Hend El-Behary

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Latest by Hend El-Behary


CIB inaugurates electronic Corporate Payment System

The Commercial International Bank (CIB) has inaugurated the first centre to pay custom fees and sales taxes electronically in the “Goods village” at Cairo international airport with a system called corporate payment system (CPS). It is planned to serve businessmen and large sized companies, said the head of customs authority Mohamed El-Salhawy. Businessmen and large …

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Inoperative Customs Authority scanning equipment curtails efficiency of customs clearance (AFP PHOTO)

Customs bottlenecked due to outdated scanning equipment

Minister of Finance Momtaz Al-Saeed, has ordered the formation of two committees, legal and technical, to review contracts with an American company providing X-ray scanning equipment to the Egyptian Custom Authority. He has also requested an expedited submission of reports assessing the functionality, or lack thereof, of such devices. In 1998, the Ministry of Finance …

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Electronic signature technology to be applied November

The banks as well as the stock market are ready to implement electronic signature technology, which is to be inaugurated by November, capital market expert, Moustafa Badra, told the Daily News Egypt. An electronic signature can be as simple as a typed name or a digitised image of a handwritten signature; it can facilitate the …

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High oil prices to push MENA growth forecast up in 2013

The expected growth prospects of the MENA region strengthened, with predicted growth of 5.3 per cent in 2012 and 3.6 per cent in 2013, according to Qatar National Bank Group (QNB). QNB attributed the strong forecast to higher oil prices and increased government spending, according to the bank’s group review of the International Monetary Fund’s …

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Kuwaiti funds to invest in Egypt

Kuwait Finance House and its subsidiary, Liquidity House, have declared their readiness to support Egypt by investing in the country, according to Minister of Finance Momtaz El-Saeed. El-Saeed recently met a delegation from the two organisations headed by the vice president of Liquidity House, Emad Youssef El-Manieg The Kuwaiti delegation emphasised the enthusiasm of Kuwaiti …

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Shipping lines vow to reroute their ships away from Al-Sokhna

Three shipping lines of the Ain El-Sokhna port have warned the Dubai Ports World (DP World) company, which is working in El-Sokhna port, to reroute its ships to other ports in the Red sea in case of further strikes, said an official DP World source. The three shipping lines represent around 90 per cent of …

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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, …

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Real estate tax to be implemented

The Real Estate Tax Authority (RETA) is about to instate the article 196 real estate tax law, four years after it was first issued, according to head of RETA, Tarek Farag. Farag made the announcement during a seminar to the Association of Taxes Experts. “People who are supposed to pay real estate taxes can do …

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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 …

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Worldwide economic instability instigates drop in metal prices

The prices of non-ferrous metals (copper, aluminium and lead)have dropped across international markets, after witnessing a slight rise last week, according to a report published by the Metallurgical Industries Chamber (MIC). The price of copper fell by $137, recording $8,156 per tonne on 25 September, compared to $8,293 last week. Aluminium prices followed suit, falling …

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Telecom Egypt employees sceptical of new appointment

Employees of Telecom Egypt have met the appointment of the company’s new non-executive chief officer, Omar El-Sheikh, with muted approval. “I am neutral towards the appointment but hopefully he might meet our expectations,” the president of Telecom Egypt independent workers syndicate, Mohammed Helmy, said. Omar El-Sheikh was public relations director at Vodafone Egypt, he has …

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