Latest in Tag: Business Highlight

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Latest in Tag: Business


Exchange rate of USD reached a new peak

The price of U.S. dollars in Egyptian pounds reached record rates last Sunday. The exchange rate increased at exchange to EGP 6.07 for buying and 6.08 for selling for the first time in 7 years, compared to 6.06 for buying and 6.07 for selling the day before, according to the Central Bank of Egypt (CBE). …

Daily News Egypt

EU funds city sanitation and beautification project

By Mohamed El-Atroush The Chairman of the Federation of Egyptian Chambers of Commerce (FECC), Ahmed El-Wakeel, revealed that the Alexandria Chamber of Commerce obtained financing for the first stage of a project to remove trash and to beautify the city. The European Union (EU) is providing the financing for the project, which will cost EGP 40 …

Daily News Egypt

Experts advocate real estate companies to partner up

By Ahmed Samir Political disturbances in Egypt affected investment in a number of sectors, particularly the real estate sector, which has suffered from a lack of liquidity and capital flow. Developers have begun to search for greater liquidity, either through joint ventures and partnerships or merging with other companies in order to increase companies’ capital. …

Daily News Egypt

Real estate companies on involuntary Ramadan hiatus

By Hamada Ismail With Ramadan falling during the summer this year, real estate companies are on hiatus, reorganising their plans and evaluating their accomplishments. Before Ramadan, 5 real estate expos were held, extending over 24 days. However, results disappointed companies and didn’t satisfy participants, given decreased client participation and weakened sales. Sales were expected to …

Daily News Egypt

Outgoing Finance Minister prepares for hand over

By Islam Zayed Momtaz Said, Minister of Finance in the current caretaker government, has been working since yesterday to complete all requests made by government agencies regarding allocations and expenditures before incoming Prime Minister, Dr.HeshamKandil, appoints a new Finance Minister. According to official sources within the Ministry of Finance, Said held a meeting with AymanGohar, …

Daily News Egypt

East Port Said investors seek extensions for development leases

By Sherif Serag A number of East Port Said investors called on the New Urban Communities Authority (NUCA) to negotiate settlements to avoid reclaiming land plots in the area. Daily News Egypt learned of a meeting held between a number of investors and General Kamal Aldeen, First Deputy of the NUCA, at which investors called …

Daily News Egypt

Real estate companies adapt as Ramadan falls in their highest season

By Hamada Ismail Real estate companies extended their promotional offers to include the month of Ramadan in an attempt to support the relative growth the sector has experienced during the last several months. The offers included extended financing periods, lowered down payments, discounts for up-front payments, and gifts such as furniture. Traders in the sector …

Daily News Egypt

Stock market performance surpasses analysts’ Ramadan forecast

By Fatheya Al-Garhy The Egyptian Stock Exchange (EGX) closed after the first session of Ramadan with prices maintaining relative stability, the opposite of what most analysts expected. Observers predicted that the EGX’s indices would experience sharp declines in the value of trading with the start of the holy month. The shares of Orascom Telecom Media and …

Daily News Egypt

National Bank of Egypt to finance tourist projects

By Walid Abdelazim An official at the National Bank of Egypt (NBE) stated that the bank is currently conducting studies into providing an additional EGP 300million for tourist projects in Marsa Alam and Taba. The official said that the NBE recently provided EGP 1million to the two cities, mostly for hotels to upgrade their insurance …

Daily News Egypt

Banque Misr diversifies automobile loans

By Ayat El-Battawy Banque Misr has pledged to increase its credit portfolio for automobile loans by EGP 300 million by the end of the current fiscal year. The bank’s automobile loans portfolio will reach EGP 600m after the increase. An official with the bank said that automobile loans reached EGP 300 million at the end …

Daily News Egypt

Power cuts deliver massive blow to industires

By Inaam Eladawy and Nihal Mounir The electricity crisis which had previously been affecting just homes has begun to impact upon businesses and factories as well. Factories have tried to overcome such crises by relying on generators while shops, especially those working in the food sector, have experienced losses as a result of damaged goods. …

Daily News Egypt

Banking experts meet Morsy to expose sector’s corruption

By Mahmoud Salah El-Din Bankers, members of the group Central Accounting Apparatus Observers Against Corruption (CAAOAC), and President Mohamed Morsy will hold a meeting within days in order to discuss corruption in the banking sector. Bankers and members of the CAAOAC will deliver a memorandum to the President that contains a Central Accounting Apparatus’ (CAA) …

Daily News Egypt

Departing IMF economist rips fund’s leadership

Washington (AFP) – A departing senior IMF economist has excoriated the fund, alleging it failed to address Europe’s crisis and “suppressed” its challenges, according to a letter published Friday. In the letter obtained by CNN, Peter Doyle also accused Christine Lagarde, the managing director of the International Monetary Fund, of being “tainted” by a faulty selection …

Daily News Egypt

Hopeful trade indicators between Egypt and the US

By Amr Eleraqi According the American Chamber of Commerce’s most recent report, the volume of trade exchange between Egypt and US has declined by 9.2% during 2011, reaching $8.2 million. The drop represents about 4% of GDP and 4.3% of the volume of goods traded in the US. During 2011, non-petroleum exports were stable, but …

Daily News Egypt

EGP 200m to aid Radio and Television Union

By Mohamed Ayyad The government has earmarked EGP 200 million for the Egyptian Radio and Television Union (ERTU) to address the financial crisis that has struck the sector after employee salaries were suspended. Fayza Abul Naga, Minister of International Cooperation, said that the National Investment Bank (NIB) pledged to provide an EGP 100 million loan …

Daily News Egypt