Egypt’s business digest Aug. 15: Unemployment rate declines to 12.5% in 2nd quarter of 2016/2017 FY, CAPMAS; Sisi to participate in Hangzhou-held G20 Summit
Egypt's President Abdel Fattah al-Sisi (L) and China's President Xi Jinping listen to national anthems during a welcoming ceremony at the Great Hall of the People in Beijing (Photo: Reuters)
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CAIRO: No more browsing from site to site, view the top business news stories on August 15 here:

Unemployment rate declines to 12.5% in 2nd quarter of 2016/2017 FY: CAPMAS

Unemployment rate in Egypt has declined to 12.5 percent in the second quarter of Fiscal Year of 2016/2017 (April to June), comparing 12.7 percent in the first quarter (January to March), according to a report from the Central Agency for Public Mobilization and Statistics (CAPMAS) Monday.

 

Agriculture Export Council calls for reconsidering decision of exportation ban on rice

The Egyptian Agriculture Export Council called for reconsideration the decision of banning to export rice, saying the lifting the ban would yield $400 million, said the council chairperson Abdel Hamid el Demerdash.

On August 11, Trade Minister Tarek Qabil decided to halt the exportation of rice outside the country to cover the domestic market’s needs and to keep prices stable, state T.V reported.

The decision comes “to curb all manipulation and fraud attempts by smugglers” after the price of Egypt’s main commodity soared to nine EGP ($1.7) per kilogram, said Qabil.

In its weekly meeting on Wednesday, the Egyptian Cabinet decided to purchase rice from farmers for 2,300 Egyptian pounds per ton, Youm7 reported.

 

Sisi to participate in Hangzhou-held G20 Summit

President Abdel Fatah al-Sisi will participate in China’s Hangzhou-held G20 Summit that due to be held in September, Youm7 reported.

The total of Chinese grants in Egypt has reached $169 million since 1992, while the soft loans for Egypt recorded $305.4 million, according to the latest data from the Egyptian Ministry of International Cooperation.

 

 

Egypt’s stock benchmark rises by 1.25% in midsession of Monday trading

Egypt’s exchange benchmark has risen by 1.25 percent in the midsession of Monday trading, led by Arab purchases, Youm7 reported. EGX 50 index went up by 0.86 percent, while EGX 20 index increased by 0.78 percent.

 

Egypt’s SODIC posts H1 net profit of 157.785 mln EGP

(Reuters) Egypt’s SODIC posts H1 net profit of 157.785 million Egyptian pounds versus 152.288 million in same period last year -statement Further company coverage.

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