Egyptian bourse inches up, led by Raya and CIB

(Reuters) - Main Egyptian stock indexes rose on Thursday as shares in technology and communications firm Raya surged following an offer by Orascom Telecom to buy all issued shares in the firm, traders said.

Raya shares surged 5.5 percent to close at 13.01 Egyptian pounds, higher than the 12 pounds per share that Orascom was offering to pay for Raya. Raya's chairman has described the offer as naive.


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Wheat Futures Rise as Price Slump Spurs Overseas Demand for U.S. Supplies

(Bloomberg) -- Wheat futures rose in Chicago for
the first time in five sessions on improved overseas demand for
U.S. supplies after prices fell from a record high.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell 5.9 percent from a record $6.50 a bushel on June
29. World inventories are forecast to fall before next year's
harvest to the lowest since 1982.


Read more at Bloomberg Commodities News

Egypt to buy six ships from S.Korea's STX - agency

(Reuters) - National Bank of Egypt said on Monday it had signed an agreement with South Korea's STX Shipbuilding Co. to fund Egypt's purchase of six ships for $251.6 million, according to state news agency MENA.

Atiya Salem, vice chairman of National Bank of Egypt told MENA the bank was funding the purchase of four vessels with a capacity of 81,000 tonnes and two with capacity of 85,000 tonnes for the state's National Maritime Company.


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Egypt to make domestic debt Euroclearable - Finmin

(Reuters) - Egyptian Finance Minister Youssef Boutros-Ghali said on Thursday the government plans to make its domestic debt clearable through the settlements system Euroclear in an effort to attract more international investors to its robust economy.

Egyptian officials are currently in London talking with investors about a planned Eurobond that Boutros-Ghali previously told Reuters in March would be up to 5 billion Egyptian pounds payable in U.S. dollars. At that time he said the tenor would be no more than 10 years.


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