Sisi to attend celebration of Egyptian Labor Day on Monday
CAIRO – 29 April 2023: President Abdel Fattah El-Sisi will attend a celebration of the Egyptian Labor Day due on Monday, said the Secretary-General of the Egyptian Trade Union Federation (ETUF) Eid Mersal in a statement on Saturday. It is expected that President Sisi will address laborers on this occasion, he added, noting that the ETUF celebration will be held on Monday, in the new city of Salhia in Sharqia governorate. On that day, a new Sugar Company factory will be opened, and the President will to honor a number of veterans of trade union and distinguished workers in their performance by granting them the Work Medal of the First Class, Eid continued. The celebration will be attended by a number of senior statesmen, ministers, clerics, political and party leaders, and in the presence of representatives of trade unions.
Source:Egypt Today
April 30, 2023 09:36 UTC
Government aims to collect $2bn from IPO programme by end-June: Prime Minister
Prime Minister Mostafa Madbouly has said that the government aims to collect $2bn from its IPO programme before the end of next June. He pointed out that a unit will be formed to manage the government IPO programme. The Prime Minister added, during a press conference, that an advisor to the Prime Minister will be appointed to manage the IPO programme, and an international consultant will assist the government in the process. Madbouly explained that the Sovereign Fund of Egypt (TSFE) is negotiating with investment agencies to implement the offering programme, while the Central Bank is preparing the banks that will be offered. The government IPO programme includes 32 state-owned companies that will be offered on the Egyptian Exchange or to a strategic investor, or both.
Source:Daily News Egypt
April 29, 2023 22:57 UTC
Madbouly inspects factory of SE Wiring Systems Egypt
Prime Minister Mostafa Madboly inspected one of the factories of SE Wiring Systems Egypt company, which specializes in manufacturing electrical wiring systems and cables for cars of all kinds. The company is affiliated to Japanese company Sumitomo, which is considered one of the largest economic entities in the world. It will be the largest factory in the world, and it is planned to start exporting its products in the first half of the year. During the tour, Magdy indicated that the company owns five factories in Port Said, and two factories in the Sixth of October City. Moreover, Sumitomo Egypt is the largest foreign company operating under the free zone system, exporting from Egypt for two years.
Source:Daily News Egypt
April 29, 2023 22:57 UTC
Sudanese warring parties exchange accusations over ceasefire violations
The warring parties in Sudan exchanged on Saturday accusations over non-compliance with the ongoing ceasefire, and each side held the other responsible for violations. The Sudanese army said on Saturday that it had thwarted an attempt by the Rapid Support Forces (RSF) to seize power in Sudan supported by “parties inside and outside” the country, without identifying those parties. He noted that the conflicting parties have been reached for a ceasefire, but fighting is returning again. He added that international organizations – the UN, the African Union (AU), IGAD, and the Arab League (AL)- have called for a ceasefire in Sudan. The two sides stressed that the interest of the brotherly Sudanese people remains the main concern and the goal behind the efforts of the two countries.
Source:Daily News Egypt
April 29, 2023 22:47 UTC
All you need to know about Red Sea's mermaid 'Marine Dugong'
CAIRO - 29 April 2023: The marine dugong, or as it is called the mermaid, is one of the peaceful marine creatures that divers love to see during diving trips. The dugong is a marine mammal that feeds on seaweeds, and searches for them in the depths of the bays and natural marine areas. They also attract thousands of tourists who like to dive with them and watch them swimming underwater. The pioneer of marine sciences, Hamid Gohar, called it mermaid, while the local fishermen called it "the skin". The most commonly used name for it is the "dugong".
Source:Egypt Today
April 29, 2023 08:58 UTC
Egypt's Trade Exchange With African Countries Records $2.117Bn In 1Q 2023 - Dailynewsegypt
The minister said that Egyptian commodity exports to the African continent amounted to $1.611bn, while Egyptian imports from the continent registered $506m. Samir said that the ministry is working to achieve economic integration between the African countries and to overcome obstacles that may hinder the movement of trade between countries. In addition to, benefit from trade agreements signed between Egypt and the countries as well as economic blocs of the continent such as the COMESA Agreement and the African Continental Free Trade Agreement, besides expanding inparticipation in specialised exhibitions, and increasing the presence of Egyptian commercial representation in many African countries. Chairperson of the General Organization for Export and Import Control, Essam Al-Naggar, stated that the top five receiving markets for Egyptian exports are Libya by $317m, Sudan by $226m, Algeria by $217m, Morocco by $191m, and Tunisia by $86m. Al-Naggar added that the most prominent Egyptian exports to the African continent in 1Q 2023included construction materials ($422m), chemical products and fertilizers ($358m), food industries ($242m), engineering and electronic goods ($185m), medical industries ($103m), printing, packaging, paper, books, and artistic works ($98m), agriculture crops ($80m), spinning and textiles ($47m), furniture ($24m), furnishings ($18m), ready-made garments ($15m), and handicrafts ($14m).
