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IMF: Egypt has option of requesting emergency stopgap funding

Wafa Amr, spokeswoman of International Monetary Fund (IMF) stated that Egypt has the option of requesting rapid funding under an emergency IMF lending program before reaching a broader loan agreement. It’s up to Egyptian authorities to decide whether to request support under the fund’s Rapid Financing Instrument, which offers “rapid—but limited—financial assistance to member countries facing an urgent balance of payments need,” she added. “Egypt needs bold and ambitious policy actions to address its economic and financial challenges without further delay.” According to Bloomberg, the political bickering and tensions plaguing Egypt’s transition since the 2011 uprising have prolonged its bid to secure a $4.8 billion loan from IMF. The country’s international reserves plunged more than 60 percent from their end-2010 levels. Egyptian officials have said the IMF loan is necessary to boost investor confidence and unlock other funds. 

Egypt signs $190m US grant to support budget

Egypt signed an agreement with the US government Sunday under the terms of which it will receive a $190 million grant to back its state budget, reported Al-Ahram Arabic-language news site. The grant is the first tranche of a US aid package to Egypt worth $1 billion announced by President Barack Obama in May 2011, according to Egyptian Minister of Planning and International Cooperation Ashraf El-Arabi. El-Arabi said the agreement would be presented to the Egyptian Shura Council (the upper house of parliament) for ratification. The grant is expected to be received before the year’s end.

EGX suspends trading on Ezz Steel, Dekheila

Egx suspends trading on Ezz Steel, Dekheila till receiving a filing from the companies. The court pronounced against business tycoon Ahmed Ezz as well as former Minister of Industry Ibrahim Mohamadeen and five other officials at Dekheila Steel Co. Ezz has been sentenced to 37 years in prison and a fine of EGP 2 billion, for illegal acquisition of Dekheila Steel Co. and profiteering and causing material damage to public funds through wasting EGP 5 billion.

Egypt stocks open in green; main benchmark up 0.61%

Indices of The Egyptian Exchange (EGX) have rallied in today’s early trading. Benchmark index EGX30 rose 0.61%, or 32.03 points to reach 5295.16 pts. EGX70 also added 0.40%, or 1.82 pts to 454.77 pts. The broader index EGX100 pulled ahead 0.31%, or 2.38 pts to 766.81 pts. Adel Abdel Fattah, Chairman of EAC Securities Brokerage (Themar), said earlier today that EGX is expected to move sideways today. He noted that indices will show mixed performance, amid anticipation for a court ruling next Saturday on Port Said soccer violence. According to the expert, investor caution is fueled by escalated tensions in the Suez Canal cities. For his part, Osama Naguib, head of technical analysis at Arab Finance indicated that main benchmark index EGX30 will likely move down in the short term.

Kerry launches Egyptian-American Enterprise Fund with initial $60mln

During his trip to Egypt, U.S. Secretary of State John Kerry announced $60 million toward the start of the Egyptian-American Enterprise Fund, which will fuel “key engines of democratic change in Egypt” by assisting Egyptian entrepreneurs and “its young people.” The fund will rise to $300 million in coming years “as we work with our Congress on funding this and other programs,” Kerry said. Kerry came to Egypt with the authority to release the first $190 million in “budget support funds.” That money is part of a $1 billion package of support pledged by President Barack Obama in May of 2011. The aid was split into two pieces. The $190 million was part of an initial $450 million tranche that had been held up by U.S. Congress out of concern over Egypt’s political developments, according to the U.S. official. The administration hopes to provide Egypt with the balance of the $450 million and another tranche of $550 million if it qualifies for the IMF loan, the official said.

EFSA issued treated rules for brokerage and Constituting and managing securities portfolios companies on GDRs

Board of Directors issued in its last Permissions treated brokerage firms and companies to configure and manage securities portfolios on GDRs for securities listed  the Egyptian Stock Exchange. requirements for obtaining EFSA approval to exceed the value of the issued share capital and paid 20 million Egyptian pounds and not less than the company's financial solvency for 10% and the need for a competent management trading in certificates of deposit in foreign works not less than (2) an employee who specializes in this activity. Also controls handle include contracting with the client on a model contract dedicated to it with informed client on risks associated with the deal as well as the completion of the cash settlement in accordance with the rules and regulations issued by the Central Bank of Egypt on dealing on the foreign exchange and remittance abroad also included controls bind each brokerage firm providing a set of data and reports of the Egyptian bourse and also included controls obligations on internal auditor in the brokerage firm in securities to reduce manipulations on these transactions also included these controls controls belong to handle companies configure and manage securities portfolios to account customers on certificates of deposit foreign.

Securities societies send memo to PM to revoke EGX tax

Securities and investors societies have submitted a joint memo to Prime Minister Hisham Qandil, in which they demanded cancelling the proposed stamp tax on The Egyptian Exchange (EGX) transactions. The societies cited several negative impacts from such a tax on investment climate.

Ultras Ahlawy members rally at EGX, C.bank after Mansourah clashes

Tens of Ultras Ahlawy members have staged a rally this morning in front of The Egyptian Exchange (EGX) and Central Bank of Egypt (CBE) in protest against the clashes that erupted yesterday in Mansourah city

Egypt hopes to conclude IMF deal by April-end

Egypt hopes to conclude a deal with the International Monetary Fund (IMF) for a $4.8 billion loan by the end of April, the Investment Minister Osama Saleh said today. "We have hope, God willing, that we can, by the end of April complete the loan," Saleh told journalists. It was reported that the government would formally invite an IMF team on Thursday to reopen talks on a deal.

