Business - Markets & Companies

Oil prices rise on Tuesday as gold and dollar fall

Benchmark US crude oil for December delivery rose $1.05 to $86.92 a barrel Tuesday. Brent crude for January delivery rose 72 cents to $93.86 a barrel.

Amazon founder Bezos says will donate most of fortune to charity

Amazon founder Jeff Bezos has for the first time said he would give away most of his $124 billion fortune to charity, but warned that doing so effectively will be hard.

Egypt’s EGX30 hits highest level in 32 months

Egypt’s main index (EGX30) closed on Monday at the highest level in 32 months to surpass 12,000 points.

Oil, gold, natural gas prices fall on Wednesday as dollar rise

Benchmark US crude oil for December delivery fell $3.08 to $85.83 a barrel Wednesday. Brent crude for January delivery fell $2.71 to $92.65 a barrel.

Facebook parent Meta cuts 11,000 jobs, 13% of workforce

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

Ride-hailing app MOVE launched in Egypt

Family Corp, a transportation company, and Softec, a software services provider, have launched MOVE service, a fully-fledged application for all mobility solutions in Egypt, with a plan to pump EGP 10 million in investments in the coming two years.

Asian markets tepid with eyes on China, US midterms

Asian stocks made a positive start on Wednesday following gains on Wall Street, but lost momentum as factory gate prices in China fell for the first time in nearly two years.

Oil, dollar prices fall on Tuesday as gold rise

Benchmark US crude oil for December delivery fell $2.88 to $88.91 a barrel Tuesday. Brent crude for January delivery fell $2.56 to $95.36 a barrel.

Egypt to develop Lake Bardawil, Sinai

The Suez Canal Authority (SCA) signed on Sunday an MoU on developing Lake Bardawil and the Sinai Peninsula with Egypt-based AlexMar Shipping company and Belgian Dredging International NV, one of the Belgian DEME Group companies.

Egypt bourse shows mixed performance at close of week trading

Egyptian Exchange (EGX) indices showed mixed performance at the close of the week's trading pushed by wide-scale purchases by institutions and local investment funds and sales by foreign and Arab funds.

Oil, gold, natural gas prices rise on Wednesday, dollar falls

Benchmark US crude oil for December delivery rose $1.63 to $90 a barrel Wednesday. Brent crude for January delivery rose $1.51 to $96.16 a barrel.

Egypt’s presidential healthcare initiatives a success: Bayer’s government relations manager

The presidential initiatives that focus on healthcare have achieved unprecedented success, benefiting over 86 million citizens, said the manager of government relations and pharma economics at Bayer, Iman Abdel-Galil.

Egypt's healthcare sector has boomed in recent years: Bayer country head

Egypt has witnessed a boom in its healthcare sector over the past few years with the establishment of robust and effective entities, such as the Egyptian Drug Authority and the Unified Purchasing Authority, besides the implementation of the Universal Healthcare System, which all come in line with Egypt's Vision 2030, said Michael Wanis, country head of Bayer, a German multinational pharmaceutical and biotechnology company.

Asian markets mixed as US data tempers Fed hopes

Asian stocks were mixed Wednesday following losses on Wall Street as forecast-beating US data jolted hopes the Federal Reserve could soon tone down its hawkish pace of interest rate hikes.

Future Pharmaceutical Industries finds potential to expand in Egypt: Chairman

We see potential for the pharma industry in the Egyptian market. Therefore, our company keeps expanding in the local market through its affiliated companies Future Pro and Future Advanced, said Gamal El-Leithy, the Chairman of Future Pharmaceutical Industries (FPI) and the Head of the Chamber Industry Of Cosmetics & Medical Supplies.

Collaboration between Healthcare entities & pharma companies key to build stockpile of vital drugs: Sandoz’s general manager

It is essential that Egypt’s healthcare entities collaborate among themselves and with the pharma manufacturing companies to ensure the flow of a strategic stockpile of vital and important drugs to patients, said General Manager of Sandoz for Egypt & Libya Sameh Elbagoury.

Oil giant Saudi Aramco has $42.4 bln profit in third quarter

Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.

INTERVIEW: Egypt made significant strides in digital transformation in past few years: Visa VP

The government of Egypt has made significant strides over the past few years in terms of digital transformation, especially with regards to e-payment services, and has enabled more and more businesses to enter the financial sector, said Visa Group Country Manager and Senior Vice President for North Africa, Levant and Pakistan (NALP) region Leila Serhan.

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