Egyptian pound climbs as tensions ease

August 29, 2013 - 12:01:21 am


CAIRO: The Egyptian pound  strengthened on both the official and black markets yesterday as concerns the country faced sustained instability eased further, traders said. 

The central bank sold $38.8m and the cut-off price was 6.9760 Egyptian pounds per dollar versus 6.9764 at a sale on Monday, the bank said. The bank had offered $40m. 

Black market dealers were offering to buy dollars for about 7.10 Egyptian pounds on Wednesday and sell them for 7.14 pounds compared to 7.15 and 7.20 pounds on Monday, currency traders said.

Hyundai Heavy set for $1.4bn ships sale to UASC

DUBAI/SEOUL: South Korea’s Hyundai Heavy Industries is close to winning an order worth about $1.4bn to build 10 huge container ships for the United Arab Shipping Company (UASC), a source close to the matter said.

Under the deal, UASC will buy five of the largest cargo ships ever made, each able to carry 18,800 twenty-foot container units (TEU), along with five with a capacity of 14,500 TEU.

The exact value of the contract could be subject to change as the order has not yet been signed, the source said. A spokesman for Hyundai Heavy Industries declined to comment. UASC was not available for comment.

UASC was set up by the governments of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates in 1976 to improve trade links with the rest of the world.