CAIRO: No more browsing from site to site, view the top business news stories on July 18 here:
No increase on fuel prices after applying VAT law: Gov’t
Egyptian Ministry of Petroleum denied reports claiming that fuel price will increase after applying the law of Value Added Tax (VAT) Monday.
Also the Cabinet announced in a statement that the new law does not include any additional increase on the diesel prices, Youm7 reported.
Five- and 10-year yields rise at Egyptian bond auction
(Reuters) – Yields on Egypt’s five-year and 10-year bonds rose at an auction on Monday.
The average yield on the five-year bond rose to 16.777 percent from an average of 16.520 percent at the previous auction on July 4.
The average yield on the 10-year bond rose to 17.699 percent from an average of 17.238 percent at the last auction on July 4.
Egyptian dairy company Domty to invest $27 mln to boost production
(Reuters) – Egyptian dairy company Arabian Food Industries Co (Domty) is planning to invest 240 million Egyptian pounds ($27 million) in 2016-17 to fund expansion and increase production capacity, Vice-Chairman Mohamed Damaty told Reuters on Monday.
Domty, which raised a combined 1.13 billion pounds in private and public share offerings in March, has two factories in the 6th of October district near Cairo and plans to start producing baked goods and sweetened milk, alongside its cheeses and juices.
Damaty said that the company plans to open a new factory next month that will increase juice production and start the new line of baked goods.
“Within a month from now we will open a new factory … which will increase our production capacity of juices to around 100 thousand tons a year from 65 thousand tons,” he said.
The company also plans to begin producing yellow cheese by the first quarter of 2017.
Domty’s market share in white cheese and juice is at 40 percent and 7 percent, respectively. The company plans to increase capacity by between 9 percent and 10 percent by the end of the year, Damaty said.
The company has increased production of white cheese to 175 thousand tons a year and aims to hit 215 thousand tons by the end of the year.
Domty recorded a net profit of 24.15 million pounds in the first quarter of this year, up 7.1 percent on the same period in 2015. ($1 = 8.8799 Egyptian pounds)
26% decrease in foreign trade balance deficit: CAPMAS
The value of the deficit of the foreign trade Balance reached 23.9 billion EGP during April 2016 versus 32.3 billion pounds for the same month of the previous year with a decrease of 26 percent, said a release by the Central Agency for Public Mobilization and Statistics (CAPMAS.)
Egypt’s total grants over past 5yrs reached $3.9 bln: report
Egypt’s Ministry of International Cooperation revealed in a report that the total grants the ministry signed during the past five years reached around $3.9 billion.
A source at the Ministry told Youm7 that Egypt has used $2.3 billion out of the total grants so far.
Egyptian businessmen seek Lebanese expertise targeting Africa markets
Egyptian businessmen will seek assistance of their Lebanese counterparts to open new markets for Egyptian exports in Africa by making use of Lebanese expertise and presence of huge investment in the continent, Youm7 quoted businessman Fathullah Fawzy, the head of Egyptian-Lebanese Friendship Association.
Fawzy said that his association will organize a trip for Egyptian businessmen to Beirut, as well as two trips to Ghana and Ivory Coast.
Blood derivatives drugs disappear at markets due to dollar crisis
Pharmaceutical market has witnessed a shortage in Biopharmaceuticals, including blood derivatives, blood clotting factors, anti RH ampoules and Albumin due to lack of dollar crisis.
CAMPAS to announced poverty rate in Egypt July 26
The Central Agency for Public Mobilization and Statistics (CAPMAS) will announced the results of the latest survey on incomes and spending for the year 2014/2015 on Tuesday, July 26.
The survey will show poverty rate in Egypt as well as all changes occurred in society during the past two years and know the average income and expenditure among citizens.