Latest News from Masress
Masress
22-10-2024
- Business
- Masress
EGX closes in red on Oct 23
Egypt's stock exchange (EGX) closed in red notes on Wednesday, with the main index, EGX30 going down by 0.04 per cent, to 30,414.05 points. The Shariah index, EGX33, dipped by 0.05 per cent, to 3,187.46 SMEs index, EGX70 dropped by 0.38 per cent, to 7,831.86 index, EGX100 index fell by 0.21 per cent, to 11,025.42 total market capitalisation recorded 2,182,175,524,371 Egyptian were sellers with a total of 1,487,966,145 Egyptian pounds. Meanwhile, Egyptians and non-Arab foreigners were net buyers with a total of 1,240,602,873 Egyptian pounds and 247,363,272 Egyptian pounds, gainers 1. Shares of Rights Issue of Aspire Capital Holding for Financial Invest (ASPI_r2.CA) soared by 39.58 per cent, to close at the price of 0.067 Egyptian pounds a share. 2. Shares of El-Nile Co. For Pharmaceuticals And Chemical Industries ( climbed by 15.19 per cent, to trade at the price of 109.790 Egyptian pounds a share. 3. Shares of Alexandria Pharmaceuticals ( jumped by 14.77 per cent, to the purchasing price of 276.790 Egyptian pounds a losers 1. Shares of Middle Egypt Flour Mills Co SAE ( plunged by 9.63 per cent, to close at 49.630 Egyptian pounds a share. 2. Shares of M.B Engineering ( sank by 6.62 per cent, to close at the price of 2.680 Egyptian pounds a share. 3. Shares of Sharm Dreams Co. for Tourism Investment ( shares dived by 6.58 per cent, to close at 17.600 Egyptian pounds a
Masress
20-10-2024
- Business
- Masress
Egypt holds consultative meeting to discuss national foreign direct investment strategy
Egypt's Ministry of Planning, Economic Development and International Cooperation hosted a consultative meeting on Tuesday to discuss the draft of the National Foreign Direct Investment (FDI) Strategy, prepared in collaboration with the World Bank Group. The meeting, attended by representatives from 17 ministries, authorities and national entities, was held in accordance with the directives of President Abdel Fattah Al-Sisi to cooperate with the World Bank and study methodologies for enhancing FDI in Egypt. It also follows the directives of the Supreme Council for Investment, issued in May 2023, to develop a participatory and strategic vision for foreign investment in Egypt in coordination with the General Authority of Investment and Free Zones (GAFI).Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, emphasized the importance of the meeting, noting that the development of the National Foreign Direct Investment Strategy, with the World Bank and relevant national entities, strengthens government efforts to attract and encourage foreign investments. She stated that the strategy aligns with the government's program objectives to build a competitive economy that attracts investments and leverages the significant components of the Egyptian meeting was attended by representatives from the Ministries of Planning, Economic Development and International Cooperation, Investment and Foreign Trade, GAFI, the Ministries of Finance, Industry and Transport, Communications and Information Technology, Agriculture and Land Reclamation, Tourism and Antiquities, Environment, Electricity and Renewable Energy, Housing, Utilities and Urban Communities, Supply and Internal Trade (MSIT), Justice, the Central Bank of Egypt (CBE), the Information and Decision Support Center (IDSC), the Central Agency for Public Mobilization and Statistics (CAPMAS), the General Financial Supervision Authority, the General Authority for the Suez Canal Economic Zone (SCZone), and the Micro, Small and Medium Enterprises Development Agency (MSMEDA).The Ministry of Planning, Economic Development and International Cooperation, in coordination with the Ministry of Investment, GAFI, and the World Bank Group, will continue to hold workshops and consultations with various stakeholders to gather feedback and incorporate observations into the new strategy. The government is committed to promoting and increasing both domestic and foreign investments and empowering the private sector.
