North africa news

19 February 07:36 PM JP Morgan head’s paycheck tops counterparts for 2nd straight year
JP Morgan's chairman Jamie Dimon maintained his rank on top of Wall Street banks' highest-paid CEOs list
Up to 13 EGX-listed firms to benefit from the CBE's rate cut
19 February 07:00 PM Up to 13 EGX-listed firms to benefit from CBE rate cut - Analysts
By: Heba El-Kordy Cairo – Mubasher: Following the decision taken by the Central Bank of Egypt (CBE) to cut interest rates last week and adopt a more flexible monetary policy, analysts have pinpointed the top companies that are most likely to …
19 February 06:39 PM Alibaba, Tencent go neck-and-neck in China retail acquisitions
China's top tech companies Alibaba and its rival Tencent Holdings are competing fiercely in the retail market
Majid Al Futtaim currently operates 37 Carrefour outlets in Egypt
19 February 06:11 PM Majid Al Futtaim to expand with Carrefour brand in Egypt
Abu Dhabi – Mubasher: Majid Al Futtaim has announced plans to open 100 new Carrefour stores in Egypt. The Dubai-based company has signed a cooperation protocol agreement with the Egyptian investment ministry and the National Service Projects …
19 February 05:48 PM Venezuela to launch pre-sale of “petro” cryptocurrency
Venezuela's government on Monday announced it would issue a pre-sale of a commodity-backed new digital currency
The Islamic lender's business volume rose to EGP 84.66 billion in January 2018
19 February 05:30 PM Faisal Islamic Bank’s business volume rises 11.1% in January
Cairo – Mubasher: Faisal Islamic Bank of Egypt on Monday said that its business volume increased 11.1% by the end of January 2018, compared to the year-ago period. The Islamic lender's business volume rose to EGP 84.66 billion by the end of the …
19 February 04:52 PM Emirates extends shirt sponsorship deal with Arsenal until 2024
Dubai airline's deal with the  Premier League club will be extended until the end of 2023/2024 season.    
19 February 04:31 PM QNB sees oil prices at $65 pb in 2018
QNB upgraded its forecasts for crude oil prices despite the recent fall
Abu Qir Fertilizers topped winners with 9.98%
19 February 04:16 PM EGX closes Monday mixed amid higher market cap
Cairo – Mubasher: The indices of the Egyptian Stock Exchange (EGX) closed Monday’s trading session with a mixed performance. The benchmark EGX30 index gained 0.75% or 112.56 points to close at 15,158.12 points, backed by blue chips. The EGX70 …
Egypt Aluminum has posted a 39% year-on-year decline in profits for the second quarter of fiscal year 2017/2018
19 February 03:38 PM MubasherTrade maintains Egypt Aluminum Hold/Moderate Risk rating
Cairo – Mubasher: MubasherTrade has maintained their Hold/Moderate Risk rating for Egypt Aluminum at a price target (PT) of EGP 72.05 per share, according to a recent report. The Egypt-based firm has posted a 39% year-on-year decline in profits …
19 February 03:16 PM China warns Trump against tariffs over steel, aluminum exports
China's government warned US President Donald Trump against imposing tariffs over metal exports
Net profit stood at EGP 56 million last year
19 February 03:14 PM October Pharma's profit hikes 60% in 2017
Cairo – Mubasher: October Pharma on Monday reported a 60% year-on-year rise in profits for 2017 due to a growth in revenues. Net profit stood at EGP 56 million last year, up from EGP 35 million in 2016, the company said in a filing to the Egyptian …
Banks' loans went up by 51.3% to EGP 1.42 trillion in FY16/17
19 February 03:04 PM Egypt’s bank deposits increase 43.1% in FY16/17 - CAPMAS
Cairo – Mubasher: Bank deposits rose by 43.1% year-on-year to EGP 3 trillion in fiscal year 2016/2017, according to a recent report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Monday. Family deposits increased by 46.6% …
The project will create more than 35,000 jobs for youth
19 February 02:29 PM SCZone launches EGP 1.2bn project
Cairo – Mubasher: The Suez Canal Economic Zone’s (SCZone) board has approved the small- and medium-sized businesses (SMBs) union assembly’s project, under the name of “Boshret Kheer”, in El Qantara Gharb with EGP 1.2 billion in investment within …
19 February 02:14 PM Dollar rebounds from 3-year low amid Fed holiday
The US dollar on Monday recovered as the Federal Reserve Bank and US stock and treasury markets were in a holiday
The CBE is expected to maintain reducing the interest rates by 200 basis points in August 2018
19 February 02:12 PM CBE likely to cut interest rates by 1% in March - Report
Cairo – Mubasher: The Central Bank of Egypt (CBE) may reduce key interest rates by 1% for the second time in a row in March, according to a recent report by Arqaam Capital. The CBE is expected to maintain slashing the interest rates by 200 basis …
19 February 01:49 PM Europe’s current account surplus shrinks in December
The Eurozone’s current account surplus narrowed more than expected in December=
Trade exchange between Egypt and Sweden has reached EUR 644 million in 2017
19 February 01:47 PM Egypt-Sweden bilateral trade hits EUR 644m in 2017
Cairo – Mubasher: Trade exchange between Egypt and Sweden has reached EUR 644 million in 2017, Egyptian trade minister Tarek Kabil said in a statement on Monday. The North African nation's exports to Sweden include carpets, fruits, vegetables, …
Nassef Sawiris has topped the list with a net worth of $6.8 billion
19 February 01:15 PM Six Egyptian businessmen top N. Africa billionaires list – Report
Cairo – Mubasher: Six Egyptian businessmen have dominated North African billionaires’ list, according to a recent report. Nassef Sawiris has topped the list with a net worth of $6.8 billion among total 23 billionaires in Africa, followed …
19 February 01:12 PM Germany’s Daimler said to be cheating emission tests -Newspaper
German automaker Daimler may have used emission-cheating software to pass tests on Diesel Vehicles
EGX Chairman Mohamed Farid
19 February 12:48 PM Egypt’s gov’t IPO programme to launch by April or May
Cairo – Mubasher: The state-run initial public offering (IPO) programme is expected to launch next April or May, chairman of the Egyptian Exchange (EGX) Mohamed Farid said.  The Egyptian pound flotation has positively impacted the EGX, Farid added …
19 February 12:33 PM Ultra-rich should pay “significantly higher” taxes - Bill Gates
Microsoft magnate Bill Gates believes that ultra-rich people like him should be paying "significantly higher taxes".
19 February 11:57 AM Oil prices rise Monday, may be “tested”
Oil prices traded higher on Monday, extending gains from last week when prices had rebounded on stronger investor sentiment
EGX30 index edged up 38.95 points, or 0.26%, to 15,084.51 points
19 February 11:51 AM EGX opens Monday near-stable
Cairo – Mubasher: The Egyptian Exchange (EGX) opened Monday’s trading session in green territory on the back of local and non-Arab buying. By 10:30 am Cairo time, the benchmark EGX30 index edged up 38.95 points, or 0.26%, to 15,084.51 points. The …
Fawry is planning to expand into the GCC region and Africa this year
19 February 11:42 AM Egypt’s Fawry eyes overseas expansion in 2018
Cairo – Mubasher: Egypt’s leading e-payment solutions Fawry is planning to expand into the GCC region and Africa this year, managing director Mohamed Okasha told Reuters. The Egyptian e-payment startup is seeking to increase proceeds and …