Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt's market gins $217 million in a week, while EGX30 inches down 0.5% http://www.egyptindependent.com//node/2443444 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/05/484151/201460_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market &nbsp;has made weekly gained worth LE1.63 billion (US$217 million) to hit LE523.09 billion compared to LE521.46&nbsp;billion at end of last week&rsquo;s trading.</p><p>The main index &nbsp;EGX30 inched down 0.5 percent &nbsp;recording 9,843.10 points at &nbsp;end of week , while&nbsp; the broader EGX70 index and &nbsp;the EGX100 index inched up by &nbsp;0.1 percent and &nbsp;o,39 percent respectively.</p> Fri, 30 Jan 2015 11:26:00 +0000 Egypt Independent 2443444 at http://www.egyptindependent.com sites/default/files/photo/2014/06/05/484151/201460_0.jpg Ministry: Vodafone Egypt remains market leader with a 41.6 % share http://www.egyptindependent.com//node/2443418 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/03/09/39/rkhyshbkhth.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Vodafone Egypt remains the market leader with a 41.6 percent market share, followed by Mobinil with 35.1 percent and Etisalat Misr with 23.3 percent, according to the Ministry of Communications and Information Technology (MCIT).</div><div>&nbsp;</div><div>The number of ADSL subscribers rose 0.09 percent m-o-m to 3.02 million, while internet users increased 1.19 percent m-o-m to 47.52 million.</div><div>&nbsp;</div><div>The total number of mobile subscribers in Egypt grew 0.65 percent m-o-m in November to 95.21&nbsp;million, while the number of fixed-line subscribers increased 1.84 percent m-o-m to 6.24&nbsp;million, according to data published by the MCIT.&nbsp;</div><div>&nbsp;</div><div>The Information and Communications Technology (ICT) Sector contribution to the treasury reached LE13.25 billion in October 2014 compared to LE11.14 billion at the end of 2007.</div><div>&nbsp;</div><div>The number of mobile subscribers increased by 214.37 percent from 30.3 million at the end of 2007 to 94.59 million in October 2014, driven by the growth of low cost pre-paid subscriptions.</div><div>&nbsp;</div><div>This brings the mobile penetration rate in the country to some 110.4 percent, compared to nearly 40.68 percent, with growth 69.7 percent.</div><div>&nbsp;</div><div>Meanwhile, the number of Internet subscribers rose by 375.75 percent in October of 2014 to 46.96 million from 9.87 million at the end of 2007.</div><div>&nbsp;</div><div>This brings the Internet penetration rate in the country to some 54.8 percent, compared to 13.57 percent, with growth rate 41.23 percent.</div> Thu, 29 Jan 2015 15:12:00 +0000 Mai Mohsen 2443418 at http://www.egyptindependent.com sites/default/files/photo/2014/03/09/39/rkhyshbkhth.jpg Egypt's market loses LE170million on Thursday, EGX30 inches down 0.21% http://www.egyptindependent.com//node/2443428 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/26/484151/__sqwt_mwshr_blbwrs_lmy_tswyr_mhmd_mrwf_4_536.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market main index inched &nbsp;down 0.21 percent &nbsp;on Thursday&#39;s session recording 9,843.10 points and a turnover of LE592 million, the Egyptian Exchange data showed.<o:p></o:p></p><p>while,&nbsp; both of the broader EGX70 index and &nbsp;the EGX100 index down by &nbsp;0.21 percent.<o:p></o:p></p><p>Local and Arab retail investors and Arab institutions recorded net purchases of LE14.02millon, LE5.52million, and LE5.53million respectively. <o:p></o:p></p><p>Meanwhile, foreign institutions recorded net sales of LE25.58million.<o:p></o:p></p><p>EGX market capital &nbsp;lost LE170million to hit LE523.09 billion compared to LE523.26 billion on&nbsp;Tuesday&#39;s session.<o:p></o:p></p> Thu, 29 Jan 2015 14:49:00 +0000 Egypt Independent 2443428 at http://www.egyptindependent.com sites/default/files/photo/2013/12/26/484151/__sqwt_mwshr_blbwrs_lmy_tswyr_mhmd_mrwf_4_536.jpeg FEI chief urges government to limit use of cash http://www.egyptindependent.com//node/2443406 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/12/01/499612/dollar_vs_egyptian_pound.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Federation of Egyptian Industries (FEI) has said that increase of cash on markets would lead to its usage in terrorist purposes adding that government is mulling decision to a timeline on limiting use of cash.</div><div>&nbsp;</div><div>During a press conference on Wednesday, FEI Chief Mohamed al-Seweidy said that lack of control on financial transactions could expose Egypt to security and economic terrorism, adding that all terrorism funding comes through cash.</div><div>&nbsp;</div><div>Allowing the cash flow without limits makes people able to evade taxes, he said stressing the federation&rsquo;s support toward the recent Central Bank of Egypt measures taken to control the US dollar price in the black market</div><div>&nbsp;</div><div>He added that having two prices for the dollar on the market prevents investors from pumping more money, indicating that some companies suffer problems due to the unstable prices of currency as well as not not admitting the difference in currency price when it comes to the companies budgets, which leads to additional taxes imposed on them.</div><div>&nbsp;</div><div>Seweidy, who expected the dollar price to settle at LE8, urged that imported and local products prices not to be affected by the dollar price increase, as traders and manufacturers set the product price at the dollar price in black market, as banks did not provide needs of companies but the basic goods only.</div><div>&nbsp;</div><div>Only the state budget, according to Seweidy, will be affected by the increase in dollar increase. The government has the chance to limit the increase through the savings achieved by decline in oil prices.</div><div>&nbsp;</div><div>FEI proposed main demands to the government to handle before March economic summit including amendments of legislations on criminal procedures of the penal code and limiting use of cash in economy, Seweidy said.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Thu, 29 Jan 2015 13:21:00 +0000 Al-Masry Al-Youm 2443406 at http://www.egyptindependent.com sites/default/files/photo/2014/12/01/499612/dollar_vs_egyptian_pound.jpg