Masress
20-10-2024
- Business
- Masress
Asia shares waver amid H. Kong weakness
Asia shares fluctuated in and out of positive territory on Monday, pressured by weakness in Hong Kong stocks, while bitcoin reached a three-month peak amid rising "Trump trades". The global uncertainty driven by the conflict in the Middle East and the closely contested US presidential election boosted bullion's appeal, pushing gold to another record over Beijing's slew of stimulus measures, first announced in late September, has recently turned to caution as investors await further details on additional fiscal support from lowered its benchmark lending rates as expected on Monday. The blue-chip index initially fluctuated but ended higher in the afternoon, driven by technology benchmark rose by 0.4 per cent, the Shanghai Composite Index by 0.31 per cent, and the Beijing Stock Exchange 50 Index surged to a record high, supported by initiatives to aid small- and medium-sized tech announcement did not spark enthusiasm in Hong Kong markets, leading to a more than one per cent decline in stocks. As a result, MSCI's broadest index of Asia-Pacific shares, excluding Japan, also fell by 0.26 per cent. On the other hand, Japan's Nikkei saw a slight increase of 0.12 per cent."We might have to wait until late October or early November for concrete plans from the Standing Committee meeting of the National People's Congress," said Chaoping Zhu, global market strategist at J.P. Morgan Asset Management in dollar hovered near a two-month high against a basket of currencies on Monday, with the dollar index last at 103.49. Sterling dipped 0.05 per cent to $1.3041, while the euro fell 0.06 per cent to $ prices ticked higher on Monday, nursing a steep fall from last week. Brent crude futures were last 0.6 per cent higher at $73.49 a barrel, while US crude rose 0.7 per cent to $69.70 per ReutersSubediting: M. S. Salama
Masress
15-10-2024
- Business
- Masress
JPMorgan Chase plans African expansion
JPMorgan Chase, the largest US lender, is planning to enter Kenya and Ivory Coast this year as part of its strategy to expand in Africa, CEO Jamie Dimon announced. The bank will focus on commercial and investment banking in both countries, with no immediate plans for wealth management services. Dimon also hinted at further African expansion in the future. "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said, ahead of his trip to the continent. He emphasised the importance of being on the overcoming previous regulatory hurdles, JPMorgan has received approval to set up a representative office in Kenya. Dimon underscored the need for US firms to compete globally. He sees long-term benefits in growing the bank's footprint across ReutersSubediting: M. S. Salama
Masress
14-10-2024
- Health
- Masress
Abdel Ghaffar highlights impact of regional conflicts on health services
Egypt's Deputy Prime Minister for Human Development and Minister of Health and Population of Egypt, Khaled Abdel Ghaffar, participated on Tuesday in the 71st session of the World Health Organization Regional Committee for the Eastern Mediterranean Region, held in Qatar under the slogan "Health without Borders." In his speech, the minister stressed that the current explosive conflicts in Palestine, Sudan and Lebanon have seriously disrupted health systems and deteriorated health outcomes for countless individuals, affirming that Egypt stands in solidarity with its brothers in Palestine, Sudan and Lebanon, providing humanitarian support and health assistance to alleviate their suffering. Abdel Ghaffar said that one of the biggest challenges facing the formulation of health policy in the Eastern Mediterranean Region is the diversity that characterizes the region, from large disparities in income, social conditions and access to technology, which in turn leads to large disparities in health. He explained that no single solution or policy can effectively meet the unique needs of each country, so this diversity must be considered a distinctive feature of the region and benefited from by taking advantage of the best practices and capabilities that each country has. The minister added that the WHO's 14th General Programme of Work provides an excellent basis for this approach, as it emphasizes the importance of effective partnerships with countries to maximize positive impacts on public health, and calls for amending WHO's operational strategies to enhance effectiveness at the country level. The Deputy Prime Minister stressed that political commitment to universal health coverage, along with investment in strong health systems, are key elements for achieving long-term stability, security and prosperity in the region. He pointed out that the Egyptian government is working tirelessly to expand the scope of manufacturing medicines and vaccines to meet local needs and support other countries, noting that Egypt was selected in 2022 as one of the countries eligible to receive mRNA technology for manufacturing vaccines through the WHO Global Initiative and working in parallel to enhance international cooperation through the Accelerating Vaccine Manufacturing Mechanism in Africa (AVMA). Egypt is also participating in the ongoing negotiations in the Intergovernmental Negotiating Body on the Pandemic Treaty. Nevertheless, Abdel Ghaffar announced Egypt's welcome of the Political Declaration on Antimicrobial Resistance, adopted by the United Nations General Assembly at its 79th session, which is a strong affirmation of our collective commitment. He further called on all countries of the Eastern Mediterranean region to participate in the second edition of the World Conference on Population, Health and Human Development, which will be held from 20 to 25 October in Cairo, under the patronage of Egypt's President Abdel Fattah Al-Sisi.
