Egypt issues new rules on buying treasury stocks in bid to support market

Egypt’s blue-chip index fell again on Sunday, opening down 3.6%. (File/AFP)
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Updated 01 March 2020

Egypt issues new rules on buying treasury stocks in bid to support market

  • The notice period for companies before buying treasury stocks will be shortened
  • Global stock markets fell sharply on Friday, bringing total losses for the week to $5 trillion

CAIRO: Egypt introduced exceptional measures on Sunday to make it easier for listed companies to buy treasury stocks, a move aimed at supporting the stock market following a sharp fall in world markets in the past few days.
Under the new rules announced by the financial regulator, companies will be temporarily allowed to notify the stock exchange on the day they plan to purchase treasury stocks instead of having to give three days’ notice.
That would encourage companies to buy treasury stocks, which are shares that companies buy back for a period of time and re-sell them later.
“[The change] comes in light of the latest events and developments that the global financial markets have faced and the wave of sharp declines that Arab and foreign exchanges have witnessed,” the regulator said in a statement.
Global stock markets fell sharply on Friday, bringing total losses for the week to $5 trillion on growing fears about the economic consequences of the coronavirus outbreak.
Egypt’s blue-chip index fell again on Sunday, opening down 3.6%.
Stock exchanges in the Gulf also plunged in early trade led by Kuwait and Dubai.


Apple to launch first online store in India next week

Updated 18 September 2020

Apple to launch first online store in India next week

  • The company at present uses third-party online and offline retailers to sell its products in the country
  • India has become a key focus of tech giants over the last few years

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.