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Worldwide economic instability instigates drop in metal prices

The prices of non-ferrous metals (copper, aluminium and lead)have dropped across international markets, after witnessing a slight rise last week, according to a report published by the Metallurgical Industries Chamber (MIC). The price of copper fell by $137, recording $8,156 per tonne on 25 September, compared to $8,293 last week. Aluminium prices followed suit, falling …

Hend El-Behary

Closing price mechanism to be launched Thursday

The Egyptian Stock Exchange (EGX) will implement a new closing price mechanism on Thursday. Egypt’s financial watchdog, the Egyptian Financial Supervisory Authority (EFSA), approved the new regulations for changing stocks’ closing prices, as suggested by EGX board of directors, on 28 August in an effort to impose more discipline over trading operations. The new regulations …

Islam Serour

Presidential decree solidifies military control of land in Sinai

Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …

Islam Serour

German tourist bookings expected to burgeon

Minister of Tourism Hisham Zaazou met German travel agents to promote Egypt as a tourist destination at a workshop in Al-Gouna resort on Saturday. Zaazou told attendees that tourism is one of the country’s top priorities and a vital source of foreign currency and employment opportunities. Up to 25 German tourism companies participated in the …

Islam Serour

EFSA enact new regulations for changing stocks’ closing price

Chairman of the Egyptian Financial Supervisory Authority (EFSA), Ashraf El-Sharqawy, approved new regulations for changing stocks’ closing price, suggested by Egypt’s Stock Exchange (ESE) board of directors, in order to stem closing price manipulations that delay trading operations. The new regulations stipulate that in order to change a stocks’ closing price, the number of shares …

Islam Serour

Government to enforce Competition Protection Act

The government plans to re-enforce article 10 of the Competition Protection and Monopoly Prevention Act (CPMPA), according to Minister of Industry and Foreign Trade Hatem Saleh. The Citizens Against Price Rise Association (CAPRA) recommended reviving article 10 of CPMPA, which stipulates that the prime minister has the right to set the price of one commodity …

Islam Serour

Global wheat prices expected to soar

By Basma Tharwat The drought that recently hit the United States and Russia, the largest wheat exporters in the world, triggered fears of a global price rise of the strategic commodity. One of the world’s largest wheat importers, Egypt is expected to suffer greatly as a result. Noamany Nasr Noamany, Vice President of the General …

Daily News Egypt

Facebook at half-price: which way now?

Washington (AFP) — If you bought Facebook shares in the May IPO and held onto them, by Monday morning you would have lost more than half your investment, and not see any encouraging signs of making your money back. Three months after the largest tech share issue ever on US markets, Facebook fell to a …

Daily News Egypt

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