Egypt’s top business news on June 15: Mobile operators receive letters for 4G licenses, Egypt’s illicit currency traders defy crackdown, spread business abroad
Courtesy of dailyexpress.com.
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CAIRO: No more browsing from site to site, view the top business news stories on June 15 here:

 

Mobile operators receive letters for 4G licenses

The three mobile service operators in Egypt (Vodafone, Orange, and Etisalat) have received letters concerning the licenses of the Fourth Generation Technology Wednesday. The new license is provided for 22.28 billion EGP ($2.5 billion), Youm7 reported.

Egypt stock market drops blue chip Orascom Telecom Media continued sliding

DUBAI (Reuters) – Saudi Arabia’s stock market led falls in the Gulf on Wednesday after MSCI decided not to consider the country for emerging market status, while Egypt fell sharply as blue chip Orascom Telecom Media continued sliding.

Egypt gets 50 million CDA grant from Canada for women empowerment projects

Egypt has negotiated to get 50 million CDA in grants from Canada’s government to finance programs of women empowerment, Egyptian Minister of International Cooperation Sahar Nasr told Youm7 Wednesday.

Egypt’s illicit currency traders defy crackdown, spread business abroad

CAIRO/RIYADH (Reuters) – Egypt’s efforts to stamp out illicit currency trading is pushing black market dealers to carry out transactions abroad, beyond the reach of the law, robbing the economy of its last vital source of foreign currency.

Dealers say they are scooping up dollars held by expatriate workers and exporters before they ever enter Egypt, exacerbating the dollar shortage at the heart of the currency crisis that has already undermined investment and hit trade and manufacturing.

5 solar power plants to operate in Cairo, Aswan by August

Five new solar energy plants will be inaugurated in Cairo and Aswan by the end of August, head of Misr Petroleum Company Mohamed Shaaban told Youm7.

 

CBE’s monetary policy committee meets Thursday to discuss raising interest rates

The Central Bank of Egypt’s (CBE) Monetary Policy Committee will convene on Thursday to review whether to raise or hold current benchmark interest rates including the overnight deposit rate and the overnight lending rate, Youm7 reported.

 

Areas cultivated by cotton decline by 48 percent: report

The total area cultivated with cotton declined by 48 percent to register 127,149 feddans during this summer season, compared with 248,000 feddans during last summer, Youm7 reported Wednesday citing a report issued by the Agriculture Ministry.

The report said the decline was caused by several reasons including the government’s recent decision to end decades-long policy of subsidizing farmers.

 

Home appliance prices rise by 60%

The prices of household items and home appliances have increased by 60 percent during the past two months, Fathy al Tahawy, Deputy Head of the Division of Home Appliances at the Cairo Chamber of Commerce told Youm7.

Tahawy attributed the price hike to wrong decisions taken by the Trade and Industry Ministry.

 

French firm to build car assembly factory in Egypt

A French auto maker plans to establish car assembly factory in the Egypt within the upcoming period, Egyptian Trade Minister Tarek Qabil said Sunday, according to Amwal al Ghad.

The factory is set to operate using high rates of locally-manufactured components.

 

 

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