Thursday, 11 June 2015
WHAT WE’RE TRACKING TODAY
The Central Bank of Egypt’s Monetary Policy Committee will hold its last meeting of the 2014-15 state fiscal year today. Four of five analysts surveyed by Reuters expect the bank to leave rates on hold at 9.75% for lending and 8.75%.
The Egyptian Power & Electricity Summit wraps up today at the Fairmont Towers, Heliopolis, Cairo. View the official website here.
April 6 has called for a national strike today, asking workers to stay at home, due to “poor economic conditions and what they say is the suppression of free speech in the country,” Reuters reports. To put this call into context, this is a group that is both so deeply unpopular and under pressure from security officials that they had to have their last meeting in the middle of the desert.
WHAT WE’RE TRACKING NEXT WEEK
The final verdict in former president Mohamed Morsi’s trial for his role in the 2011 Wadi Natroun prison break is scheduled to be announced on Tuesday, 16 June.
The next session in the court case filed against the lifting of cotton subsidies is also scheduled to be held on Tuesday.
Thursday is likely to mark the first day of Ramadan (to be confirmed). Iftar would be at 6:59pm CLT.
LAST NIGHT’S TALK SHOWS
Ibrahim Eissa called yesterday’s terrorist attack at Karnak Temple in Luxor “an ill-planned attempt to create negative propaganda in response to Egypt’s recent success on the international arena.
“President Al Sisi just returned from a successful trip to Germany, our relations with Africa are stronger than ever, and the international community as a whole has recognized that Egypt will not change the course that it has chosen,” said Eissa. “Keep in mind, terrorists like to play mind games. Its not just about the act of terror that they are committing. It’s about the propaganda that is generated around what they do. They want their acts of terror to become breaking news in every major media outlet and the more people they kill the more media attention they get.”
Noted Eissa: “This was also the second time in recent months that we have seen a heroic taxi driver save the day. The taxi driver became suspicious after overhearing a conversation between the two terrorists. He became convinced that the bags that they were carrying contained explosives so he went to the Tourism Police on site and they reacted quickly and effectively. Thanks to the fast reaction and the courageous taxi driver, the terrorists were unable to cause the harm that they intended. We should, however, stop to ask ourselves why the taxi and its passengers weren’t searched before they got into the perimeter of the temple.”
In the midst of the usual news about cheating on the thanaweya amma exams, Khairy Ramadan reported on an innovative English teacher who rented an outdoor movie theater to hold revision sessions for more than 1,000 students at a time. The teacher, Sherif Al Masry, explained over the phone that he charged 35 pounds per student for the revision sessions and that he has done nothing wrong. “People are acting as if I have done something illegal, but I had all the necessary permits from the Ministry of Interior and I pay taxes to the government on any income that I make,” said Al Masry.
“But it looks more like a concert or a party than a lesson,” said Ramadan.
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SPEED ROUND
Security forces foiled yesterday an attack on Karnak Temple in Luxor by a suicide bomber and two gunmen, prompting the government to heighten security and place security forces at tourist sites nationwide on alert, Al-Ahram reports. All the attackers were killed in either the explosion or a gunfight with security forces, who sustained at least one casualty. The attack is the second by terrorists in one week on a major tourist site after gunmen attacked guards outside the Giza Pyramids last week. The move signals the intent of armed militants to threaten the vital tourist industry just as it enters its summer high season. Witnesses suggested the attackers argued amongst themselves and sipped lemonade before the attack, which lost them the element of surprise thanks to an observant cab driver, as we note in Last Night’s Talk Shows, above.
Heightened security was being coordinated in conjunction with the Tourism Ministry, which set up a crisis management operations room. Minister Khaled Ramy came out to condemn the attack and reassured tourists and workers in the industry alike that the government has the situation fully under control, according to Al Borsa.
