolstered by Egyptian buying. By 10:19 am Cairo time, the benchmark EGX30 index edged up 0.39% or 51.38 points to the level of 13,727.08 points. The EGX70 index grew …
EGX is likely to carry on the sideways performance
26 September 10:54 AM EGX likely to test 14,000 end-September - Analysts
By: Heba El-Kordy Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on its sideways performance, analysts told Mubahser. The benchmark EGX30 index is expected to see positive performance, aiming to break above 13,700 points, capital …
Brent futures went up by 3.9% to $59.13 per barrel
26 September 01:13 AM Brent jumps 4%, breaks $59 level
Mubasher: Brent crude oil rose by 4% during Monday trade, surpassing the level of $59, amidst a dominant positive sentiment, as investors are optimistic regarding cutting output. By 9:34 PM (GMT), Brent futures went up by 3.9% to $59.13 per barrel …
Trump is expected to propose cutting corporate tax rate to 20%
26 September 12:27 AM Trump to unveil more tax reform details Wednesday
Mubasher: US president Donald Trump is set to reveal new details of his tax reform plan on Wednesday, according to the White House. The White House press secretary Sarah Huckabee Sanders said in a press conference on Monday that Trump will give a …
Gold futures went up by 1.1% to its highest level in 10 days
26 September 12:22 AM Gold prices surge on rising geopolitical risks
Mubasher: Gold prices have risen by the end of Monday trade, increasing by around $14 and exceeding the level of $1,300, as more geopolitical risks are rising with North Korea threatening to target American Aircrafts. Gold futures went up by 1.1%, …
Earnings growth shifts down a gear turning outlook on global oil and gas sector stable
25 September 11:42 PM Moody's expects lower return growth for oil, gas sectors
Mubasher: An expected slowdown in the pace of earnings growth has moved the 2018 outlook on the global integrated oil and gas industry to stable from positive, Moody's Investors Service said in a report published Monday. The slowdown follows a …
Photo Archive
25 September 11:24 PM CI affirms NBE rating, outlook stable
Cairo - Mubasher: Capital Intelligence Ratings (CI) has affirmed the National Bank of Egypt's (NBE) long- and short-term foreign currency ratings (FCRs) at 'B', with a 'Stable' Outlook, according to a report issued on Monday. The ratings agency …
AccorHotels currently has more than 100 hotels in the MENA region
25 September 08:38 PM AccorHotels opened 12 new hotels in 2017
Dubai – Mubasher: AccorHotels announced on Monday that it has inaugurated 12 hotels so far this year, according to press release. The company’s hotels portfolio in MENA region has now surpassed more than 100 hotels. As per the statement, the new …
25 September 07:58 PM Enppi IPO expected early 2018 - Minister
Cairo - Mubasher: The initial public offering (IPO) of Egypt’s Engineering for the Petroleum and Process Industries Company (Enppi) is expected to be carried out during the first quarter of 2018, according to the Egyptian investment minister. The …
Khazzan Gas Field
25 September 06:22 PM BP launches production in Oman’s Khazzan gas field
Mubasher: BP announced on Monday that it has begun production at the Khazzan gas field in Oman, according to a company statement. The Omani oil and gas minister said that BP has successfully delivered the first phase of the project on time, adding …
MOF on Monday posted that yield on five-year T-bills declined 7%
25 September 05:59 PM Egypt’s yield on gov’t T-bills drops 7% - MOF
Cairo – Mubasher: The Ministry of Finance (MOF) on Monday posted that yield on five-year treasury bills (T-bills) declined 7%, compared to the last issuance. The average yield of the five-year notes reached 15% from 16.15% and were oversubscribed …
EGX closed Monday’s session on a mixed noted
25 September 05:23 PM Blue chips boost EGX30 above 13,600 pts; market cap gains EGP 2.3bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Monday’s session on a mixed noted amid Egyptian and Arab buying. The benchmark EGX30 index rose 0.49% or 67.23 points to the level of 13,674.42 points. The EGX70 index slipped 0.11% to 770.76 …
Brent futures rose by 1.4% to $57.67 per barrel
25 September 03:52 PM Brent surges to highest level since mid-2015
Mubasher: Brent crude oil expanded its gains during Monday trade, reaching its highest level in more than two years, with investors showing a positive sentiment regarding the output limitation agreement. Brent futures rose by 1.4% to the level of …