Top 10 Viral News Stories to Revisit This Weekend
Updated 5/24/2024 9:00:00 AMArab Finance: The five working days ended on May 23rd have been full of major news, from the anticipated income tax law to Fitch Ratings recently upgrading the outlook of four Egyptian banks’ long-term issuer default ratings (IDRs).
So, here is a weekly wrap-up of the most important news stories of the week from May 19th to 23rd.
1-New income tax law to come as surprise: ETA’s Deputy Head
The new income tax law will be a surprise to all, as it was drafted in line with international tax authorities’ standards to foster the transparency-based relationship between the Egyptian Tax Authority (ETA) and taxpayers.
2-Fitch Ratings upgrades outlook of 4 Egyptian banks to positive
Fitch Ratings has upgraded the outlook of four Egyptian banks’ long-term issuer default ratings (IDRs), namely the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Commercial International Bank (CIB), from stable to positive, affirming IDRs at 'B-'.
3-UN study warns of potential $20B economic loss for Egypt amid Gaza conflict escalation
The United Nations (UN) has forecasted that the Egyptian economy could lose about $20 billion during the current and upcoming fiscal years (FYs) 2023/2024 and 2024/2025 if the ongoing conflict in Gaza escalates further.
4-Exclusive | Egypt’s Gold Market to Mirror Global Uptrend: Experts Forecast
Gold experts are expecting gold prices in Egypt to rise over the coming period, aligning with the ongoing global uptrend.
5-GAFI to launch new platform to ease procedures for startups, entrepreneurs
The General Authority for Investment and Free Zones (GAFI) will launch a platform tasked with streamlining procedures for entrepreneurs and emerging companies within a few days.
6-Beltone’s subsidiary, Microfinanza Italia partner for €2.2M entrepreneur empowerment project
Cash for Microfinance, a subsidiary of Beltone Holding, has signed a cooperation protocol with Microfinanza Italia to implement a project worth over €2.2 million (EGP 110 million) to economically support and empower entrepreneurs.
7-e-finance acquires minority stake in 2 e-payment firms
e-finance for Digital and Financial Investments has acquired a 25% stake in Al Ahly Momken and a 13% stake in EasyCash for Digital Payments.
8-Shell announces 2 new natural gas discoveries in Egypt
Shell has discovered two new oil wells in the Mediterranean Sea of Egypt, namely Mina West and Khufu.
9-Egypt receives 7 local, international offers to acquire Wataniya
Egypt has received seven international and local offers to acquire the state-run fuel retailer Wataniya.
10-Philip Morris acquires 14.7% indirect stake in Eastern Company
Philip Morris International has acquired an indirect minority stake of 14.7% in Eastern Company.
