US stocks suffered the worst day since June 2020 yesterday after August inflation data with concerns that Fed could go even larger and hike by a full 100 bps.
Five major GCC funds are willing to participate in a financing package exceeding USD10 billion to contribute to the financing of the climate change "Nofi" program.
Prime Minister Moustafa Madbouly followed up on more than USD 1 bn worth of MoUs for industrial investment by nine foreign and local manufacturers.
The Ministry of Petroleum aims to increase the investments of foreign oil companies operating in the country to about USD7.750billion in FY2022/23, an increase of 35% YoY.
FRA has approved new amendments to the rules for listing and delisting securities on the Egyptian Stock Exchange, to facilitate the process.
FRA amended rules regulating margin trading, and abolished the maximum limit for margin purchases for the companies and individuals.
Any of the Finance Ministry’s issued securities — like sukuk and variable bonds — can now be listed on the EGX.
Stock exchange aims to offer 5 or 6 new companies within 6 months, with reliance on the government IPO program.
The clearing house is working to launch an app through which investors can easily collect returns and dividends.
Cabinet published in the official gazette that the natural gas cost will be revised for nitrogen fertilizers producers, Gass cost is higher than the current cost (USD5.75/MMBtu) if Urea prices are above USD500/ton and lower than the current cost if Urea prices are less than USD500/ton. The floor for the formula is reached when Urea prices hit USD340/ton or below. Bottom Line: The formula is positive for long term margins but will create short term pressure on margins if Urea prices are higher than USD500/ton.
ESRS's CEO, Ahmed Ezz, confirmed that the company's investment in Egyptian Steel is a long term one, denying any merger plans between the two companies, or between ESRS and IRAX.
An arbitration ruling of EGP369.4 million and USD0.55 million was issued against MBSC on the arbitration dispute filed by Qalaa Holdings subsidiary the Arab Swiss Engineering Company (ASEC) to resolve a contractual dispute. MBSC is studying the decision and said that it may appeal the ruling.
Edita is in the final stages of acquiring an additional production line for its cake segment for around EGP 20 mn. The company didn’t disclose the name of the company it’s negotiating with or the line’s production capacity.
Al Mansour International Distribution Company, Imperial Tobacco's local agent raised the selling prices for its brand "Davidoff" by EGP1-2/pack.
Japanese auto parts maker Yazaki is waiting to receive land to start building a EUR 20 mn factory in Fayoum that will export auto parts under freezone rules. Operations are set to kick off by December 2024.