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Manage episode 425684723 series 2987212
*Key news articles for today*
Mostafa Madbouly penciled in the third week of July as when the country will be ready to “stop cutting electricity completely throughout the summer period.” However, Madbouly clarified that the current “one hour” extension will continue as planned until the end of the week and that power cuts will resume after the summer months until the end of year. The surprise week-long extension of additional outages this week came as a result of a gas field in a “neighboring country” being offline for a 12-hour period, Madbouly said
Madbouly laid out a USD1 bn plan to import fuel to power energy plants till the end of the year, in addition to USD180 mn to import 300 tons of mazut next week.
Alongside upping supply, the government wants to lessen energy demand by closing all shops and malls — with the exception of supermarkets, restaurants, and pharmacies — by 10pm. Restaurants will be allowed to run until 1am.
MPs are set to vote today on a USD47 mn extension to a USD125 mn USAID grant to back rural development.
The CBE took accepted bids from 32 banks for EGP1.1 tn in fixed-rate deposits at a rate of 27.75% during its first weekly fixed-rate auction after the Eid Al Adha break.
The production of the Zohr gas field rose an average of 1.9 billion cubic feet per day at the present time, compared to 1.8 billion cubic feet on average during the last period.
MPs approved an agreement with the Asian Infrastructure Investment Bank to provide a EUR250 million to develop the Abu Qir railway line in Alexandria and turn it into an electric metro.
AMOC's BoD approved FY24/25 budget including a CAPEX worth EGP551.8 million. The budget also included revenues of EGP42.0 billion (vs. EGP28.2 billion in FY23/24 budget) and a net profit of EGP660.2 million (vs. EGP603.5 million in previous year budget).
ABUK sent a release announcing that due to the heat wave and natural gas shortage. Accordingly, the company's three plants have stopped in order to prevent any damage. Also, SKPC sent a release announcing that there is a total plants shutdown and stoppage of production due to the lack of feed gas. Government sources confirmed that gas supply will be resumed gradually by the end of the current week.
EFIH will distribute around 0.249 bonus share for each original share on 11 July 2024. Record date is on Wednesday 10 July 2024. This brings the company's capital to EGP1.15 billion.
Banque Misr and the National Bank of Egypt are lowering their FX markup fees to 5% from 10% and raising their FX credit card limits by 50%. Also, EGBE and HDBK are reportedly raising their FX credit card limits.
The FRA has given CICH’s asset management arm, CI Capital Asset Management, preliminary approval to set up a fund investing in the newly launched sharia-compliant EGX33, with plans to open the doors for investors looking to subscribe to the fund by 3Q 2024.
HRHO’s ValU has signed a strategic partnership with Alameda Healthcare Group, to provide a range of flexible payment solutions to its customers.
Red Sea Ports Authority is studying to build a new multipurpose station in Suez Port, as part of the infrastructure development plan for the logistics and ports sectors.
1405 episode
Manage episode 425684723 series 2987212
*Key news articles for today*
Mostafa Madbouly penciled in the third week of July as when the country will be ready to “stop cutting electricity completely throughout the summer period.” However, Madbouly clarified that the current “one hour” extension will continue as planned until the end of the week and that power cuts will resume after the summer months until the end of year. The surprise week-long extension of additional outages this week came as a result of a gas field in a “neighboring country” being offline for a 12-hour period, Madbouly said
Madbouly laid out a USD1 bn plan to import fuel to power energy plants till the end of the year, in addition to USD180 mn to import 300 tons of mazut next week.
Alongside upping supply, the government wants to lessen energy demand by closing all shops and malls — with the exception of supermarkets, restaurants, and pharmacies — by 10pm. Restaurants will be allowed to run until 1am.
MPs are set to vote today on a USD47 mn extension to a USD125 mn USAID grant to back rural development.
The CBE took accepted bids from 32 banks for EGP1.1 tn in fixed-rate deposits at a rate of 27.75% during its first weekly fixed-rate auction after the Eid Al Adha break.
The production of the Zohr gas field rose an average of 1.9 billion cubic feet per day at the present time, compared to 1.8 billion cubic feet on average during the last period.
MPs approved an agreement with the Asian Infrastructure Investment Bank to provide a EUR250 million to develop the Abu Qir railway line in Alexandria and turn it into an electric metro.
AMOC's BoD approved FY24/25 budget including a CAPEX worth EGP551.8 million. The budget also included revenues of EGP42.0 billion (vs. EGP28.2 billion in FY23/24 budget) and a net profit of EGP660.2 million (vs. EGP603.5 million in previous year budget).
ABUK sent a release announcing that due to the heat wave and natural gas shortage. Accordingly, the company's three plants have stopped in order to prevent any damage. Also, SKPC sent a release announcing that there is a total plants shutdown and stoppage of production due to the lack of feed gas. Government sources confirmed that gas supply will be resumed gradually by the end of the current week.
EFIH will distribute around 0.249 bonus share for each original share on 11 July 2024. Record date is on Wednesday 10 July 2024. This brings the company's capital to EGP1.15 billion.
Banque Misr and the National Bank of Egypt are lowering their FX markup fees to 5% from 10% and raising their FX credit card limits by 50%. Also, EGBE and HDBK are reportedly raising their FX credit card limits.
The FRA has given CICH’s asset management arm, CI Capital Asset Management, preliminary approval to set up a fund investing in the newly launched sharia-compliant EGX33, with plans to open the doors for investors looking to subscribe to the fund by 3Q 2024.
HRHO’s ValU has signed a strategic partnership with Alameda Healthcare Group, to provide a range of flexible payment solutions to its customers.
Red Sea Ports Authority is studying to build a new multipurpose station in Suez Port, as part of the infrastructure development plan for the logistics and ports sectors.
1405 episode
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