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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 - 2014-10-16 08:13:33
The European Central Bank has reduced the haircut it applies on bonds submitted by Greek banks as collateral to borrow funds, a Greek central bank official told Reuters on Thursday, in a move to boost their access to liquidity. "The move was decided late on Wednesday evening after talks between the government, the ECB and Greece's central bank governor," the official said. "It is a supportive move given the pressures in the last two day." Bank of Greece Governor Yannis Stournaras was in Frankfurt on Wednesday. The official said the new smaller valuation discount meant that an extra 12 billion euros of liquidity could in theory be tapped by Greek banks. Banks have led heavy losses on the Athens stock market, which has fallen more than 11 percent in the past two days. Greek banks have cut their borrowing from the ECB -- by 2.0 billion euros in last month to 42.56 billion euros -- but still depend on its funding for liquidity. On Wednesday, 10-year Greece's bond yields soared to 7.85 percent, reflecting investor unease about its ability to fund itself if the government follows through on plans to quit an international bailout a year early. Investors also fear a snap election next year that could bring the anti-bailout Syriza party to power. More»
Mohamed Hamdy - 2014-10-15 14:39:58
Vice President of National Bank of Egypt (NBE) Mahmoud Montasser asserted that the bank is aiming to record EGP16 billion in SMEs portfolio by June 2015 in compared to EGP13 billion. In statements to Amwal Al Ghad, Montasser added that there are 64 projects which  transited from small projects into medium projects after their activities and sales have been increased. Moreover, he emphasized that the bank has allocated 50.000 for financing in formal sector in the light of the bank's desire to increase the rates of official sector. More»
Mohamed Hamdy - 2014-10-15 14:23:51
Vice President of National Bank of Egypt (NBE) Mahmoud Montasser said the total contracts of the bank with Social Fund for Development (SFD) reached EGP8.1 billion for 101 contracts that financed more than 140.000 projects. He added on the sidelines of a press conference that held by SFD for financing new contracts with the bank worth EGP300 million financed by the World Bank as the bank pays great attention for SMEs in light of its ability to feed the major industries. Furthermore, the new contract with SFD will provide 8950 job opportunities for the owners of projects. More»
Amwal Al Ghad English - 2014-10-15 07:49:58
Egypt's central bank is expected to keep interest rates on hold on Thursday as inflationary pressure begins to ease after a spike following deep cuts to government energy subsidies in July. The economy has been in turmoil since a popular uprising ousted autocrat Hosni Mubarak in 2011, deterring tourists and foreign investors and straining the country's finances. To help bring down its swelling budget deficit, the government in July slashed energy subsidies, raising energy costs for companies and consumers by up to 78 percent. That pushed up prices and hit business activity in July. But the effect appears to have been short-lived, with the pace of economic activity picking up in the two months since and inflation beginning to ease in September. Five economists surveyed by Reuters all forecast that the central bank would keep its overnight rates unchanged at 10.25 percent for lending and 9.25 percent for deposits at its policy-setting meeting on Thursday. "There was little sign really that there was any sort of indirect or second-round effects on inflationary pressure from the subsidy cuts," said Mohamed Abu Basha of EFG Hermes. "It's more of a wait-and-see before the next decision for the central bank." Urban consumer inflation eased to 11.1 percent in September after surging to 11.5 percent in August in the wake of cuts to fuel and electricity subsidies. Core inflation eased to 9.15 percent in September from 10.07 percent the previous month. The central bank raised benchmark interest rates at its meeting on July 17 in an unexpected move aimed at keeping inflation in check after the subsidy cuts. It kept rates on hold at its last meeting. Egypt has received billions of dollars in aid from Gulf states and implemented two stimulus packages, but economic recovery in the most populous Arab nation has been slow. The economy expanded 2.2 percent in the 2013/14 fiscal year which ended in June. But in the last quarter output grew 3.7 percent, suggesting the recovery was gaining strength. A recent Reuters poll suggested growth could reach 3.3 percent this fiscal year as Egypt pushes ahead with big projects such as a Suez Canal expansion it hopes will create jobs and restore confidence. Nada Farid of Beltone Financial said that declining global oil and food prices would also help keep inflation under control, reducing the need to raise interest rates this month. The global oil benchmark has declined more than 20 percent from the 2014 high in June, easing the imported element of inflationary pressure.[O/R] "Growth is gradually picking up and is expected to pick up in light of the planned mega-projects," Farid said, referring to infrastructure plans such as the expansion of the Suez Canal. "However, it is a bit early to reduce rates until inflation expectations are well anchored." More»
Amwal Al Ghad English - 2014-10-15 07:45:54
Citigroup Inc said on Tuesday it would exit consumer banking in 11 more markets, as the most international of the big U.S. banks looks to shrink its way to better profits. Citigroup also reported a 13 percent rise in adjusted third-quarter net profit, helped by better results from its portfolio of troubled assets left over from the financial crisis. Adjusted net profit for the quarter rose to $3.67 billion, or $1.15 per share, from $3.26 billion, or $1.02 per share, a year earlier. Analysts had expected earnings of $1.12 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable. Citigroup's shares rose 2.2 percent to $51.01 in premarket trading on Tuesday. The third-largest U.S. bank said it would exit its consumer operations in six Latin American countries, as well as Japan, Egypt, the Czech Republic, Hungary and Guam. Citigroup said it would continue to serve institutional clients in these markets. "I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders," Chief Executive Michael Corbat said. By pruning its consumer businesses, Citigroup is going back toward an earlier company structure of focusing its extensive global reach on business clients. The bank operates in about 100 countries and specializes in handling international payments and cash management for institutions. Citi Holdings, the division that holds the bank's portfolio of troubled assets, reported adjusted net income of $272 million compared with a loss of $113 million a year earlier. More»