CAIRO: No more browsing from site to site, view the top business news stories on Sept. 26 here:
EGX closes at collective rise Monday
Egyptian stock exchange closed Monday at a collective rise of indexes, powered by Arab purchases.
The Market Capitalization has gained during today’s transactions session around 1.4 billion EGP.
Telecom Egypt considers buying more spectrum – REUTERS
(REUTERS): Telecom Egypt, the state fixed-line monopoly, said on Monday it was considering buying more spectrum, weeks after acquiring a fourth-generation (4G) licence that will allow it to directly offer mobile phone services for the first time.
“Telecom Egypt has presented a request to the National Telecom Regulatory Authority to understand the terms and conditions related to any other spectrum on offer so it can be studied and evaluated,” it said in a statement on the stock exchange website.
Egypt is selling four 4G licences as part of a long-awaited plan to reform the telecoms sector and raise much-needed dollars for depleted government coffers.
It gave its existing four operators priority to acquire 4G licences, but the only company that took up the offer was Telecom Egypt, which has long sought a way to offer mobile services directly.
Telecom Egypt bought its licence for 7.08 billion Egyptian pounds ($797 million) last month.
The country’s three existing mobile phone operators – Orange , Vodafone and Etisalat – all turned down the licences saying the amount of spectrum on offer was not sufficient to allow them to offer 4G services efficiently.
Egypt’s telecom regulator said last week it would consider an international auction of the licences in light of the rejections. Kuwait’s Zain, China Telecom, Saudi Telecom and Lebara KSA have all expressed interest in Egypt’s market.
It was not clear if Telecom Egypt was looking to buy spectrum left available should any of the remaining three licences find no taker or if it was hoping to secure entirely new frequencies.
Egyptian-Canadian Business Council to tackle tourism challenges in Egypt
Egyptian-Canadian Business Council will host Egyptian Toursim Minister Mohamed Yehia to discuss the challenges facing the sector, Youm7 reported Monday.
The minister will attend a seminar where head of Nile Exploration and chief of the Tourism Committee at the council will speak.
Sellers demand increase in profit margin of mobile recharge cards after VAT
Sellers demand increasing their profit margin of recharge cards of mobile phone from 2% to 5% after their pries increased due to the application of the value-added tax, member of the telecommunications unit of the Commerce Chamber Ehab Said told Youm7 in a Monday report.
Mobile service providers have agreed to bear 1% of the new tax values so consumers pay 6% instead of 7%, and will also provide free minutes for every recharge cards depending on its value.
Gas prices to be reduced for factories of high consumption
Prime Minister Sherif Ismail has promised to reduce gas prices for heavy gas-consuming factories by next month, head of the Mineral Industries Chamber Gamal al-Garhy told Youm7 in a Monday report.
Garhy added that the step is vital, especially in terms of factories that produce iron.
Finnish trade minister, large business delegation in Cairo for seminar
Egyptian-Finnish Seminar will be inaugurated Tuesday by TradeMinister Tarek Qabil and his Finnish counterpart with the attendance of delegations from 40 investors and specialized entities from Finland, Youm7 reported.
The visit is the first for the Finnish minister and the delegations are the largest ever to arrive in Cairo, and it would be an opportunity to present the investment attractions of the country, head of the Commerce Chamber Ahmed al-Wakil told Youm7.