UPDATE: Egypt’s business digest July 16:GASC receives 12 offers to buy 60k wheat tons
A boy carries grain stocks to a threshing machine during a wheat crop harvest in 6 October village in the Nile Delta province of Al-Baheira, northwest of Cairo May 22, 2014. REUTERS/Asmaa Waguih
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CAIRO: No more browsing from site to site, view the top business news stories on July 16 here:

GASC receives 12 offers to buy 60k wheat tons

The General Authority for Supply Commodities (GASC) announced on Saturday it has received offers from a total of 12 trading firms for wheat tender, Youm7 reported.

The lowest offer for GASC’s second tender this week stood at $166.90 per ton for a total amount of 60,000 tons of Romanian wheat. The tender is seeking wheat for Aug. 21-30 shipment.

 

44 tax evasion cases, valued at $3.5m detected in Red Sea ports in June: statement

The General Directorate of Taxes Investigations announced it has tracked and identified 44 commercial and business-related tax evasion cases in the Red Sea ports in June, Youm7 reported Saturday.

The value of transactions in the cases is estimated at 32 million EGP (about $3.5 million,) legal actions have been taken separately for each case.

In December 2013, former President Adly Mansour has issued a new law permitting reconciliation in disputes between taxpayers and the government.

 

International coop minister participates in UN forum on sustainable development

Egypt’s International Cooperation Minister Sahar Nasr travelled to New York Saturday to take part in the United Nation’s High-level Political Forum on Sustainable Development, Youm7 reported.

The forum aims to follow up the 2030 Agenda for Sustainable Development and the Sustainable Development Goals, adopted at the United Nations Sustainable Development Summit on Sep. last year.

The forum will include reviews of 22 countries and thematic reviews of progress on the Sustainable Development Goals.  It is expected to provide political leadership, guidance and recommendations on the 2030 Agenda’s implementation and follow-up.

 

$2.5 mln grant to support housing projects in Egypt: source

The Ministry of International Cooperation will allocate a $2.5 million grant from the Middle East and North Africa Transition Fund to support social housing projects, Youm7 quoted an official source at the ministry.

This comes as part of a cooperation protocol signed between both ministries of International Cooperation and Housing.

 

13.8 K foreign workers in Egypt in 2015: CAPMAS

The total number of foreign workers in the private and investment sector in Egypt has risen by three percent to reach 13,896 of different nationalities during 2015, compared to 13,486 workers in 2014, according to the Central Agency for Public Mobilization and Statistics (CAPMAS.)

 

USD exchange rate steady at 8.88 EGP Saturday

The exchange rate of the dollar against the Egyptian pound was steady Saturday, reaching 8.85 EGP for purchase and 8.88 EGP for sale, according to official statement by the Central Bank of Egypt.

The Euro exchange rate against the EGP reached 9.84 EGP for purchase and 9.86 for sale.

 

76.1 tons of various cargo crossed Suez Canal south waterway

A total of 76.1 thousand tons of grains, mineral fertilizers, chemicals and natural gas have crossed the waterway of Suez Canal heading from the south direction during the period from January to March of this year, Youm7 quoted Mohab Mamish, the head of the Suez Canal Authority.

 

Steel prices stable as turnout on purchase declined

Ahmed el-Zeiny, the head of building materials division at the Chamber of Commerce, said that the stability of steel prices in July came as a result of severe recession in the real estate market in Egypt during the holy month of Ramadan, which coincides with scorching heat and long workers’ leaves.

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