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Related Keywords: BASF, chemicals, earning, Economy, export, material, pre tax, slowdown

Chemicals group BASF has reported revenues of €46.5 billion for the first nine months of 2019, a fall of 2% on the figure for the corresponding period last year. Its pre-tax earnings were down by substantially more, falling by 34% year on year to reach €3.7 billion.

The group said it had had a “significantly lower contribution” from its materials segment, which brought in revenues of €8.8 billion over the nine-month period, a decline of 15%.

Related Keywords: cotton, Economy, Egypt, farmer, SMEs, spinning company, Subsidies, Textile Industry

Egypt's economic ministers takes a move to encourage domestic industries to purchase Egyptian cotton as well as support local farmers by giving approval to raise the subsidy for spinning companies (Private and state-run) to purchase abundant Egyptian cotton to become LE350 per quintal instead of LE200 ahead of harvest season in September. This was announced the ministry of, industry, trade and Small and Medium Enterprises (SMEs) in a statement on Tuesday.