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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        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        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        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 - 2015-04-12 08:06:29
The China-led Asian Infrastructure Investment Bank (AIIB) will be lean, clean and green, its interim chief said, playing down concerns over transparency and standards governing the institution. The $50 billion bank, expected to start operations by the end of the year, is attracting a growing list of countries, from Britain to India to New Zealand. The AIIB is seen as a potential rival to established lenders the World Bank and Asian Development Bank, which are dominated by the United States and Japan. More»
Amwal Al Ghad English - 2015-04-11 15:12:02
China is keeping the door open for the United States to join its new development bank “anytime,” the lender’s chief said, after the Obama administration failed to persuade most allies to snub the lender. The U.S. is “welcome to the kitchen to work with us,’ Jin Liqun, secretary general of the secretariat for establishing the bank, told reporters in Singapore on Saturday. The Asian Infrastructure Investment Bank’s founding membership will probably be ‘‘short of 60,” he said. “China itself has benefited enormously from contributions by the World Bank” and Asian Development Bank, Jin said at a forum in Singapore. “Now it’s time for China to contribute more to this region, and hopefully China’s contributions will spill over to other regions.” The U.S. suffered a diplomatic setback as allies including Australia, the U.K, and Germany opted to become founding members of the China-led bank. World Bank President Jim Yong Kim said this week he doesn’t view the development lender as heralding an end to the global economic order forged by the U.S. The AIIB will be owned by all members, not solely China, and will have a mandate to promote broad-based socio-economic development, Jin said. As it will focus exclusively on infrastructure funding, while the World Bank and Asian Development Bank address poverty reduction, there is more complementary territory than “head-on competition,” he said. More»
Amwal Al Ghad English - 2015-04-11 09:24:49
A new World Bank project is set to provide income support and expand social inclusion to almost 1.5 million poor Egyptian families with young children, elderly, and persons with severe disabilities. The US$400 million project approved on Friday by the World Bank’s Board of Directors will support the Government of Egypt’s newly established Takaful and Karama national targeted social safety net programme, develop transparent and efficient targeting and delivery systems, and support the Unified National Registry. The Strengthening Social Safety Net Project will ensure that the system properly identifies the poor, that its resources reach the poorest segments, and that the business process of the social safety net system becomes more efficient, more responsive, and accountable to clients. “This project will support the Egyptian government's new cash transfer programme and improve the targeting of the social safety net system which is a critical element to accompany any reforms,” said Hafez Ghanem, World Bank Regional Vice President for the Middle East and North Africa. “Strengthening social safety nets in Egypt is a priority and the World Bank is mobilizing its global expertise to ensure that the most vulnerable families are identified and able to benefit from the program.” Despite good progress in Egypt’s human development indicators over the past two decades, education and health still need further attention especially in the poor regions. Around 21% of Egyptian children ages 0-4 years are stunted. Inadequate feeding and childcare practices among young mothers are believed to be associated with malnutrition. On the education front, while there is nearly full enrollment for children in the richest quintiles, the poorest quintile still registers enrolment rates of about 73% in basic education and below 50% in secondary levels. Under the Takaful programme, poor households will receive monthly income support based on an incentive-system related to school attendance and utilizing maternal and child health care services. Karama is an unconditional income support that aims at protecting and reaching out to poor elderly people above 65 years and those with severe disabilities. “This project is all about social inclusion and expanding opportunities to underprivileged children especially in Upper Egypt. It will ensure that children of poor families will have consistent access to health and education opportunities through the conditional cash transfers,” said Afrah Alawi Al-Ahmadi, World Bank Senior Social Protection Specialist and Project Team Leader. The World Bank is working with the government on the development of a Unified National Registry in order to address the poor targeting and fragmentation in the existing safety net and service delivery programs. This national registry has already made some progress towards linking the Family Smart Card, Social Solidarity Pension, and social security databases through the national ID. The current portfolio of the World Bank Group in Egypt includes 26 projects for a total commitment of US$5.4 billion in FY15, including 17 IBRD lending operations ($5.27 billion) and 9 major Trust Funds ($139.6 million). The World Bank finances projects for faster delivery of benefits to the people of Egypt in key sectors including energy, transport, water and sanitation, agriculture and irrigation, social protection, as well as health and education. More»
Amwal Al Ghad English - 2015-04-11 08:37:56
International credit ratings agency Moody's upgraded Friday the local currency (LC) deposit ratings of five Egyptian banks following an upgrade to the country’s sovereign credit ratings to B3. The National Bank of Egypt, the largest bank in the country; Egypt-based Commercial International Bank, the country’s largest private bank; Banque Misr SAE and Banque Du Caire SAE were upgraded to B3 from Caa1 with a stable outlook. Bank of Alexandria SAE was also upgraded to B2 from B3. The upgrade reflects what the agency says is improved government ability to support these banks, as well as enhancements in the banks’ liquidity buffers. “Egypt's improving macroeconomic performance and the easing of external vulnerabilities will support increased lending opportunities,” Moody’s asserted in a press release. Egypt’s government has been undertaking fiscal and regulatory reforms to improve the macroeconomic standing and business environment since President Abdel Fattah al-Sisi took office last year. The banks' foreign--currency (FC) deposit ratings were upgraded to Caa1 from Caa2 to reflect the increase in the FC deposit ceiling for Egypt to Caa1, according to the release. Earlier this week, Moody's upgraded Egypt's sovereign credit rating to B3 from Caa1 with a stable outlook following similar decisions by Standard and Poor's and Fitch at the end of 2014.Following Moody's upgrade of Egypt's sovereign credit rating, the President of Middle East Credit Rating (MERIS) Amr Hassanein told Amwal Al Ghad that Moody's is likely to raise its credit rating on five major banks in Egypt following its upgrade on the country’s credit rating. More»
Amwal Al Ghad English - 2015-04-11 08:19:05
A slew of big banks, including JPMorgan Chase & Co and Bank of America Corp, is due to report first-quarter earnings next week, providing an expected bright spot in an otherwise gloomy quarter. Profits of companies on the S&P 500 are projected to have declined by 2.9 percent in the first three months from a year ago, according to Thomson Reuters data. Investors will also be watching other firms, such as Netflix Inc, General Electric Co and Schlumberger NV, to see if corporate America more broadly outperforms the negative forecasts analysts have set for it. "The market will take a break from Fed watching and actually focus on fundamentals," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. "It's going to drive a lot of feelings of general investor confidence or concern about the back half of the year," he said. Energy companies will likely be hit by a dramatic drop in oil prices since last June. As well, a strong U.S. dollar is expected to eat into the earnings of companies with international exposure as they convert their profits back into dollars. More»