France will block development of Facebook Libra cryptocurrency

French Economy and Finance Minister Bruno Le Maire said they will prevent the development of Libra. (File/AFP)
Updated 12 September 2019

France will block development of Facebook Libra cryptocurrency

  • “I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said
  • Social media giant Facebook previously announced its new product, the Libra cryptocurrency

PARIS: France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments.
“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said at the opening of an OECD conference on virtual, crypto currencies.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.