Business - Markets & Companies

Egypt’s government grants golden licence to BSH Bosch and Beko Group

Egypt’s Cabinet agreed during its weekly meeting on Wednesday to grant the golden licence to BSH Bosch company and Beko Egypt Group.

Egypt's food industries exports grow by 3 percent in first two months of 2023

Egypt’s food industries exports increased by 3 percent year-on-year in the first two months of 2023 to register $665 million, up from $645 million, the Food Expert Council (FEC) said on Wednesday.

Hong Kong leads Asian markets higher on Alibaba boost

Asian stocks were broadly up on Wednesday to buck losses on Wall Street, led by massive gains for Chinese tech behemoth Alibaba after it announced it would split into six groups.

UBS brings back Ermotti as CEO with Credit Suisse deal ahead

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.

Oil, gold prices rise on Tuesday, dollar falls

Benchmark US crude oil for May delivery rose 39 cents to $73.20 a barrel Tuesday. Brent crude for May delivery rose 53 cents to $78.65 a barrel.

Oil prices, dollar rise on Monday as gold falls

Benchmark US crude oil for May delivery rose $3.55 to $72.81 a barrel Monday. Brent crude for May delivery rose $3.13 to $78.12 a barrel.

Saudi Aramco to invest billions in Chinese petrochemicals

Saudi Arabia's state-owned oil giant Aramco will invest billions of dollars in China's downstream petrochemicals industry, including the construction of a new refinery, the company said in deals announced Sunday and Monday.

Wall Street, banks rise after SVB sale to First-Citizens

U.S. futures shot higher early Monday, with bank stocks mostly gaining after the Federal Deposit Insurance Corp. said it had agreed to the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

European markets rebound, Asia mixed as banking fears linger

European markets rebounded on Monday while Asian stocks were mixed at the start of what could be another rocky week for global markets thanks to lingering uncertainty about the banking sector.

Egypt, UAE, Jordan, Bahrain discuss producing first joint Arab electric vehicle

Egypt, UAE, Jordan and Bahrain discussed the production of the first joint Arab electric vehicle during the higher committee meetings of the Integrated Industrial Partnership held in Cairo from 19 to 21 March.

Ricoh, formerly Fujitsu: PFU Limited rebrands scanners

Al-Ola Modern Systems has announced that PFU Limited is rebranding its fi, SP, and Scan Snap series of image scanners, which boast the largest market share globally, from Fujitsu brand to the Ricoh brand.

Oil, gold and dollar prices fall on Friday

Benchmark US crude oil for May delivery fell 70 cents to $69.26 a barrel Friday. Brent crude for May delivery fell 92 cents to $74.99 a barrel.

Egypt Gold prices hike by 4% in single day: Jewellery Trade Division

The gold price of 21-karat in Egypt recorded a 4 per cent increase by EGP 80 in a single day, reaching EGP 2,050 per gram on Thursday evening, up from EGP 1,970 registered a day earlier, according to the Egyptian Gold and Jewellery Trade Division of the Egyptian Federation of Egyptian Chambers of Commerce (EGAJTD).

Oil, dollar prices fall on Thursday as gold rise

Benchmark US crude oil for May delivery fell 94 cents to $69.96 a barrel Thursday. Brent crude for May delivery fell 78 cents to $75.91 a barrel.

Egypt’s bourse records collective gains

The Egyptian Stock Exchange (EGX) saw collective gains in its indices at Thursday's close of trading, with the total market value increasing by EGP 49 billion to record EGP 1.006 trillion up from the previous week's EGP 957.1 billion.

Europe equities slip before trio of rate decisions

Europe's stock markets opened lower Thursday before interest rate calls in Britain, Norway and Switzerland, after the US Federal Reserve hiked borrowing costs despite banking-sector turmoil.

Toshiba says it will 'support' $15 bln takeover bid

Troubled Japanese conglomerate Toshiba said Thursday it will "support" a $15 billion takeover bid by a consortium led by investment fund Japan Industrial Partners.

Suez Canal Economic Zone partners with Abu Dhabi Ports in multi-million pound projects

Egypt’s Suez Canal Economic Zone (SCZONE) has approved several partnership projects with Abu Dhabi Ports Group, with investments worth hundreds of millions of pounds to be implemented within the zone.

Egypt Gold prices fall nearly 6% amid anticipation of US interest rate decision

Prices for 21-karat gold in Egypt recorded EGP 1,970 on Wednesday, down from EGP 2,100 registered on Saturday, representing a nearly 6% decrease, according to the Egyptian Gold and Jewellery Trade Division of the Egyptian Federation of Egyptian Chambers of Commerce (EGAJTD).

Oil, gold prices rise on Monday, dollar falls

Benchmark US crude oil for April delivery rose 90 cents to $67.64 a barrel Monday. Brent crude for May delivery rose 82 cents to $73.79 a barrel.

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