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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptians Housing Development    1.94        United Arab Shipping   0.43        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        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        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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        

Business - Banks

Amwal Al Ghad English - 2015-10-10 12:29:55
Two influential Federal Reserve policymakers Friday reinforced Fed Chair Janet Yellen's message that an interest rate hike is coming by year's end. Meanwhile one of the Fed's most dovish policymakers appeared to soften his opposition to that timing, a subtle shift that could pave a smoother way to the Fed's first rate hike in nearly a decade. To be sure, New York Fed President William Dudley and Dennis Lockhart of the Atlanta Fed, speaking separately in New York, appeared doubtful they would have enough information in hand to lift rates by an Oct. 27-28 policy meeting, suggesting the Dec. 15-16 meeting is more likely. They also clearly left the door open to waiting until 2016 if it looks like the U.S. economy is threatened by a global slowdown. "Based on my forecast, yes I am" expecting to raise rates this year, said Dudley, a close ally of Yellen who has a permanent vote on policy. "But it's a forecast, and we're going to get a lot of data between now and December. So it's not a commitment," he said on CNBC TV. "There certainly is a risk that the economy evolves in a very different way than I expect, and obviously it would be totally inappropriate for me to not take that into consideration." Chicago Fed Chief Charles Evans, who has long said he views waiting until mid-2016 a more "appropriate" approach, for his part downplayed the importance of the timing of liftoff so long as the Fed takes rates up very slowly. "The precise timing for first increase in the federal funds rate is less important to me than the path the funds rate will follow over the entire policy normalization process," he said, suggesting the rate may need to still be below 1 percent by the end of next year. The central bank held off on a rate hike last month in the face of a slowdown in China and elsewhere, financial market turbulence and falling commodity prices. All of those could keep U.S. inflation, now at 1.3 percent, below the Fed's 2 percent target. Since then, disappointing September jobs growth has caused investors to sharply discount an October rate hike, and to give a December move about a 40 percent probability, based on futures markets. Lockhart, a well-respected centrist and a voter on the Fed's monetary policy committee this year, said the international slowdown and last month's weak U.S. jobs report show there is "a touch more downside risk" to the U.S. economy. Therefore, he said, the Fed will need to monitor the strength of the consumer in coming weeks and months to decide whether to go ahead with the first rate hike in nearly a decade. "The economy remains on a satisfactory track and ... I see a (rate) liftoff decision later this year at the October or December FOMC meetings as likely appropriate," Lockhart said of the policy-making Federal Open Market Committee. "However the data are giving off varied signals, and there is more ambiguity in the current moment than a few weeks ago," he added at a Society of American Business Editors and Writers conference. This "calls for especially diligent monitoring of incoming data with particular attention to consumer activity." The latest reading on the world's largest economy, a slight drop in U.S. import prices last month, suggested on Friday that the rate of imported deflation is slowing. A Fed rate hike would reverberate through financial markets globally, depressing foreign currencies and possibly sucking more capital out of emerging markets in particular. FOCUS ON DECEMBER Dudley said "it's possible" that the Fed could begin hiking later this month, though he questioned whether data between now and then would give it confidence. Lockhart, who like Dudley and most other Fed officials once expected a rate hike around mid-2015, noted that the Fed would have more information on inflation, the labor market and consumer activity by December. But he too kept a move in October on the table. "I hope to avoid the trap of letting one or two months' specific data overly influence my outlook for the economy overall," he said. "The ambiguity of the moment reinforces the need to closely watch the vital signs of the economy over the coming weeks to determine if the outlook has changed." More»
Ahmed Ali - 2015-10-07 13:17:19
Egypt's foreign currency reserves edged lower to US$16.335 billion at the end of September from $18.096 billion the previous month, the central bank announced Wednesday. Saudi Arabia, the United Arab Emirates and Kuwait have provided billions of dollars in aid since the army overthrew elected Islamist President Mohamed Morsi in mid-2013. Reserves stood at about US$36 billion before the 2011 revolt. More»
Mohamed Hamdy - 2015-10-07 11:39:19
Al Baraka Bank Egypt is planning to pump 105 million Egyptian pounds (US$13.4 million) into its paid-up capital before the end of 2015, chief executive Ashraf El-Ghamrawy said Wednesday. Thus, bank's current paid-up capital, estimated at 895 million pounds, will hit one billion pounds. El-Ghamrawy stated that Al Baraka Bank Egypt's plan depends on keeping supporting its capital and raising it to 2 billion pounds. He added that the bank aims at increasing its capital among the framework of its plan to finance large projects and pumping 2 billion pounds in Suez Canal Axis Development Project and East Port Said Port. Moreover, Al Baraka Bank Egypt's total volume of Murabaha, Mudaraba and Musharka for customers reached around 8.534 billion pounds at the end of June 2015 versus 8.462 billion pounds at the end of 2014. More»
