Business - Markets & Companies

Egypt’s bourse records collective gains

The Egyptian Stock Exchange (EGX) saw collective gains in its indices at Thursday's close of trading, with the total market value increasing by EGP 49 billion to record EGP 1.006 trillion up from the previous week's EGP 957.1 billion.

Europe equities slip before trio of rate decisions

Europe's stock markets opened lower Thursday before interest rate calls in Britain, Norway and Switzerland, after the US Federal Reserve hiked borrowing costs despite banking-sector turmoil.

Toshiba says it will 'support' $15 bln takeover bid

Troubled Japanese conglomerate Toshiba said Thursday it will "support" a $15 billion takeover bid by a consortium led by investment fund Japan Industrial Partners.

Suez Canal Economic Zone partners with Abu Dhabi Ports in multi-million pound projects

Egypt’s Suez Canal Economic Zone (SCZONE) has approved several partnership projects with Abu Dhabi Ports Group, with investments worth hundreds of millions of pounds to be implemented within the zone.

Egypt Gold prices fall nearly 6% amid anticipation of US interest rate decision

Prices for 21-karat gold in Egypt recorded EGP 1,970 on Wednesday, down from EGP 2,100 registered on Saturday, representing a nearly 6% decrease, according to the Egyptian Gold and Jewellery Trade Division of the Egyptian Federation of Egyptian Chambers of Commerce (EGAJTD).

Oil, gold prices rise on Monday, dollar falls

Benchmark US crude oil for April delivery rose 90 cents to $67.64 a barrel Monday. Brent crude for May delivery rose 82 cents to $73.79 a barrel.

UBS announces Credit Suisse buyout to calm markets, but Asian equities sink

UBS is set to take over its troubled Swiss rival Credit Suisse for $3.25 billion following weekend crunch talks aimed at preventing a wider international banking crisis, but Asian equities sank Monday on lingering worries about the sector.

Saudi bank says 'no impact' on growth plans after Credit Suisse buyout: Statement

Credit Suisse's largest shareholder Saudi National Bank on Monday said there was "no impact" on its growth plans or profitability after the troubled lender's buyout by UBS.

Banking giant UBS acquiring Credit Suisse for $3.2 bln

Banking giant UBS is buying its smaller rival Credit Suisse for $3.2 billion in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night.

Oil prices, dollar rise on Thursday as gold falls

Benchmark US crude oil for April delivery rose 74 cents to $68.35 a barrel Thursday. Brent crude for May delivery rose $1.01 to $74.70 a barrel.

Egypt’s fintech expected to witness significant growth over years thanks to government’s efforts: Taly’s CEO

Out of his 30+ years of experience in the fintech and digital payments, Ahram Online interviewed the CEO of Taly Magdy Hassan who shared with us his insights on the sector in Egypt and his outlook for it as well.

Europe’s central bank backs big rate hike despite bank chaos

The European Central Bank carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as US bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global banking system.

US stocks end mostly lower as bank shares face more pressure

Shares of US lenders endured another walloping Wednesday on worries of more bank failures, although the Nasdaq eked out a gain following assurances from the Swiss central bank about Credit Suisse.

Egypt’s bourse indexes suffer big losses at end of Wednesday trading

Egyptian Exchange (EGX) indexes posted a record losses of 4.2 percent at the close of Wednesday's trading, reportedly recording the bourse’s largest daily loss since the start of the coronavirus pandemic in 2020.

Global markets sink over fears of SVB contagion

Asian markets sank Tuesday, with banks bearing the brunt of the selling on fears of contagion in the sector after the collapse of two regional US lenders.

Oil, dollar prices fall on Monday as gold rise

Benchmark US crude oil for April delivery fell $1.88 to $74.80 a barrel Monday. Brent crude for May delivery fell $2.01 to $80.77 a barrel.

PM welcomes GM's plans to expand in producing new models of cars in Egypt

The Egyptian government welcomes General Motors (GM)'s plans to expand in producing new models of cars in Egypt, affirmed Prime Minister Mostafa Madbouly.

Silicon Valley Bank collapse: What you need to know

wo large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.

Tycoon Tower in Egypt’s NAC sells 50% of its units with total EGP 2 bln

Nile Developments – the first specialised Egyptian company in developing skyscrapers – announced on Monday that its Tycoon Tower has managed to sell 50 percent of its first phase with a total of EGP 2 billion.

Pfizer buys Seagen for $43B, boosts access to cancer drugs

Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.

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