amwalalghad :: Banks

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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

Ahmed Ali - 2014-10-30 12:45:40
Vice Chairman and Managing Director of Arab African International Bank (AAIB) Mohamed Barakat said the bank's board of directors is aiming to start providing the banking services with local currency within the first quarter of the next year after obtaining approvals for full control on the Central Bank of Egypt (CBE). In statements to Amwal Al Ghad on the sidelines of Union of Arab Banks' Conference 2014 -Sharm El Sheikh under the name of Prudential Regulatory Procedures and Sound Practices in Risk Management’, Barakat added that the board is targeting to expand in launching banking branches in order to achieve geographical expansions to meet with the bank's plans so as to allure deposits with Egyptian pound and to launch new banking products along with expanding in granting loans with local currency. Moreover, he explained that the enhance of AAIB's revenues by the upcoming period comes at the top priorities of board to face the expenses of branches' expansion, stressing that the bank has strong solvency to keep up with the required expansions in the coming period. More»
Amwal Al Ghad English - 2014-10-30 11:08:18
Egypt has approved the contract of comprehensive finance with World Bank amounting to $ 300 million, which was signed in Washington April 12, 2014. The decision was made through a presidential decree published in national newspapers on Thursday. The deal aims at providing finance to small and medium-sized projects in Egypt through innovative finance mechanisms, with giving priority to women and youth as well as marginalized areas. More»
Ahmed Ali - 2014-10-30 10:28:11
Under the auspices of Egyptian Central Bank Governor Hesham Ramez and in cooperation with the Federation of Egyptian Banks, the Union of Arab Banks is holding its conference today in Sharm El-Sheikh. Entitled ‘Prudential Regulatory Procedures and Sound Practices in Risk Management’, the conference will highlight the main challenges facing Arab banks and the prudential regulatory mechanisms and procedures. It will also discuss the sound practices in risk management in accordance with the new requirements and recommendations of the Basel committee, in order to improve the ability of the Arab banking sector to face these challenges. It will also allow identifying the latest and the most important regulatory amendments after the global financial crisis. Experts from the Arab banking sector and other international organizations will shed light on the regulatory experiences in the Arab world and the best practices in risk management The event will contribute in strengthening cooperation and coordination among Arab regulatory authorities and banks and in reinforcing the role of prudential regulatory procedures in reducing systemic risk and protecting the financial stability of the region. More»
Amwal Al Ghad English - 2014-10-30 09:54:27
Barclays PLC on Thursday reported a fresh GBP500 million ($800 million) legal provision related to investigations into the alleged manipulation of the foreign-exchange market. The charge weighed down what was otherwise a brighter quarterly performance by the British bank. After stripping out the charge and other one-off items, Barclays posted a better-than-expected adjusted third-quarter pretax profit of GBP1.59 billion, 15% higher than last year's GBP1.39 billion and beating analyst expectations of around GBP1.21 billion because of lower-than-expected restructuring costs in the three-month period. The provision, which comes as the first stage of a global probe into alleged foreign-exchange price rigging nears an end, relates to "ongoing investigations into foreign exchange with certain regulatory authorities, " the bank said. Quarterly net profit was GBP379 million, down from GBP511 million in the third quarter of 2013. The figure includes the foreign-exchange provision and a GBP364 million loss from the sale of Barclays's Spanish retail business. Those charges were partly offset by an expected GBP461 million gain related to Barclays's 2008 purchase of Lehman Brothers's U.S. business. "This is a good performance from the group, our strategy is working, and we expect to see continued progress as we go forward," Chief Executive Antony Jenkins said. Mr. Jenkins is leading a radical overhaul of the 300-year-old lender to adapt to tougher global banking rules and shrink its investment bank. Around 14,000 jobs have been cut this year and a noncore unit was created in May to house unwanted assets. The multibillion-pound restructuring has been overshadowed, though, by ongoing litigation and regulatory woes, including coming U.K. rules that will force banks to separate their retail and investment banks and hold more capital against their total assets. Barclays shares are down 18% this year. The U.K. Financial Conduct Authority is aiming to reach settlements within weeks with six banks after an 18-month probe into foreign-exchange markets. The potential settlements are separate from ongoing investigations by other global authorities into allegations of attempted manipulation of currency prices and information sharing between traders. Barclays's investment banking unit recorded a 10% fall in revenue to GBP1.66 billion from GBP1.85 billion, driven by a 25% revenue fall in its equities business. The unit was hit in June with a lawsuit by the New York attorney general alleging that the bank lied to clients about aspects of its electronic trading "dark pool." Barclays filed to dismiss the suit in July, saying it was based on misleading information and cherry-picked facts. More»
Amwal Al Ghad English - 2014-10-30 09:34:27
The US Federal Reserve has called time on its $4.5 trillion (£2.8tn) quantitative easing programme, introduced more than five years ago to steer the world’s largest economy through the financial crisis. The central bank, led by Janet Yellen, said it would cease buying bonds this month. Announcing the decision made at its October policy meeting, the Fed said: “The committee judges that there has been a substantial improvement in the outlook for the labour market since the inception of its current asset purchase programme. Moreover, the committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Accordingly, the committee decided to conclude its asset purchase program this month.” It brings to an end the programme which marked a radical departure for US monetary policy, hugely swelling the Fed’s balance sheet in a bid to prop up a battered financial system. The Fed began to slow its purchase of Treasury bonds and mortgage-backed securities in January, but until now it had not confirmed an end date. The central bank has steadily reduced its monthly bond purchases from a peak of $85bn a month to $15bn a month. Despite the end of its bond-buying programme, US monetary policy remains ultra loose, with an interest rate range of between zero and 0.25% since December 2008. More»