Currency risk holding back renewables + bourse. FRHI signs for two more hotels in Egypt. We’lll have 596 MPs. CIB and TE are Egypt’s largest taxpayers. Paypal is courting Egyptian businesses. Gov’t laying groundwork for energy price hike to industry?

WHAT WE’RE TRACKING TODAY

President Abdelfattah El Sisi will attend a tripartite summit today in Nicosia along with the Cypriot president and the Greek prime minister.

The MESIA Renewable Energy Trade Mission will wrap today at the Marriott Palace Hotel in Zamalek.

The Cabinet is set to hold its weekly meeting today, where, among other issues, a draft law on harsher penalties for irregular migrants and human traffickers will be discussed.

Avengers 2: Age of Ultron arrives in cinemas in Egypt today, following a soft opening last night at a midnight IMAX screening. Tip: Before slipping out of the office unseen, leave your monitor on so they’ll mistakenly think you’re coming back at some point.

And, finally, it’s hard not to wonder whether the drumbeat of “make nice with Qatar and Turkey, please” is gaining urgency in the Gulf. Following news yesterday that KSA is reportedly looking to broker rapprochement between Egypt, Qatar and Turkey comes word that Kuwait’s Sheikh Sabah Al-Khaled hopes to see Turkey and Egypt reconcile. The sheikh’s comments were carried by KUNA, Kuwait’s state-owned news agency. (Read)

LAST NIGHT’S TALK SHOWS

On an epically slow night for talk shows, the only thing worth noting: smart cards for gasoline.

“As we move forward with the gradual removal of energy subsidies the government is preparing to activate gasoline smart cards. As of July 15 these cards will be in use at all gas stations. This will not mean that we are limiting or raising prices of gasoline after this date; it just means that we are gathering data and trying curb the smuggling of subsidized fuel,” said Lamees El Hadidy. She conducted a telephone interview withIbrahim Sarhan, Managing Director of E-Finance, the company that operates the smart cards. According toSarhan, 3.4  mn smart cards have been issued thus far. Online registration for the cards is no longer available but any citizen who owns a licensed vehicle will be able to pick up their smart cards at the traffic authority at which they are registered.

“The Ministry of Finance will be making announcements in the coming weeks on the exact procedures to follow in order to obtain the smart cards. They should be available in the Cairo and Giza governorates as of next week,” said Sarhan.

A call center can be reached at 19680 or 19683 to answer questions about the gasoline cards.

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SPEED ROUND

TOP STORY: Currency risks hold back renewable energy investment in Egypt: Currency risk is the major stumbling block from unleashing investment in Egypt’s promising renewable energy sector, according to industry insiders speaking to LeAnne Graves of The National at the sidelines of the ongoing MESIA conference. “Currency and convertibility is arguably the No 1 issue at the moment,” according to Marc Norman, Dubai associate at the New York-based law firm Chadbourne & Parke, which is advising companies interested in Egypt’s power sector. “Vahid Fotuhi, the president and founder of Mesia, estimated that at least USD 750 mn in renewable energy investment was ready to be funnelled into Egypt over the next two years, but currency risks were shadowing investor appetite. “All of these companies want to invest mns and mns of USD, yet the regulatory framework and currency issues are clouds over the renewable energy sector, “ he said.” (Read)

Tight currency liquidity is also being blamed in part as playing a role in the EGX hitting a 4-month low, Reuters reports, with businesses relying on imports facing difficulties. Another precipitating factor for the drop in the bourse is the recently-issued tax on capital gains and dividends. (Read)

In response, Egyptian investors are reportedly taking the government to court over its implementation of the controversial capital gains tax, reports Al Mal. The Egyptian Association for Financing and Investment Studies has filed a lawsuit at an administrative court, while other investors have filed a separate lawsuits at the economic courts, adds the source.

Amendments to the parliamentary elections law are complete, the Minister of Transitional Justicesaid. The next parliament is set to have 596 MPs with 120 seats allocated to party lists, and 28 MPs appointed by the President, half of whom will be women. The amended law has now been passed on to the State Council for revision and will then be sent to PM Mahlab’s cabinet.

