Fol News

Tutti gli approfondimenti
Tutte le notizie

EGITTO 6.3750 % 2031 EUR new issue 04/19 XS1980255936

  • Due nuove obbligazioni Societe Generale, in Euro e in Dollaro USA

    Societe Generale porta sul segmento Bond-X (EuroTLX) di Borsa Italiana due obbligazioni, una in EUR e una in USD, a tasso fisso decrescente con durata massima di 15 anni e possibilità di rimborso anticipato annuale a discrezione dell’Emittente.

    Per continuare a leggere visita questo LINK
UPDATE 2-Egypt's draft 2022/23 budget projects spending to rise by 15%
Oggi 14:58 - RSF
(Adds details on projections)
CAIRO, May 9 (Reuters) - Egypt expects spending to rise by 15% and its budget deficit by 14.5% in the fiscal year that begins on July 1 as it faces fallout from the Ukraine crisis and continued pain from the coronavirus pandemic, the finance minister told parliament on Monday.

Spending for the 2022/23 fiscal year will rise to 2.07 trillion Egyptian pounds ($112 billion) from a projected 1.79 trillion pounds this year, he said, presenting his draft budget to lawmakers.

Revenue will increase to a projected 1.52 trillion from 1.30 trillion pounds in 2021/22. This will result in a deficit of 558.2 billion pounds, up from 487.7 billion.

"The global crisis has resulted in increased energy and food prices. The government has been able to confront the severe and simultaneous shocks because of the strength of the national economy," Mohamed Maait told parliament.

"The budget was prepared in the shadow of terrific challenges and pressures on the national economy during the international turmoil that has led to an increase in inflation."
The budget deficit is forecast at 6.1% of gross domestic product in 2022/23, down from an estimated 6.2% in the current financial year.

Interest payments on government debt will rise to 690.15 billion pounds in 2022/23, equivalent to 45.4% of all revenue, from 579.58 billion pounds this year. Interest payments are expected to account for 44.6% of government revenue this year.

The budget allocates 90 billion pounds for food subsidies, up from 87 billion pounds this year, the finance ministry said.

It projects that the price of oil will increase to an average $80 per barrel in 2022/23 from $75 this year.

The government forecasts that economic growth will slow marginally to 5.5% from 5.7% this year and that inflation will remain steady at 9%.

The average interest rate on government bills and bonds will rise to 14.5% from 13.7%, the ministry said.

(Reporting by Patrick Werr and Mahmoud Salama Writing by Aidan Lewis Editing by Bernadette Baum and Susan Fenton)
((Aidan.Lewis@tr.com; +20-1001174410;))
 
Che pensate dell'obbligazione ISIN: XS0505478684 ?
Confermate che è in €uro ed il lotto minimo è 100.000 € ????
 
Ultima modifica:
The EU aims to have a memorandum of understanding with Egypt and Israel by summer on supplying LNG, and aims to boost supply from countries including Canada and Algeria. Brussels will also launch a scheme for countries to jointly buy gas to attempt to negotiate better contract terms. (news)


(Reporting by Kate Abnett Editing by John Chalmers and David Evans)
((Kate.Abnett@thomsonreuters.com;))
 
EGYPT
* Shell acquires Egypt's offshore Block 3 - statement (news)

* Egypt procures 2.14 mln tonnes of local wheat in harvest so far
* Egypt outlines state ownership policy in draft document (news)

* New Egypt international airport to open in mid-July (news)
 
BREAKINGVIEWS-Egypt’s hunger pangs are like 2011, but worse
Oggi 11:28 - RSF
(The authors are Reuters Breakingviews columnists. The opinions expressed are their own.)
By George Hay and Una Galani
LONDON, May 19 (Reuters Breakingviews) - Egypt’s list of headaches is uncomfortably reminiscent of 2011’s Arab Spring.

The spark that did for President Hosni Mubarak’s government was his inability to maintain food subsidies amid a 17% year-on-year hike in prices. Eleven years on, successor Abdel Fattah al-Sisi has a similar problem, only worse.

In the 12 months to the end of April, food and beverage prices in Egypt jumped https://www.capmas.gov.eg/Pages/IndicatorsPage.aspx
29%. The reason is obvious. Egypt imports a lot of wheat, most of it from Russia and Ukraine. Overall, the two warring countries represent two-fifths of its supplies once Egypt’s own harvest is factored in, Capital Economics estimates.

Egypt is one of many emerging markets with a food problem.

But unlike Middle Eastern countries like the United Arab Emirates, it isn’t benefitting simultaneously from soaring fossil fuel exports. Russian and Ukrainian wheat accounts for 53% of the UAE’s domestic supply, but the Gulf state consumes only a fifth https://www.bp.com/content/dam/bp/b...l-review/bp-stats-review-2021-full-report.pdf
of its 4 million barrels of daily fossil fuel production.

