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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        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        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        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        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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

Mohamed Hamdy & Sayed Badr - 2014-06-18 11:47:33
Egypt's Central Bank is currently holding intensive meetings with local banks, seeking to issue new regulations for 'Internet Banking' service, a source with knowledge of the matter told Amwal Al Ghad. The source stated that the new regulations and standards shall ensure safe and secured internet banking services and comply with the Basel II's rules. Yet, the source declined to disclose those measures until being finalised by the CBE. The CBE had signed along with a group of global central banks an agreement to adopt the terms and regulations Basel II Act for capital adequacy. Basel II comprises three 'pillars'. The first deals with minimum capital requirements and specifies that banks hold a certain amount of capital proportional to their risks. Internal risk management is the basis of the second pillar, ensuring that banks hedge against non-quantifiables such as operational risk, rather than solely on loans as was previously the case. The third pillar deals with market discipline and obliges banks to meet tougher disclosure rules. Meanwhile, Abdel Hamid Soliman - Chairman of IT Committee, Federation of Egyptian Banks (FEB) said CBE has formed a new committee to adopt the new standards of internet banking services, which will be announced later within the coming period. Moreover, Yehia El Agamy – Head of Retail Banking Division at Banque Misr – elaborated that the CBE is a step behind preparing the new standards regulating the internet banking. He added that banks operating in Egypt asked the CBE to adopt new applications and services for internet banking. More»
Amwal Al Ghad English - 2014-06-18 08:03:41
JPMorgan Chase & Co was again ranked the top investment bank by revenue in the first quarter with $5.9 billion, according to a new survey published on Wednesday. In a repeat of the previous year's results, the U.S. bank came ahead of rivals Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch and Citi, which all tied for second place, according to industry analytics firm Coalition. Morgan Stanley finished sixth, while Barclays and Credit Suisse came joint seventh. Coalition, which only gives revenue figures for the top-ranked bank in categories including equities and advisory, said that JPMorgan's investment banking revenue in the first quarter fell by almost 15 percent from $6.9 billion in the same period last year. Most investment banks have seen trading revenues slump over the past year amid a low interest rate environment and tougher regulations requiring them to hold more capital, which have driven down returns. More»
Amwal Al Ghad English - 2014-06-17 16:06:39
Ministry of Finance is coordinating with the central bank to activate the role of the electronic payment in Egypt within the upcoming phase, said minister's aide for IT on Tuesday. According to the Financial Minister's adviser of IT Atef El Fakey, the ministry is seeking to activate the role of electronic payment in Egypt so as to achieve 'integration' in managing the country's financial system. Speaking to Amwal Al Ghad on the sidelines of Fawry's first financial inclusion conference, the Egyptian official said the ministry is aiming to provide all types of electronic payments within the upcoming phase, which would in return help in bolstering the government's targeted revenues. The ministry is targeting making informative network connecting the taxes, customs authority to other government entities, he noted. More»
Amwal Al Ghad English - 2014-06-17 14:00:02
Banque Misr is expected to launch the mobile payment and internet services within the first quarter of the fiscal year of 2014/15, said head of retail banking division Yehia El Agamy. He added that Banque Misr is still in talks with the country's Central Bank (CBE) over obtaining the licence to provide its clients with the mobile money transfer and internet services. On the sidelines of Fawry's first financial inclusion conference held on Tuesday, El Agamy said Banque Misr seeks CBE's approval so as to launch the mobile payment and internet services, with the aim of attracting more segments of clients. BM's portfolio of customers' loans is expected to reach EGP 1 billion by the end of June-2014, he added. The bank is planning to increase its portfolio by EGP 3 billion to eventually record EGP 9 billion by the end of FY2014/15. More»
Mohamed Hamdy - 2014-06-16 10:20:36
Egypt's Banque Du Caire has signed today an agreement with the Internal Revenue Service (IRS), the US tax authority, to adopt the FATCA law (Foreign Account Tax Compliance Act). As pursuant to the agreement, Banque Du Caire CEO Mounir El Zahed stated that his bank is currently taking all the necessary measures and making the technical amendments required to meet with the terms and conditions of FATCA. The Foreign Account Tax Compliance Act (FATCA) was signed into law on 18 March 2010. Its purpose is to uncover U.S. persons who may be evading U.S. taxes by investing through foreign financial institutions (FI) or other foreign entities. Countries that do not adopt the law may face punishment from the US government. In this respect, Banque Du Caire has established a new committee dedicated for adopting the US legislation, said Hafez Aboul Azm - Head of Banking Compliance and Institution Governance at the bank. Moreover, Banque Du Caire has also endorsed a new automated system, Aboul Azm noted, adding it comes as a prelude to adopting the US FATCA by the beginning of July, 2014. Established in the middle of the 20th century, Banque Du Caire exists in 228 branches and banking units nationwide, with more than 424 ATMs located across the nation to serve around 3.8 million customers. More»