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EGX continues sideways movement reflecting market uncertainty

The stock exchange’s main indicator, the EGX30, reflected ongoing instability in the market with a shaky day of trading Wednesday. A slight dip started the day, followed by an up-swing that lasted until midday before it closed at 5,668 points, losing 0.38 per cent of its value. The market has been sensitive to contradictory news …

Mohamed Salah

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

New floating-rate notes see significant success

By Hend El-Behary The Ministry of Finance has received offers equating to EGP 2.5 billion for the first Floating-Rate Note (FRN) ever issued in Egypt. The move comes in the context of the ministry’s strategy to diversify public debt instruments, according the ministry’s press release. FRN are bonds with a variable interest rate. The adjustments …

Daily News Egypt

Euromoney Egypt Conference Confirmed for October 9-10

The Euromoney Egypt Conference 2012 will now be held on 9 and 10 October at The Fairmont Towers Hotel, Heliopolis.  Euromoney confirms that HE Dr Hisham Kandil will open the conference. Other government speakers include the Minister of Finance, Minister of Investment and Minister of Communications and IT. Political leaders from many parties will also …

Daily News Egypt

Value Added Tax heads taxation reform discussion

Under the slogan “Future Tax System and its Impact on the Economy and Investment,” the Egyptian Society for Taxation (EST) sponsored a conference yesterday, discussing new reforms which would enhance the Egyptian taxation system. The conference was headed by Ahmed Sawqqi, chairman of the EST, and attended by Mamdouh Omar, the newly appointed chairman of …

Islam Serour

EFSA restructuring complete

The Egyptian Financial Supervisory Authority (EFSA) has finalised the procedures of bringing the Mortgage Finance Authority, the Egyptian Stocks Exchange (ESE) and the Private Insurance Funds under one supervisory body, state-owned news agency MENA has reported. As a result of the merger, all non-banking financial operations including mortgage financial affairs, leasing, factoring, securitisation, insurance activities …

Islam Serour

New fiscal measures to address state budget deficit

By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …

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

EFG Hermes reports a 66 percent drop in net profits during Q2

By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …

Daily News Egypt

Ministry of Finance allocates $100m for petroleum deficit

The Ministry of Finance (MOF) has allocated EGP 100 million to the Egyptian General Petroleum Corporation (EGPC) for supplying all electricity stations with the required petroleum needs. Minister of Finance Momtaz Al Saeed stated that during July and August, the Ministry allocated EGP 600 million to the EGPC in order to procure the necessary fuel …

Daily News Egypt

Geithner visit to Germany sparks euro hopes

Brelin (AFP) — The top US finance official began meetings with his German counterpart and the head of the European Central Bank Monday, fuelling hopes Europe is readying decisive action to save the crisis-wracked eurozone. US Treasury Secretary Timothy Geithner met Wolfgang Schaeuble on a holiday island off the north German coast amid pressure on …

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

New Egyptian-American fund to finance SMEs

U.S. Secretary of State, Hillary Clinton, announced during her visit to Egypt the establishment of an Egyptian-American fund to provide financing for small and medium sized enterprises (SMEs). Egypt is in need of such financing in order to achieve sustainable economic growth and to create jobs during the transitional period.   The Secretary stated that …

Mohamed El-Bahrawi