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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        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        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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        

Business - Banks

Amwal Al Ghad English - 2016-06-30 12:15:38
Egypt will repay the last $1 billion installment of the Qatari deposit Friday, said Egyptian central bank governor Tarek Amer on Thursday. "Egypt is committed to making its foreign debt payments on time." Amer added. Qatar had helped prop up the Egyptian economy in the aftermath of the 2011 uprising that overthrew Hosni Mubarak and eventually brought Mohamed Morsi and his Muslim Brotherhood to power in the country's first democratic elections. The Gulf state, a supporter of the Brotherhood, provided Morsi's government with billions of dollars in deposits, grants and energy supplies during his year in power. But Egypt's relations with Qatar have soured since Sisi ousted Morsi in July 2013 following protests against his rule. Since Morsi's ouster, Egypt has relied on support from Saudi Arabia, the United Arab Emirates and Kuwait, which see the Brotherhood as a threat to their interests. Moreover, Egypt will also pay back $800 million of debt to the Paris Club of creditor countries next July, the Egyptian central bank official said. The Paris Club is comprised of 19 creditors selected by the International Monetary Fund, aimed at finding coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. More»
Amwal Al Ghad English - 2016-06-30 08:58:59
Egypt's biggest private bank, Commercial International Bank has posted first-quarter net profit of 1.3 billion Egyptian pounds ($146.4 million) compared to 1.1 billion in 2015. Net interest income reached 2.3 billion Egyptian compared to 1.9 billion in 2015. More»
Amwal Al Ghad English - 2016-06-30 08:51:39
China's central bank is willing to let the yuan drop to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of 4.5 percent, policy sources told Reuters. The yuan is already trading at its lowest level in more than five years, so the central bank will aim to ensure a gradual decline for fear of triggering the sort of capital outflows that shook the economy earlier this year and criticism from trading partners such as the United States, said government economists and advisers involved in regular policy discussions. Presumptive U.S. Republican Presidential nominee Donald Trump already has China in his sights, saying on Wednesday he would direct his treasury secretary to label China a currency manipulator if elected in November. A surprise devaluation of the yuan last August sent global markets into a spin on worries the world's second-biggest economy was in worst shape than Beijing had let on, prompting massive capital outflows as investors sought safe havens overseas. "The central bank is willing to see yuan depreciation, as long as depreciation expectations are under control," said a government economist, who requested anonymity due to the sensitivity of the matter. "The Brexit vote was a big shock. The market volatility may last for some time." The yuan has dropped to the new lows following Britain's vote to leave the European Union and so far the central bank has stood aside from intervening, suggesting it is happy with the currency's depreciation. Other emerging market currencies have also fallen, but the yuan is the weakest major Asian currency against the dollar this year. The yuan CNY=CFXS hovered near 6.64 per dollar on Thursday, just off the 5-1/2-year intraday lows and bringing its fall so far this year to about 2.3 percent. The PBOC did not respond to a request for comment. TRADE RELATIONS Currency dealers said the strength of the dollar and the weakness in economic growth, which hit a 25-year low in 2015, justified a decline in the yuan. But investors and trading partners will be wary of any significant decline after August's devaluation and a sharp decline in the currency over a matter of days in January that analysts said was engineered by the central bank. In the past decade, China has also faced criticism from Western lawmakers who say it held back the appreciation of the yuan. Earlier this month, U.S. Treasury Secretary Jack Lew said it would be "problematic" if the yuan only went down over time and Trump has said he would take a hard line on trade disputes with China if elected. Labelling China a currency manipulator "should've been done a long time ago," he said on Wednesday. China's premier, Li Keqiang, has repeatedly said China has no intention to stimulate exports via a competitive currency devaluation. The Foreign Ministry said on Wednesday the exchange rate was not the reason for unbalanced trade with the United States, which runs a goods and services trade deficit with China. However, the sources acknowledged the diplomatic risks of a steep fall in the yuan. "The pressure from the United States could rise if China allows sharp depreciation," said a government source. China has the