FRHI Hotels & Resorts signs two new hotels with Citystars Properties: FRHI Hotels & Resorts (FRHI), the parent company of Fairmont, Swissotel and Raffles, announced on Monday the development of two new hotel projects in Egypt, and released further details of the previously announced tri-brand hotel development in Sharm El Sheikh. Upon completion, the new hotels will more than double the hotel company’s footprint in Egypt. The two new projects include Fairmont Soma Bay south of Hurghada and a Swissotel property in Katameya; both of which are scheduled to open before 2020. Fairmont Soma Bay will be part of a 10 mn sqm mixed-use master development, with feature 300 guestrooms and suites and 150 Fairmont- branded Residences for sale. Swissotel Katameya will include 250 guestrooms and suites, 50 luxury residential apartments, and 38 Swiss Executive Club rooms. FRHI noted that the Citystars Sharm El Sheikh 7.5 mn sqm development includes an 18-hole Colin Montgomerie golf course and the largest man-made, swimmable crystal blue lagoon in the world as noted by Guinness World Records. (Read) Photos of the Sharm project under development may be viewed here.

Paypal introduces new feature for Egyptian businesses: Paypal is introducing new services that will allow Egyptian businesses to sell goods and services to the company’s 162 mn users from around the world. According to the head of Paypal’s MENA operations, this move should provide Egyptian businesses with a greater degree of flexibility in conducting their international business transactions. Paypal launched its Egypt platform in 2014.(Read in Arabic)

Palm Hills Developments 1Q15 Financial Results: Palm Hills Developments released their 1Q15 results yesterday, posting a net profit after Minority Interest of EGP 215 mn, a 332% increase y-o-y. Revenue reached EGP 742 mn, driven by the increase in sales of standalone units and improvements in construction revenue. PHD posted an EBITDA of EGP 250 mn with an EBITDA margin of 33.7%, a 190% increase y-o-y. PHD has recently signed three MOUs: one in consortium with Aabar Investment for a 10,000 feddan project in 6th of October, a 500-feddan project in east Cairo and a 103-feddan project in east Cairo with Medinet Nasr Housing.

Qalaa Holdings issues update on non-core assets divestment plan, appoints advisor to study exit of microfinance leader Tanmeyah: Qalaa Holdings appointed CI Capital to study options for the full exit of Tanmeyah for Microfinance Services, the high-profile microfinance provider in which Qalaa holds a 70% stake, according to an emailed release on Monday. Tanmeyah is the largest private microfinance provider in Egypt. “The exit from Tanmeyah, if concluded, would provide us with liquidity that exceeds the needs of both our current deleveraging program and our financing needs, and permits share buybacks by Qalaa Holdings on an opportunistic basis,” said Ahmed Heikal, Qalaa Holdings’ Chairman and Founder. In astatement, Co-Founder and Managing Director Hisham El-Khazindar noted: “ Management and the Board of Directors are firmly convinced that Qalaa’s shares trade at a steep discount to their fair market value and that the acquisition of treasury shares thus represents an exceptionally compelling path to the creation of shareholder value.”

Gov’t laying groundwork for energy price hikes for industrial users? The cost of energy subsidy cuts will be borne mostly by factories in the coming fiscal year, a source at the finance ministry told Al Shorouk, noting that energy subsidies will be removed completely within four years. The source noted that industry can bear the impact of the subsidy reduction, but noted the exact price that will be charged to factories is yet to be determined. There is a small likelihood that gasoline prices will be raised, the source added. (Read in Arabic)

CIB and Telecom Egypt are Egypt’s two largest corporate taxpayers, Al-Mal claims, saying the two companies paid USD 1.4 bn in total. The largest taxpayers, including CIB and TE, altogether contributed EGP 8 bn in tax revenues. The list of ten largest taxpayers is dominated by banks and oil companies. (Read in Arabic)

Remember J Sainsbury? Egypt is the gift that keeps on giving for the UK retailer, which exited Egypt with its tail between its legs back in 2001, claiming Western-style retail was unlikely to ever take off in Egypt. (Apparently, Carrefour failed to get that memo.) In any case: The company’s current chief executive, who wasn’t with Sainsbury during the 2001 debacle, was apparently sentenced to two years in prison here in Egypt in a dispute over bounced cheques that is now more than a decade old. The Telegraph has the story.

Cairo Metro’s third line resumed partial operations following a crash on Sunday, according to Amwal Al Ghad. Only the Abbassiya Station, the site of the incident, remains out of service as the crashed train is still being removed. Following a wildcat strike by drivers on the line, Cairo Metro chief Aly Fadaly conceded there are technical issues with the third line’s operating units. The drivers are demanding that Fadaly and the transport minister sign a document stating they were aware of technical problems on the line prior to Sunday’s accident.

