North africa news

Market cap closed at EGP 789.6bn, gaining EGP 11.99bn
1 hour ago EGX hits record high Thursday; EGX30 soars 267 pts
By: Heba El-Kordy Cairo – Mubasher: The Egyptian Exchange (EGX) ended Thursday’s trading session up on the back of foreign and local buying. The benchmark EGX30 index closed 1.93% or 266.8 points up to highest level since May 2017 to 14,106.17 …
Obour Land to self-finance agri-investment unit
2 hours ago Obour Land to self-finance agri-investment unit
Cairo – Mubasher: Obour Land for Food Industries will finance its under construction subsidiary Obour Farm for agricultural investment from the company’s profits over the coming four years, the company said in a statement to the Egyptian Exchange …
The MoU aims at exploring new opportunities in the Egyptian market and the GCC states
2 hours ago UAE’s NPCC, Egypt’s Petrojet ink exploration deal
Abu Dhabi – Mubasher: National Petroleum Construction Company (NPCC), a part of Senaat Abu Dhabi, has signed a memorandum of understanding (MoU) with Egyptian company Petrojet with the aim of exploring new opportunities in the Egyptian market and …
Italy’s debt has reached 130% of its GDP
3 hours ago 6 Eurozone members risk EU budget issues in 2018
Mubasher: The European Commission forecast that six Eurozone countries’ budgets may break the standard European Union (EU) deficit standards in 2018. Accordingly, the European Commission issued a warning to governments to remain within the …
France’s RATP Group to operate Cairo Metro Line 3
3 hours ago France’s RATP Group to operate Cairo Metro Line 3 – Ministry
Cairo – Mubasher: The Egyptian Ministry of Transport is currently in talks with France’s RATP Group over managing and operating Cairo Metro Line 3, deputy transport minister Amr Shaath told Alborsa News. The French company will not intervene in …
c’s employment hits 17-yr high in November
3 hours ago Euro zone’s employment hits 17-yr high in November
Mubasher: Employment in the euro zone soared in November, registering its highest level in 17 years, according to the data of Purchasing Managers’ Index, IHS Markit Flash Eurozone PMI. Eurozone PMI Composite Output Index hit 57.5 points in …
StartEgypt was launched with the aim to support Egyptian entrepreneurs
3 hours ago UK embassy to support Egypt startups with EGP 47m
Cairo – Mubasher: The British Embassy in Cairo has launched a new GBP 2 million (EGP 47 million) programme called “StartEgypt” which aims to finance and train startups in Egypt. Powered by Flat6Labs, StartEgypt was launched by British ambassador …
Orange Egypt signed an EGP 74m settlement agreement with TE
4 hours ago Orange Egypt settles EGP 74m disputes with TE
Cairo – Mubasher: Orange Egypt for Telecommunications has signed an EGP 74 million settlement agreement with Telecom Egypt on Thursday. Orange Egypt has paid EGP 72 million, in addition to EGP 2 million, to settle its international arbitration and …
Tesla to trial world’s largest battery storage facility
4 hours ago Tesla to trial world’s largest battery storage facility
Mubasher: Electric car maker Tesla Inc is to trial world's largest lithium ion battery facility in South Australia by December 2017. In July, Tesla announced that it would build the facility within 100 days. The new facility will be an important …
Oriental Weavers to obtain EUR 9m loan from QNB
4 hours ago Oriental Weavers plans EUR 12m expansions until end-2018
Cairo – Mubasher: Oriental Weavers Carpet is planning to add about eight to ten looms until the end of 2018 with investments range between EUR 10 million to EUR 12 million. The company’s new expansions in its factories amounted to EGP 324 million …
UK’s economy edges up 0.4% MoM in Q3
4 hours ago UK’s economy edges up 0.4% MoM in Q3
Mubasher: The UK growth domestic product (GDP) inched up 0.4% month-on-month in the third quarter of 2017, Office for National Statistics' data on Thursday revealed. Year-on-year, the UK economy levelled up 1.5%. The increase in the country’s …
Eurozone economic activity hits 7-yr high in November
4 hours ago Eurozone economic activity hits 7-yr high in November
Mubasher: The Eurozone’s economic activity rose in the manufacturing and services segments in November from a month earlier, data released by IHS Markit for the Purchasing Managers’ Index (PMI) on Thursday showed. Eurozone activity rose to 57.5 …
