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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        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        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        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 - 2015-06-30 18:01:56
The European Bank for Reconstruction and Development (EBRD) said Monday it would increase its trading facility limit to Egypt's largest private sector bank, Commercial International Bank (CIB), to US$100 million from US$50 million. EBRD said in a statement it was increasing the limit to promote import and export activities. "Through the programme, the Bank provides guarantees to international ... banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations." EBRD said CIB had become a very active user of the trade facility programme since joining in December 2014. It said the trading facility limit was increased in response to growing market demand to promote cross-border trade in Egypt. More»
Yomna Yasser - 2015-06-29 14:25:59
Stocks inched lower Monday after a bomb attack that killed the country's Prosecutor General, Hisham Barakat. The stock market incurred losses during closing session totalling 4.4 billion Egyptian pounds (US$576,6 million) triggered by local and Arab sellers. The prosecutor's convoy was hit Monday morning near an army college in Heliopolis, a well-to-do suburb of north-eastern Cairo. A little-known group calling itself the "Giza Popular Resistance" claimed responsibility for the attack. Hisham Barakat was appointed as Prosecutor General in July 2013. Indices The benchmark index, EGX30 pushed down 1.65 percent to 8371.53 points. EGX20 also slipped 1.56 percent to 8543.63 points. Meanwhile, the mid- and small-cap index EGX70 dropped 1.34 percent to 444.69 points. The price index, EGX100 moved lower 1.12 percent to 941.77 points. The market capitalisation has recorded 485,174 billion pounds during the closing session of Monday. More»
Amwal Al Ghad English - 2015-06-29 11:19:35
Egypt signed Monday an agreement that provided the legal framework for the China-led multilateral Asian Infrastructure Investment Bank (AIIB). Initial capital for the bank is to reach $50bn, and the amount is expected to double in the future. The AIIB is expected to be established by the end of this year and aimed to provide loans for developing countries in Asia for infrastructure projects. It will be an international financial institution that supported economic development and improve infrastructure in Asia, support regional partnerships and establish tight cooperation with other financial institutions. Magdy Amer, Egyptian Ambassador to China signed Monday a special document in China cementing Egypt’s place as one of 57 AIIB founding nations. The AIIB Founders’ Agreement will govern the partnership between the founding countries. In mid-April, Egypt received the official approval to join the China-backed bank, whereby, before the final approval was confirmed, China had welcomed the country’s request. By becoming a founding member, Egypt will gain noticeable benefits, particularly as the country’s main needs are in infrastructure development, which will require billions of dollars in investments. Egypt will be able to attract preferential financial resources for implementing infrastructural projects. The delegates from 57 founding countries gathered at the Great Hall of the People for the signing ceremony. The 60-article agreement specified each member's share as well as governance structure and policy-making mechanism of the bank, which is designed to finance infrastructure in Asia. The bank seeks to “promote Asia’s connectivity and also deepen regional cooperation for the sake of development,” Chinese President Xi Jinping said The AIIB will have authorised capital of $100 billion, and Asian countries will contribute to up to 75 per cent of the total capital. Each member will be allocated a share of the quota based on their economic size, according to the agreement. The bank is designed to finance infrastructure construction in the continent. The AIIB, which will have billions of dollars to lend, is expected to go into operation later this year. Speaking at the signing ceremony, China's Finance Minister Lou Jiwei said the AIIB will uphold high standards and follow international rules in its operation, policy-making and management to ensure efficiency and transparency. After signing the agreement, representatives of prospective founding members will take the agreement back to their respective countries for legal adoption processes, the Chinese Finance Ministry said. The US and Japan, which oppose the AIIB, are the most prominent countries not to join. The establishment of the new financial institution is seen as a diplomatic win for China, the world's second largest economy.Kuwait was the first Arab country to join the AIIB, followed by Oman, Qatar, Saudi Arabia, Jordan, and Egypt. More»
Amwal Al Ghad English - 2015-06-29 10:25:01
Greek banks are closed this week as the country's debt crisis took a dramatic turn. Greeks are struggling to find cash, but cash machines were due to reopen at noon local time (10:00 GMT). Greece decided on Sunday to shut banks and restrict cash withdrawals after the European Central Bank resolved not to extend emergency funding. It followed the failure on Friday of talks with Greek creditors on continuing with the bailout programme. A critical deadline looms on Tuesday, when Greece is due to pay back €1.6 billion to the International Monetary Fund - the same day the bailout expires. Default is feared and possible exit from euro. The French cabinet met in emergency session. President Francois Hollande said afterwards that a deal was still possible if the Greeks wanted it. "There are a few hours before the negotiation is definitively closed, in particular for the prolongation of the Greek aid programme." In its decree bringing in the bank restrictions, the Greek government cited the "extremely urgent" need to protect the financial system due to the lack of liquidity. The main points are: Banks closed till 6 July Cash