EGX 30: 11,071 (-1.0%) weekly change, (-20.7%) YTD
Traded Value 1W Avg: EGP 528M , (-21.0%) above 90D Avg.
EGP:USD: 15.77 (-0.2%) weekly change
Saudi Telecom seeks to lower offer made to acquire Vodafone Egypt
Saudi telecom giant, Saudi Telecom (STC), is in talks with Vodafone to reduce its non-binding USD 2.39B offer to acquire Vodafone Egypt. This is a cash offer made in return for Vodafone global’s 55% stake in Vodafone Egypt. The remaining stake will be held by Telecom Egypt (Ticker: ETEL). (Source: Arabian Business)
Egypt is negotiating a deal to sell electricity to Europe and Africa
Egypt started talks to sell electricity to Europe and Africa in a bid to become a regional export hub. Egypt’s capacity increased in recent years through three power plants co-built by Siemens AG, one of the world’s biggest solar parks in the south, and a wind farm. The surplus marks a turnaround from 2013, when Egypt struggled to meet demand for electricity. (Source: Bloomberg)
PM approves Financial Regulatory Authority (FRA) changes to capital market regulations
In a step to attracting investments, the government approved amendments to the capital markets act allowing real estate funds to provide finances for projects. This is expected to support stalled projects and pave the way for individual projects and to be listed on the stock market. The amendments also encourage providing finances for small and medium-sized projects depending on the issuance of bonds by decreasing capital limits. (Source: ahramonline)
Trade fights cancel LVMH’s USD 16B Tiffany deal
LVMH, French luxury giant that owns 75 ultra luxury brands including Louis Vuitton and Dior, called off its USD 16B deal to acquire jewelry legend Tiffany. LVMH says the pullback is one the back of the increase in threat of US tariffs on French products. Earlier this year, the US announced that it would impose tariffs of 25% on French products as part of a dispute over taxing digital companies. But is it really about tariffs ? Tiffany’s global sales plunged 29% from April to July and 45% the previous quarter as consumers reduced luxury shopping during the Covid pandemic. (Source: WSJ)
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US debt will exceed the size of the economy for the 1st time since WWII