Update Egypt’s top business news on July 11: President Sisi meets with APM Terminals CEO; Egypt seven-year yield jumps at auction, other sales cancelled
President Abdel Fatah al-Sisi. Youm7 archive.
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CAIRO: No more browsing from site to site, view the top business news stories on July 11 here:

 

President Sisi meets with APM Terminals CEO

Egyptian President Abdel Fatah al-Sisi met Monday with CEO of the APM Terminals Co. Kim Fejfer, the Mærsk Group’s Executive Board, discussing the trade shipping of Egypt’s Suez Canal and ways of enhancing the Maersk’s investments in Egypt, according to a statement from Presidential office. The meeting was attended by Suez Canal Authority Chairperson Mohab Mamish.

 

Egypt seven-year yield jumps at auction, other sales cancelled

(Reuters) – Egypt cancelled sales on Monday of 1-1/2 and three-year treasury bonds and saw yields jump on its seven-year bond, data from the central bank website showed.

Yields on Egyptian government debt have been rising since the central bank raised its key interest rates by 100 basis points last month to their highest level in years.

Seven-year debt was sold on Monday at a yield of 17.291 percent, up from 16.161 percent when the bond was last auctioned on June 13, just three days before the central bank rate hike.

Egypt’s Monetary Policy Committee (MPC) last month raised the overnight deposit rate from 10.75 percent to 11.75 percent and the overnight lending rate from 11.75 percent to 12.75 percent, its highest since 2008.

The central bank did not immediately say why Monday’s two bond auctions were cancelled, but one banker told Reuters that the bids submitted were considered very high.

 

VAT on social media ads needs to be studied before application: official

Former chief executive of a National Telecommunication Regulatory Authority, Amr Badawy told Youm7 that a decision to impose value-added taxes on social media ads, as Google and Facebook, should be thoroughly studied by the government before any action.

Badawy said that there is no information on the tax revenues of these social media websites as they are not officially represented in Egypt through bureaus.

 

Egypt’s agricultural exports up 10% reaching 3.2 m tons: report

Egypt’s agricultural exports of food crops and flowers to different countries have reached 3.2 million tons during the period from September 2015 to May 2016, Youm7 reported an official report.

According to official figures, the quantities exported this year rose by 10 percent compared to that exported during the period from September 2014 to May 2015.

 

1/3 of Egypt’s population is under 15 yrs old: CAPMAS

One third of Egypt’s population aged below 15 years old constituting 31.3 percent, while elderly people (more than 65 years old) constituted 4.3 percent of the population as of 2016, said a Monday statement by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

The statement, which marks the World Population Day, said that the percentage of urban population reached 43 percent, while rural residents reached 57 percent.

 

EGX opens at collective rise Monday

The Egyptian stock market opened trading sessions Monday at a collective rise of indices, with EGX 30 up 1.09 percent; EGX50 up 0.95 percent; EGX20 jumped 1.87 percent; EGX70 up 0.28 percent and EGX100 rose by 0.34 percent.

 

Egypt to receive 3rd petroleum shipment from Saudi Arabia

Saudi Arabia has sent the third petroleum shipment; including petrol and diesel, to Egypt as part of a deal signed between Saudi ARAMCO Company and the Egyptian Ministry of Petroleum, Youm7 quoted anonymous sources at the Egyptian General Petroleum Corporation.

The deal stipulates that the Kingdom provides petroleum supplies to Egypt for a period of five years to meet Egypt’s needs of fuel.

 

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