Striking employees to be forced into early retirement -Court ruling: Egypt’s High Administrative Court ruled on Monday that any employee found guilty of participating in a strike, occupying public facilities, or disturbing the business interests of fellow Egyptians, will be forced into early retirement. The court’s ruling included the referral of three government employees in the village Qoros to early retirement after they were found guilty of taking part in a strike. The court explained its rationale by stating that labor strikes are not a legitimate form of protest under Islamic law. We would be interested in hearing from lawyers out there, as we had thought the right to strike was previously enshrined in law. (Read in Arabic)

AJE trial technical committee concludes journos didn’t fabricate news: On Tuesday a court heard that the technical committee tasked with examining footage confiscated during the reporters’ arrest concluded that the journalists’ reports were not edited to “fabricate news.” Al Jazeera English journalists Mohamed Fahmy and Baher Mohamed will next be in court on 9 May. (Read)

Minimum wages to rise by 2017 -official: According to Tarek Al Hasry, advisor to the minister of planning, the government is reevaluating minimum wages and taxes on salaries, with an eye to raising the minimum wage from its current level of EGP 1,200 by 2017. (Read in Arabic)

President Abdel Fattah El Sisi spoke by phone with Italian Prime Minister Matteo Renziyesterday to discuss security issues in the Mediterranean, including illegal migration and the ongoing crisis in Libya, according to a statement released overnight by Ittihadiya.

Cabinet’s economic group discussed the 2015-16 budget yesterday. Prime Minister Ibrahim Mahlab, who heads the committee, and that the budget will focus on social and economic justice, reform policies and infrastructure. (Read in Arabic)

EGAS is looking to ink an agreement with BP to import 21 natural gas cargoes, each of c. 140,000 cubic meters, Al-Mal reports.

Speaking of BP: The company has posted 1Q2015 net profit of USD 2.6 bn, 20% drop y-o-y on the back of lower oil prices and cancellations. BP issued 1Q2015 results on Tuesday, with net profit at USD 2.6 bn, down from USD 3.2 bn in the same period last year but up 15% q-o-q, according to a release by the company. “Upstream result was significantly affected by lower oil and gas prices as well as weaker gas marketing and trading and USD 375 mn costs associated with the cancellation of contracts for two deepwater rigs in the Gulf of Mexico,” the statement reads. BP stated it will maintain its dividends at USD 0.10 per share, payable in June. BP announced sealing a USD 12 bn agreement with Egypt in the first quarter to develop the West Nile Delta gas project. (Read) The WSJ notes, however, that revenue fell to USD 54.9 bn from USD 75.1 bn y-o-y and that cash flow fell to USD 1.9 bn from USD 8.2 bn.

Good morning, and welcome to every Investor Relations Officer’s nightmare: Twitter shares plunged by as much as 26% after Nasdaq accidentally published its earnings earlier. The results went viral on — you guessed it — Twitter after a data scraping company founded by ex-Thomson Reuters execs discovered them. Twitter shares recovered to close down 15%. The WSJ, FT and Reuters have more on the leak and on Twitter’s earnings miss.

Islamist rebels in Tripoli reject UN peace plan, say that previous negotiations were to “buy time”: On Tuesday, FT journalist Borzou Daragahi tweeted that pro-Islamist Libya Al-Wataniyah [National Libyan TV] had displayed in a screen caption at 17:30 GMT the following message: “Head of the dialogue delegation of the General National Congress (GNC), Salih Al-Makhzum, says: [UN envoy to Libya, Bernardino] Leon’s proposal, received today, does not meet the revolutionaries’ ambition and the previous rounds were to buy time.” Meanwhile, the decapitated body of Egyptian director Mohamed Galal Okasha was recovered to Egypt from Libya on Tuesday. The television director had been taken hostage in August 2014. (Read)

In what The Daily Beast describes as “The Most Honest 15 Minutes Of Obama’s Presidency,” U.S. President Barack Obama took 15 minutes to respond to a question on the riots in Baltimore while attending a press conference alongside visiting Japanese Prime Minister Shinzo Abe. President Obama explained that the current riots are part of a systemic problem that sees disadvantaged youth born into abject poverty, stating the need to reform the “criminal justice system so it’s not just a pipeline from schools to prisons, so that we’re not rendering men in these communities unemployable because of a felony record for a non-violent drug offense …” In our view, the President Obama has more or less summarized the five seasons of The Wire, which he has often stated is his favorite show. The article rightly wonders where this version of President Obama has been all these years.