Egypt’s oil output, by contrast, is lower https://www.eia.gov/international/content/analysis/countries_long/Egypt/egypt.pdf
than its consumption. And it now has 103 million mouths to feed, 25 million more than a decade ago.

Food subsidies ate up only about 5% of Egypt’s $80 billion of expenditure in 2020, the International Monetary Fund reckons.

In theory, that should give Sisi scope to let state support for staples like bread rise with prices. But the food crunch is coinciding with him devaluing the domestic currency and trying to cut national debt from above 90% of GDP, more than 10 percentage points higher than in 2011 (news)
. The costs of servicing that are also rising.

Capital Economics estimates debt payments already consume a third of annual government spending. A quarter of Cairo’s debt is foreign-denominated, and yields on dollar bonds maturing in 2024 are up 500 basis points since January at 10% or more. Egypt has an average debt maturity of only 1.3 years, meaning these higher costs will bite sooner than in other emerging markets.

Sisi does have a potential escape hatch in the form of IMF support (news)
. But the strings that come with such assistance could prioritise Egypt’s fiscal health over its citizens’ stomachs. Sisi’s best hope is that the huge spikes in food prices prove temporary.

Follow @gfhay https://twitter.com/gfhay and @ugalani https://twitter.com/ugalani on Twitter

CONTEXT NEWS
- Egypt’s year-on-year inflation hit 14.9% in April, data from state statistics agency CAPMAS showed on May 10. Food and beverages inflation was 29.3%.

- The Egyptian central bank devalued the currency by 14% on March 21 after leaving it little-changed for nearly 18 months.

- Egypt expects to reach a new programme with the International Monetary Fund “within months”, Prime Minister Mostafa Madbouly said in a news conference on May 15.

- About 300,000 tonnes of Ukrainian wheat booked by Egypt’s state grains buyer for delivery in February and March is yet to be shipped, with one cargo stuck in port and four others still to be loaded, four traders told Reuters in a piece published on May 17.

(Column by George Hay in London and Una Galani in Mumbai.

Editing by Ed Cropley and Streisand Neto)
((For previous columns by the authors, Reuters customers can click on [HAY/] and [GALANI/] SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe
| george.hay@thomsonreuters.com; Reuters Messaging: george.hay.thomsonreuters.com@reuters.net una.galani@thomsonreuters.com; Reuters Messaging: una.galani.thomsonreuters.com@reuters.net))
 
Egypt's Sisi approves law to increase state budget by EGP 6 BLN
22/05/2022 14:29 - RSF
CAIRO, May 22 (Reuters) - Egyptian President Abdel Fattah al-Sisi signed a law to increase the state budget in the 2021-2022 fiscal year that ends in June by six billion EGP ($329 million), state news agency (MENA) reported on Sunday.

($1 = 18.2100 Egyptian pounds)

(Reporting by Yasmin Hussein;Editing by Elaine Hardcastle)
 
Egypt's private sector to sell $120-200 mln in green bonds-planning minister
22/05/2022 12:45 - RSF
May 22 (Reuters) - The Egyptian private sector plans to sell $120 million to $200 million in green bonds to fund eco-friendly projects, Planning Minister Hala al-Saeed said on her ministry's Facebook page.

She did not specify a timescale for these issues, which will come on top of $750 million in green bonds the government has already sold to fund mainly clean transport projects.

The government is looking actively to fund a series of megaprojects announced over the last few years, including a $60 billion new administrative capital city, a $23 billion highspeed rail network and a $25 billion nuclear power station.

(Reporting by Moataz Mohamed, writing by Maher Chmaytelli; Editing by Toby Chopra)
((Maher.Chmaytelli@thomsonreuters.com;))
 
EGITTO
* L'Egitto riceverà ulteriori $ 3 miliardi di finanziamenti dal ministro dell'ITFC ( notizie )

* Il ministro dell'approvvigionamento egiziano afferma che le riserve di grano strategiche sono sufficienti per 4,5 mesi

(Compilato dalla redazione di Dubai)
((dubai. newsroom@thomsonscrew.com))
 
Egypt to get additional $3 billion in financing from ITFC - minister
24/05/2022 17:03 - RSF
CAIRO, May 24 (Reuters) - Saudi Arabia-based International Islamic Trade Finance Corporation (ITFC) has doubled its credit limit to top wheat importer Egypt to $6 billion from $3 billion, Egypt's supply minister said in a TV interview.

The ITFC, a member of the Islamic Development Bank Group, increased its financing in an effort to help the North African country buy expensive wheat from abroad, Ali Moselhy.

