UPDATE: Egypt’s business digest July 15: EGX 30 ends a week on a 5.57% rise
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 news stories on July 15 here:

 

EGX 30 ends a week on a 5.57% rise

Egypt’s stock exchange benchmark EGX 30 index rose by 5.57 percent this week, ending Thursday transactions at 7,583 points, Youm7 reported.

The small and mid-cap EGX70 rose by 0.61 percent to close at 360 points.

The broader index EGX100 also edged up 2.11 percent, to reach 770 points, while EGX 20 rose by 7.78 percent to close at 7,943 points.

 

Egypt revenue from taxes increase by 15% in 2015-16 FY: official

Egypt’s revenue from taxes increased by 28 billion EGP (about$3.1b) during the 2015-2016 fiscal year; a 15 percent increase compared to last fiscal year, Abdel Moneim Matar, Head of Tax Authority was quoted by Youm7 Friday.

Revenues from income taxes during the 2015-16 FY increased by 13 billion EGP compared to the earlier FY, while revenues from sales taxes increased by 14.7 billion, said Matar.

In a bid to tackle the growing budget deficit, the Egyptian government in 2014 has introduced a five percent income tax hike to raise the tax rate for individuals and corporations earning more than one million EGP annually to 30 percent for the following three years.

 

Prices of construction materials decrease in July

Prices of construction materials in Egypt have decreased this month as the price of steel ton decreased by 6.8 percent in July to reach 5,400 EGP up from 5,800 in the past month, Youm7 reported Friday.

Ahmed Abdel Hamid, chairperson of the Building Materials Chamber at the Federation of Egyptian Industries (FEI) told Youm7 that price of cement ton decreased by 14 percent in July to reach 600 EGP up from 700 EGP in June.

 

USD exchange rate steady at 8.88 EGP Friday

The U.S. exchange rate against the Egyptian pound is steady at 8.8578 EGP for purchase, and 8.8800 for sale on Friday, while the Euro rate reached 9.8401 EGP for purchase and 9.8675 EGP for sale, Youm7 quoted official data release by the Central Bank of Egypt (CBE.)

 

AFBD delegation to discuss $500 mln loan in Egypt

A delegation of the African Bank for Development (AFBD) will arrive in Cairo within few days to resume negotiations with concerned bodies in the government over providing Egypt with a loan of $500 million before the end of the year, AFBD representative in Egypt Laila el-Mokadem told Youm7.

 

Total loans at Egyptian market banks rose to 861 bln EGP: CBE

The total loans at banks operating in the Egyptian market rose to 861 billion EGP by April 2016, compared to 848 billion EGP in March 2016, with an estimated increase of 13 billion EGP, according to the latest report by the Central Bank of Egypt (CBE.)

 

Pensioners to receive 1.4 mln ATM cards in 2 months: National Postal Authority

Essam el-Sagheer, the head of the National Postal Authority, said that a total of 1.4 million new ATM cards will be distributed to pensioners within the next two months, as part of the last phase of mechanization of pension sector.

 

Rumors of EGP depreciation raise EGX main index: Financial analyst

Financial analyst Ehab el-Saeed said that rumors of depreciation of the EGP exchange rate against the dollar has sharply raised the main EGX30 index to exceed 7,300-7,350 points, approaching the level of 7,645 points.

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