Reacting to the attack, German travel company Tui shut down flights and tours to Luxor. Tourism industry officials worry the move may be a sign of things to come should there be a further attack. According to a statement by the company spokesperson, Egypt and the Red Sea resorts is one of its most popular destinations. Local travel affiliates were quick to point out that the government had quickly secured the area and that tours have resumed around the area. (Read in Arabic)
President Abdel Fattah El-Sisi held an emergency meeting with Prime Minister Ibrahim Mahlab and Interior Minister Magdy Abdel Ghaffar in the wake of the bombing. El Sisi praised the efforts by the security forces which managed to thwart the attack and prevent civilian casualties. He also called for increased security around all vital national assets and antiquities sites, reports Al Mal.
In a harbinger of bad news for tour operators nationwide, the words “suicide bomber” and “Egypt” are running side by side this morning as the story dominates international media coverage of Egypt.
The choice of Luxor as the target is fraught with historical meaning: Temple of Hatshepsut was the site of an early morning attack by terrorists in 1997 that killed more than 60 and sent the domestic tourism industry into a tailspin that lasted well into this century. The New York Times’ archive has stories on that attack here and here.
Would-be Islamist terrorists have apparently failed to learn the lessons of this history, as intelligence expert and Georgetown University professor Lincoln B. Krause’s seminal work ‘Playing for the Breaks: Insurgent Mistakes,’ published in 2009, notes: “The killing of 58 innocents and the threat to the tourism industry outraged the Egyptian public, triggering protests and denial of shelter to the militants. Within a year, several of Egypt’s militant groups had suffered schisms and were in irreversible decline.”
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Cabinet shuffle coming, after all: Following vague media reports we noted on Tuesday, Prime Minister Ibrahim Mahlab announced that a reshuffle involving as many as six ministries is expected soon. The PM made the remarks during a television appearance, Al-Shorouk reports. And speaking of Cabinet: Its weekly meeting will be held today rather than Wednesday, as is customary. Ministers are set to discuss the government’s strategy for providing staple commodities during Ramadan, the status of the national roads project, as well as follow up on projects signed as agreements at the Egypt Economic Development Conference in March. Cabinet is also scheduled to discuss the results of Africa Trade Zone conference in Sharm El-Sheikh.
IMF visit will not be concerned with Article IV: Central Bank of Egypt Chairman Hisham Ramez announced that the IMF delegation’s visit which is scheduled to arrive in Egypt in the coming days isn’t coming for Article IV talks. Their visit is part of regular consultative meetings and will not address economic reform. When pressed at a press conference in Sharm El-Sheikh on the arrival of an expected USD 6 bn Gulf deposits, Ramez urged the reporters to ask the Investment Ministry, stating that the CBE had done all it can on the issue.
President Abdel Fattah El Sisi signed an agreement to borrow USD 500 mn from the World Bank Group to finance social housing projects in his meeting with Jim Yong Kim, the WBG’s President. Al Masry Al Youm said the loan will finance the construction of one mn housing units in five years (the obsession with the number one mn seems endless). The official meeting readout from Ittihadiya has El Sisi emphasizing the ultimate social justice aims of the government’s economic policies as well as investments in public infrastructure including “reclaiming one mn feddans of agricultural land, adding 3600 KM to the national road network, building 250,000 affordable housing units and completing the New Suez canal project.” The official statement is light on Kim’s comments, other than to note the World Bank chief was encouraging of Egypt’s overall economic development efforts and had a particular interest in improving education across the region. The State Information Service has an abridged version of the Ittihadiya readouthere. Kim was in Egypt to meet El Sisi and address the African Trade Zone summit in Sharm El-Sheikh. His remarks to delegates there are available here.
The Mahlab government may establish an EGP 5 bn infrastructure investment fund, saidInvestment Minister Ashraf Salman. The funds would be used to establish new and maintain existing infrastructure by investing in the telecom, energy and transport sectors, among others.
Annualized inflation rose to 13.5% in May from 11% the month before, CAPMAS announced noting that urban inflation rates rose to 13.1%. The increase was almost entirely driven by an acceleration in food prices, particularly due to the 7.7% m-o-m increase in vegetables’ prices. Food price inflation is running at 15.1%.
