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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 - 2015-10-03 13:16:05
The European Bank for Reconstruction and Development's (EBRD) recent designation of Egypt as a "country of operations" is an important milestone which Egypt has struggled to reach for five years, according to Former International Cooperation Minister Naglaa al-Ahwani.  The newly-acquired status means that Egypt is now allowed to use EBRD ordinary capital resources for operations.  The Presidency welcomed the decision in a statement on Wednesday and said that it is a recognition by all member states of EBRD that Egypt's political and economic transition is consistent. Egypt is one of the founding members of EBRD in 1991, which included 64 countries and aimed at rebuilding a new post-Cold War era in Central and Eastern Europe. It has since fostered change in other countries. Following the Arab Spring uprisings, the bank expanded its activities to include countries of the Middle east. Egypt acquired the status of a "possible operations country" in November 2012.  The final approval of Egypt's country of operations status is pending green light from the board members of the bank. EBRD is not a commercial bank as it does not cater to individuals bank accounts or provide real-estate mortgages. It only funds companies and governments through offering loans, investments and financial guarantees. The bank now covers more than 30 countries in the world.  "Acquiring this status at this time is significant because it is a testament to Egypt's political and economic progress, especially that it was almost a unanimous vote, except for Turkey, which abstained from voting," Ahwani said, adding that Egypt will be able to receive funds that could exceed $ 1 billion annually. EBRD has invested in 21 projects running in Egypt to date, including the renewal and improvement of the Cairo Metro services, restructuring of national railways and the construction of combined cycle gas in Damanhour in addition to loans and investments to private companies such as Fargallah and Assuit Cement Company.  The cumulative investment of EBRD has reached €762 million, 56 percent of which are in the private sector. Thirty percent of the bank's investments are in energy, 29 percent goes to industry and agribusiness, 26 percent in manufacturing and services, while 15 percent goes to financial institutions (banking).  EBRD supports small and medium enterprises through its counseling services, which it has provided to 120 company. It does not limit its activity to Cairo as 40 percent of its work covers other provinces. Egypt applied for the country of operations status in 2010 but the January uprising in 2011 had stalled progress due to the political and economic turmoil that ensued. The bank does not grant this status to all its members, as there are conditions that must be met regarding economic reform, respect for human rights, democracy and financial index. Tunis, Morocco and Jordan also acquired this status recently. Ahwani said that the government has exerted intense efforts to convince member states that Egypt is on the path to economic and political reform.  "Two months ago, the Board of Directors held a meeting in Georgia… We went to the meeting and formed alliances of member states to apply pressure in the direction of approving Egypt’s request. We clarified the progress we have made with the road map and that the postponement of parliamentary elections was not a retreat from the regime but a commitment a judicial verdict," she said. The bank's resources will be directed mainly to fund major national projects prioritised by the Egyptian government, the recently-appointed Minister of International Cooperation Sahar Nasrallah said in a statement on Wednesday. More»
Amwal Al Ghad English - 2015-10-03 08:44:52
Federal Reserve Vice Chairman Stanley Fischer said he doesn’t see immediate risks of financial bubbles in the U.S., while raising concerns that the central bank’s policy tool kit to deal with such occurrences is limited and untested. “Banks are well capitalized and have sizable liquidity buffers, the housing market is not overheated and borrowing by households and businesses has only begun to pick up after years of decline or very slow growth,” the Fed’s No. 2 policy maker said in a speech Friday in Boston. Still, he warned that “potential shifts of activity away from more regulated to less regulated institutions could lead to new risks.” Fischer, 71, who leads a committee at the U.S. central bank charged with identifying asset-price bubbles and other risks to financial stability, also said he sees some scope for using interest-rate policy to combat potential threats, but doing so could come with “significant costs.” Fisher did not address the economic or interest rate outlook in his remarks to a two-day Federal Reserve Bank of Boston conference on “macroprudential monetary policy.” Markets are keen for guidance on when the central bank might make its first rate increase in almost a decade. “The limited macroprudential toolkit in the United States leads me to conclude that there may be times when adjustments in monetary policy should be discussed as a means to curb risks to financial stability,” Fischer said. “A more restrictive monetary policy would, all else being equal, lead