Egypt business digest Nov. 15: Egypt issues 688 mln euro in T-bills, average yield 2.3 pct -c.bank; AFREXIMBANK talks investments in Suez Canal Industrial Zone
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CAIRO: No more browsing from site to site, view the top business news stories on Nov.15 here:

Egypt issues 688 mln euro in T-bills, average yield 2.3 pct -c.bank

(Reuters) – Egypt’s central bank said on Monday it had sold 688 million euros ($738 million) in euro-denominated 1-year treasury bills at an average yield of 2.3 percent.

The minimum yield was 2.28 percent and the maximum yield was 2.3 percent.

($1 = 0.9318 euros)

 

Amendments to Protection of Competition Act to be completed by end of Nov.: official

The amendments to the Protection of Competition Act will be finished by the end of November, per which processes of mergers and acquisitions in the market and monopoly will be prevented, Yum7 reported legal advisor of the Egyptian Competition Authority (ECA) Ahmed Hesham on Tuesday.

“There is a need to impose restrictions on acquisition processes,” said member of board of directors in the ECA Hesham Ragab.

Before floating the Egyptian pound against the U.S. dollar, many merchants monopolized many goods, including sugar, amid very high increase of the prices.

 

AFREXIMBANK talks investments in Suez Canal Industrial Zone

A delegation from the African Export–Import Bank (AFREXIMBANK) met with chairperson of the Industrial Zone of the Suez Canal on Monday, Youm7 reported.

Both sides have discussed the bilateral relations and the future projects to get benefit from the $1 billion in grant provided by the AFREXIMBANK for the African continent.

 

India’s Welspun to closely monitor its Egyptian cotton business

(Reuters) Home textiles manufacturer Welspun India on Tuesday said it has initiated steps to closely monitor and control its Egyptian cotton business, which had come under a cloud early this year over quality issues.

“…the company is moving towards producing all the Egyptian cotton products in-house i.e., from procuring cotton to the finished product,” the company said in a statement.

The steps to be initiated include deployment of a dedicated resource in Egypt for sourcing of Egyptian cotton, increasing third party assurances such as Gold Seal from Cotton Egypt Association, vendor audit and DNA tests, it said.

Welspun India found itself in a spot in August when U.S. retailer Target Corp accused the company of selling cheaper sheets as premium Egyptian cotton for two years, damaging the company’s reputation and hurting India’s image in quality control.

The Egyptian cotton imbroglio hit the company hard and led to a net loss in the quarter ended Sept. 30 from an otherwise healthy profit last year.

The company posted a consolidated net loss of 1.48 billion rupees ($21.87 million) for July-Sept as against a profit of 1.79 billion rupees a year earlier. ($1 = 67.6829 Indian rupees).

 

FEI holds meeting Wednesday to talk negative impact of pound devaluation

Federation of the Egyptian Industries (FEI) will hold a meeting on Wednesday to discuss the impacts of the devaluation of the Egyptian pound on the industries fields, Youm7 reported on Tuesday.

The meeting is the second after floating the pound price; in the first meeting, the federation has decided that the FEI’s Chamber of Industry should put regulations in a way to avoid any negative impacts.

 

 

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