Finance Ministry says 45 pct higher tax revenues in July, August A recent report released by the Ministry of Finance revealed that tax revenues in July and August 2008 grew by 45.4 percent to LE 17.7 billion, of which income tax amounted to LE 5.2 billion, growing by 41 percent and driven mainly by 44 percent higher corporate taxes of LE 3.6 billion. Meanwhile, non-tax revenues increased by 6.9 percent to LE 5.1 billion. As such, total public revenues and grants grew by 34.6 percent in the first two months of fiscal year 2008/09 to reach LE 22.7 billion or 2.3 percent of GDP. On the other hand, total public expenditures grew by 30.2 percent in the same two months to reach LE 37.6 billion or 3.7 percent of GDP, driven mainly by a threefold increase in subsidies which amounted to LE 6.3 billion vs. LE 2.1 billion in the same months a year ago. Also, wages and employees compensation increased by 17.3 percent to LE 12.3 billion over the same period. -Al-Ahram CBE to establish a deposit insurance fund The Central Bank of Egypt is planning to set up an insurance fund for banking deposits in a move to protect the sector from the current turmoil in the global financial sector. In the meantime, sources within the sector are expecting that the CBE is going to prohibit local banks from putting more than 10 percent of their total deposits in foreign banks. -TegaraNet Egyptian Resorts to buy back treasury stocks Egyptian tourism company and landowner Egyptian Resorts plans to buy back 24 million treasury stocks, about 2.3 percent of the total according to Reuters data, the stock exchange said. The period for the buyback is Oct.9 to Nov. 8, according to a stock exchange statement seen on Sunday. Shares in Egyptian Resorts, which owns large amounts of land on the Red Sea coast, have lost well over two-thirds of their value so far this year, starting at around LE 7.20 ($1.31) in January and closing at LE 2.14 on Thursday. -Reuters Egypt buys 265,000 tons of wheat from Russia, US Egypt, the world s largest importer of wheat, bought 265,000 metric tons of the grain from the US and Russia. Egypt bought 145,000 tons of Russian wheat at $190 a ton from Abou Dongol and 55,000 tons of Russian wheat from Horus at the same price, Nomani Nomani, deputy chairman of the General Authority for Supply Commodities, the main state wheat buyer, said by phone from Cairo today. Egypt also bought 60,000 tons of US soft red winter wheat from Venus at $191.5 per ton and 60,000 tons of the same type of wheat from Toepfer at $187.63 per ton. The wheat was bought on a free-on-board basis, meaning the cost of shipping the wheat isn t included, Nomani said. -Bloomberg Eye on the market Mohandes Insurance declared a cash dividend distribution of LE 0.50/share with record and distribution dates on October 23 and October 28, respectively, according to reports on the stock exchange website. Delta Insurance declared a cash dividend distribution of LE0.50/share with a record date on October 21 and a distribution date on October 26. El Arabia for Land Reclamation announced a cash dividend distribution of LE 2.35/shares with record and distribution dates of October 21 and October 26, respectively. ASEC Cement Holding bought 204,365 share of Misr Cement Quena. Consequently, the number of shares owned by ASEC Cement will be 7,853,066 shares representing 26.18 percent of Misr Cement (Qena) capital. North Cairo Mills approved a cash dividend distribution of LE 2/share. Record and distribution dates are yet to be announced. Egyptian Satellites (NileSat) (EGSA.CA) sent a release concerning the ratification of a loan contract with BNP Paribas Bank with an amount of $168 million to finance the manufacture and launching the Satellite NileSat 2, according to a statement on the stock exchange website. LE 293 mln surplus from trade with Jordan in 6 months Egyptian trade balance with Jordan tilted in favor of Egypt, according to a recent report by the Trade Representation office in Amman. Egypt s exports to Jordan hit JOD 341.7 million in the first half of this year, while its imports stood at JOD 48.5 million, the report indicated. Egyptian exports to Jordan included air-conditioners, iron and steel products, gas and electricity along with foodstuffs and food crops. Egyptian imports from Jordan included potassium salts, washing machines and fertilizers. The Egyptian-Jordanian cooperation committee is to meet in Amman on Thursday to discuss a host of economic, trade and investment issues. The meeting will be co-chaired by Jordanian Minister of Industry and Trade Amer Al-Hadidi and Egyptian Minister of International Cooperation Fayza Abul-Naga. -TegaraNet Ethiopian human rights body visits Egypt A delegation of the supreme human rights body in Ethiopia, headed by Casa Jibery, arrived in Cairo on Saturday for a four-day visit. The Ethiopian official told reporters that the visit is meant for them to learn from the Egyptian experience in the field of human rights and to have a first-hand experience of the role of the National Council for Human Rights in Egypt. The delegation is scheduled Sunday to begin talks with the Vice-Chairman of Egyptian National Council for Human Rights and Ambassador, Dr Ahmed Kamal Aboualemjd. "We will look into, among others, the activity of the Council and its human rights promotion, the role of its Secretariat, its cooperation at international level with relevant international organizations and its cooperation with NGOs, he said. The Ethiopian delegation will have several meetings with officials of the National Council for Women and the National Council for Childhood and Motherhood. The delegation will also meet a number of human rights NGOs in order to identify the active side of the National Council for Human Rights aimed at promoting human rights in Egypt. -AP
