Update: Egypt business news digest June 14: Egypt stock market ends lower Tuesday
Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo in a file photo. REUTERS/Amr Abdallah Dalsh
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CAIRO: No more browsing from site to site, view the top business news stories here:

Egypt stock market ends lower on Tuesday

Egypt stock market ended lower on Tuesday with market capitalization losses worth 3.7 billion EGP ($411m.) Its main index EGX30 declined by 0.01 percent.

 

Arab Contractors completed its share at Alexandria-Matrouh highway

Egypt’s Arab Contractors has completed its share in Alexandria-Matrouh desert road with total cost estimated at 600 million EGP ($67) according to Amwal al Ghad.

 

CBE offers treasury bills worth $700 m for finance ministry

The Central Bank of Egypt (CBE) announced in a statement Tuesday it has offered treasury bills worth $700m on behalf of the Finance Ministry. The bills are offered to pay old bills offered on 16 June 2015 at a value of $728.5m, said the CBE.

 

Egypt deficit of trade balance declines by 44.4% in March: CAPMAS

Egypt’s balance of trade deficit declined by 44.4 percent in March 2016 recording 19.9 billion EGP ($ 2.2 billion,) compared to 35.7 billion EGP ($4 billion) in March 2015, said the Central Agency for Public Mobilization and Statistics (CAPMAS) Tuesday.

 

Economists warns of fast-paced growth of foreign debt

Economists in Egypt warned Sunday of the fast-paced growth of the country’s foreign debt which jumped to $53.4 billion in March, compared with $48.1 billion in June 2015, with an increase of 11.2 percent upon a report issued from the Central Bank of Egypt Thursday, Youm7 reported.

 

ICC rejects a lawsuit calls Egypt’s EGAS to pay $270 million

An Attribution Panel at the International Chamber of Commerce (ICC) has rejected a lawsuit filed by the SEGAS Liquefied Natural Gas Complex against the government’s Egyptian Natural Gas Holding Company (EGAS) over a dispute about penalty clauses worth at U.S$270 million, according to a statement from the Egyptian Ministry of Petroleum Tuesday.

 

Egypt’s pound steady against U.S. dollar

The Egyptian pound value steady against U.S. dollar as the pound kept at 8.8572 against the U.S. dollar for the purchasers in the banks which sell the dollar to clients at 8.8794 EGP Tuesday, Youm7 reported. Meanwhile, the value of the pound has weakened against the U.S. dollar in the black market by 5-piaster decline.

 

Vodafone Egypt to launch 4G mobile service within three months: CEO

Vodafone Egypt would launch the services of the fourth generation of mobile technology (4G) for the clients within three months after getting the license, Youm7 reported CEO Ahmed Essam in a meeting with reporters Tuesday.

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