CAIRO: No more browsing from site to site, view the top business news stories on Oct.16 here:
Egypt bourse closes in red, market cap. loses 1b EGP
The Egyptian Exchange (EGX) closed at the red zone during Sunday’s trading session due to selling activity of Egyptian institutions, Youm7 reported.
The main benchmark index EGX30 dropped 0.85 percent to close at 8,432.4 points, while the small and medium caps index EGX70 also went down by 0.57 percent to close at 343.9 points.
The broader index EGX100 also declined 0.33 percent to close at 8,007 points.
The market capitalization incurred losses estimated at 1.01 billion EGP to close at 419.5 billion EGP during the closing session of Sunday.
Egypt’s strategic sugar reserves enough for 4 months. Supply min.
Supply and Internal Trade Minister Mohamed Moselhy announced Sunday that Egypt has enough strategic reserves of sugar for the next four months, Youm7 reported.
The state bodies have intervened to provide local markets with huge amounts of sugar at the market price, Meselhi said in a press conference on Sunday.
The ministry has recently contracted for 134,300 tons of sugar that will be directly pumped into the local market next month, he added.
The remarks come after notable price hike and shortage in sugar have been reported in several governorates including Cairo sparking anger amongst shoppers.
Yields mixed at Egyptian T-bill auction
(Reuters) – Yields on Egypt’s three-month treasury bills dropped while yields on the nine-month bills rose at Sunday’s auction, data from the central bank showed.
The average yield on the 91-day bill dropped slightly to 14.504 percent from 14.507 percent at the previous auction on Oct 9. The 273-day bill’s yield rose to 16.490 percent from 16.415 percent at the last similar auction.
5.3% of Egyptians live in extreme poverty: CAPMAS
The Central Agency for Public Mobilisation and Statistics (CAPMAS) re-issued a 2005 survey study on poverty rate in Egypt, stating that 27.8 percent of the population are poor and 5.3 percent are living in extreme poverty.
The statement coincides the International Day for the Eradication of Poverty that is marked by the United Nations Oct. 17.
Egypt exports 36K tons of propane gas worldwide by July 2016
Egypt has exported 36,000 tons of propane gas to international market by the end of July 2016, Youm7 quoted an official report by the state-run Egyptian Natural Gas Holding Company “EGAS.”
EGX opens Sunday session at collective rise
The Egyptian Stock Exchange (EGX) has begun Sunday session at a collective rise to all indexes, Youm7 reported.
The main index EGX30 rose by 0.50 percent.
Vodafone Egypt and Etisalat request Egypt 4G licenses: regulator
Vodafone Egypt and Etisalat have requested fourth-generation mobile phone service licenses in Egypt, an official at the telecom regulator said on Saturday.
Egypt is selling four 4G licenses as part of a long-awaited plan to reform the telecoms sector and raise money for stretched government finances.
“Meetings are ongoing between the two companies and the regulator,” the official said.
The country’s three existing mobile phone operators – Orange, Vodafone and Etisalat – initially all turned down the 4G licenses saying the amount of spectrum on offer was not sufficient to allow them to offer the service efficiently.
The regulator then announced that operators that paid for the license entirely in dollars would be given priority in sales of additional spectrum. U.S. dollars are scarce in Egypt due to a long-running economic crisis.
Orange Egypt, a subsidiary of French telecoms group Orange, on Thursday signed a license deal, paying $484 million and receiving 10 megahertz of spectrum instead of the 7.5 initially on offer.
Telecom Egypt, the state’s fixed-line monopoly, was the only company to take up the original offer, buying a 4G license in August for 7.08 billion Egyptian pounds ($797 million) to enter the mobile market directly for the first time. The company later offered to buy additional spectrum not acquired by other operators.
The regulator said it would reconvene on Oct. 23 to discuss additional options for rolling out 4G services that include holding an international auction for the remaining license and selling additional frequency to Telecom Egypt.
Kuwait’s Zain, China Telecom, Saudi Telecom and Lebara KSA have all expressed interest in acquiring Egyptian 4G licenses if the established companies bow out.
Egypt needs hard currency after burning through its foreign exchange reserves as political turmoil hit foreign investment and tourism since the 2011 popular uprising that ousted former autocrat Hosni Mubarak from power.
Etisalat Misr signs 4G licence deal in Egypt for $535.5 mln
Etisalat Misr, the Egyptian unit of Etisalat, has signed a 4G licence agreement with Egypt’s telecoms regulator for $535.5 million, the regulator said in a statement on Sunday.
The company also signed a fixed line phone service licence for $11.26 million, the statement said.