to deviations from price stability and full employment.” Finding Threats Created a century ago in response to recurring banking crises, the Fed has taken a renewed interest in identifying potential systemic financial threats since the global meltdown of 2008-09 pushed the U.S. into its worst recession since the Great Depression. Economists continue to debate whether central banks should respond to financial stability threats exclusively through regulatory and supervisory tools, known as macroprudential policy, or also by using interest rates. The Federal Reserve conducts stress tests of the largest banks every year, and has boosted capital and liquidity requirements to reduce the risk of bank failures. Fischer said U.S. policy makers should consider the trade-offs between using monetary policy to pop asset bubbles and the costs to its mandate to keep inflation stable and employment high. More»
Ahmed Ali - 2015-10-01 15:17:03
State-run Egyptian Electricity Holding Company (EEHC) is to sign Thursday a US$525-million funding contract with a banking consortium which includes the African Export-Import Bank (Afreximbank) and Bank ABC Bahrain. The consortium encompasses the Afreximbank in addition to eight Egyptian banks; National Bank of Egypt (NBE), Banque Misr, the Commercial International Bank (CIB), Arab African International Bank (AAIB), Bahrain’s Arab Banking Corporation (ABC), Bank Audi Egypt, Egyptian Gulf Bank (EGB), and AlexBank. The nine lenders intend to disburse the fund next week as per EEHC’s request, a senior banking source near from the talks told Amwal Al Ghad Thursday. The loan is to go for paying contractor dues in favour of Orascom Construction and General Electric. As part of the country’s Emergency Plan for the 2015 summer, the loan shall also fund the completion of four electricity projects, notably in Assiut - some 320km (200 miles) south of Cairo; and West Damietta - about 200km (120 miles) north of Cairo. As pursuant to the contract, the source said EEHC would be given one year grace period and the loan would be paid back over five years. More»
Amwal Al Ghad English - 2015-10-01 13:42:45
Morgan Stanley elevated two of its longtime executives to bigger jobs, highlighting a pair of strategic priorities for the Wall Street firm while offering additional clues on its succession plans. Edward Pick, 46 years old, who oversaw the revival of Morgan Stanley's stock-trading arm after the financial crisis, was named global head of sales and trading, according to a memorandum sent to Morgan Stanley employees Thursday. The new role gives Mr. Pick oversight of fixed-income trading, a key profit driver for banks that has been challenged by new regulations. Morgan Stanley also tabbed Dan Simkowitz, an investment banker who co-led the firm's stock- and debt-underwriting business, to be head of investment management, reporting directly to Chairman and CEO James Gorman, the memo said. Overshadowed by the firm's wealth-advisory business, which had doubled in size in recent years through the acquisition of Citigroup Inc.'s Smith Barney brokerage, the money-management division had previously fit within the remit of Gregory Fleming, one of the firm's two presidents serving under Mr. Gorman. Mr. Simkowitz, 50 years old, will join Mr. Pick on the firm's operating committee, said the memo, signed by Mr. Gorman, Mr. Fleming and Colm Kelleher, president of Morgan Stanley's investment-banking and trading businesses. "We always need to look to our future while managing the present," the three executives wrote in the memo. "Our future includes developing strong executives to serve at the most senior levels of the firm, ensuring we regularly bring new energy and intensity to areas where we can move the needle over the next five years." Messrs. Pick and Simkowitz each ran one of the firm's flagship businesses, and both joined Morgan Stanley in 1990. They will now be tasked with overseeing divisions with less impressive track records, fixed income and investment management. Their promotions follow other moves Mr. Gorman has made this year to cultivate a group of managers who may one day succeed him or his top two deputies, Messrs. Kelleher and Fleming. Mr. Simkowitz's appointment marks the latest Morgan Stanley investment banker to cross over into another division, part of a push by Mr. Gorman to round out the experience of rising executives at the firm. Morgan Stanley executives had privately speculated for months that Mr. Gorman would promote Mr. Pick, whose group has overtaken Goldman Sachs Group Inc. as Wall Street's biggest equities business in recent quarters. Mr. Simkowitz had worked on some of biggest initial public offerings in history, including Alibaba Group Holding Ltd. and Facebook Inc. and served as a key adviser to the U.S . government on General Motors Co.'s share sale. In a separate memo, Morgan Stanley announced that Mo Assomull, 42, will become the firm's sole head of global capital markets. More»
Amwal Al Ghad English - 2015-10-01 08:34:42
Egypt's EFG Hermes, one of the Middle East's largest investment banks, is to reduce its capital by 184.782 million Egyptian pounds (US$23.61 million) through terminating treasury stocks, it said Thursday. The company's capital will fall to 3.074 billion pounds, from 3.259 billion, it said in a statement to the Egyptian bourse. More»