Business news wrap-up

Cabinet extends tax disputes law for 2 years

The Cabinet approved Wednesday to extend the implementation of a law on settling tax disputes for two more years, Minister of Finance Amr el-Garhy said. Speaking at a press conference Wednesday, Garhy said the law is specialized in income tax, real estate tax and value added tax (VAT).

Egypt tourism receipts hit $940 mln in 3 months: CBE

Egypt saw $940 million in tourism revenue in the past three months as the government manages to carry out an economic reform plan that suits world markets, governor of the Central Bank of Egypt (CBE) Tarek Amer said Tuesday.

Silk Road: For softer Egyptian-Pakistani economic ties

Pakistani political strategist Maria Sultan discussed in a lecture organized by the Pakistani Embassy in Cairo Tuesday the possibilities of boosting trade cooperation between both countries through the initiative that aims to connect Eurasian countries and passes through the MENA region.

Mercosur pact gives furniture exports annual 10% reduction on customs

The trade agreement between Egypt and the Mercosur bloc, compromising Argentina, Brazil, Uruguay and Paraguay, will benefit the Egyptian furniture products as they will enjoy an annual 10 percent reduction in the custom duties on Egypt’s exports to the South American markets, a study by the Egyptian Furniture Export Council (EFEC) shows.

EGX closes in red, market capital dips LE 2.9B

The Egyptian Exchange (EGX) ended Wednesday in red as all indices fell at the end of the trading session. Benchmark EGX30 shrank 0.45 percent to stand at 14,277 points.

Trade exchange between Egypt, Greece up 2.8% in 1st of 2017

The volume of trade exchange between Egypt and Greece stood at 894.53 million euros from January to September 2017, marking a 2.8 percent rise in comparison with the corresponding period in 2016.

Danish business delegation to visit Cairo before 2017-end

A delegation of Danish companies will visit Egypt before the end of 2017 to review investment opportunities and participate in new projects, Denmark’s Ambassador in Cairo Susanne Shine announced Wednesday.

IMF praises Egypt’s Investors Service Center

The International Monetary Fund’s (IMF) mission, currently visiting Egypt, has praised workflow in the Investors Service Center and facilitations offered to investors, Minister of Investment Sahar Nasr said Wednesday. Nasr made the statements as she met with the IMF mission, who came to review the latest economic and social reform measures and to hold meetings with some economic ministers in the cabinet.

Egypt gasoline consumption fell 4.2% in July-Sept: Minister

Gasoline consumption in Egypt fell by 4.2 percent and diesel consumption by 7.1 percent in the first quarter of the 2017-2018 fiscal year, which began in July, the oil minister said.