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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

Amwal Al Ghad English - 2016-07-23 08:25:40
Central banks from Washington to Tokyo take center stage next week, although policymakers are likely to remain cautious as they wait for the dust to settle from Britain's shock vote to leave the EU. As they wait for political reassurances and greater clarity over the likely impact of the move, central banks have mostly avoided action since Britain's June 23 referendum, calming jittery markets with verbal assurances but leaving the burden on governments to chart a path. Indeed, the U.S. Federal Reserve is all but certain to keep interest rates on hold on Wednesday, acknowledging improved economic prospects but offering few hints about its next move, keen to avoid repeating its past mistake of stoking rate hike expectations. The next move is still seen as an increase in rates. But even as concerns over Brexit ease the U.S. election is drawing closer, likely pushing back action towards the end of the year and possibly limiting the Fed to a single hike in 2016, a far cry from its early-year estimate for four moves. "As the outlook up to mid-September will presumably not be clear enough by then, the next rate hike is more likely to happen in December in our opinion, followed by two further steps in the coming year," Commerzbank said in a note. "Consequently, we predict a somewhat stronger dollar and slightly higher yields in the medium term." Analysts polled by Reuters also see the next move in the fourth quarter while futures imply a move closer to mid-2017. Still, the U.S. economy remains on a solid footing with preliminary second-quarter figures due on Friday expected to show the annual growth rate accelerating to a healthy 2.6 percent from 1.1 percent three months earlier. Economic data have surprised on the upside and financial conditions have also eased recently, suggesting that the U.S. is entering the third quarter on a strong note with solid growth momentum. BOJ For the Bank of Japan, struggling with low inflation, next Friday's rate decision will be a close call with markets simmering with speculation that it will have to ease policy. It is likely to cut its inflation forecasts but only slightly, which may allow the bank to justify standing pat for the time being. Prime Minister Shinzo Abe, fresh off a big election win, is also working on a stimulus package with a headline figure of at least 20 trillion yen ($189 billion), potentially taking some pressure off the BOJ, which was criticized earlier this year for cutting rates into negative territory. Still, it is uncertain whether the bank can avoid delaying the time frame for meeting its 2 percent inflation target, suggesting that its rate decision will be a close call. "Concerns about Brexit fallout on the real economy and financial markets have driven investors to bet on BOJ easing this month," Naomi Muguruma, senior market economist, Mitsubishi UFJ Morgan Stanley Securities said. "Therefore if the BOJ stands pat this month, that would disappoint the markets, prompting a fall in stock prices and a rise in the yen," Muguruma added. For now, analysts expect the bank to expand its asset purchases and cut its key rate to -0.2 percent from -0.1 percent. In Europe, the week's top event will be Friday's release of banking stress test results, with all eyes focused on Italian lenders, seen as the weakest link due to their low profitability and the 360 billion euros ($397 billion) worth of non-performing loans on their books, a legacy of Europe's debt crisis. Though the test is not a pass-or-fail exercise, the data could give fresh impetus to agreeing on a solution with Italy and the European Commission seemingly deadlocked, disagreeing over state support. European Central Bank president Mario Draghi hinted on Thursday at the possibility of setting up a public backstop to help Italian banks sell down some of their bad loans that have hampered their ability to lend. Second-quarter euro zone and British GDP figures will also make for interesting reading, although the number will be seen as less relevant in the wake of the Brexit decision. More»
Amwal Al Ghad English - 2016-07-21 16:25:03
HSBC conducted its own investigation three years ago into a $3.5 billion currency trade that US prosecutors now believe was criminally fraudulent but found nothing wrong with the transaction, according to people briefed on the internal HSBC probe. The HSBC review, conducted in the wake of a sweeping foreign exchange rigging scandal that erupted in 2013, was led by an external lawyer and found no breach of its code of conduct. HSBC declined to comment. The bank was on Thursday reviewing its own investigation of the $3.5 billion forex trade to decide whether to support Mark Johnson, its global head of forex cash trading, who was arrested on Tuesday evening at John F. Kennedy airport in New York. A warrant has also been issued for the arrest of Stuart Scott, who was head of forex cash trading for Europe, the Middle East and Africa until he was fired by HSBC for separate conduct issues in 2014. A solicitor for Mr Scott in London strongly denied the allegations on behalf of her client, who is UK-based. While a warrant for Mr Scott has been issued, US authorities have yet to apply formally for his extradition. HSBC reviewed its $3.5bn purchase of sterling for Cairn Energy in 2011 along with many other forex trades as part of an internal remediation exercise that it carried out at the request of regulators when the wider forex rigging scandal erupted in 2013. People briefed on the matter said the bank's internal investigation found no breach of its code of conduct when it reviewed the trade carried out for Cairn by Mr Johnson and Mr Scott. The US Department of Justice alleges that the traders cheated their client by deliberately buying sterling ahead of the customer's $3.5 billion purchase of sterling and reselling it to the client at higher prices. US authorities allege that the traders used a