Business - Markets & Companies

Philip Morris boss campaigns to sell more heated tobacco

US tobacco giant Philip Morris International is fighting to get Britain, France, and other countries to make it easier to promote alternatives to cigarettes such as heated tobacco and vaping.

Egyptian stocks see active trading in week; volume soars 63 percent

The Egyptian Exchange's (EGX) indices ended in the green after fluctuations caused by profit-taking during the week that ended on 25 May.

German airline Lufthansa signs deal for minority stake in Italy's struggling ITA Airways

German airline Lufthansa on Thursday signed a deal with the Italian government for a minority share in the long-struggling ITA Airways, formerly Alitalia.

Market watch: Gold prices decline on Thursday; Egypt's stock market remains stable

Gold prices took a 2.7 percent downturn on Thursday, as the Egyptian Exchange's benchmark stabilizes over 17,000 points.

Chinese textile company ‘Shanghai Shengda’ to open a $20 million factory in Egypt

Shanghai Shengda, a Chinese company specializing in the production of ready-to-wear clothing and accessories, signed a letter of intent, which was handed to the Chairman of the Suez Canal Economic Zone (SCZone) Walid Gamal El-Din, to establish a factory in Egypt worth $20 million.

White gold galore: Sisi opens quartz production complex in Ain Sokhna

Egypt's President Abdel-Fattah El-Sisi inaugurated via video conference a quartz production complex in Ain Sokhna on Thursday.

Most markets down as US debt impasse sparks Fitch ratings warning

Most Asian equities sank Thursday on fears of a US default as the struggle to hammer out a debt deal led Fitch to warn the country's gold-plated credit rating was at risk.

Oil, dollar prices rise on Wednesday, gold falls

Benchmark US crude oil for July delivery rose $1.43 to $74.34 a barrel Wednesday. Brent crude for July delivery rose $1.52 to $78.36 a barrel.

Markets sink as US debt talks stall, fuelling default fears

Stock markets tracked losses in Wall Street on Wednesday as investors grow increasingly concerned about stalled US debt ceiling talks aimed at averting a painful default.

Oil prices rise on Tuesday as gold and dollar fall

Benchmark US crude oil for July delivery rose 86 cents to $72.91 a barrel Tuesday. Brent crude for July delivery rose 85 cents to $76.84 a barrel.

Market watch: Gold loses nearly EGP 100 on Tuesday; EGX ends in green

Gold prices declined by over EGP 96 during midday trading on Tuesday, while the Egyptian Exchange saw a positive performance, supported by the sale of 22.3 million shares in the Housing and Development Bank.

Egyptian exchange announces sale of 7.8% of Housing and Development Bank

The Egyptian Exchange (EGX) announced on Tuesday the sale of 22.3 million shares in the Housing and Development Bank for EGP 412.6 million ($13.3 million), which accounts for nearly 7.8 percent of the bank's total issued and paid-up capital.

Oil, dollar prices rise on Monday, gold falls

Benchmark US crude oil for June delivery rose 44 cents to $71.99 a barrel Monday. Brent crude for July delivery rose 41 cents to $75.99 a barrel.

Xylem opens $9.7 mln water pump factory in Egypt

Egypt’s Minister of Trade and Industry Ahmed Samir inaugurated on Monday the first phase of a water pump factory established by Xylem, a US water technology provider, worth an estimated EGP 300 million ($9.7 million).

Market watch: Gold prices rebound in Egypt; stocks dip on Monday

The Egyptian Exchange ended in the red on Monday, while gold kept recovering following a sharp decline last week.

Egyptian bourse's indices slip 3% in a week; Market cap loses EGP 33 bln

The Egyptian Exchange (EGX) experienced a downturn by the end of this week on Thursday, 18 May; and the market cap lost EGP 33 billion, standing at EGP 1.09 trillion, down from EGP 1.136 trillion in the previous week's end.

Oil, dollar prices rise on Wednesday, gold falls

Benchmark US crude oil for June delivery rose $1.97 to $72.83 a barrel Wednesday. Brent crude for July delivery rose $2.05 to $76.96 a barrel.

Dollar jumps, stocks waver on fears over US debt talks

The haven dollar climbed and global stock markets wavered Wednesday as investors fretted over the slow progress of talks seeking to raise the US debt ceiling.

Oil, gold prices fall on Tuesday, dollar rises

Benchmark US crude oil for June delivery fell 25 cents to $70.86 a barrel Tuesday. Brent crude for July delivery fell 32 cents to $74.91 a barrel.

Egypt to offer 2 state-owned firms for investment by end of June

Egypt is preparing two state-owned companies to be offered as investments before the end of the current fiscal year, Mohamed Metwally, CEO of NI Capital, the Egyptian government financial adviser announced.

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