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The Ikhwan delegation wasn’t planning on meeting officials from US President Obama’s administration during their visit in Washington D.C. this week, according to a Facebook post by Ikhwan leader Amr Darrag. Setting aside the fact that they would if they could, of course.
Denying media reports earlier this week, Travco Group said it has no plans to list on the EGX in 2016, said Hamed El Chiaty, the group’s Chairman.
The government began assessing the terms of the deal offered by Rosatom to build the nuclear power plant in Daba’a, Al Borsa reported, as it intends to award the project to the Russian agency through direct order. The government is set to require Rosatom to secure the funding for the foreign component of the project, which is set to be 85% of the cost. The proposed nuclear power plant will produce 1,200 MW of electricity when it comes online as scheduled in 2021 and will cost USD 5 bn. The government is considering financing the domestic portion of the project through a bond issuance, similar to the Suez Canal project’s, a source said. According to a high ranking Electricity Ministry official, the nuclear power plant could create upwards of 3000 jobs.
Internet companies to lodge complaint against TE to the ECA: In an apparent escalation in their war with Telecom Egypt and subsidiary TE Data, private-owned internet companies have reached out to the Egyptian Competition Authority over what they claim are TE’s “monopolistic” policies, Al Borsa reports. The complaint alleges that TE had been deliberately sabotaging ADSL connections in order to poach customers from other companies. TE Data holds a c. 70% market share of ADSL users.
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Shares of Arabtec surged yesterday on the back of rumors “related to [the] Egyptian contract.Some people are probably optimistic and negotiations are going on the right direction,” Sebastien Henin, head of asset management at The National Investor, as reported by Zawya. Arabtec shares ended 13.48% higher at AED 2.61, after hitting a high of AED 2.64, a level last seen on 5 May, Zawya notes.
CORRECTIONS: In yesterday’s issue, Housing Minister Moustafa Madbouly’s comments on the Arabtec project were contrasted with his remarks on the new administrative capital, when in fact these were two separate stories. We also misstated the number of those sentenced to death in absentia for the Port Said massacre case; 11 were sentenced to death in total, only one of whom in absentia.
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A MESSAGE FROM PHAROS HOLDING
Our call: CBE will cut rates on Thursday, effectively devaluing the EGP against the USD
Ahead of the Monetary Policy Committee’s final meeting of FY14/15 on June 11, discussions over the Central Bank of Egypt’s course of action regarding policy rates have picked-up again, with market speculations seeming to agree that the CBE intends to leave interest rates unchanged — at least for the time being. Against the odds, however, Pharos Research maintained its view that the bank will in fact slash interest rates on Thursday, and effectively execute another round of EGP devaluation against the USD.
Pharos argues that despite subsiding inflationary pressures and EGP’s real effective appreciation since the January 2015 rate cut, the CBE has so far been biased to policy neutrality. However, Pharos still believes that incoming data and global macroeconomic dynamics — such as declining commodity prices, a possible delay in subsidy cuts and the VAT’s postponement — could leave room for a rate cut and a further round of devaluation.
Click here to read more.
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SPOTLIGHT ON African Trade Zone conference in Sharm El-Sheikh
Signing of the Africa Tripartite Free Trade Area Agreement: Yesterday saw the signing of the landmark agreement between the COMESA, EAC and SADC economic blocs, concluding the four-day summit held in Sharm El-Sheikh. The agreement establishes the framework by which an integrated African Trade Zone (AFTZ) spanning 26 nations and 625 mn consumers will be formed. That’s a zone encompassing 57% of Africa’s population and 58% of its GDP, if you’re keeping score at home.
