Business news wrap-up

US stocks mostly down as deadly storm Irma looms

Wall Street stocks finished mostly lower Friday, with technology shares especially weak, as markets girded for a second major US hurricane in less than two weeks.

Baker Hughes awarded subsea contract for phase 2 of Zohr

Petroleum Minister Tarek el-Molla witnessed on Saturday the signing of a subsea contract between Baker Hughes (BHGE), a General Electric company, and Belayim Petroleum Company (Petrobel) for the development of phase two of Egypt’s Zohr gas field.

Suez Canal breaks record in number of ships, loads

Chairman of the Suez Canal Authority, Mohab Mamish, announced on Saturday that 65 ships carrying a load of 4.3 million tons have passed through the Suez Canal, recording the highest number in the history of the canal.

Alexandria tramway network to be electrified in 3 years

The National Authority for Tunnels has launched in September the project of renovating Alexandria Tramway network, which was introduced in 1863 consisting of 20 lines operating on 32 kilometers and serving 140 stops.

Multiple sanitation, water projects to be launched soon

Five sanitation and drinking water projects will be inaugurated soon in Greater Cairo and Alexandria, with a total cost of LE 747 million, Housing Minister Mostafa Madbouly said in a statement on Saturday.

UK banks call for 'mutual recognition' deal with EU after Brexit

Britain and the European Union should accept each other’s rules governing financial services in a “flexible” trade deal that offers unfettered market access to big banks but protects small investors, according to proposals made in a draft industry document seen by Reuters on Friday.

China’s FAW factory in Egypt to start production in March

Chinese state-owned automotive group FAW will establish a new factory in Egypt to produce mini buses and trucks in cooperation with its local agent Geyushi Motors.

Bourse head discusses establishing commodities exchange

Head of the Egyptian Stock Exchange Mohamed Farid has met with a number of officials from bourses that specializes in the trading of “commodities and contracts” on the sidelines of the 57th annual meeting of the World Federation of Exchange (WFE), which took place in Thailand from September 6 to 8.

Saudi says it's accelerating economic reforms, Aramco IPO on track

Saudi Arabia’s government is accelerating its economic reforms while revising some of them to give ministries more flexibility in meeting their targets, the information ministry said on Saturday.