WORTH READING

Are some buy-siders ‘too big to fail’? “Global regulators will assess the resilience of large investment funds to financial crises as they press ahead with work on identifying systemically important firms. Asset managers are facing increased scrutiny from regulators because of “a huge wall of money moving into the capital markets from the banking system and regulators wanting to be sure that the markets and institutions are going to be sound in systemically stressed conditions.” Check out Bloomberg’s ‘Buy-Side Resilience Probed as Regulators Map System Risk,’ which neatly encapsulates the debate now taking place at the International Organization of Securities Commissions (whose emerging markets branch is, coincidentally, now holding its annual meeting in Cairo.)

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Explore Pharoslive, or click here to head straight to the Tutorials page.

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WORTH WATCHING

Ahmed Helmy, General Manager of Al Ismaelia for Real Estate Development, sits down with Aswat Masriya to discuss the company’s renovation plans for downtown Cairo. (Watch in Arabic, running time: 3:10)

No Smoking – Arrested Development: The resurrection of Arrested Development by Netflix for its belated fourth and final season was for the most part a disappointment. One running joke that did work, however, was Lucille Bluth (Jessica Walter) trying to smoke while under various forms of arrest – from prison to confinement in her apartment – forcing her son Buster Bluth (played by Tony Hale, who has a gift for portraying Oedipal relationships) to provide a workaround. (Watch, running time: 1:25)

DIPLOMACY

FM Shoukry reiterates call for WMD-free zone in Middle East, Israel’s attendance indication of growing trust with Arab states, Iran publishes statement likely falsely-attributed to FM Shoukry: Foreign Minister Sameh Shoukry reiterated calls for a the Middle East to become a WMD-free zoneat the 2015 Review Conference of the Non-Proliferation of Nuclear Weapons Treaty (NPT) on Monday in New York. The call for a WMD-free zone in the Middle East is a position that Egypt has strongly advocated for since 1974. Traditionally, the two major obstacles have been Israel and Iran. However, this year, in a sign of strengthening relations between Arab states and Israel over shared mutual interests and suspicion of Iran,Israel attended the NPT conference as an observer state.

Iranian propaganda outlet Fars News Agency seems to attribute a statement to FM Shoukry which is not being reported anywhere else and which to us, seems highly suspect that he would ever say: “Cairo believes that striking a possible final agreement by Iran and the G5+1 can help bring balance of power to the Middle East …,” It would be astonishing if the minister made such a statement, given that if Iran is serious about not acquiring the bomb, how would that shift the balance of power in the region? The fact that the Iranians even issue potentially-libelous statements such as these filled with (again, potentially Freudian) slips only adds to concerns about the country’s seriousness about pursuing a peaceful nuclear program. Unfortunately, the text of FM Shoukry’s address at the conference is unavailable at this time.

Spain backs Egypt’s non-permanent seat on the Security Council: According to the Egyptian Ambassador to Spain, Ahmed Ismail, Spain supports Egypt’s bid to become a nonpermanent member of the UN’s Security Council in its next session, and has been actively lobbying for Egypt’s behalf among allies in Latin America, Asia and the EU. According to Ismail, the move comes in recognition of Egypt’s role as a “stabilizing force” in the Middle East. (Read in Arabic)

EGYPT IN THE NEWS

As war rages at home, thousands from Yemen stranded in Egypt: While at first glance the headline seems nonsensical (why would Yemenis be clamoring to return to their home country while it is under attack and in the throes of civil war?) the AP notes that thousands of Yemenis, some of whom do not have that much money, have been unable to return due to cancellation of flights. These Yemenis are now running out of cash, with the AP noting that some are even sleeping in the street. The number of Yemenis unable to leave Egypt ranges from 4,700-5,800 and is growing at a rate of approximately 200 per day. “We have nothing left to sell,” said Saleh Hadad, a Yemeni man from the country’s Marib province. “Where are we supposed to go?” “We are just simple farmers from the countryside,” Yemeni traveler Khaidara Hussein said. “We would rather return and die among our families than live like this here.” (Read)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Minister of the environment discusses new coal regulations
Al Borsa | 28 April 2015
Environment minister Khaled Fahmy discussed the recently approved and ratified regulations governing the use and import of coal in an interview with Al Borsa on Tuesday. He stressed the pivotal role played by the ministry in assessing and approving the import and usage of coal by the private sector, as importers under the new articles must submit detailed reports on the type, mode of storage and transportation of the coal to the ministry for approval before obtaining a license. He also highlighted that key industries (power, cement manufacturing, etc.) which will use coal, must submit annual environmental assessment reports on their usage in order to retain the right to use coal as an energy source. (Read in Arabic)