The signing followed speeches by the heads and general secretaries of the economic blocs and President El-Sisi, who commended all the attendees on a milestone agreement which will represent more people than NAFTA and the EU. He centered his speech on the pillars of the agreement—market integration, industrial and infrastructure development, marking this day a historic one. El-Sisi also announced that Sharm El-Sheikh will host the Africa Investment & Trade Forum, which will be held from 29-31 October 2015 to explore investment avenues between the signatories. (Watch President El-Sisi’s speech in Arabic, running time: 5:09, and or read the transcript in English on SIS)
‘The tripartite free trade area agreement in Africa is bound to disappoint’ reads a headline byQuartz Africa, which provides an interesting yet pessimistic perspective. The article acknowledges the glowing fundamentals that this agreement rests on. However it points to failings which have hindered the performances of the already-established blocs. Ultimately, due to the limited range of export products developed in Africa (primary goods and agriculture) and the lack of infrastructure development, Europe and Asia will always provide much more lucrative export markets than other African nations. The article fails to mention the booming telecoms and ICT sectors in nations like Kenya and Rwanda, and the power and infrastructure developments in Egypt which are traversing this hurdle.
Minister of Trade Mounir Fakhry Abdel-Nour on Monday reiterated the African Export-Import Bank’s plans to extend a USD 500 mn line of credit to Cairo to fund its exports to Africa, a fund which was originally announced by the bank in February 2015.
Egypt, Sudan and Ethiopia agree to form supreme trilateral council: President Abdelfattah El-Sisi, Sudanese President Omar El-Bashir, and Ethiopian Prime Minister Hailemariam Desalegn agreed on Wednesday to form a supreme council for mutual economic and political issues on the sidelines of the tripartite African bloc summit, as reported by Ahram Online.
The starting gun was fired after the signing of the Africa FTA agreement: The signing of the agreement has already sparked some opportunities. El Sewedy Electric held meetings yesterday with the Industry Minister of Ethiopia to construct a 2 mn sqm industrial city with investments of up to USD 2 mn, announced company head Ahmed El Sewedy. In an interview with Al Mal, he highlighted the importance the signing had to the Egyptian business community “who stand the most to gain from it”.
Sinai Cement Company is looking to investment on the continent, specifically in Swaziland,announced company head Hassan Rateb. Speaking to Al Mal at the Tripartite Summit, he stated that the agreement has opened the doors to the continent and that Egyptian business would be hard pressed not to seek opportunities as a result. He stated that the King of Swaziland had extended an invitation to the company, without adding specifics.
Perhaps the most significant pledge came from Farid Khamis, Chairman of Oriental Weavers, who announced that his company is targeting exports to Africa of EGP 5.5 bn by year’s end. He added that the company’s total exports last year reached EGP 6 bn and that the company will invest EGP 880 mn by the end of next year. Speaking at the conference, Khamis stressed the need to ensure the logistical integrity of continental trade networks and that governments must work to protect the movement of products with creating obstacles to trade. (Read in Arabic)
EGYPT IN THE NEWS
Muslim Brotherhood youth push for confrontational tactics: Mainstream media is finally, reluctantly, starting to wrap its head around the notion that the Ikhwan are more openly embracing violence, as shown in this piece from FT by Heba Saleh on the splintering of the movement. No one seems to have told Reuters yet, as they’re still apt to use 2-year old boilerplate on the Ikhwan’s commitment to nonviolence. (Read, paywall)
As we reported yesterday, doctors furious over Prime Minister Ibrahim Mahlab’s expression of shock at poor conditions in state hospitals have started a social media campaign on Facebook and Twitter: On El-Face, it’s So he won’t be surprised, and on Twitter #علشان_لو_جه_ميتفاجئش. The campaign has now crossed into the international press, with the BBC running with some of the more graphic and distasteful images to have appeared on either thread.
