Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt PM says VAT bill to go to parliament this month http://www.egyptindependent.com//node/2466409 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/12/30/94/prime_minister_sherif_ismail.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian Prime Minister Sherif Ismail said the government expects to present a long-awaited value added tax (VAT) bill to parliament at the end of this month.</div><div>&nbsp;</div><div>Ismail told reporters on the sidelines of a conference in Dubai that he expected the law to be passed by parliament later this year.</div> Tue, 09 Feb 2016 12:49:00 +0000 Reuters 2466409 at http://www.egyptindependent.com sites/default/files/photo/2015/12/30/94/prime_minister_sherif_ismail.jpg Egypt cancels temporary tariff on sugar imports: trade ministry http://www.egyptindependent.com//node/2466412 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/01/499612/plant_sugar.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt is cancelling a temporary tariff levied on sugar imports in 2015 after completing an investigation into possible dumping of the commodity, the Trade Ministry said on Tuesday.</div><div>&nbsp;</div><div>Egypt said in April it would impose a minimum tariff of 700 Egyptian pounds per ton on white sugar while the government investigated an influx of imports that had cost the Egyptian industry about LE1 billion &nbsp;(US$128 million).</div> Tue, 09 Feb 2016 12:38:00 +0000 Reuters 2466412 at http://www.egyptindependent.com sites/default/files/photo/2015/02/01/499612/plant_sugar.jpg Mideast stocks: Egypt tumbles, follows global market rout; Saudi slips http://www.egyptindependent.com//node/2466387 <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" /><div>Egypt&#39;s stock market fell more than 2 percent in early trade on Tuesday, following global shares lower, while Riyadh&#39;s index slipped as local traders cashed out of speculative shares.</div><div>&nbsp;</div><div>Egypt&#39;s main index tumbled 2.1 percent. Palm Hills Development was down 3.0 percent and was the most heavily traded stock, after the real estate developer posted strong quarterly earnings early this week.</div><div>&nbsp;</div><div>Commercial International Bank, an Egyptian share favored by international fund managers, retreated 3.7 percent.</div><div>&nbsp;</div><div>Egypt&#39;s central bank has been striving to maintain stability in the currency over the past several months, but foreign investors are still jittery about the possibility of a devaluation and the negative impact it would have on their investment returns and companies&#39; earnings.</div><div>&nbsp;</div><div>Sources told Reuters that General Motors had temporarily suspended its operations in Cairo because of the hard currency shortage - a sign of how serious the country&#39;s economic slump remains.</div><div>&nbsp;</div><div>In Riyadh, the index was down 0.2 percent as investors cashed out of small and mid-cap stocks, which had helped lift the index by 0.2 percent on Monday.</div><div>&nbsp;</div><div>&quot;It&#39;s a stock picker&#39;s market at this point,&quot; said a Jeddah-based stock broker. &quot;Traders are buying speculative stocks to book a quick profit and either cash out or rotate into the blue chips.&quot;</div><div>&nbsp;</div><div>Al Sagr Cooperative Insurance dropped 3.7 percent, after jumping 8.1 percent in the previous session. However, leading petrochemical firm Saudi Basic Industries was up 0.8 percent.</div> Tue, 09 Feb 2016 10:27:00 +0000 Reuters 2466387 at http://www.egyptindependent.com sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Egypt's 3-yr and 7-yr treasury bond yields rise at Monday's auction http://www.egyptindependent.com//node/2466346 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Yields on Egypt&#39;s 3-year and 7-year bonds rose at an auction on Monday while the yield on its 1.5-year zero coupon bond fell, data from the central bank showed.</div><div>&nbsp;</div><div>The yield on the 1.5-year bond fell to 12.287 percent from 12.306 percent at the last auction on January 11.</div><div>&nbsp;</div><div>The yield on the 3-year bond rose to 13.029 percent from 12.400 percent at the previous auction on January 24 and the yield on the 7-year bond rose to 14.846 percent from 14.300 percent at the previous auction.</div> Mon, 08 Feb 2016 12:43:00 +0000 Reuters 2466346 at http://www.egyptindependent.com sites/default/files/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg