Page 27 - Patrick Werr News Today

5 Min Read CAIRO (Reuters) - Egypt’s state companies have been enjoying robust earnings, official data shows, acting as a growth driver and eclipsing the private sector despite IMF-inspired reforms to restructure the economy. FILE PHOTO: A view of buildings in Cairo, Egypt January 14, 2021. REUTERS/Mohamed Abd El Ghany Data published for the first time by the finance ministry gives a glimpse of how numerous state companies have prospered over the last few years, while investment in the privat...

Egypt is reviewing a final agreement with Germany's Siemens AG to develop a 360 billion Egyptian pound ($23 billion), 1,000-km high-speed electric railway network, Egypt's presidency said on Wednesday.

By Reuters Staff (Adds details, analyst comment) CAIRO, Jan 12 (Reuters) - Egypt’s central bank has told banks it was banning them from distributing profits to shareholders to protect capital amid the COVID-19 crisis. Governor Tarek Amer said in its circular the central bank would “not permit banks to distribute cash from the general profit or retained earnings to shareholders to confront risks that may stem from the continuing COVID-19 crisis.” Banks would be allowed to distribute employ...

By Reuters Staff 2 Min Read FILE PHOTO: Shoppers wearing protective face masks walk inside a Carrefour hypermarket in the Cairo suburb of Maadi, Egypt November 26, 2020. REUTERS/Amr Abdallah Dalsh CAIRO (Reuters) - Egypt’s non-oil private sector activity growth slowed in November and consumer confidence dropped to its lowest in nearly a decade on worries about a resurgence in the coronavirus pandemic, a survey showed on Thursday. IHS Markit’s Purchasing Managers’ Index (PMI) came in at 50...

By Reuters Staff 2 Min Read CAIRO (Reuters) - Egypt’s military plans to offer two of its companies for sale sometime in the first quarter of 2021 in a move to increase private involvement in the economy, Egypt’s Planning Minister Hala al-Said said on Sunday. Stakes in the companies may first be offered to strategic investors with the rest sold in an initial public offering (IPO), Said said in an interview on Egyptian television. “We are talking about offering between 10% to 100% of the tw...

Egypt needs to do more to help private sector, World Bank says FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Cairo CAIRO (Reuters) – Egypt’s private sector has been blocked from taking on a bigger role in the economy despite aggressive macroeconomic reforms over the last four years, and government help is needed, the World Bank wrote in a report released on Monday. Exports remain below those of competing countries even after Egypt cut the value of its currency by about ...

By Reuters Staff 2 Min Read FILE PHOTO: A logo of Commercial International Bank is seen on a facade of its branch (CIB) in Cairo, Egypt July 30, 2017. REUTERS/Mohamed Abd El Ghany CAIRO (Reuters) - Commercial International Bank (CIB), Egypt’s largest private bank, increased its loan loss provisions by 60% in the third quarter after a central bank review raised compliance concerns that led to the dismissal of its chairman. CIB had already taken large provisions this year because of the coronav...