Who cares about a Triple Crown? You know you’ve made it when The Onion writes about you:On Monday, the Onion published ‘Owner Tearfully Releases American Pharoah After Triple Crown Win.’ “At press time, American Pharoah was reportedly spotted taking one poignant last look back at its former owner before galloping off among the trees.” (Read)
WORTH READING
High cost of water supply overshadows Egypt’s ambitious plan for desert cities: Veteran finance writer Patrick Werr’s weekly column on Egypt argues for conservation, continuing to raise prices for water, and a move toward desalination if Egyptian builders continue to insist on designing communities with what one developer called “luscious greenery and multifaceted creative landscapes.” Werr offers: “The most practical solution is to make better use of the water already being taken out of the Nile. This means charging residents a price that reflects the cost of providing it. This would encourage people to fix their leaky pipes, consume less at home and decrease the size of their gardens.” (Read)
With Greece tinkering with the idea of reneging on its debt obligations, Ken Rogoff and Jeremy Bulow analyze the profound question of why sovereigns repay external creditors’ debts and why that matters. “[T]he very nature of sovereignty is precisely that creditors cannot easily come in and seize assets inside a country, as they might do with a private company in bankruptcy,” Bulow and Rogoff note correctly. They explain that debt repayment is driven by desires to preserve good reputation in order to be able to borrow in the future and to avoid direct ‘punishments’ from creditors with third parties complicating matters further.
WORTH WATCHING
Your computer cannot handle this 8k resolution video, probably: (Watch, running time: 2:08, H/t Gizmodo)
Cop in the U.S. doing a barrel roll for no reason, on his way to break up a pool party, for no reason. (Watch, running time: 6 seconds)
DIPLOMACY
Some Ikhwangi-sympathizing group named the Muslim Lawyers Association (MLA) based in South Africa are calling for the arrest of President Abdel Fattah El-Sisi during his visit in South Africa next week, according to Ikhwangi soapbox Middle East Monitor. Their call for his arrest is based on the Rome Statute, of which Egypt is not a party. The MLA’s previous attempts to lodge complaints with the AU have not (and will not) generated any traction.
Egypt is acting to pursue another round of reconciliation between Hamas and Fatah, according to the AP.
ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM
Electricity Ministry to borrow EGP 4 bn and USD 500 mn to build Kafr El-Sheikh power station
Al-Borsa | 11 June 2015
The Egyptian Electricity Holding Company (EEHC) has been soliciting loans from banks to borrow EGP 4 bn AND USD 500 mn to build a major power station in Kafr El-Sheikh, said Audi Bank Managing Director Mohamed Abbas Fayed. He added that a number of banks are exploring financing the project which was announced at EEDC. The power plant is expected to produce 2.3 GW and will supply 7.5% of the country’s electricity. (Read in Arabic)
OIL & GAS
EGPC secures credit facilities to import Kuwaiti crude
Al Mal | 10 June 2015
EGPC signed a credit facility agreement with Banque Misr and the Arab Bank for USD 100 mn and USD 43 mn respectively. The facilities are for nine months and will be used to fund the importing of two bn barrels of Kuwaiti crude. Al Mal mentions that ADIB is in talks with other financial institutions to participate in a USD 150 mn facility for EGPC for the same purpose. (Read in Arabic)
AU liaison office plans for increased cooperation in oil and gas exploration
Al Mal | 09 June 2015
The African Union’s liaison office announced its intention to begin organizing workshops with Egypt to increase regional cooperation on oil and gas, according to EGAS. The liaison office reportedly has a full plan to improve cooperation across African countries in using modern technologies in E&P activities and petrochemicals. Preparations for meetings with sector experts are being prepared and training programs are being finalized, Al Mal reported. (Read in Arabic)