"We have this so there's no pressure on the central bank to provide dollars," Moselhy told TV channel MBC late on Monday, adding that this funding would be used for both wheat and petroleum.

The ITFC could not immediately be reached for comment.

Egypt had signed a $3 billion agreement with ITFC in January 2018 to ensure dollars were available for the country's state grains buyer to use for payment at its international purchasing tenders.

The war in Ukraine has also left Egypt facing higher costs for its substantial wheat import needs as well as a loss in tourism revenue from Russian and Ukrainian visitors to Red Sea resorts. Russia and Ukraine are the main suppliers of wheat to Egypt, which is among the world's largest importers.

In March, Egypt devalued its currency after the invasion prompted foreign investors to pull billions of dollars out of Egyptian treasury markets, putting pressure on the currency.

The Central Bank of Egypt also raised its interest rates last week for a second time since the invasion, citing an increase in annual urban inflation to 13.1% in April, its highest since May 2019.

(Reporting by Sarah El Safty Editing by Tomasz Janowski)
((Sarah.ElSafty@thomsonreuters.com;))
 
U.S. OKs potential sale of Chinook helicopters to Egypt, Pentagon says
26/05/2022 21:22 - RSF
WASHINGTON, May 26 (Reuters) - The U.S. State Department has approved the potential sale of CH-47F Chinook helicopters and related equipment to Egypt for an estimated cost of $2.6 billion, the Pentagon said on Thursday.

Egypt had requested to buy 23 CH-47F Chinook helicopters, the Pentagon said, adding that the principal contractor will be Boeing Helicopter Co. (BA.N)


(Reporting by Katharine Jackson; Editing by Eric Beech)
((Katharine.Jackson@thomsonreuters.com; 202-898-8300;))
 
UAE's ADQ to allocate $10 bln in investments in partnership with Egypt, Jordan - WAM
Oggi 09:33 - RSF
May 29 (Reuters) - Abu Dhabi state holding firm ADQ will allocate an investment fund of $10 billion towards projects arising from a partnership with Egypt and Jordan, the United Arab Emirates' state news agency WAM reported on Sunday, citing the Minister of Industry and Advanced Technology, Sultan Al Jaber.

(Reporting by Nayera Abdallah and Moataz Mohamed; Editing by Emelia Sithole-Matarise)
((Nayera.Abdallah@thomsonreuters.com;))
 
Egypt's foreign debt rose by $8.1 bln in last quarter of 2021
29/05/2022 18:29 - RSF
CAIRO, May 29 (Reuters) - Egypt's net external debt climbed by $8.1 billion in the fourth quarter of 2021, central bank data showed on Sunday.

Egypt had been increasing its borrowing to plug current account and budget deficits even before Russia's invasion of Ukraine in February and the first U.S. Federal Reserve rate hike in March, analysts say. (news)

Fed hikes have put pressure on Egypt to raise its own interest rates, pushing borrowing costs higher, and the Ukrainian crisis has increased the cost of imported commodities and cut into tourism revenue.

Egypt has raised its benchmark overnight interest rates by three percentage points since March. (news)

Egypt's total external debt rose to $145.5 billion at the end of December from $137.4 billion as of the end of September, the central bank data showed.

Foreign debt was equivalent to 33.2% of gross domestic product at the end of December, up from 32.6% at the end of September, the data showed.

(Reporting by Patrick Werr; Editing by Hugh Lawson)
((patrick.werr@thomsonreuters.com;))
 
Israel to renew offshore gas exploration, looks to supply Europe
Oggi 10:38 - RSF
JERUSALEM, May 30 (Reuters) - Israel is preparing another round of tenders for offshore natural gas exploration and hopes to sign a preliminary agreement soon for exporting gas to Europe, Israel's energy minister said on Monday.

Energy Minister Karine Elharrar said a working team has been set up between Israel, Egypt and Europe for setting up the export arrangement.

(Reporting by Ari Rabinovitch Editing by Steven Scheer)
((ari.rabinovitch@thomsonreuters.com; +972-2-632-2202; Reuters Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))
 
UPDATE 1-Egypt's M2 money supply climbs 23.7% in year to April, NFAs fall
31/05/2022 18:38 - RSF
(Adds decline in net foreign assets)
CAIRO, May 31 (Reuters) - Egypt's M2 money supply rose by 23.7% year-on-year in April, data from the central bank showed on Tuesday.

Egypt's net foreign assets (NFAs) meanwhile dropped by 14.8 billion Egyptian pounds in April, marking a slowdown in the outflow of funds that began in October.

Money supply stood at 6.41 trillion pounds ($345.93 billion), up from 5.18 trillion pounds in the same month last year.

