Business News

Cultural & Creative
License extended for Egypt’s companies exporting Disney products
The decision comes within the Better Work Programme, implemented in Egypt in partnership with the ILO. Cairo- Minister of Trade and Industry Tarek Kabil said that Walt Disney Co has decided to prolong the license for Egyptian companies manufacturing and exporting products featuring the brand’s logo until December 2019. “The decision comes within the Better Work Programme (BWP), implemented in Egypt in partnership with the International Labour Organization (ILO),” he emphasised, noting that the programme provides a range of services for supply chains in the garment industry; including factory assessment, consulting services and training. The minister said that close coordination has been going on lately with senior officials at the ILO, most recently with Director-General Guy Ryder in Geneva in February, during which both sides agreed on enhancing mutual cooperation between Egypt and the organisation. He added that the ILO has recently announced launching the second phase of the BWP in Egypt until the end of this year; a decision which would “permit internationally-renowned companies to import products manufactured and exported from Egypt.” In this respect, Kabil pointed out that the government managed in July to remove Egypt from the list of countries banned from using Disney’s trademark on locally-produced garment exports, thanks to recent economic reforms.
Suez Canal revenues rise to $503 million in May 2018
Egypt's Suez Canal revenues rose to $503.13 million in May, up from $479.3 million in April, according to figures released by the head of the Suez Canal Authority, Mohab Memish. Memish said revenues rose by $63.33 million last month compared to May 2017, an increase of 14.4 percent. The Suez Canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.
ERBD approves €200m loan for Cairo Metro Line 1 upgrade
European Bank for Reconstruction and Development (EBRD) has approved  a loan of  EUR 200 million to develop Cairo Metro Line 1, The Assistant Minister of Transport Amr Shaat said. The ministry of transportation has approached banks and European institutions such as French Development Agency to provide the rest of the targeted funds to upgrade the Metro Line 1. He told Amwal Al Ghad that ERBD is set to explore the decision of extending the targeted funds to upgrade the Metro Line 1 on the 18th of June so as to grant it to the ministry of transportation during the next two months. Developing infrastructure of Cairo Metro Line 1 will reduce the minimum time between trains, increase capacity by introducing the cutting-edge technology of signalling system, and provide safe, reliable and eco-friendly transport system for more than 2 million passengers per day.
Franchise Industry
MediaMarkt are selling their retail stores to the “M.Video” retail chain and set to leave the Russian market.
German retailer of domestic electric appliances and gadgets MediaMarkt is rumored to sell their Russian stores to the local chain “M.Video” and leave the Russian market, reports It is definite that financial questions between the two parties had been solved and the deal ought to be closed in the near future. Presumably, MediaMarkt’s former branches will become occupied by “M.Video” and “Eldorado” retail stores. Nonetheless, “M.Video” representatives claim that the information about the nearing closing of the deal is inaccurate; additionally, they did not answer the question regarding the state of negotiations. The Russian branch of Media-Saturn have said that they are not authorized to comment on the deal, while the headquarters in Germany provided no reply. “If the agreements will be abided by both sides, MediaMarkt is sure to depart from the Russian market,” – reports one of the sources. Experts say that this deal is unlikely to cause major fluctuations in the Russian market. At present, the market share of Safmar, company that owns both “M.Video” and “Eldorado,” is 25-26%. In the case of acquisitions of MediaMarkt, the former will expand their share by 2.5-3%, while still not becoming a monopolist. Last month (in April) Reuters reported that the Board of Directors of the MediaMarkt holding  were disappointed with the results of sales on the Russian market. In 2017 the company has reported a 7% drop in sales in comparison to that of last year.
Information Service
Russian cinemas are introducing face recognition
Russian cinemas are introducing face recognition, with that the cinemas will be able to monitor attendance as well as generate proper advertisement in the movie theaters. The largest Russian cinema chains are testing a new technology — biometric face recognition. Such technology had already been deployed in the federal cinema chains, such as “Formula Kino”,” “Karofilm,” as well as in the smaller regional chains such as “Cinema 5”.  The cinemas are using their own technology which includes cameras deployed in movie theaters and neurаl networks in order to analyze the number of people, their age and gender. With face recognition the cinemas will be able to monitor attendance as well as generate proper advertisement in the movie theaters and plan their repertoire.  Analysts note that video analysis which recently became popular in retail is becoming more and more important for cinemas. It helps establish an entirely new way of communication with the audience, raising the medium check, and bring back customers more often. Today a pilot version of the technology called VisionLabs is deployed within the chain “Karofilm”.  “Formula Kino” is using their own technology, while “Cinema 5” uses technological solutions from the IT-firm CVizi.  Experts say that today the purpose of making advertisements in cinemas in accordance with video analysis data is not yet plain to see.