UPDATE: Egypt’s top business news June 23:EGX rebounds on Thursday, benchmark rises by 1.35%
Egyptian Exchange - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business news stories on June 23 here:

EGX rebounds on Thursday, benchmark rises by 1.35%

The Egyptian Exchange (EGX) rebounded on Tuesday boosted by local institutions as well as Arab and foreign buying appetite, Youm7 reported.

Egypt’s main index EGX30 climbed 1.35 percent on Thursday to reach 7,252 points with stock turnover at 422 million EGP.

4G licenses to be put up in international auction if govt. terms rejected: minister

The 4G mobile license will be put up in an international auction in case any of the three operating mobile network companies rejects the governments term, Communications and Information Technology Minister Yasser al-Kady told Reuters.

T-bill yields rise at Thursday auction: CBE

The yields on Egypt’s six-month and one-year Treasury bills rose at an auction on Thursday, The Central Bank of Egypt announced.

The yield on the 182-day T-bill rose to 14.908 percent from 13.965 percent, while yield on the 364-day bill rose to 15.185 percent from 14.188 percent at an auction a week ago.

Egypt’s manufacturing index goes up by 16.5% in April: CAPMAS

The index of manufacturing (without crude oil and petroleum products) reached 115.00 during April 2016 (primary) compared to137.73 during March 2016 (final), with an increase of 16.5 percent, Egypt’s Central Agency for Public Mobilization and Statistics (CAMAS) Thursday.

Etisalat Egypt has no objection to Telecom Egypt’s would-be mobile service

Etisalat Egypt has no reservations in case that the Telecom Egypt launched a fourth mobile service service in the Egyptian market, Youm7 reported Etisalat Egypt CEO deputy Hazem Metwali, adding that Etisalat is negotiating with banks to get a loan for developing its systems and services.

Egypt’s banks unable to provide investors with dollars

Egyptian banks could not provide investors hard currency of U.S. dollar, Youm7 reported a group of investors who complained shortage of dollars, which caused their exports to be declined by 50 percent due to the dollar crisis, Youm6 reported.

Egypt’s current state budget draft unconstitutional: Moussa

Egyptian Association for the Protection of the Constitution Chairperson Amr Mousa said that the current draft of Egypt’s general budget, which is considered by the House of Representatives, is unconstitutional, as the percentage of funds allocated for the health and education sectors contradicts with the rates stipulated in the 2014Consititution, Al-Ahram reported Wednesday.

7.5% increase in Egypt’s insurance companies’ assets: EFSA

Assets of Egyptian insurance companies reached 64.2 billion EGP in June 2016, compared with 59.9 billion EGP in June 2015, with an increase of 7.2 percent, Al-Masry al-Youm7 reported Egyptian Financial Supervisory Authority (EFSA) chairperson Sherif Sami.

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