Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt's market loses LE3.6 billion on Sunday, EGX30 falls 1.12% http://www.egyptindependent.com//node/2448706 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/20/499612/cairo_stock.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market closed in the red zone on Sunday&#39;s session, with the benchmark index EGX30 falling by 1.12 percent to record 8,633.86 points and a weak &nbsp;turnover of 228.3 million, according to the data from the Egyptian Exchange.</p><p>Meanwhile, the broader EGX70 index and the EGX100 index declined .0.46 percent and 0.51 percent respectively.</p><p>Foreign and local institutions were net sellers recording net flows of LE10.7 million and LE8.8 million respectively, while Arab institutions were net buyers recording net flows of LE5.1 million.</p><p>The EGX market capital gained LE3.55 billion (US$455 million), to hit LE503.71 billion, compared to LE507.26 billion on Thursday.</p> Sun, 26 Apr 2015 12:48:00 +0000 Egypt Independent 2448706 at http://www.egyptindependent.com sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Egyptian Exchange to host ASEA’s Executive Committee meetings http://www.egyptindependent.com//node/2448707 <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" /><div>The African Stock Exchange Association (ASEA) has selected the Egyptian Exchange to host the association&rsquo;s Executive Committee meetings, according to a press release by the Egyptian Exchange on Sunday.</div><div>&nbsp;</div><div>The first meeting will be held at the headquarters of the Egyptian Exchange with the heads of eight African stock exchanges in attendance to discuss ways in which to develop the association&#39;s work. The plan is to activate and promote its role in developing African markets in order to occupy space in the world investments plan.</div><div>&nbsp;</div><div>The Egyptian Exchange was selected as a member of the ASEA&rsquo;s Executive Committee for the third time last year. It hosted several African representatives a few weeks ago, within a training and technical support program, to raise the efficiency of African exchanges.</div><div>&nbsp;</div><div>&nbsp;</div> Sun, 26 Apr 2015 12:29:00 +0000 Egypt Independent 2448707 at http://www.egyptindependent.com sites/default/files/photo/2014/06/05/484151/201460_0.jpg Egyptian pound steady at official market, stronger on black market http://www.egyptindependent.com//node/2448703 <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" /><p>Egypt&#39;s central bank kept the pound steady at LE7.53 to the dollar at a foreign exchange auction on Sunday while the currency strengthened on the black market.</p><p>The central bank has kept the official exchange rate steady for more than two months since letting the pound weaken at the beginning of 2015. This step and other measures have helped to reduce black market trading significantly.</p><p>The bank said it had offered $40 million at auction on Sunday and sold $38.3 million at a cut-off price of LE7.5301 per dollar, unchanged from Thursday&#39;s auction.</p><p>The rates at which banks are allowed to trade dollars are determined by the results of official auctions, giving the central bank effective control over exchange rates.</p><p>Two traders in the black market said the pound was trading at LE7.71 to the dollar on Sunday, stronger than the LE7.75 &nbsp;on Thursday.</p><p>Black market traders say that volumes have fallen sharply since the central bank&#39;s drive to stamp out their transactions, including the introduction of a cap in February on the amount of dollars that can be deposited in banks.</p><p>The authorities hope this will signal to foreign investors that the economy has returned to normal after four years of turmoil, but Egyptian importers and exporters say the cap on dollar deposits has reduced foreign exchange liquidity and stifled business activity.&nbsp;</p> Sun, 26 Apr 2015 12:05:00 +0000 Reuters 2448703 at http://www.egyptindependent.com sites/default/files/photo/2014/12/01/499612/dollar_vs_egyptian_pound.jpg Government may return LE 589 million to Saudi Omar Effendi investor http://www.egyptindependent.com//node/2448691 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/19/484151/omar_effendi.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Ezzat Mahmoud, head of Omar Effendi, a company whose privatization has been nullified by a court decision, said that Investment Minister Ashraf Salman and Finance Minister Hani Qadry are negotiating to reimburse the Saudi investor, Gamil al-Qanbeet&nbsp;the estimated invested amount of LE 589.4 million.&nbsp;</div><div>&nbsp;</div><div>Speaking to <em>Al-Masry Al-Youm</em>, Mahmoud said that this is a crucial step before restructuring the company, in order to prepare it for private sector partnership and the reopening of closed branches. He stated that the delay in paying the debts and reforming the company increases the losses, most of which are due to interest on already existing debt, estimated at LE150 million.</div><div>&nbsp;</div><div>He added that once the company&rsquo;s financial situation for the years 2012 and 2013 is clear, some of the branches will be offered to the private sector.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Sun, 26 Apr 2015 10:44:00 +0000 Al-Masry Al-Youm 2448691 at http://www.egyptindependent.com sites/default/files/photo/2015/02/19/484151/omar_effendi.jpg