OIL & GAS

EGPC repays the last remaining tranche of the JPMorgan and Morgan Stanley loan
Al Shorouk | 28 April 2015
EGPC has repaid the last remaining tranche of its loan from JPMorgan and Morgan Stanley, according to an unnamed source. The loan’s final tranche, which amounted to USD 61.4 mn, was repaid in-kind through shipments of Egyptian crude as per the loan agreement. Al Shorouk said that EGPC had borrowed USD 5.8 bn from the two banks to finance deficits. (Read in Arabic)

Beach Energy making progress in efforts to sell its Egyptian holdings
Bloomberg | 28 April 2015
Beach Energy says it is making progress with the sale of its Egyptian holdings, Bloomberg reports. “We’re seeing interest, and I hope to crystallize something in the coming months,” the company’s Managing Director, Rob Cole, said. “Beach is searching for acquisition opportunities in Australia to take advantage of rising gas demand on the east coast,” according to Bloomberg. Cole believes that a merger between Beach and Drillsearch Energy “looks logical.” (Read)

BASIC MATERIALS & COMMODITIES

National Vegetable Oil Company calls for cargo railway in Borg El Arab
Al Borsa | 28 April 2015
The National Vegetable Oil Company called for a cargo railway to be built in Borg El Arab to connect the second industrial zone with the city to facilitate the transfer of goods. The Borg El Arab city authority is now assessing the request. The city has EGP 1 bn allocated for investments next fiscal year, 70% of which will be directed towards infrastructure investments. (Read in Arabic)

HEALTHCARE

EIPICO’s Sovaldi biosimilar priced at EGP 2,403 per package
Amwal Al Ghad | 28 April 2015
EIPICO’s Hepatitis C cure, Episovir 400mg will be priced at EGP 2,403 per package the Ministry of Health decreed. The drug, a biosimilar of Sovaldi, has its price fixed for a year and will be exempt for sales tax as per an agreement with finance ministry. Amwal Al Ghad says the price decided guarantees a profit of EGP 225 per pack to pharmacies with EGP 75 per pack going to the distributors. (Read in Arabic)

REAL ESTATE & HOUSING

World Bank to consider financing part of the one-mn homes project
Amwal Al Ghad | 28 April 2015
The World Bank Group will assess extending USD 500 mn to finance part of the mn units’ project, according to the regional programme manager in MENA, Sahar Nasr. The WBG will discuss the issue at a meeting scheduled for 5 May. The WBG financing, if approved, will be channelled through the Ministry of Housing’s fund and directed towards the poorest segments. (Read in Arabic)

New tenders to open up to clean New Cairo intersections from debris and develop land
Al Mal | 28 April 2015
The New Urban Communities Authority will open tenders on cleaning debris from intersections in New Cairo. This comes as the Sadat City Development Authority announced that it will began receiving tender offers to construct a truck stop station on a 4,000 sqm plot of land in the city, while the Assiut Development Authority announced that it will open up bidding on a 10,000 sqm plot of land to develop and run a ready mix manufacturing facility in the area. (Read in Arabic)

TOURISM

Initiatives taken to stimulate Russian tourism scrapped
Al Borsa | 27 April 2015
The Ministry of Tourism scrapped its initiative to stimulate incoming Russian tourism, according to Al Borsa. The ministry said that tourist arrivals from Russia have not fallen significantly, negating the need for government support. The initiatives scrapped included waiving the USD 25 tourist visa fee and a 25% reduction in the airport departure fees. The ministry said it has a strategic plan to attract 20 mn tourists per annum to bring in USD 26 bn to the economy. (Read in Arabic)

EgyptAir to increase capacity by 30% for Umrah season
Al Borsa | 28 April 2015
EgyptAir said it will increase its capacity by 30% in preparation for the Ramadan Umrah season from 16 June to 7 July. The capacity increase to 87 thousand seats is in response to demands from tour operators. EgyptAir said it will also increase capacity during the Hajj season by 5% to 49 thousand seats. The company said ticket price increases will not exceed 5%. (Read in Arabic)

