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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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        

Banks

Pressure for BOJ easing intensifies as economy minister urges action


Published 2016-07-28 10:14:27| Amwal Al Ghad English

Political pressure on the Bank of Japan to expand stimulus on Friday is intensifying with the economy minister calling on the bank to work with the government to boost economic growth. Prime Minister Shinzo Abe sent a "powerful message" by announcing a 28 trillion yen ($267 billion) stimulus package on Wednesday, Economy Minister Nobuteru Ishihara was quoted as saying by Japanese media hours after the announcement. The figure was larger than markets had expected. "I think people at the BOJ will take that into account and make an appropriate decision. I think (BOJ Governor Haruhiko) Kuroda understands that the world is watching," he said in a television appearance on Wednesday evening, the Kyodo news agency reported. The remarks suggest the earlier-than-expected announcement of Abe's economic package was an attempt by the government to pressure the BOJ into expanding stimulus at a two-day rate review ending on Friday. "Abe's announcement is a squeeze play on the BOJ. The BOJ has to move now. It is unavoidable," said Hiroaki Muto, an economist at Tokai Tokyo Research Center. "There is a growing sense that the BOJ cannot move the market on its own, which is part of the reason why the government wants to combine fiscal and monetary policy." INFLATED PACKAGE Abe's announcement of the package boosted Japanese stocks on Wednesday and reinforced market expectations that the BOJ will match fiscal stimulus with another dose of monetary expansion. But the package is inflated by 15 trillion yen of loans from quasi-government financial institutions, loan guarantees and subsidies to private firms, sources briefed on the matter told Reuters. Direct fiscal spending would be only around 7 trillion yen, just a quarter of the total package, the sources said, which could disappoint some market players expecting bigger outlays. Another 6 trillion yen will be for a fiscal loan and investment program aimed at spurring private-sector spending such as for construction of a "maglev" train line. Japan's Nikkei average declined more than 1 percent on Thursday as the initial hype over Abe's package fizzled. The market's attention is now squarely focused on the BOJ. There is near-consensus in markets the BOJ will sharply cut its inflation forecasts and further ease policy by expanding its already massive asset-buying program and possibly cutting interest rates deeper into negative territory. But the central bank appears in little mood to deploy radical steps to overwhelm hyped-up market expectations, even if it were to ease. Many BOJ policymakers prefer to hold off on easing on Friday, worried about the growing risks of further asset purchases, which are drying up bond market liquidity. But Ishihara's remarks suggest that political considerations may nudge the BOJ into action, even as it struggles to revive the economy with dwindling ammunition. Sources familiar with the deliberations say finance ministry officials have been pressuring the BOJ behind the scenes to ease on Friday to drive borrowing costs even lower. Kuroda, a former finance ministry bureaucrat, has ruled out the chance of adopting "helicopter money," or direct underwriting of public debt. But he has also stated there was "nothing wrong" in coordinating fiscal and monetary action to boost the effect on growth.
Financial Institutions
Egypt’s Misr Insurance Company says it has paid one of the navigation companies operating in the country a $400,000 compensation. Essam Mansour, Misr Insurance’s representative in Alexandria, told Amwal Al Ghad on Tuesday that the compensation was after the port collided with naval fleets. Misr Insurance provides insurance coverage for the navigation company’s fleet against any potential risks, Mansour added.
Real Estate
Egypt’s state-run construction company, Arab Contractors is set to build number of piers with total length of 1000 meter in East Port Said port within 18 months, its Chairman Mohsen Salah said Wednesday. The piers will be established into two regions with length of 500 meter each totaling value of 950 million Egyptian pounds ($106.9 million), Salah added. Additionally, the new piers could receive containers holding up to 170,000 tonnes. The piers are among the Suez Canal Axis development Project which is a mega project, launched on 5 August 2014 by President Abdel Fattah al-Sisi. The project aims to increase the role of the Suez Canal region in international trading and to develop the three canal cities: Suez, Ismaïlia, and Port Said. The Suez Canal is one of the most important international waterways in the world. In order for the canal to continue being a safe passageway, it must be improved and maintained regularly.