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Chinese steel sparks anxiety among domestic producers

A wave of alert follows the announcement that a Chinese steel freight will be sold for around EGP 700-800 less than Egyptian steel. The news caused local steel producers to panic, forcing Ezz steel to lower its prices by EGP 250 per tonne, reaching EGP 4,080 for factories and EGP 4,230 for the final consumer, …

Hend El-Behary

Morsy attacks non-compliant companies

President Mohamed Morsy targeted five companies yesterday, stating that they owe the government more than EGP 100 billion. Morsy’s lengthy speech commemorating the 39th anniversary of the October war against Israel was turned into a report of sorts on companies’ performance and compliance with contractual agreements with the government. Morsy stated before tens of thousands …

Islam Serour

Ministry of Transport considers metro fare increase

The Ministry of Transport is studying the feasibility of raising the price of metro tickets by around a quarter. Currently EGP1, the new price would be between 125 to 150 piastres, Egyptian media has reported. Furthermore, the ministry is also considering cutting subsidies for public servants, students, the military and police. Egyptian media published contradictory …

Hend El-Behary

Government considers raising tap water prices in tourist and industrial areas

By Mohamed Salah Abdel Kawy Khalifa, the minister for public utilities, declared during the inauguration of Al-Rawda water plant that the government plans to raise consumer tap water prices, especially in tourist areas and industrial establishments. According to the minister, the increase is necessary in light of the budget deficit suffered by the Holding Company …

Daily News Egypt

Closing price mechanism to be launched Thursday

The Egyptian Stock Exchange (EGX) will implement a new closing price mechanism on Thursday. Egypt’s financial watchdog, the Egyptian Financial Supervisory Authority (EFSA), approved the new regulations for changing stocks’ closing prices, as suggested by EGX board of directors, on 28 August in an effort to impose more discipline over trading operations. The new regulations …

Islam Serour

Islamists to meet with Saleh to discuss Sukuk Law

Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. “This meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,” …

Islam Serour

HSBC to launch mobile banking

During a media roundtable discussion the bank’s MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bank’s plan to open three new branches this year to cope with the growing residential developments in Egypt.

Mohamed El-Bahrawi

Kuwait injects $60.5 million into Egypt’s gas sector

The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …

Islam Serour

When the bankrupt are pushed to pay

By Mohammed Ali Ibrahim Once upon a time I wrote in Algoumhoria newspaper that we don’t need another Mahathir Mohammad here to score an economic miracle like that of Malaysia. Rather we need the Malaysian people who achieved that leap into the future. The occasion of the aforementioned article was the visit of the Malaysian prime minister …

Daily News Egypt

What if foreign investment flows in?

Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …

Mustafa Sakr

Presidential decree solidifies military control of land in Sinai

Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …

Islam Serour

Ministry of Finance to issue more FRNs

The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …

Islam Serour

Egypt struggles to boost agriculture and livestock wealth

By Mohamed Gamal In a continuing effort to promote the agricultural sector, Egyptian officials agreed with Qatari businessmen to explore investment opportunities in the Egyptian agricultural sector. Last Friday, Prime Minister Hesham Qandil held talks with a Qatari delegation headed by Sheikh Nasser Bin Mohammed Al Hajri, CEO of Hassad Food, who expressed interest in …

Daily News Egypt

The Economist: Egypt third most indebted nation in the world

By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …

Daily News Egypt