BASIC MATERIALS & COMMODITIES
Australia seeking to invest in Egypt’s grain logistics hub project
Al Borsa | 10 June 2015
Australia is “interested” in investing in Egypt’s grain logistics hub project, Neil Hawkins, Australia’s Ambassador to Egypt said. Hawkins said Australia seeks to use the project as a regional gateway and storage hub for its wheat exports. He added that he will invite Australian businesspeople to invest in the project as well as in oils extraction. (Read in Arabic)
MANUFACTURING
ICON Egypt to inaugurate new EGP 120 mn production line
Amwal Al Ghad | 10 June 2015
The Industrial Engineering Company for Construction and Development (ICON) announced it is going to inaugurate an EGP 120 mn production line, according to Amwal Al Ghad. The new line will produce sandwich panels and ICON is currently finalizing the line’s installation process. The new line should double ICON’s production to 120,000 meters per month. (Read in Arabic)
HEALTHCARE
Pharmaceutical Export Council to participate in four international exhibitions
Al Borsa | 10 June 2016
The Pharmaceutical Exports Council readies to participate in four exhibitions held in Senegal, Spain, Germany and Saudi Arabia, in effort to open up markets for Egypt’s exports of pharmaceuticals. This comes as Egypt’s pharmaceutical and cosmetics dropped 20% year-on-year to EGP 34 mn, down from EGP 43 mn in 2014. (Read in Arabic)
REAL ESTATE & HOUSING
Real estate tax isn’t retroactive
Al Ahram | 10 June 2015
Real estate taxes are not going to be collected retroactively, Amr El Monayer, the head of the real estate taxes division at the French Chamber of Commerce said. The law takes aspects of social justice into consideration, El Monayer added. He also reiterated the need of a clear and unified tax policy to allow investors to plan with lesser ambiguity. (Read in Arabic)
EFSA finalises new real estate valuation standards, sends it to cabinet
Al Borsa | 09 June 2015
The cabinet received a copy of the first Egyptian standards of real estate valuation, EFSA’s Chairman Sherif Samy announced. The new regulations will be used as the standard guidelines for all real estate valuations, Samy explained. He added that EFSA expects the new standards to have a notable impact on the financial sector and to help with expanding real estate financing. PM Mahlab called for the standards’ adoption when valuing the public sector real estate holdings. (Read in Arabic)
TELECOMS & ICT
4G services could be available next year
Al-Masry Al-Youm | 10 June 2015
CIT Minister Khlaed Negm says that the ministry is currently penning the policies that will see internet access improve in lock step with new infrastructure. Negm added that 4G services will most likely be made available next year and said Telecom Egypt is working on becoming a full-fledged telecom service provider. (Read in Arabic)
El Nawawy not under investigation, CIT Ministry sources say
Amwal Al Ghad | 10 June 2015
There are no investigations currently taking place in Telecom Egypt concerning its management during the tenure of its former head, Mohamed El Nawawy, CIT Ministry officials said. As of the end of 1Q2015, the Central Auditing Organization had registered breaches of regulations at the company, particularly concerning El Nawawy holding executive and non-executive roles at the same time, Amwal Al Ghad reported. (Read in Arabic)
Monthly cellphone transactions grow 50%
Al Mal | 10 June 2015
Cellphone transaction and e-payments have grown to 40-50% per month said Ashraf Sabry, CEO of e-payment company Fawry, posing a serious threat to traditional payment platforms such as banks. He attributes this to ease of use, 24/7 access and the service is relatively cheap. He added that the volume of usage in one year since the service launched, is equivalent to what ATMs had achieved in five.