Source:Daily News Egypt
April 28, 2023 23:03 UTC
1.072 Egyptians evacuated from Sudan in 24 hrs
CAIRO – 28 April 2023: A total of 1.072 Egyptians returned to Egypt from Sudan on Friday, bringing the figure to 6.399 since the beginning of the crisis in the southern neighbor. Spokesperson of the Ministry of Foreign Affairs Ahmed Abu Zaid said in a statement that 454 Egyptian nationals were evacuated on land and 618 via airplanes. The Armed Forces have provided food and first aid supplies to more than 1,000 Egyptian citizens in Sudan who are expected to be evacuated during the ongoing air evacuations. The Foreign Ministry on Friday announced a change in the assembly points where Egyptian citizens are evacuated from Sudan. In a statement, the ministry said the new assembly points are the Egyptian Consulate General in Port Sudan and the border crossings of Qastal and Arqin.
Source:Egypt Today
April 28, 2023 22:46 UTC
Contact increases its mortgage finance to EGP 6m with 10-year payment plan
Contact Mortgage, the real estate financing arm of the Contact Financial Holding, announced an increase in its mortgage finance to EGP 6m with a payment plan of up to 10 years, as part of the company’s endeavour to meet the needs of customers and provide innovative financial solutions. Contact provides mortgage finance services to individuals directly or through real estate developers, with the aim of facilitating the process of obtaining the necessary financing to purchase real estate units and financing construction and real estate development projects. Contact also offers innovative financing solutions to the mortgage financing market in the North Coast and Ain Sokhna which have been seeing great growth in recent years. Saeed Zaatar, CEO of Contact Financial Holding, indicated that this step comes within the framework of Contact’s strategy to strengthen its position in the real estate finance market, increase its market share, and enhance its ability to better meet customer needs. Zaatar stressed that Contact will continue to provide distinguished and appropriate services to the group’s clients to meet the challenges of the real estate financing market in Egypt.
Source:Daily News Egypt
April 28, 2023 19:59 UTC
Contact Increases Its Mortgage Finance To EGP 6M With 10-Year Payment Plan - Dailynewsegypt
Contact provides mortgage finance services to individuals directly or through real estate developers, with the aim of facilitating the process of obtaining the necessary financing to purchase real estate units and financing construction and real estate development projects. Contact also offers innovative financing solutions to the mortgage financing market in the North Coast and Ain Sokhna which have been seeing great growth in recent years. These innovative solutions will benefit from the great demand by customers, saving the time and effort required to search for appropriate financial solutions. Saeed Zaatar, CEO of Contact Financial Holding, indicated that this step comes within the framework of Contact's strategy to strengthen its position in the real estate finance market, increase its market share, and enhance its ability to better meet customer needs. Zaatar stressed that Contact will continue to provide distinguished and appropriate services to the group's clients to meet the challenges of the real estate financing market in Egypt.
Source:Daily News Egypt
April 28, 2023 17:42 UTC
FRA gives companies listed on EGX until end-May to submit their 1Q financial statements
The Financial Regulatory Authority (FRA) extended on Wednesday the deadline for companies listed on the Egyptian Exchange (EGX) and entities subject to the authority’s supervision and control, to submit their periodic financial statements to 30 May. The decision comes with the aim of facilitating the companies listed on the Egyptian Exchange and the entities authorized to engage in non-banking financial activities, and in light of the economic changes,According to the first article of the decision, companies whose securities or financial instruments are listed on the Egyptian Exchange and entities subject to the supervision and control of the Authority are expected to submit their periodic financial statements for the financial period ending on 31 March 2023, no later than 30 May 2023. The second article of the decision stipulates that it shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange, and shall be enforced from the day following the date of its issuance. The Financial Regulatory Authority is moving forward towards taking all necessary efforts to create a stimulating business environment within the non-banking financial sector and achieve stability in non-banking financial markets and the safety of their dealings, regulation and development, and the balance of the rights of all parties dealing with the provision of means and systems and the issuance of rules that ensure the efficiency of these markets and the transparency of activities in which it is practiced, to enhance the role of non-banking financial activities in the national economy.
