Business - Economy

PACHIN to delist shares from Egyptian Exchange after acquisition by UAE

Egypt-based Paint and Chemicals Industries (PACHIN) company will voluntarily delist its shares from the Egyptian Exchange after being acquired by the United Arab Emirates, according to a bourse filing on Sunday.

Sisi’s new social support package to cost $2 bln annually: Finance minister

The new social support measures announced by Egyptian President Abdel-Fattah El-Sisi will cost an estimated EGP 60 billion ($1.94 billion) annually, according to Minister of Finance Mohamed Maait.

MSMEDA and KfW Forge New Cooperation to Support Renewable Energy and Green Economy

Micro, Small and Medium Enterprise Development Agency (MSMEDA) seeks to enhance cooperation with international financial institutions, and take part in implementing the State's plans on boosting renewable energy and motivating entrepreneurs to apply environment-friendly mechanisms.

Egypt signs MoU with China to boost mango exports

Egypt signed a memorandum of understanding (MoU) with China to open the Chinese market to Egyptian mangoes, according to a statement by the Ministry of Agriculture and Land Reclamation.

Stock market today: Wall Street slips, but is still on track for weekly gains

Stocks slipped in morning trading on Wall Street Friday but not enough to erase the market’s gains for the week.

Russian central bank raises key rate amid weaker ruble

Russia's central bank raised its key interest rate for the third time in two months on Friday as it grapples with higher inflation and a weaker ruble.

Moody's downgrades China property sector to negative

Moody's on Thursday downgraded China's property sector outlook to negative from stable, saying weaker growth was impacting homebuyers' spending.

Egypt reinforces cooperation with Asia in 8th Belt and Road Summit

Egypt's Minister of International Cooperation Rania Al-Mashat attended the 8th Belt and Road Summit in Hong Kong this week to strengthen cooperation with Asia.

Egypt to relaunch zero-customs car import initiative for expats

The Egyptian Cabinet issued a draft law to relaunch the zero-customs car import initiative for expats for three months, according to a statement on Thursday.

Egypt’s universal healthcare system to cost over EGP 360 bln: Minister

The anticipated cost to extend health insurance coverage to all Egyptians under the Universal Healthcare Insurance System (UHIS) surpasses EGP 360 billion, with the average cost per person amounting to EGP 3,000, Minister of Finance Mohamed Maait stated on Thursday.

Egypt slashes paperwork required from new companies by 62 percent: GAFI

Egypt reduced the documents required for new companies to prove their legitimacy and start operations by 62 percent, according to a statement on Thursday by the Egyptian General Authority for Investment and Free Zones (GAFI).

Suez Canal Economic Zone revenues hit all-time high of EGP 6 bln in FY2022/2023

Egypt's Suez Canal Economic Zone (SCZone) revenues hit a record high of EGP 6.065 billion in FY2022/2023, which ended in June, the SCZone said in a statement on Thursday.

Asian shares mostly higher after US inflation data ease rate hike worries

Shares were mostly higher in Asia on Thursday after a highly anticipated report showed inflation accelerated across the U.S. in August, but not by much more than expected.

Egypt’s food subsidies surges by 42% in the FY 2023/24

The cost of annual food subsidies in Egypt has reached EGP 127.7 billion ($4.13 billion) for the fiscal year (FY) 2023/2024, said Minister of Supply and Internal Trade Ali Moselhi, according to a statement on Wednesday.

High gas prices push up US inflation, but prices overall are slowly moving in the right direction

Inflation jumped last month largely because of a spike in gas prices but other costs rose more slowly, suggesting price pressures are easing at a gradual pace.

Egypt to build $1 bln steel complex at SCZone

The Egyptian Cabinet announced in a statement on Wednesday the approval of building a $1 billion steel industrial complex extending 1.5 million square meters in the Suez Canal Economic Zone (SCZone).

Egypt to begin rehabilitating Kitchener Drain shortly: Minister

Egypt will begin cleaning and rehabilitating the Kitchener Drain, one of the country’s largest and most-polluted agricultural canals, within months, Minister of Local Development Hesham Amna said on Wednesday.

Global debt to GDP ratio drops 10% in 2022, total debt still high: IMF

The global debt to GDP ratio fell by 10 percent in 2022 to 238 percent from its 2021 level, yet total debt amounted to $235 trillion, $200 billion above the 2021 level, according to the International Monetary Fund on Wednesday.

US supports Egypt’s $100 bln export goal: USAID

The United States is committed to supporting Egypt’s goal to increase annual exports to $100 billion, said Laura Gonzalez, director of economic growth at the US Agency for International Development (USAID).

Egypt extends registration deadline for AIIB meetings to 15 September: Finance minister

Egypt's Ministry of Finance announced the extension of the registration deadline for the Eighth Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) to 15 September.

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