The Fed gave a clear indication that it plans to ease rate hikes, according to the minutes released yesterday.
Emerging-market debt to GDP ratio reached a record high in 3Q2022 at 254% even as the amount of debt slipped during the quarter, according to Institute of International Finance (IIF), matching the all-time high recorded in 1Q2022, due to widening budget deficits and weaker economic growth.
The Egyptian Businessmen’s Association (EBA) and some MPs calling on ministers to rethink their plans to end the central bank’s role in subsidizing loans.
An official in the European Investment Bank revealed that the bank will provide EUR150 million to Egypt early next year to support the food pillar of the “Nouwfi” program.
The Sixth of October Investors Association is negotiating with the Ministry of Finance to drop real estate taxes on stalled and troubled factories,
ORAS reported its 3Q22 results where net income attributable to shareholders recorded USD23.9 million reaching USD57.8 million in 9M2022.
Egypt’s Electricity Ministry is preparing a map of 20 possible sites where local and international investors may be able to run wind projects. The ministry is targeting some 4 GW production capacity from the new wind projects.
Qatar Investment Authority’s (QIA) talks with Telecom Egypt over the potential purchase of a 20% stake in Vodafone Egypt have accelerated and could close very soon. We believe ETEL could use the proceeds to deleverage and distribute an extraordinary dividend to shareholders.
As part of the 2Africa subsea cable consortium, Meta and Telecom Egypt announced the first landing of 2Africa cable in Egypt at Ras Ghareb with another landing set to follow in Port Said. This enables better reliance on internet and promoting a more affordable internet for more users.
EGTS (FV: EGP1.68, EW) reported 3Q22 net profit of EGP12.9 million, bringing 9M22 net loss to EGP64.3 million.
SKPC (FV: EGP9.25, OW) approved the issued and paid up capital increase from EGP1.26 billion to EGP1.512 billion, through distributing 1 bonus share to each 5 shares originally held (a ratio of 1:5), financed from 2021 retained earnings.
The Financial Regulatory Authority approved SPMD's request to increase the company’s capital to EGP332.7 million, an increase of EGP110.9 million, distributed on 554.6 million shares with a par value of EGP0.20/share.