Source:Daily News Egypt
April 28, 2023 14:11 UTC
Kaspersky Blocks 200 Million Illegal Crypto Mining Attempts, Saving 3K Tonnes Of CO2 Per Year - Dailynewsegypt
For example, the electricity consumption for bitcoin production is equal to the annual energy consumption of Sweden. The growing energy costs of cryptocurrency production contribute to the growing popularity of malicious mining or cryptojacking – threats that infiltrate a user's device to secretly mine cryptocurrency. According to the new statistics, the trend of growing energy consumption by crypto mining remains. In 2022, Kaspersky products prevented 202,540,954 attempts by hijackers to use another device for crypto mining. It is important to understand that the more energy mining consumes, the more carbon dioxide and other harmful substances are emitted into the atmosphere.
Source:Daily News Egypt
April 28, 2023 12:29 UTC
Pachin Stock Closes Near Highest Acquisition Bid Price - Dailynewsegypt
The company's stock closed near the highest bid price, reaching EGP 39.08 per share, by the end of Wednesday's trading session. National Paints aims to purchase up to 24 million shares, representing 100% of the company's issued capital, with a minimum execution rate of 75%. National Paints and Eagle Chemicals are competing to buy the company. On Wednesday, the Financial Regulatory Authority specified, in a statement, that the period of validity of the National Paints' MTO expires on 2 May 2023. The Elite Financial Consulting Company assumes the role of the financial advisor to determine the fair value, while Al-Ahly Pharos plays the role of the financial advisor to Chemical Holding, which is affiliated with Pachin.
Source:Daily News Egypt
April 28, 2023 12:08 UTC
PM Allocates EGP 10Bn To Support Egypt's Tourism Sector - Dailynewsegypt
This came during a meeting with Minister of Finance Mohamed Maait on Wednesday to review budget targets for fiscal year (FY) 2023/24. The productive sectors initiative aims to help businesses within selected sectors to boost their business volume and expand production. This includes achieving a primary GDP surplus, reducing the budget deficit while expanding the social protection network, and dealing with the effects of economic challenges. Maait added that EGP 45bn was allocated to buy local wheat from farmers in this year's season, starting from the beginning of April to the middle of August. He pointed out that financial resources will be provided to farmers once they supply the wheat, in implementation of the directives of President Al-Sisi, to support farmers and encourage them to expand the cultivation of strategic crops.
Source:Daily News Egypt
April 28, 2023 12:02 UTC
Sudan: Egypt Evacuates 2,684 More Citizens, Raising Total To 5,327 - Dailynewsegypt
Egyptian consular missions in Port Sudan and the Wadi Halfa region continue to assist in the evacuation of Egyptians from Sudan. Egypt previously announced that the number of Egyptian citizens in Sudan exceeds 10,000, adding that it requires a tight, safe and orderly planned process to ensure their safe evacuation. Deadlyclashesbroke out between the Sudanese army and Rapid Support Forces (RSF) on April 15 in the capital city of Khartoum and other places. More than 400 civilians have been killed, while about 4,000 others injured in Sudan so far, according to data from the Sudanese Health Ministry. Sudan's armed forces agreed on Thursday to extend an ongoing ceasefire by 72 hours after mediation by the US and Saudi Arabia.
Source:Daily News Egypt
April 28, 2023 11:55 UTC
Egypt’s trade exchange with African countries records $2.117bn in 1Q 2023
Minister of Trade and Industry Ahmed Samir has announced that the trade exchange between Egypt and the African countries amounted to $2.117bn in the first quarter (1Q) of this year. The minister said that Egyptian commodity exports to the African continent amounted to $1.611bn, while Egyptian imports from the continent registered $506m. Samir said that the ministry is working to achieve economic integration between the African countries and to overcome obstacles that may hinder the movement of trade between countries. In addition to, benefit from trade agreements signed between Egypt and the countries as well as economic blocs of the continent such as the COMESA Agreement and the African Continental Free Trade Agreement, besides expanding in participation in specialised exhibitions, and increasing the presence of Egyptian commercial representation in many African countries. Chairperson of the General Organization for Export and Import Control, Essam Al-Naggar, stated that the top five receiving markets for Egyptian exports are Libya by $317m, Sudan by $226m, Algeria by $217m, Morocco by $191m, and Tunisia by $86m.
Source:Daily News Egypt
April 28, 2023 08:46 UTC