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Top 10 news in September’s 3rd week

Top 10 news in September’s 3rd week

ArabFinance: The third week of September was relatively calm. It began with the Suez Canal Authority’s announcement to hike its transit fees and the Sovereign Fund of Egypt’s positive news of EGP 140 million investments under study. Globally, the Federal Reserve announced a 75-basis point expected increase in interest rates.


Here are the top 10 news of the third week of September:


1- Egypt’s SCA to raise transit fees in 2023 

The Suez Canal Authority (SCA) will raise transit fees for all vessels passing through the Suez Canal by 15% in 2023.


2- Egypt’s TSFE considers 44 projects with EGP 140B in investments 

The Sovereign Fund of Egypt (TSFE) is studying 44 projects with EGP 140 billion in investments, CEO of TSFE Ayman Soliman said during the fund’s general assembly.


3- Remittances from Egyptians abroad hit $18.72B in 7 months 

Remittances from Egyptians living abroad rose by $22.6 million in the period from January to July 2022 to $18.72 billion, versus $18.69 billion in the same period of 2021.


4- Maersk to build $15B clean ship fuel project in Egypt 

Danish integrated logistics company Maersk plans to launch a $15 billion project in Egypt to produce clean fuel for ships.


5- Al Baraka Bank denies offering to acquire First Investment 

Al Baraka Bank Egypt (SAUD) denied submitting any offer for the acquisition of First Investment Company and Real Estate Development (FIRE).


6 -Emaar Misr’s board OKs credit facility agreements 

Emaar Misr for Development’s (EMFD) board of directors approved credit facility agreements to cover the company’s future financial needs.


7- Egypt records EGP 100.1B primary surplus in FY 2021/2022

Egypt recorded a primary surplus of EGP 100.1 billion in fiscal year (FY) 2021/2022, representing 1.3% of the gross domestic product (GDP).


8- Eastern Company ups prices for 2 cigarette brands

The board of directors of Eastern Company (EAST) has approved a new price list for two of its local cigarette brands.


9- Fed ups interest rates by 75 bp; more hikes anticipated

The Federal Reserve (Fed) increased interest rates by 75 basis points (bps) for the third time in 2022.


10- Germany’s Volkswagen eyes €75B valuation in Porsche IPO

German auto manufacturer Volkswagen seeks a valuation of up to €75 billion for the planned listing of Porsche, which is expected to be Germany’s second-largest initial public offering (IPO) in history.

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