BANKING & FINANCE
UBE to turn into an Islamic finance institution
Al Mal | 10 June 2015
The United Bank of Egypt (UBE) announced that its board agreed to turn it completely into an Islamic finance institution. UBE’s CEO said the bank’s dealings in Islamic finance had already doubled to 80% of the total operations noting that the transformation process was gradual. He expects Islamic finance to grow considerably in Egypt with the influx of investments from the GCC. (Read in Arabic) In other news, the bank recently announced that it has allocated EGP 200 mn for two new financial products, both of which will be available starting next month. The first product is for small contractor, while the second is meant for companies belonging to the alternative energies sector. The United Bank aims to increase its portfolio to EGP 1 bn, from its currently EGP 600 mn, by the end of the current fiscal year. (Read in Arabic)
EGYPT POLITICS + ECONOMICS
Government rejects political parties’ suggested amendments to election laws
Ahram Online | 09 June 2015
Suggestions made by 32 political parties on amending the elections law have been rejected, according to Minister of Parliamentary Affairs and Transitional Justice Ibrahim Al-Heneidy told parliamentary reporters and as reported by Ahram Online. “In the copies sent to officials, we explained what proposals suggested by political parties were rejected by the committee and why … the council’s final revision of the three laws will finally be completed this week … If completed this week, the cabinet could endorse it at its Wednesday meeting, which would allow for a new timeline for parliamentary elections,” Heneidy told parliamentary reporters. (Read)
Special economic zones law amendments ready next week
Al Masry Al Youm | 10 June 2015
Amendments to the law governing special economic zones will be ready next week, Mohab Mamish, the head of the Suez Canal Authority, said. The Authority had a few concerns that “aimed to ensure the success of the Suez Canal Development Project and to reduce investment risks,” Mamish said. He clarified that land around the Suez Canal area will be granted only on a right-to-use basis for Egyptians and foreigners and that the legal amendments will include clauses to stimulate investment. SCZone’s legal advisor Hani Sarie El Din said that all decisions regarding Sinai will be taken following the approval of the Defense Ministry and the Cabinet. (Read in Arabic)
ON YOUR WAY OUT
The EGX expects IPOs worth EGP 2.5 bn in 2H2015, bourse Chairman Mohamed Omran said as the EGX investment summit came to a close yesterday. He added that the bourse is in talks with the Arab Contractors for Investments to list on the EGX. Meanwhile, Prime Minister Ibrahim Mahlab said the government is currently preparing a list of public sector companies that could be listed on the EGX. The government will not sell its shares in any of the companies, Mahlab said, but rather the flotation would be done through capital increases, Al Mal reported. Mahlab’s closing remarks also encouraged the private sector to source funds from capital market and pointed to the Nilex as a good alternative for SMEs.
Cabinet has reportedly agreed to a measure that would allow regional governors to acquire buildings in violation of the national building code, Alexandria’s Governor Hany El Messiry said, according to Al Ahram.
Gas companies gearing-up for Ramadan stress: Town Gas’ Samy El-Farmawy does yeoman’s duty for the industry at large as he discusses steps the company is taking to prepare for the stress of Ramadan, when demand for gas and electricity alike are expected to peak. (Read in Arabic)
Police arrested two students accused of running pages that leaked thanaweya ‘amma exams on Facebook, Amwal Al Ghad reported.
The Washington Post has republished this image from Lawrence of Morocco showing all the filming locations from Game of Thrones on a map of Europe and North Africa. Egypt, unfortunately, has not been selected as a filming location, despite it being obvious that Mereen is a thinly-disguised stand in for Egypt. Pyramids, a sphinx and everyone’s evil? Of course it’s Egypt.
The World Economic Forum on Africa concluded its three-day meetings in Cape Town, South Africa on 5 June. You can now access all 80 interviews and panel discussions with chief executives, policymakers, and heads of state on video through CNBC Africa.
Pioneers Holdings posted 1Q2015 net profit of EGP 241.2 mn, up from EGP 121.95 mn from the same period last year, as reported by Reuters.
Obama orders the deployment of 450 additional troops to Iraq to act as advisers: The move was announced in a statement by the White House on Wednesday and has been reported by Reuters. “To improve the capabilities and effectiveness of partners on the ground, the President authorized the deployment of up to 450 additional U.S. military personnel to train, advise, and assist Iraqi Security Forces at Taqaddum military base in eastern Anbar province. The President made this decision after a request from Prime Minister Haider Al-Abadi,” the statement reads.
BY THE NUMBERS
USD CBE auction (Tuesday, 09 June): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 09 June): 7.67 (unchanged from Sunday, 07 June, Reuters)
EGX30 (Wednesday): 8,639.43 (-0.25%)
Turnover: EGP 458.0 mn (5% below the 90-day average)
WTI: USD 61.09 (-0.55%)
Brent: USD 65.46 (-0.37%)
TASI: 425.7 (+0.4%)
ADX: 4,590.5 (+0.2%)
DFM: 4,187.3 (+1.8%)
KSE Weighted Index: 425.7 (+0.4%)
QE: 11,837.0 (-0.9%)
MSM: 6,473.1 (flat)
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