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EGX continues sideways movement reflecting market uncertainty

The stock exchange’s main indicator, the EGX30, reflected ongoing instability in the market with a shaky day of trading Wednesday. A slight dip started the day, followed by an up-swing that lasted until midday before it closed at 5,668 points, losing 0.38 per cent of its value. The market has been sensitive to contradictory news …

Mohamed Salah

Maher Hamoud

Editor’s letter: Mubarakonomics

Remember people chanting “Bread, freedom and social justice” twenty months ago? Remember how brilliant it felt summing up all what we needed in a Post-Mubarak Egypt? How does this same and exact slogan feel to your ears now? I guess quite kitsch. Simply, too much shouted and no steps ever taken towards its realisation. Mubarak’s …

Maher Hamoud

Swimming against the current

The government’s prescription to treat the economic recession we’re currently enduring has been a two-fold solution of increasing foreign investment and seeking more international loans. The monetary policy of maintaining the stability of the Egyptian pound against depreciation is a top priority. But how long can the state keep this up? How overvalued is the …

Mohamed El-Bahrawi

Kuwaiti funds to invest in Egypt

Kuwait Finance House and its subsidiary, Liquidity House, have declared their readiness to support Egypt by investing in the country, according to Minister of Finance Momtaz El-Saeed. El-Saeed recently met a delegation from the two organisations headed by the vice president of Liquidity House, Emad Youssef El-Manieg The Kuwaiti delegation emphasised the enthusiasm of Kuwaiti …

Hend El-Behary

Shipping lines vow to reroute their ships away from Al-Sokhna

Three shipping lines of the Ain El-Sokhna port have warned the Dubai Ports World (DP World) company, which is working in El-Sokhna port, to reroute its ships to other ports in the Red sea in case of further strikes, said an official DP World source. The three shipping lines represent around 90 per cent of …

Hend El-Behary

Review: The speech at the stadium

 Following the high-profile celebration of the 6 October victory in Cairo Stadium, at which President Morsy gave a lengthy speech, columnists discussed, analysed and critiqued the speech and the indications it relays. Reactions varied from praise, to admiration of political astuteness, to outright attack.   The stadium speech… a provisional analysis Nader Bakkar Al-Watan Judging …

Daily News Egypt

Foreign reserves’ movement defies all expectations

By Mohamed Salah Against all expectations, the Central Bank of Egypt announced yesterday that the country’s foreign currency reserves fell by $84 million in September, but remain above the barrier of $15 billion. The international reserves, which reached $15.13 billion in August dropped to $15.04 billion by the end of September as reported by the …

Daily News Egypt

Chinese steel sparks anxiety among domestic producers

A wave of alert follows the announcement that a Chinese steel freight will be sold for around EGP 700-800 less than Egyptian steel. The news caused local steel producers to panic, forcing Ezz steel to lower its prices by EGP 250 per tonne, reaching EGP 4,080 for factories and EGP 4,230 for the final consumer, …

Hend El-Behary

Morsy attacks non-compliant companies

President Mohamed Morsy targeted five companies yesterday, stating that they owe the government more than EGP 100 billion. Morsy’s lengthy speech commemorating the 39th anniversary of the October war against Israel was turned into a report of sorts on companies’ performance and compliance with contractual agreements with the government. Morsy stated before tens of thousands …

Islam Serour

Ministry of Transport considers metro fare increase

The Ministry of Transport is studying the feasibility of raising the price of metro tickets by around a quarter. Currently EGP1, the new price would be between 125 to 150 piastres, Egyptian media has reported. Furthermore, the ministry is also considering cutting subsidies for public servants, students, the military and police. Egyptian media published contradictory …

Hend El-Behary

Government considers raising tap water prices in tourist and industrial areas

By Mohamed Salah Abdel Kawy Khalifa, the minister for public utilities, declared during the inauguration of Al-Rawda water plant that the government plans to raise consumer tap water prices, especially in tourist areas and industrial establishments. According to the minister, the increase is necessary in light of the budget deficit suffered by the Holding Company …

Daily News Egypt

Closing price mechanism to be launched Thursday

The Egyptian Stock Exchange (EGX) will implement a new closing price mechanism on Thursday. Egypt’s financial watchdog, the Egyptian Financial Supervisory Authority (EFSA), approved the new regulations for changing stocks’ closing prices, as suggested by EGX board of directors, on 28 August in an effort to impose more discipline over trading operations. The new regulations …

Islam Serour

Islamists to meet with Saleh to discuss Sukuk Law

Members of prominent Islamist parties are set to meet with Minister of Investment Ossama Saleh next Monday to discuss the possibility of introducing Islamic debt guidelines. “This meeting is mainly to coordinate between political parties and the government to come up with a coherent legal framework in order to issue sukuk [Islamic bonds] in Egypt,” …

Islam Serour