UPDATE: Egypt’s business digest June 26:Egyptian court suspends implementation of central bank decree to limit CEO terms
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015. REUTERS/Amr Abdallah Dalsh
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CAIRO: No more browsing from site to site, view the top business news stories on June 26 here:

Kuwaiti Fund finances Sinai development projects with $ 900m

The Kuwait fund for Arab Economic Development (KFAED) pumps $900 million for development projects in the Sinai Peninsula, Youm7 quoted International Cooperation Minister Sahar Nasr Sunday.

KFAED finances the establishment of six water desalination plants in South Sinai along with Oyun Musa road in Sharm al-Sheikh, and an upgrade of a fishing port in North Sinai’s al-Tor city, Nasr added.

Egypt’s Beltone files lawsuit against heads of bourse and watchdog

Egypt’s Beltone Financial has filed a lawsuit against the heads of the Cairo stock exchange and Financial Supervisory Authority over the repeated cancellation of trades on its stock, according to two sources and a court document seen by Reuters.

Egyptian court suspends implementation of central bank decree to limit CEO terms

An Egyptian court suspended the implementation of a Central Bank decree to limit CEO terms on Sunday, according to the lawyer who appealed the decision.

In March, Egypt’s central bank set a 9-year term limit for all bank CEOs which would have forced eight of the country’s banking heads out of their positions.

Yields drop on Egypt’s 91-day, 273-day T-bills

Yields on Egypt’s three-month and nine-month treasury bills declined at an auction on Sunday, Reuters reported citing data from the central bank.

The average yield on Egypt’s 91-day bill dropped to 13.960 percent from 14.051 percent at the last sale on June 19. The yield on the 273-day bill dipped to 15.087 percent from 15.118 percent at a similar auction a week ago.

EGX loses 16B EGP in first hour of Sunday session due to Brexit

The Egyptian Stock Exchange lost 16 billion EGP due to Brexit in the first hour of Sunday’s session, with the main index declining by 5.27%, Youm7 reported.

2016/2017 budget anticipates 2.2 billion EGP in grants

Egypt anticipates grants of 2.2 billion EGP, according to the budget of 2016\2017, representing 0.4% of the total public revenues totaling 631.1 billion EGP, Youm7 reported.

Grants from foreign governments are expected to reach 1.3 billion EGP, grants from international organizations to reach 600 million EGP and grants from governmental entities estimated at 300 million EGP. They cover only 0.2% of the total public expenditure values of 936.1 billion EGP, according to Youm7.

 

Gold reaches highs in Egypt due to Brexit

The purchasing power in the gold market declined significantly after prices soared Friday evening due to the Brexit; a gram of 24-carat gold recorded 461 EGP, the 21-carat reached 403 EGP and the 18-carat amounted to 345.

The prices will, however, change after global stock markets open Monday, member of the Gold Jewelry Division Ehab Wassef told Youm7 Saturday.

 

Expert predicts EGX decline to 7,000 points

The main index of the Egyptian Stock Exchange will decline to 7,000 points then 6,800 points tentatively if selling continues, predicted head of the technical analysis department at Cairo Capital Securities Adham Gamal Eddine told Youm7 in a Sunday report.

 

CBE puts forward TBs of 9.5B EGP

Treasury bills with a total value estimated at 9.5 billion EGP will be put forward by the Central Bank of Egypt; the first wave of treasury bills of 4.5 billion EGP have a grace period of 91 days and 5 billion EGP at a grace period of 266 EGP.

 

Barclays Egypt predicted to be sold before end of 2016

Barclays Egypt will be sold at $500 million before the end of 2016, predicted a top banking official told Youm7 in a Sunday report.

Barclays, headquartered in London, will receive five to six offers to buy its branch in Egypt; one of the potential buyers is an Egyptian privately-owned bank, as well as UAE’s plan to expand in Egypt through its bank by increasing its share in the fast-growing Egyptian banking market, according to Youm7.

 

Vodafone Egypt not affected by Brexit

Vodafone Egypt will not be affected by Brexit although it is 50% owned by Vodafone Group, head of the foreign and government affairs sector at Vodafone Egypt Khaled Hegazy told Youm7 Saturday.

The issue will not affect companies, he said, adding that it can affect bourses and currencies, but might only reflect on companies until there is stability.

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