biggest global exports market share of any country since the United States in 1968, so the yuan's exchange rate acts as a bellwether for other exporting countries and is a cause of concern for some. "We are concerned at how quickly the yuan is falling and in turn how the won seems to be tracking its movements," said a finance ministry official in South Korea, a major exporter that competes with China in textiles, electronics and petrochemicals among other sectors. However, a person familiar with Japan's currency diplomacy, was less concerned, saying the yuan's decline didn't seem out of line considering the dollar's strength. "I don't think Japan has much to complain about," this official said. Although Japan rivals China in exports including electronics and heavy machinery Tokyo is struggling with its own currency dilemma of how to contain a sharp rise in the yen following the Brexit vote last week. MARKET FORCES "We should gradually let market forces play a bigger role. The market believes that the yuan is under pressure, so our foreign exchange policy should follow this trend," said a researcher with the Commerce Ministry. "China needs to safeguard its economic growth and trade but also make sure we don't create competitive devaluation." Julian Evans-Pritchard, China economist at Capital Economics, said in a note that a sharp fall "could set off a renewed bout of fears over renminbi depreciation and a pick-up in capital outflows." The yuan is also known as the renminbi. But he said the central bank would want to avoid "panic" so was likely to intervene to stabilize the currency if need be. The PBOC has been trying to reform the way it manages the yuan by making it more market-driven and transparent, apparently having leant lessons from policy missteps in the past, including the criticism of its August devaluation. The PBOC sets the yuan's daily mid-point versus the dollar based on the previous day's closing price, taking into account changes in major currencies, analysts and officials said. This year, the PBOC has been guiding the yuan lower by pegging the yuan to the dollar when the U.S. currency weakens and pegging the yuan to a basket of currencies when the dollar rises, they said. The currency regime gives the central bank more room to allow two-way swings in the yuan versus the dollar, deterring one-way bets on the currency. The CFETS RMB Index, a trade-weighted exchange rate index that was unveiled by the central bank in December, fell 5.6 pct between the end of 2015 and June 24 of this year, although the central bank has pledged to keep the yuan basically stable against the basket. More»
Amwal Al Ghad English - 2016-06-30 08:32:18
Egypt has ordered banks to stop clients from using their Egyptian pound account debit cards abroad, a central bank official announced on Wednesday, a move to combat the country's acute foreign currency shortage. "We sent a letter to bank chiefs today to stop the use of debit cards outside the country. As for credit cards it is business as usual and each bank sets their own limit for their clients," the official told Reuters by telephone. Egypt depends on imports for everything from food to fuel and has suffered from a deficit of dollars in the formal banking system since a 2011 uprising drove away tourists and foreign investors - crucial sources of hard currency. Many import businesses now rely on a black market where they can procure hard currency for a higher price. The pound's rate on the black market has weakened since the central bank devalued the Egyptian currency in March, at which time it was roughly in line with the official rate. "Please ensure that debit cards, including pre-paid cards, issued in local currency by Egyptian banks are only used within the country," the letter, viewed by Reuters, said. Debit cards for accounts in foreign currency can still be used abroad up to a limit of $100,000 as per a 2014 directive, the letter added. "We have started implementing the central bank's directive as of today," one state-owned bank chief told Reuters. Heads of several other state-owned as well as private banks said they had asked the central bank for a few days to implement the directive, however. More»
Al Zahraa Mostafa - 2016-06-29 11:45:12
Egyptian government is negotiating with African Development Bank (AfDB) to support the country’s plan to restructure Nasr Social Bank (NSB), social solidarity minister announced Wednesday. The plan is originally launched by the Egyptian Ministry of Social Solidarity, with the aim of developing and diversifying NSB’s products and services to help the bank achieve financial inclusion for the poor eventually. Minister Ghada Wali made her remarks following meeting with an AfDB delegation which visiting the country this week. Earlier, Ministry of Social Solidarity, in coordination with Ministry of International Cooperation, has requested a $1.25 million from the AfDB. Nasser Social Bank is an interest-free savings and investment bank for social and economic development, pension, and social security business. More»