Business - Economy

Nigeria's outgoing president opens major oil plant

Nigeria's President Muhammadu Buhari will on Monday commission an oil plant billed as Africa's largest oil refinery, after years of delays and a week before stepping down from office.

Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end

President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.

Egypt's agriculture exports rise 17.2 percent in 5 months

Egypt's agriculture exports increased to 3.4 million tons during the period from January until 17 May, a 17.2 percent increase over the same period in 2022, according to a report by the Ministry of Agriculture and Land Reclamation.

Markets advance ahead of US debt talks

Most markets rose Monday ahead of US debt talks between President Joe Biden and congressional leaders, with both sides still apart but also confident a deal can be reached to avert a catastrophic default.

58th AfDB annual meetings to kick off Monday in Sharm El-Sheikh

The 58th Annual Meetings of the Board of Governors of the African Development Bank (AfDB) and the 49th Meetings of the Board of Governors of the African Development Fund are set to kick off on Monday in the Egyptian city of Sharm El-Sheikh for five days.

Egyptian remittances from Arab countries decline in FY2021/2022: CAPMAS

Egyptian expats’ remittances from Arab countries declined in fiscal year 2021/2022, while trade with these same countries increased over the 2022 calendar year, according to a statement from the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.

Egypt's exports to US shrink 9.1% in 2022: CAPMAS

Egyptian exports to the United States declined by 9.1 percent to $2.3 billion in 2022 from $2.5 billion a year earlier, according to data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Sunday.

Biden: Republicans must move off 'extreme' positions in debt limit talks

President Joe Biden said Sunday that Republicans in the US House must move off their "extreme positions" on the now-stalled talks over raising America's debt limit and that there would be no agreement to avert a catastrophic default only on their terms.

Egypt provides one-year residencies for company founders

The Ministry of Interior announced that it would grant one-year residencies to foreign investors establishing companies or economic entities in Egypt, reported the State Information Service on Saturday.

CBE allows banks to open accounts without minimum deposit

The Central Bank of Egypt (CBE) has launched an initiative enabling banks to operate outdoors in all governorates across Egypt and open accounts without fees or minimum deposit, according to a press release on Sunday.

Debt limit talks in standstill as Republicans, White House face 'real differences'

Debt limit talks came to an abrupt standstill Friday after Republican House Speaker Kevin McCarthy said it's time to “pause” negotiations, and a White House official acknowledged there are “real differences” that are making talks difficult.

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for June delivery fell 97 cents to $71.86 a barrel Thursday. Brent crude for July delivery fell $1.10 to $75.86 a barrel.

Egypt's central bank keeps interest rates unchanged

In line with widespread expectations, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on Thursday to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 18.25 percent, 19.25 percent, and 18.75 percent, respectively.

Second edition of 'Five Regional Roundtables' focuses on climate project financing: Mohieldin

The second edition of the “Five Regional Roundtables” aims to secure financing for climate projects presented during the first edition, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda Mahmoud Mohieldin stated on Wednesday.

Egypt facilitates VAT exemption for imported production equipment

Egypt has amended the Value Added Tax (VAT) Law to facilitate procedures for waiving VAT taxes on machines and equipment imported for production, according to a statement by the Ministry of Finance on Thursday.

INTERVIEW: Investing in Egyptians key to success, says Egyptian-American Enterprise Fund chair

The US government-funded Egyptian-American Enterprise Fund (EAEF) released its 10-year impact report this week, shedding light on its role in supporting Egypt’s economy.

Egypt's business community welcomes new decisions to improve investment climate

Egypt's business community has welcomed the government's new decisions bolstering support for investors in Egypt, while some members have called for more legislative reforms followed by relevant bylaws to see these decisions implemented on the ground.

INTERVIEW: Africa's Business Heroes competition plays significant role in supporting entrepreneurship landscape in Egypt, Africa: Helm Consulting Co-founder

The Africa’s Business Heroes (ABH) Prize Competition, a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy, launched its fifth annual edition in March this year, calling talents across the African continent to apply.

Egypt central bank hires Barclays as adviser on sale of its 99% stake in United Bank

The Central Bank of Egypt (CBE) has hired the UK's Barclays Corporate and Investment Bank (Barclays CIB) as the international financial adviser for the sale of its 99 percent stake in the state-owned United Bank, according to a statement by the CBE on Wednesday.

Egypt will allow foreigners to own property with no limits, but with rules: PM

Egypt will allow foreigners to own property with no limits, but according to certain rules, announced Prime Minister Mostafa Madbouly on Wednesday.

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