Wrap-up of today's business news

CBE: Egypt’s foreign reserves rise $20 million in November

Egypt’s foreign reserves increased by $20 million in late November, Central Bank of Egypt (CBE) said in a statement on Monday.

CBE pays off $2B to Afreximbank

Sub-Governor Markets Sector in the CBE, Rami Abulnaga, said that the bank paid off $2 billion in November to Afreximbank.

EGX closes in red, benchmark down 0.96%

Market capitalization slumped LE 6.8 billion to record LE 802.846 billion.

IPOs of state-owned firms to increase market attractiveness

The EGX's plan includes diversifying the investment options for all kinds and sizes of investors.

CBE issues LE 2.75B in T-bonds Monday

T-bonds will be offered at LE 1.5 billion with a five-year term, and LE 1.25 billion with a ten-year term.

22 industrial complexes to open in 2018: Kabil

Minister of Trade and Industry, Tarek Kabil, reviewed in Parliament the efforts put forth by his ministry to develop Egyptian industries.

EKBC’s Head: Egyptian – South Korean forum to be held on Tuesday

The 10th session of the Egyptian – Korean Business Council (EKBC) will be launched on Tuesday.

Oil prices fall after U.S. drillers add rigs

Oil fell on Monday after the U.S. shale drillers added more rigs last week; still, prices held close to their highest since mid-2015.

Dollar rises as US Senate passes tax bill, pound awaits May-Juncker meeting

The dollar higher on Monday, reaching a two and a half week peak against the yen, after the U.S. Senate approved a tax overhaul over the weekend.

10 heads of state, govt to take part in "Africa 2017" conf.

The COMESA Regional Investment Agency said Monday that ten heads of state and government will take part in the “Africa 2017” conference.

Shadow economy, main challenge for Egypt, according to AmCham’s head

Turning the shadow economy into an official economy is one of Egypt's main challenges.