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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Egypt News

Medicines price rise does not commensurate with Egyptian pound devaluation


Published 2016-05-25 10:00:22| Amwal Al Ghad English

The increase applied to medicines does not commensurate with the devaluation of the Egyptian pound, said deputy head of Chamber of Pharmaceutical Industries at the Federation of Egyptian Industries Osama Rostom. Rostom described it as a slight increase. However, he believes that it will encourage pharmaceutical companies to resume production of the drugs they stopped providing due to financial losses. The Egyptian pound depreciated by about 62% against the US dollar, noted Rostom, adding that prices increased by only 20%. Thus, the increase does not suit the high prices, as the pharmaceutical industry highly depends on the US dollar. The increase in the US dollar price amounts to 82% in the informal market, according to Rostom, “The increase will encourage the manufacturers of medicine because it will increase the profits of some products, which will compensate the losses caused by other products in the same companies,” said Rostom. He explained that the profit margin of some medicines will slightly increase, covering the losses caused by some other medicines. The Ministry of Health approved the decision of medicines prices increasing on the 17 May, after receiving many complaints from medicine manufacturers and the disappearance of some of their products from the market as a result of the losses. The decision includes increasing the prices by a 20% ratio with a minimum of EGP 2 and a maximum of EGP 6. It was decided that the step would be implemented immediately without withdrawing the products from pharmacies and distributors and re-pricing them. The increase includes 7,010 pharmaceuticals with prices less than EGP 30, according to the Ministry of Health. Rostom said the price increases include about 70% of the total number of medical units, whether they are locally manufactured or imported.
International News
U.S. President Barack Obama said on Tuesday that Washington would stand with partners to ensure freedom of navigation and flight in the South China Sea and, without mentioning China by name, said big nations should not bully smaller ones. He was speaking on the second day of a visit to Vietnam, where on Monday he announced the complete lifting of the United State's ban on sales of lethal weapons to the Southeast Asian country.
MENA News
Bomb blasts killed more than 100 people in the Syrian coastal cities of Jableh and Tartous on Monday, monitors said, in a government-controlled area that host Russian forces. Islamic State claimed responsibility for the attacks in the Mediterranean cites that have up to now escaped the worst of the conflict, saying it was targeting supporters of President Bashar al-Assad. Scores were wounded in at least five suicide attacks and two car bombs, the Syrian Observatory for Human Rights said, the first assaults of their kind in Tartous, where government ally Russia maintains a naval facility, and Jableh. State media confirmed the attacks but gave a lower toll. Fighting has increased in other parts of Syria in recent weeks as world powers struggle to revive a threadbare ceasefire in western Syria and after peace talks in Geneva this year broke down. State media reported that a car bomb and two suicide bombers attacked a petrol station in Tartous. In Jableh, one of the four blasts hit near a hospital, state media and the Observatory reported. Footage broadcast by the state-run Ikhbariya news channel of what it said were scenes of the blasts in Jableh showed several twisted and incinerated cars and minivans. Pictures circulated by pro-Damascus social media users showed dead bodies in the back of pick-up vans and charred body parts on the ground. The Syrian Observatory said at least 53 people were killed in Jableh, and 48 in Tartous. The interior ministry said in a statement more than 20 people had been killed, and one state media outlet put the death toll at 45 people. Bombings in the capital Damascus and western city Homs earlier this year killed scores and were claimed by Islamic State, which is fighting against government forces and their allies in some areas, and separately against its jihadist rival al Qaeda and other insurgent groups. Russia, which intervened in the Syrian war in support of President Bashar al-Assad last September, operates an air base at Hmeymim in Latakia and a naval facility at Tartous. Latakia city, which is north of Jableh and capital of the province that is President Assad's heartland, has been targeted on a number of occasions by bombings and insurgent rocket attacks.