Industry & Trade
Egypt’s Steel Tycoon Urges Exempting Capital Commodities from Sales Tax
Published 2014-11-26 15:41:46| Amwal Al Ghad English
Egypt’s steel tycoon Ahmed Abu Hashima - owner of the Egyptian Steel Group – has renewed demands to exempt capital commodities from sales tax and impose customs duties on imported iron products. During the second day of Builders of Egypt 2014 Forum, Abu Hashima further clarified that Egypt is among few countries that impose such kind of taxes on the capital commodities, which are used in manufacturing, production and employment activities. He also urged Egyptian authorities to continue imposing protective tariffs that were recently announced on imported iron with a maximum of EGP 290 to turn them into customs duties so as to protect and support the local iron industry.
- Egypt’s Steel Tycoon Urges Exempting Capital Commodities from Sales Tax
- EGPC: Egypt to Import First Natural Gas Shipments by March
- Kellogg Co Offers to buy Egypt's Bisco Misr for $127.06 mln
- HP Q4 Revenue Drops on Weak Enterprise Demand
- Pirelli Signs MOU with Egypt for Plant Expansion
- Cyprus and Egypt Freeze out Turkey in Possible Gas Deal
- One million Job Opportunities in Suez Canal Corridor Project – Dar Al-Handasah
- Orascom Development Holding Mulls Sale of 10-15% of Egyptian Subsidiary
- Sony Eyes Strong PlayStation4 Sales Gains
- South Sudan, Egypt Ink $26 Million in Bilateral Deals
Hewlett-Packard Co said its quarterly revenue fell in almost every business segment over the year, highlighting weaknesses ahead of the company's planned 2015 separation of its enterprise services from its traditional computer and printing units. Sales fell 2.5 percent in the fourth quarter to $28.41 billion, from $29.13 billion a year earlier, HP said on Tuesday. Analysts had expected $28.76 billion. Profit declined 2.7 percent to $2.01 billion, or $1.06 cents a share, compared with $1.01 cents a share a year ago, in line with analysts' expectations. On a more traditional accounting basis, profit declined 5.7 percent to $1.33 billion, or 70 cents a share, compared with 73 cents a share a year ago. "I've always said that turnarounds aren't linear," Chief Executive Meg Whitman told analysts on a conference call while highlighting HP's performance compared with three years ago, when she became CEO. "We're right where we thought we'd be." The enterprise group and enterprise services, areas that Whitman had previously flagged as growth drivers, showed revenue declines of 4 percent and 7 percent respectively. On the call, Whitman said she expected a slower decline in enterprise revenue next year. Enterprise services would be the biggest "swing factor" in the company's 2015 growth projections, she said. For next year, the company said it expects to earn $3.83 to $4.03 per share, up from $3.74 for 2014. The company's personal computer division, its largest and most mature, grew by 4 percent after a 12 percent jump in the prior quarter. Much of the growth in PCs was driven by a Microsoft Corp decision to quit supporting older software, a process that Whitman said was largely complete. The high-margin printer business shrank by 5 percent. The company said last month it would split into two listed companies next year, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan. "This separation was totally the right thing to do for this company," Whitman said Tuesday. "It is remarkable how it focuses the mind on overhead." HP shares fell 0.77 percent after closing up 0.35 percent at $37.63 on the New York Stock Exchange.
Facebook Inc is secretly working on a new website called "Facebook at Work" that would allow users to keep their personal profile separate from their work profile, the Financial Times reported. The new website, that will look very much like Facebook, will compete with professional social network LinkedIn Corp, Google Inc, and Microsoft Corp, the newspaper said. (on.ft.com/1vgu64P) Facebook's new site will allow users to chat with colleagues, connect with professional contacts and collaborate over documents, the newspaper reported, citing unidentified sources. Facebook was not available for comment outside regular U.S. business hours. Facebook employees have long used the site in their daily work and the social networking site is now testing it with companies, the newspaper said.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- ‘Builders of Egypt Forum’ Kicks off, Inaugurated by PM Mahlab
- UAE, Saudi Arabia Foremost Supporters of Egypt – UAE Contractors Head
- Builders of Egypt 2014 Forum – Day Two Kicks off Today
- IBM Egypt Rolls out Watson Solutions for Disease Diagnosis via 3G-Technology
- Dubai FDI hosts Trade UAE-Egypt Forum after Egypt’s Economic Summit