UPDATE: Egypt’s Business digest July 2: EGX30 declines by 7.74% in past three months
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)
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CAIRO: No more browsing from site to site, view the top business stories in Egypt July 2 here:

EGX30 declines by 7.74% in past three months

The Egyptian Exchange (EGX) benchmark index EGX-30 has plummeted 7.74 percent during the past three months to reach 6,943 points, Youm7 reported.

The small- and medium-sized enterprises (SME) index EGX-70 declined by 4.42 percent during the past three month to close at 351 points, while broader index EGX-100 declining by 6.13 percent to reach 744 points.

Suez Canal Insurance wins bid for East Port Said tunnel drilling equipment

The Suez Canal Insurance Company has won a bid to insure drilling equipment designated to build a new tunnel under the East Port Said, Amwal al Ghad reported.

The insurance policy is with total sum insured worth 17 million EGP (around$2 million.)

 Mortgage investments increase by 12 percent in five months: official

Investments of the mortgage sector have increased by 12 percent during the period 01Jan.-01 June, 2016 to reach 442 million EGP ($49.6 million,) up from 396 million EGP during the same period last year, Sherif Sami, head of the Egyptian Supervisory Authority told Al Ahram on Saturday.

The current funds of the mortgage companies totaled 2.8 billion EGP by the end May2016, Sami added.

Egypt to apply value added tax on social media adds

Egypt’s Value Added Tax (VAT) bill, which is will be discussed by the Parliament after celebration of Eid al-Fitr, includes articles stipulates that the VAT will applied on all online services provided domestically and from abroad, including the social media adds, an anonymous official at the Ministry of Finance told Youm7 Saturday.

Egypt’s government borrows 9.7 billion EGP in T.bills

Egypt’s Ministry of Finance, via the Central Bank of Egypt, will auction Treasury Bills (T.bills) estimated at 9.7 billion EGP (around $1.1 billion) Sunday. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 91-day term, while the second worth 5 billion EGP with a 266-day term, Youm7 reported Saturday.

The Finance Ministry plans to put forward treasury bills and bonds worth 97.750 billion EGP in July, state news agency MENA reported on Friday.

Holding Co. For Maritime & Land Transport losses reach156.6 million EGP in 2015

Holding Co. For Maritime & Land Transport Chairperson Mohamed Youssef announced that the company’s net losses reached 156.6 million EGP (about $17.6 million) in 2015, Youm7 reported Saturday. He noted that the company has framed a general budget for the affiliated companies that suffer losses via pumping new investments.

Egypt’s electricity sector arrears to Minstry of Petroleum estimate at 45 billion EGP

The value of Egypt’s electricity sector arrears were estimated at 45 billion EGP, an anonymous official at the Egyptian Ministry of Petroleum told Youm7 Saturday. The arrears accumulated because the Ministry of Petroleum sells the electricity sector the subsidized gas and fuel for price higher than its purchase, he added.

Egypt’s pound steady against U.S. dollar Saturday

Central Bank of Egypt (CBE) held Saturday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8571 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported.

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