DJI 15,618 -0.13% | S&P 1,762 -0.28% | NASDAQ 3,939 +0.08% | EGX30 6,222 +0.57% EGYPT ECONOMY - Govt to form committee to oversee handover of Noubaria Seed Production Co. to Sheikh Abdul Ilah Mohammed Kaaki after settlement agreement reached earlier this wk, Al Borsa newspaper says, citing an unidentified company official. Kaaki to give up international arbitration case..on a similar note, The Minister of Investment announced resolving three disputes with Al-Kharafi group: Marsa Allam, National Papers, and Al-Arish projects. Additionally, the Ministry managed to resolve three other disputes with Kuwaiti investors including the Kuwait Real Estate Investment Consortium. According to the Minister, 134 disputes have been settled so far, including eight with Saudi investors, namely Savola, Al-Sharbatly, Al-Zamil Company, Anwal, and SABIC. On a different note, the Ministry is currently implementing development projects in the Suez Canal, including a pier trading project at the East Port Said Container Terminal with investments of USD700mn, where the government contributes 75% of the cost and the rest is still under negotiations with some investors from UAE, Singapore, Japan, and China. GLOBAL TELECOM – Group CFO to step down, a new CFO to be appointed and announced later. GT subscribers grew 4% to 88mn by the end of 3Q13. 3Q13 Net USD 46.1mn vs. USD 106.3mn. EGX – the mkt maintained its cautious uptick on Monday ending the day +0.57% @ 6,222, Mursis first session in court ended peacefully as no major violence erupted over the past 2 days. Expecting positivity to dominate the mkt today with eyes on a potential breakout to the 6,300 barrier.
Posted on: Wed, 06 Nov 2013 07:24:17 +0000