Amwal Al Ghad English - 2015-10-07 10:39:18
Egypt’s cash-rich banks proved themselves resilient through the years of upheaval that followed the 2011 revolution which paralysed the economy and scared away foreign investors. For the banks, a steep rise in lending to the Cairo government struggling to plug a widening budget deficit has offered a safe way of making handsome earnings, while longstanding conservative credit policies have enabled them to keep bad loans in check. Now, as a degree of confidence returns to the economy — anchored in perceptions of the durability of the regime of Abdel Fattah al-Sisi, the president and former army chief — banks report a take-off in corporate lending at levels unseen since pre-revolution days. Foreign currency shortages as a result of the damage to tourism and the drop in foreign investment are still considered a brake on economic activity, but big companies in a range of sectors in this market of 90m people have increased their borrowing for capital expenditure. Hussein Abaza, chief executive officer of institutional banking at Commercial International Bank-Egypt (CIB), the country’s biggest private sector bank, says the trend started in June 2014 and that it affects sectors such as food, pharmaceuticals, consumer non-durables, energy, construction and even tourism — an industry which has been badly hit by the turmoil since 2011. “We are seeing a lot of multinationals that are working in Egypt now borrowing. The loan growth we have is primarily from existing borrowers. It is a huge jump from 2012. It reflects confidence coming back. A lot of it is pent up demand.” Mr Abaza acknowledges, however, that despite the upward trend in loan growth at CIB — 16.7 per cent last year and expected to reach more than 20 per cent this year — lending is still below 2010 levels. About half of the loan growth is to the private sector. Jacques-Emmanuel Blanchet, chief executive officer of HSBC in Egypt, says that the bank’s loan portfolio rose by 15 per cent in the first half of 2015, with borrowers coming from the “energy, manufacturing, mining, construction and telecoms sectors”. “Loan growth has recovered,” says Elena Sanchez-Cabezudo, banking analyst at EFG-Hermes, the regional investment bank. “The figures vary between banks, but across the system the increase is close to 20 per cent year on year. Banks continue to be positive on the outlook for corporate loans, though of course, they are saying the shortage of foreign currency is constraining economic growth. ” She says improvements in the macroeconomic backdrop account for the renewed appetite for borrowing and the rise in business confidence. Gross domestic product is expected to grow by 4.5 per cent in 2015, up from 2.2 per cent last year. The government has introduced measures to tackle the deficit, including a reduction in energy subsidies and a planned value added tax. Moody’s rating agency, which in July changed Egypt’s banking sector outlook from negative to stable, cited at the time the country’s improving macroeconomic performance and the government’s “commitment” to reform, as well as prospects for an increase in foreign investment. Melina Skouridou, Moody’s lead analyst for Egyptian banks, says banks asset quality has been improving because lenders with “legacy bad loans” focused on repairing their balance sheets in the past four years in which lending plummeted. She expects problem loans across the system to decline to 8 per cent this year down from 8.4 per cent in December. “Actually, what we have seen is that in the difficult period the asset quality of the banking system has improved,” she says. “We expect this will continue as loans grow and the operating environment is conducive.” Overall, however, Egyptian banks are conservative lenders, and loans per GDP are significantly lower in Egypt than in other countries, says Ms Sanchez-Cabezudo who points out that, even with the recent increases, the ratio is also still below that before the revolution. There is only a small mortgage market, which means that household loans are also small. Small and medium enterprises often complain that it is difficult to access loans. In contrast, a large chunk of bank lending goes to the government in the form of purchases of bonds and treasury bills — seen as lower risk than lending to business. According to Moody’s, lending to the government accounts for 43 per cent of the assets of the five Egyptian banks it covers. The rating agency expects this proportion to rise as the government continues to seek funding for the deficit. Mr Abaza says lending to the government accounts for almost half of his bank’s balance sheet. He cites decreased economic activity in recent years as a reason for the increase. More»
Amwal Al Ghad English - 2015-10-07 09:14:32
An EU court on Wednesday dismissed claims by more than 200 Italian investors against the European Central Bank over Greek debt restructuring in 2012, saying their losses were part of normal financial market risk. More than 200 Italian investors were seeking to sue the European Central Bank for damages of more than 12 million euros ($13.5 million). They argued that the ECB negotiated a secret swap agreement with Greece early in 2012, receiving new better-structured bonds and so granting itself preferred creditor status to the detriment of others. Other Greek bond holders received new securities with a substantially lower nominal value and a longer maturity period. The General Court of the European Union, the second highest EU court, said in its ruling that the ECB had exclusively acted with the objective of stabilizing markets. More»