Egypt News
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Egypt’s state-run Food Industries Holding Co. bought 6,300 metric tons of soybean oil and 23,000 tons of sunflower oil in a tender today, Abdel Sattar Soliman, the company’s vice chairman, said.
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Egypt’s benchmark EGX30 Index retreated for a second day, falling 0.3 percent to 5,018.23 at the 2:30 p.m. close in Cairo. That’s the lowest level in almost a week.
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Egypt will offer 7 billion pounds ($1.2 billion) in local debt tomorrow after yields fell at last week’s sale as the government said it’s closer to getting International Monetary Fund aid. The 2020 dollar bonds rose.
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Russia, set to be the third-largest wheat shipper, aims to secure a “foothold” among buyers in Asia, increasing competition for U.S. and Australian supplies.
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France Telecom SA, Europe’s highest- yielding former telephone monopoly, cut its dividend forecast and backed off from a promise to buy back shares, as it hoards cash amid the region’s debt crisis.
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Yemenis voted today in a presidential election that formally ends the 33-year rule of Ali Abdullah Saleh, who becomes the fourth Arab leader to succumb to a popular uprising -- albeit on some of his own terms.
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GB Auto climbed to the highest in more than four months after the Middle East’s biggest independent car assembler signed a contract to produce and distribute cars for Geely Automobile Holding Ltd.
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Egypt’s benchmark EGX30 Index lost the most in more than two weeks, dropping 1.9 percent to 5,055.24 at 11:19 a.m. in Cairo.
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GB Auto, the biggest independent car assembler in the Middle East, said it signed an agreement with Geely Automobile Holding Ltd. to assemble the Chinese passenger cars in Egypt and distribute them in North Africa.
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Last February, viewers of Egypt’s Dream TV network were stunned to see a young man weep in the middle of an interview and walk off the set. Fresh out of captivity, he was only just discovering the names and faces of those who had died in anti-government protests.
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