Kima completes 75% of Aswan ammonia, urea facility
5 hours ago Kima finishes 75% of EGP 11bn Aswan ammonia plant
Cairo – Mubasher: Egyptian Chemical Industries (Kima) has completed 75% of KIMA 2 facility for ammonia and urea production in Aswan. Italy’s Maire Tecnimont is implementing the project with a total investment worth EGP 11 billion, the company …
Prices will be adjusted on 23 November in accordance with the VAT
12:47 PM Eastern Co raises cigarettes’ prices
Cairo – Mubasher: Eastern Co on Thursday announced the new prices of its products after applying the value-added tax. The price of Cleopatra king size will be raised by 21.7% to EGP 14 from EGP 11.5, while Cleopatra queen soft and Cleopatra box …
Saudi Elaj Group acquires 2 hospitals in Egypt
12:43 PM Saudi Elaj Group acquires 2 hospitals in Egypt
Cairo – Mubasher: Saudi Arabia-based, Elaj Group acquired Alexandria International Hospital in Smoha and Ibn Sina Specialized Hospital in Mohandessin. The takeover of the hospital in Alexandria was implemented through over the counter (OTC) Deals …
Net profit amounted to EGP 243.3 million in Q3-17
12:13 PM Pioneers Holding Q3 profit hikes 61%
Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Thursday reported a 61% year-on-year surge in consolidated profit for the third quarter of 2017 due to higher revenues. Net profit amounted to EGP 243.3 million in the …
EGX opens Thursday higher on foreign buying
11:53 AM EGX opens Thursday higher on foreign buying
Cairo – Mubasher: The Egyptian Exchange (EGX) opened Thursday’s trading session up on the back of foreign buying. By 10:20 am Cairo time, the benchmark EGX30 index edged up 0.94% or 130.53 points to 13,969.9 points. The small- and medium-sized …
Japanese stock market is closed on Thursday
11:49 AM Japanese stock market is closed on Thursday
Mubasher: The Tokyo Stock Exchange is closed on the Labor Thanksgiving Day, and it will resume its trades Friday. Japan and other countries across the world celebrate the Labor Thanksgiving Day by the end of each year. By 08:07 am GMT, JPY price …
Fawry will use this fund to finance its expansion plans
11:36 AM Foreign fund invests $20m in Egypt’s e-payment startup Fawry
Cairo – Mubasher: A foreign investment fund will pump $20 million investments into Egyptian e-payment solutions startup Fawry, CEO Ashraf Sabry told Daily News Egypt. The Egyptian e-payment firm will use this investment to finance its expansion …
CBE issues EGP 13.25bn T-bills Thursday
11:03 AM CBE issues EGP 13.25bn T-bills Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 13.25 billion on Thursday in coordination with the Ministry of Finance (MOF) to finance the budget deficit. The first tranche of T-bills will be …
The EIA disclosed that oil inventories decreased by 1.9 million barrels
11:01 AM Kuwait crude oil rises 70 cents Wednesday – KPC
Mubasher: The price of Kuwait’s crude oil added 70 cents to settle at $59.88 per barrel (pb) on Wednesday compared to $59.18 pb on Tuesday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). Global oil prices declined …
EGX to see bullish wave on blue chips Thursday
10:54 AM Blue chips to boost EGX higher Thursday – Analysis
Cairo – Mubasher: The benchmark EGX30 index is likely to retest the levels of 13,960 and 14,100 points on the back of rising blue chips, analysts told Mubasher. The main indices of the Egyptian Exchange (EGX) may resume testing new resistance …
Oil prices down amid higher US oil rigs
10:37 AM Oil prices down amid higher US oil rigs
Mubasher: Oil prices dropped on Thursday, in line with investors’ anticipation of the Organization of the Petroleum Exporting Countries’ meeting next week and whether it will extend production cuts. Drillers of the US energy firms added nine oil …
Gold prices surged by 0.8% on Wednesday
12:49 AM Gold prices rise $10 on Wednesday
Mubasher: Gold prices increased by more than $10 during Wednesday’s trade. The precious metal futures went up by 0.8% to 1292.2 per ounce. Gold gains were supported by the decline of the US dollar on the back of macroeconomic data.
Nymex futures jumped 2.1% on Wednesday
12:37 AM Nymex above $58 for 1st time since mid-2015
Mubasher: Oil prices saw significant increase at the end of Wednesday’s trade, as Nymex reached its highest level in two years, after data revealed a decline in US oil stockpiles. Nymex futures for January delivery rose by 2.1% to the level of …