Omran seeks new solutions with gov’t for tax issue

Dr. Mohamed Omran, Chairman of The Egyptian Exchange (EGX) confirmed that the bourse board is seeking to reach new solutions with the government as regards the recent decision to impose a stamp tax at 1/1000 of EGX transactions. According to the top official, the tax move would lead to an exodus of foreign investments from Egypt and would lead to a further decline in liquidity.

Cabinet endorses Sukuk bill, refers it to Shura Council

The Cabinet has endorsed today the draft Sukuk law and referred it to Shura Council to take necessary legislative steps in preparation of ratification. Egypt is seeking to issueSukuk, or Islamic bonds, in a bid to allure capital to plug the worsening budget deficit.

EGX indices on mixed note at open; main benchmark up 0.10%

Indices of The Egyptian Exchange (EGX) have kicked off today’s session on a mixed note. Benchmark index EGX30 inched up 0.10%, or 5.62 points to reach 5551.88 pts. Meanwhile, EGX70 was down 0.06%, or 0.30 pt to 473.19 pts. The broader index EGX100 also pulled back 0.08%, or 0.60 pts to 798.73 pts.

Egypt targets EGP 450mln annually from EGX stamp tax

Deputy Finance Minister Hani Qadri said on Tuesday that the government is seeking to collect EGP 450 million annually from the stamp tax to be imposed on transactions executed on The Egyptian Exchange (EGX). The government will start to implement the tax immediately after Shura Council endorses relevant laws within the coming two days, Qadri added.

Egypt to present economic reform program to IMF this week

The Egyptian government has finalized the revised economic reform program and will present it to International Monetary Fund (IMF) this week, Minister of Investment Osama Saleh said yesterday in Dubai. During EFG-Hermes’ 9th Annual Conference entitled ‘One On One’, Saleh indicated that the reform program targets growth and social justice, in addition to defining finance sources such as loans, Sukuk and savings from removing energy subsidies and tax rise. The Minister also said that the government agreed not to impose capital gains tax on The Egyptian Exchange (EGX) and proceed with the tax on initial public offerings (IPOs).

Government to impose stamp tax on bourse trades

The Egyptian government said on Monday that the revised economic program includes imposing a stamp tax at 0.001% of each transaction executed on The Egyptian Exchange (EGX). The local stock exchange has been suffering a severe shortage in liquidity amid continued sell-offs triggered by blurry economic and political outlook.

Egypt to see $1bln Turkish investments in 2013

Zaki Ekinci, Chairman of Turkish-Egyptian Businessmen Association (TUMIAD) said in an interview with Anadolu Agency (AA) that Egypt will witness a business boom over the coming period. During 2013, fresh Turkish investments worth nearly $1 billion will be pumped into the Egyptian economy in sectors like steel, energy, cement, chemical industries, tourism and infrastructure, Ekinci added.

EGX seen extending sideways movement on political deadlock; NSGB deal lost allure

Yasser El Masry, an expert, said that indices of The Egyptian Exchange (EGX) are expected to extend their sideways movement today, amid lack of signs in the horizon for a solution to the current political wrangling. A rally in the local bourse hinges upon the formation of a timetable and clear outlook for economic conditions. In addition, calls for civil disobedience and violence seen in several parts of the country negatively impact efforts to allure fresh investments, the expert added.He indicated that main benchmark EGX30 is hovering between 5500-5800 pts. El Masry also state that QNB-NSGB takeover deal lost its allure and will unlikely have an impact on today’s session.

Lord Mayor of London Visits the Egyptian Exchange to Discuss Means of Cooperation

H.E. Lord Gifford Aldermn, Mayor of London, headed the British delegation visiting Egyptian Exchange (EGX) - Down Town Premise on Sunday 14/2/2013. H.E. Lord Gifford illustrated the British Stock Market methods to attract companies to list which is based on corporate governance, transparency and funding mechanisms. He also revealed that the development plans will be the focus of talks in the scheduled meeting with Egyptian Minister of Investment. On the other hand, he confirmed that currently trust is the key for new investments to enter the Egyptian Market. Dr. Mohammed Omran, EGX Chairman, highlighted the importance of communicating with foreign investors, particularly the British as they are one of the most important financial centers worldwide in order to rebuild the confidence in the Egyptian financial market. EGX Chairman confirmed that the infrastructure and technicality of the Egyptian market enable the access of new financial instruments, particularly "Sukuk". He pointed out that the growing appetite of investors for trading this tool give hope that the government would approve its activation; hence attracting new categories of investors. In line with this Ms. Lissette Mermod, Director of a British Financial Institution, stressed on the importance of discussing ways to enhance cooperation with international institutions such as

EGX indices seen moving sideways on political developments – experts

Adel Abdel Fattah, an expert, said that indices of The Egyptian Exchange (EGX) are expected to move sideways today, noting that they will show varied performance amid the current circumstances. The events seen in the last two days will unlikely have a major impact on EGX indices, the expert added. For his part, Osama Naguib, head of technical analysis at Arab Finance pointed out that EGX30 would move sideways between resistance at 5900 and primary support at 5500. Meanwhile, President Mohamed Mursi issued a decree yesterday, bringing forward the date of beginning parliamentary elections to April 22nd.

Omran: Suspended stocks to resume trading only if problems solved

Dr. Mohamed Omran, Chairman of The Egyptian Exchange (EGX) ruled out resuming trading on suspended stocks before their complicated problems are brought to an end. He added that the procedures taken by the bourse are mainly aiming to safeguarding investor rights. In a statement to Alalam Alyoum gazette, Omran indicated that EGX has never been a party in the disputes of those suspended companies. Commenting on the case of Simo, the top official said that a suitable decision will be taken once a court ruling is pronounced. As for the manipulative trading spotted in the last two weeks, Omran indicated that the new trading system, which is currently applicable, contributed to a large degree to discovering such manipulations.

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