withdrawals limited to €60 (£42; $66) a day for this period Cash machine withdrawals with foreign bank cards permitted Pension payments not part of capital controls Banking transactions within Greece allowed Queues formed briefly in Athens on Monday morning, a BBC reporter says, but dispersed quickly in anticipation of the cash machines opening in the afternoon. The crisis came to a head on Saturday after Greece and eurozone countries failed to reach agreement on payment of the last tranche of bailout money. PM Alexis Trispras then called a surprise referendum for 5 July on the latest terms offered by Greece's creditors. In reaction to the crisis, the London, Paris, Frankfurt and Milan stock markets fell sharply in early trading on Monday, following similar falls in Asia. The euro lost 2% of its value against the the US dollar. Government borrowing costs in Italy and Spain, two of the eurozone's weaker economies, have also risen. 'Not viable' The Athens stock exchange is also closed as part of the measures. The decree says they were taken as a result of the eurozone's decision "to refuse the extension of the loan agreement with Greece". Eurozone finance ministers blamed Greece for breaking off the talks, and the European Commission took the unusual step on Sunday of publishing proposals by European creditors that it said were on the table at the time. But Greece described creditors' terms as "not viable", and asked for an extension of its current deal until after the vote was completed. "[Rejection] of the Greek government's request for a short extension of the programme was an unprecedented act by European standards, questioning the right of a sovereign people to decide," Mr Tsipras on Sunday said in a televised address. More»
Amwal Al Ghad - 2015-06-28 09:37:34
China's central bank has cut lending rates for the fourth time since November and trimmed the amount of cash that some banks must hold as reserves, stepping up efforts to support an economy that is headed for its poorest performance in a quarter century. Saturday's combined easing highlights Beijing's concerns that money isn't flowing to some of the most-needed sectors in the economy and that stubbornly high borrowing costs that could fuel bankruptcies and job losses. The last time the central bank simultaneously cut interest rates and reserve requirements was at the height of the global financial crisis in late 2008. The latest move could also be aimed at comforting investors following a 20 percent plunge in the country's stock markets over the last two weeks, some analysts said. "The simultaneous cuts in interest rates and reserve requirement is a forceful move, indicating the downward pressure on the economy is very big,” said Xu Hongcai, senior economist at the China Centre for International Economic Exchanges (CCIEE), a Beijing-based think-tank. "The monetary policy adjustment will also help curb sharp fluctuations in the stock market." Some government economists have been calling for interest rate cuts to help lower real borrowing costs and help local governments to swap their maturing debt, although some private sector analysts have recently pared their expectations on policy easing. Despite the drumroll of rate cuts, the real cost of borrowing in China remains stubbornly high, due in part to cooling inflation and banks' reluctance to pass lower rates on to their customers. That has further squeezed manufacturers struggling with tepid demand. The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.85 percent, and reducing the one-year benchmark deposit rate by 25 basis points to 2 percent. The central bank also lowered the reserve requirement ratio (RRR) for banks that have met certain standards in lending to the farm sector and small and medium-sized enterprises by 50 basis points. It lowered reserve requirement for finance companies by 300 basis points, which it said will help ease funding and costs pressure on state-owned enterprises. The move highlights rising concern over the SOE sector where bad debt is concentrated and profit margins are being squeezed. The central bank has frequently made such targeted cuts in RRR to spur lending into certain sectors, but the impact has been limited since banks are often reluctant to lend to these sectors amid concerns over collateral and risk. GROWTH SLOWDOWN The interest rate and RRR cuts will “help stabilise growth, adjust structures and lower social financing costs”, the central bank said. Going forward, the central bank will “continue to implement prudent monetary policy, use various policy tools to strengthen and improve marco-prudential management, optimise policy combinations and create neutral and appropriate monetary and financial environments for economic adjustments and upgrading.” The government is due to release second-quarter GDP data on July 15 and many economists expect growth to dip below 7 percent, which would be the weakest performance since the depths of the global financial crisis. Weighed down by a property downturn, factory overcapacity and local debt, growth in China's economy is expected to slow to a quarter-century low of around 7 percent this year. That is down from 7.4 percent in 2014, even with expected additional stimulus measures. China last cut interest rates on May 10. It last cut the reserve requirement ratio for all commercial banks by 100 basis points on April 19 - the deepest single reduction since the depth of the global financial crisis in 2008 - following a 50-basis-point cut in February. The central bank has cut benchmark lending rate by a total of 115 basis points since November, on top of a total of 150 basis cut in system-wide reserve requirements. Analysts said Saturday's cut in the RRR to only selected highlights authorities' concern that the easing so far has mainly fueled speculation in the stock market, and the impact on the overall economy remains limited. “Speculation in the stock market is decreasing which has helped remove obstacles for policy loosening. The slide in stocks also forced the acceleration of policy loosening," said Guan Qingyou, senior economist at Ginseng Securities. More»