CAIRO: No more browse from site to another, here is Egypt’s business news digest for September 10:
VAT system targets to collect $173 bn over a year: official
The Ministry of Finance targets to collect $173 billion in taxes after applying the new Value-Added Tax Law, which came into force on Friday, over a year, said the Ministry’s representative for taxation Mohamed Shawki Friday.
On August 30, The House of Representatives had approved the tax of 13 percent, the move taken by the government to increase the state’s revenues amid current financial crisis.
Egypt’s exports to non-Arab African countries decline to $119.2 m: CBE
Egyptian exports to the non-Arab African countries decreased to $119.5 million by the end of the third quarter of 2015/2016 fiscal year, comparing with $135.8 million in the second quarter of the same year, according to the latest data from the Central Bank of Egypt Saturday.
Egypt to start implementing projects signed with Japan by end of October: Minister
Minister of International Cooperation Sahar Nasr announced Saturday that Egypt will start implementing a group of projects signed recently between Egypt and Japan by the end of October, Youm7 reported.
The projects include Development of Borg al Arab Airport, increasing the efficiency of energy use, and construction of electricity power plant in Hurghada.
Wal-Mart stops selling Egyptian cotton sheets made by India’s Welspun
(Reuters) Wal-Mart Stores Inc (WMT.N) on Friday said it will stop selling Egyptian cotton sheets made by Welspun India (WLSP.NS) after the Indian manufacturer was unable to assure them the products were authentic.
Last month, U.S. retailer Target Corp (TGT.N) severed ties with Welspun after accusing them of passing off cheap sheets as premium Egyptian cotton for two years.
“Welspun has not been able to assure us the products are 100 percent Egyptian cotton, which is unacceptable,” Wal-Mart said in a statement. The company will pull the products from its stores and website.
Wal-Mart said it will not cut ties with Welspun but will work with them to implement strong controls and better label the products. The retailer will offer customers, who purchased the products, a full refund.
Egyptian cotton is prized because the length of the cotton fibers are longer, resulting in a finer, lighter more durable fabric and longer-lasting, higher-end clothing.
GLOBAL LNG-Prices edge up as old and new buyers seek spot supplies
(Reuters) Asian liquefied natural gas (LNG) prices edged up on a crop of fresh tenders expected to add to already brisk demand from Indian and Middle Eastern importers.
Prices for October and November delivery traded at around $5.55 per million British thermal units (mmBtu) this week, up from $5.30 per mmBtu for October delivery last week.
India’s GSPC and Kuwait are seeking one cargo each for November delivery, while Egyptian Natural Gas Holding wants three cargoes in total spread across October, November and December, trader sources said.
On top of that, traditional buyer Korea Gas Corp, stung by oversupply and weak domestic demand in recent years, has re-emerged to scout for winter spot shipments, helping tighten supply outlooks.
Egypt is also gearing up to launch its keenly-awaited 120-cargo buy tender catering for deliveries across 2017, now expected after the Muslim religious holiday Eid al-Adha on Sept. 12, traders said.
Pakistan plans to issue two tenders for 750,000 tons per year of LNG each in the coming month, the head of the country’s state-owned LNG company said.
Adnan Gilani, head of Pakistan LNG, said the specifics of the tenders are being finalized, but they will probably be a five-year and a 15-year offer, as well as a possible spot purchase.
Russia and Bahrain agreed to expand cooperation in LNG on Tuesday, with Moscow considering LNG supplies to the kingdom.
Loadings from Nigeria’s Bonny Island liquefaction plant resumed normal pace after Shell lifted force majeure on natural gas supplies to the plant earlier this week.