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Qatar National Bank in talks to acquire majority stake in NSGB

By Sarah Daoud Société Générale is in talks with Qatar National Bank (QNB) to sell its majority stake in its Egyptian subsidiary, according to Mohamed El Deeb, chairman and managing director of National Société Générale Bank-Egypt (NSGB-Egypt). QNB has expressed interest and approached the group about potential acquisition of its 77.2 percent majority stake in …

Daily News Egypt

EFSA enact new regulations for changing stocks’ closing price

Chairman of the Egyptian Financial Supervisory Authority (EFSA), Ashraf El-Sharqawy, approved new regulations for changing stocks’ closing price, suggested by Egypt’s Stock Exchange (ESE) board of directors, in order to stem closing price manipulations that delay trading operations. The new regulations stipulate that in order to change a stocks’ closing price, the number of shares …

Islam Serour

Government to enforce Competition Protection Act

The government plans to re-enforce article 10 of the Competition Protection and Monopoly Prevention Act (CPMPA), according to Minister of Industry and Foreign Trade Hatem Saleh. The Citizens Against Price Rise Association (CAPRA) recommended reviving article 10 of CPMPA, which stipulates that the prime minister has the right to set the price of one commodity …

Islam Serour

Review: Mory’s visits to China and Iran overwhelm Egyptian columnists

As Morsy nearly finalises his three-day journey to China and heads towards a supposedly short, yet very unique, trip to Tehran, opinion writers in almost all Egyptian newspapers dissect the main reasons, repercussions and expected outcomes of the President’s two important visits. Some writers have refuted arguments that Egypt has the potential to swiftly follow …

Daily News Egypt

Debate over IMF loan persists

By Islam Serour Fears of negative consequences attached to the IMF loan is fuelling debate among Egypt’s business and economic community. Some worry the loan could worsen national debt if the Egyptian pound were to be devalued, while others debate whether the government should focus more on the country’s domestic fiscal position rather than relying …

Daily News Egypt

New initiative to maximise benefits of international trade agreements

By Inaam El Adawy The Federation of the Chambers of Commerce (FEDCOC) has adopted an initiative to review the trade agreements signed with Egypt in previous years. The initiative is aimed at seeking methods to derive optimal benefit from the agreements. “We are currently studying the free trade agreements between Egypt and other states, to …

Daily News Egypt

Embaba Airport housing project to be completed by year’s end

By Mohamed Darwish The Greater Cairo Housing Authority (GCHA) has finished constructing 82 percent (2800 out of 3400 apartments) of the Embaba Airport housing project, in preparation for delivery to owners in December. General Hesham Abu Senna, Director of the GCHA, said the area has been provided with electrical power from the national grid and …

Daily News Egypt

Government begins debt swap negotiations with European countries worth $1b

By Islam Zayed A high-ranking source at the Ministry of Finance (MOF) revealed that the government is working on several projects regarding relief of public debt, reduction of budget’s deficit and reforming the Egyptian economy, all in parallel. The Foreign Relations Department at the Ministry of Planning and International Cooperation (MPIC) continues to negotiate the …

Daily News Egypt

Ending post-Soviet journey, Russia takes WTO seat

Moscow (AFP) — Russia on Wednesday crowned a tortuous 18-year journey from communist economic isolation by becoming the largest state outside the World Trade Organization to join the preeminent free trade club. Optimistic economists think the move will give Russia’s $2 trillion economy a serious boost and herald the end of an era marked by …

Daily News Egypt

Banque Du Caire scores EGP 201 million in Q1

By Islam Serour Banque Du Caire’s financial operations results for the first quarter of 2012 indicate a net profit of EGP 201 million, as opposed to EGP 44.9 million by the end of 2011. According to bank officials, the achieved profit exceeded the targeted figure by 200 percent. Banque Du Caire’s General Assembly, headed by …

Daily News Egypt