UPDATE: Egypt’s business digest July 4: EGX ends week transactions in collective gain
Egyptian Exchange - YOUM7 (Archive)
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CAIRO: No more browsing from site to site, view the top business stories in Egypt July 4 here:

 

EGX boosted by local purchases, market capitalisation gains $687 M at end of weekly transactions 

Egypt’s stock market has achieved a collective gains at the end of this week’s transactions on Monday, pushed by Arab and local purchases, while foreign investors mostly sold. Market capitalisation gained around 6.1 billion EGP ($687 million) and closed at the level of 390,464 EGP. EGX 30 index raised by 2.88 percent; EGX50 index raised by 2.37 percent, while EGX20 raised by 4.17 percent. For medium and small cap eGX70, it raised by 0.18 percent, and EGX100 raised by 0.83 percent.

 

Summer crop planted areas increased to 3.6 M feddan: report

The Ministry of Agriculture stated an increase in areas planted in summer crops by 3.6 million feddan, according to a report.

The report said that all cultivation tools and fertilisers need to complete the area allocated for planting summer crops this year have been made available.

 

Egypt seeks to buy 165K tons of diesel fuel with 0.1% sulfur in August- Reuters

Egypt seeks to purchase up to 165,000 tons of diesel fuel with 0.1% sulfur on five shipments in August per international tenders offered by the Egyptian General Petroleum Corporation (EGPC), Reuters reported Monday.

 

Egypt reduces arrears owed to foreign oil companies to $3.4 bln

(Reuters) Egypt has reduced the arrears it owes foreign oil companies to $3.4 billion in 2015/16 from $3.5 billion a year earlier, Petroleum Minister Tarek El Molla told Reuters on Monday.

El Molla also said that Egypt received crude oil and natural gas from the foreign partners’ share during 2015/16 worth $5.4 billion. Egypt paid them $5.5 billion.

 

Egypt’s public business companies owe Ministry of Petroleum 3 bln EGP

Debts of a number of state-owned business companies that intensively consume energy reached 3 billion EGP, should be paid off to the Ministry of Petroleum, Youm7 reported an anonymous official from the public sector Sunday.

Egypt’s National Cement Company has debts totaling 1.2 billion EGP; the company works have stopped after suspension of fuel supply due to failure to pay off part of its debts.

 

Tourism Minister dissolves Egyptian Tourism Federation’s Board of Director

Egypt’s Minister of Tourism Yahya Rashid issued Sunday a decision to dissolve the Council of the Egyptian Tourism Federation, which was elected on Feb 28, 2015. A committee will be formed to take on the tasks of the council for six months until electing new board of directors. Although the decision did not mention the reasons of the dissolving, but media outlets said the decision came over “irregularities.”

 

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

Central Bank of Egypt (CBE) held Monday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8574 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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