Government pays Weber Shandwick to promote “Masr Orayaba”
Al Mal | 28 April 2015
The Egyptian government has agreed to pay public relations firm Weber Shandwick USD 1 mn to promote its’“Masr Orayaba” music video in nine Arab states. The music video aims to increase Arab tourism to Egypt. Weber Shandwick will begin its 6-month promotion of the video starting from May. (Read in Arabic)

BANKING & FINANCE

Banque du Caire extends EGPC USD 36 mn in letters of credit
Al Borsa | 27 April 2015
Banque du Caire agreed to extend to EGPC over USD 36 mn in letters of credit this week, according to Al Borsa. EGPC had secured a similar deal in January from Banque du Caire, also for USD 36 mn. The bank said it is also considering participating in funding two of the EEDC projects. (Read in Arabic)

Government looks to increase ERTU’s revenue streams
Al Borsa | 28 April 2015
Revenues generated by the Egyptian Radio and Television Union (ERTU) do not cover 80% of its employees’ salaries, said the Minister of Planning. This forces the state to fund the shortfall, adding an unnecessary strain on the government’s budget, added the minister. The government’s restructuring plan for ERTU aims to enhance the broadcaster’s revenue streams, concluded the minister. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Social Fund for Development contributions amounted to EGP 25 bn
Al Mal | 28 April 2015
The Social Fund for Development (SFD) has funded projects in Egypt since its founding in 1991 to the tune of EGP 25 bn, according to its Secretary General Soha Soleiman. She added that 90% of this had been run through financial institutions while direct funding amounted to 10%. She went on to state that the Fund plans to increase the number of banks it deals with from its current 13 and plans to raise its loan ceiling in order to provide EGP 5 mn to industrial and solar energy projects. (Read in Arabic)

ON YOUR WAY OUT

North Sinai- Tarabin Bedouins confirm attacking Daesh affiliate, conscript wounded in IED explosion, malfunctioning drone crashes, buffer zone to be expanded: The Tarabin tribe in Northern Sinai issued a statement asserting the legitimacy of its “war on Ansar Beit Al Maqdis.” The tribe said it is rightfully defending its tribesmen and homes and are coordinating their efforts with the Egyptian Armed Forces. The statement added that any questions regarding the tribe’s involvement should addressed to the military’s spokesperson directly.

One conscript was wounded in Arish from the detonation of a roadside IED near the entrance of Sheikh Zuweid city, AMAY reports. (Read in Arabic) Also in Arish on Tuesday, a drone crashed due to a technical malfunction, according to a security source speaking to Al Masry Al Youm.

More areas of Sinai’s Rafah to be evacuated: Prime Minister Ibrahim Mahlab issued a decree on Monday outlining additional areas of the border town Rafah for evacuation and eventual demolition in order to expand the buffer zone, promising in the same decree to provide alternative housing and reparations to those affected. (Read)

Meanwhile, in Saudi Arabia: “Saudi Arabia on Tuesday announced the arrest of 93 suspects with ties to the Islamic State group who it says were planning multi-pronged attacks on the US Embassy, security forces and residential compounds where foreigners live.” (Read)

The U.S. Ambassador is optimistic that Egypt and the United States will resume their annual Bright Star military exercises starting in 2016, according to remarks he reportedly made at an AmCham gathering yesterday.

The head of the Egyptian Airports Company said on Tuesday that Marsa Matrouh Airport is ready to receive traffic. Was closed for offseason maintenance last November. (Read in Arabic)

Is the universe a hologram? Vienna University of Technology scientists showed that describing the universe in fewer dimensions may not just be a mathematical trick, but a fundamental feature of space itself.

BY THE NUMBERS

USD CBE auction (last sale Monday, 27 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 28 April): 7.68 (-0.01 from Monday, 27 April)

EGX30 (Tuesday): 8,330.52 (-1.92%)
Turnover: EGP 472.6 mn (16% below the 90-day average)

WTI: USD 56.87 (-0.33%)
Brent: USD 64.52 (-0.19%)

TASI: 9,713.1 (flat, 0.00%)
ADX: 4,673.2 (flat, -0.02%)
DFM: 4,182.0 (+0.07%)
KSE Weighted Index: 433.7 (-0.3%)
QE: 12,209.5 (+0.1%)
MSM: 6,323.2 (-0.1%)