technique known as "ramping" that caused the price of pounds to jump. That rise benefited the bank's trading book at the expense of the client, which then paid a higher price for the sterling. When Cairn challenged HSBC about sharp increases in sterling ahead of the trade, an unnamed supervisor, working with the bankers, then allegedly misled the client by blaming the price increase on a "Russian" bank in the market, US authorities said. The complaint adds that Mr Johnson was surprised Cairn went ahead with the transaction on December 7 2011. When told of the company's commitment, he responded "Ohhh, f***ing Christmas". After banks paid $10bn in fines to US and UK authorities, they complained that spot forex was not included at the time within the UK's criminal market-abuse regime. A decision by the UK's Serious Fraud Office earlier this year to drop its criminal investigation into forex-rigging seemed to bolster that argument. However, the Justice Department is accusing the pair of breaching a far more sweeping law: that of wire fraud. The authorities basically accuse them of deceiving their clients for gain. Roger Burlingame, a former chief prosecutor at the New York office that is bringing the case, and who is now based at law firm Kobre & Kim, explained: "The defendants are charged with wire fraud. This simply means the government has alleged that they've used an electronic communication in the US to commit a fraud. "The statute uses the broad, standard definition of fraud; it's not a technical scheme targeting market abuse in particular. The same statute is used to prosecute any kind of fraud that involves email, phone calls or texts." A person familiar with the SFO's thinking told the Financial Times that the agency had not looked at the $3.5 billion trade for Cairn and instead was focused on more generalised collusion and rigging within the $5 trillion -a-day forex market. Legal experts said that if a bank acting as an agent for its clients can be proven to have defrauded them through deceit then this would be illegal under UK law as well. That is important as in order to extradite Mr Scott, the US must persuade a UK court that the alleged wrongdoing was illegal both in the UK and the US at the time. Mr Johnson was in the process of moving to New York and transitioning to a new job as head of forex and commodities in the Americas, which one person familiar with the move said was not a promotion but "more of a sideways move". The arrest could cause reputational damage to the global bank's forex trading business and fuel more calls for HSBC to face full criminal charges. The DoJ has already been criticised for failing to prosecute HSBC after it paid $2 billion in 2012 over laundering billions of dollars for Mexican and Colombian drug gangs. But because the alleged wrongdoing happened before it signed a deferred prosecution agreement in 2012 bank insiders think it is unlikely to put it in breach of the deal to avoid prosecution that is due to expire next year. More»
Amwal Al Ghad English - 2016-07-21 16:15:27
Central banks were in focus Thursday after European Central Bank (ECB) President Mario Draghi discussed the Brexit vote and the parlous state of the European banking industry and the governor of the Bank of Japan ruled out using "helicopter money" in a radio interview. In his regular media conference Thursday, following the bank's decision to keep its main interest rates on hold, Draghi said he did not want to underplay the challenges facing the euro zone, including high levels of bad loans in the banking sector and geopolitical instability relating to the U.K.'s vote to leave the European Union and terrorism. "I'm pretty confident that the strong supervision and robust regulation and better communication by the supervisory agencies… will still improve the situation … and our perception in the world's eyes," he told reporters in Frankfurt. Draghi added that a public backstop for banks - whereby countries would have to pay to prop up their faltering lenders - might help manage the problem of high levels of non-performing loans (NPLs) in the Italian banking sector. Such a measure could prove highly unpopular, with citizens in many countries still angry at having to "bail out" banks following the global financial crisis of 2007-08. "A high level of NPLs makes banks especially vulnerable to the markets as we have seen recently," Draghi said. The ECB kept the rate on the main refinancing operations at 0.0 percent on Thursday, the marginal lending facility rate at 0.25 percent and the deposit facility at -0.40 percent. As previously, the bank said it planned to keep rates at present or lower levels for an "extended period of time." More»
Amwal Al Ghad English - 2016-07-21 12:23:32
Egyptian investment bank, EFG-Hermes announced Thursday that it had concluded its advisory to B.TECH for Trading and Distribution on its strategic partnership with African private equity firm Development Partners International (DPI). Development Partners International (DPI), an African private equity specialist with USD1.1 billion under management, is to invest 300 million Egyptian pounds ($33.7 million) through its ADP II fund in Egyptian household appliances and electronics retailer B.TECH. The alliance with B.TECH is considered DPI’s first venture into the Egyptian market. This is the sixth transaction that EFG Hermes Investment Banking has managed since the beginning of the year. The division’s transactions, valued at approximately $640 million included two IPOs totalling $168 million for dairy-maker Domty and healthcare firm Cleopatra Hospital Company. More»
Amwal Al Ghad English - 2016-07-21 11:59:51
Egypt’s central bank is issuing Thursday on behalf of the ministry of finance treasury bills worth 10.2 billion Egyptian pounds ($1.1 billion) to fill the country’s state budget deficit. In a statement on Thursday, the bank said it would raise two treasury bills; the first worth 4.7 billion pounds, to mature in 182 days. The second is at value of 5.5 billion pounds, to mature in 364 days. More»