NFAs fell to a negative 234.4 billion pounds in April from a negative 219.4 billion a month earlier, their seventh month of declines. NFAs were a positive 186.3 billion pounds at the end of September 2021, central bank data showed.

NFAs fell by 169.7 billion in March, their biggest decline since the coronavirus crisis broke out in February 2020.

An outflow of foreign currency, triggered in part by investor unease following Russia's invasion of Ukraine, was among factors which prompted the central bank to devalue the pound by 14% on March 21.

NFAs represent banking system assets owed by non-residents minus liabilities. Changes in their size represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the bank.

Any movement could represent changes in import or export flows, foreign portfolio outflows, repayment of foreign debt, changes in the flow of worker remittances or a slowdown in tourism, analysts said.

($1 = 18.5300 Egyptian pounds)

(Reporting by Moataz Mohamed and Patrick Werr; Writing by Nadine Awadalla; Editing by Kirsten Donovan and Alison Williams)
((Nadine.Awadalla@thomsonreuters.com;))
 
Egypt sets customs exchange rate of 18.64 pounds/dollar in June
Oggi 09:38 - RSF
CAIRO, June 1 (Reuters) - Egypt has set a customs exchange rate of 18.64 Egyptian pounds to the U.S. dollar in June, a change from 17 in May, the customs authority said in a statement on Wednesday.

Egypt devalued its pound by 14% in March after foreign investors pulled billions of dollars out of Egyptian treasury markets, putting pressure on the currency, following Russia's Feb. 24 invasion of Ukraine. [L2N2VO0AH]

(Reporting by Ahmed Ismail and Mahmoud Mourad; Writing by Alaa Swilam; Editing by Catherine Evans)
((Alaa.Swilam@thomsonreuters.com;))
 
UPDATE 1-Egypt awards eight gold and metal mining exploration licences
Oggi 10:26 - RSF
(Adds context)
CAIRO, June 1 (Reuters) - Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry.

Four companies won the licences - Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.

Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin's Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.

The country is targeting $1 billion dollars of investment in the sector.



(Reporting by Ahmed Ismail Writing by Maher Chmaytelli Editing by David Goodman)
((Maher.Chmaytelli@thomsonreuters.com;))
 
Egypt finance minister says financing in next FY will be partly via sukuk -state news agency
04/06/2022 11:43 - RSF
CAIRO, June 4 (Reuters) - Sukuks, or Islamic bonds, will be part of Egypt's funding in the next financial year, the state news agency (MENA) reported on Saturday, quoting Finance Minister Mohamed Maiit.

Egypt's coming financial year kicks off on the first of July.

Maiit added that the value of the sukuks had not been fixed so far and, regarding green sukuks, he said "we're not there yet".






(Reporting by Omar Fahmy and Yasmin Hussein, writing by Yasmin Hussein, editing by Mark Heinrich)
 
Egypt private sector activity extends contraction in May as inflation weighs-PMI
Oggi 06:19 - RSF
CAIRO, June 5 (Reuters) - Non-oil private sector activity in Egypt contracted for an 18th month in May as the Ukraine crisis, import restrictions and a devalued currency put pressure on prices, a survey showed on Sunday.

The S&P Global Egypt Purchasing Managers' Index strengthened to 47.0 from April's 46.9, but still remained below the 50.0 threshold that separates growth from contraction.

"Rising price pressures continued to weigh on client spending," S&P Global said. "Input cost inflation quickened to the highest in six months amid rising global commodity prices, a stronger US dollar and the banning of a number of imported goods."
"Subsequently, businesses reduced their input purchases and staffing levels, while the outlook for future activity weakened to its second-lowest in the series history," it added.

The import ban on certain products caused supply shortages for several firms and a new requirement for letters of credit for importing many goods resulted in increased customs delays, S&P Global said.

Headline inflation rose to 13.1% in April from 10.5% in March. (news)

The sub-index for overall input prices jumped to 62.1 from 58.3 in April and that for purchase costs rose to 62.3 from 58.8.

"Non-oil business conditions in Egypt remained pinned down by rapid inflationary pressures in May, as survey panellists indicated that rising market prices led to a sharp drop-off in demand and a further increase in business expenses," said S&P Global economist David Owen.

Output and new orders in May extended a months-long contraction, with the output index, at 45.0, worsening from April's 45.3 and the index for new orders dropping to 44.6 from 45.3.

The sub-index for future output expectations declined to 55.2, its second lowest reading since the survey first included the category 10 years ago. The index was at 57.7 in April.

(Reporting by Patrick Werr; Editing by Toby Chopra)
((patrick.werr@thomsonreuters.com;))
 
Devi accedere o registrarti per poter rispondere.
Indietro