amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Misr Chemical Industries   5.65        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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 - Financial Institutions

Hisham Ibrahim & Mohamed Hamdy - 2016-05-18 14:24:59
Egypt’s Social Fund for Development (SFD) has signed Wednesday a memorandum of understanding with oil giant Shell to establish 300 service stations nationwide. The agreement is within the framework of the Shell Intilaaqah Egypt Programme, which aims to support youth development and encourage young people, between the age of 18 and 32, to set up their own business. Intilaaqah Egypt is a Shell sponsored initiative based on the Shell LiveWIRE programme. Launched in January 2004 the programme offers high-quality training, advice, and support to young nationals who wish to start their own businesses. The programme raises awareness of starting a business among young people, and builds capacity, particularly among young unemployed people, to become self-employed. In addition, Intilaaqah Egypt is aiding entrepreneurship development (especially in top performing sectors; market based approach) and including local content where applicable. More»
Amwal Al Ghad English - 2016-05-18 09:25:02
French insurer AXA SA CS said Wednesday the head of its French operations, Nicolas Moreau, will leave the company on June 30. Moreau, who is AXA France Chairman and Chief Executive, joined the group 25 years ago. "His replacement will be announced shortly," the company said. The news comes two months after AXA's Chairman and CEO Henri de Castries said he planned to step down on Sept. 1, after close to 17 years at the helm of the company. De Castries will be replaced as CEO by the company's top official in Germany, Thomas Buberl, who became deputy CEO in March, the company said. More»
Amwal Al Ghad English - 2016-05-18 09:00:31
Goldman Sachs downgraded equities to "neutral" over a 12-month time-frame on growth and valuation concerns, but upgraded commodities to "neutral" on a three-month basis saying there was less downside potential to oil prices. "Until we see sustained signals of growth recovery, we do not feel comfortable taking equity risk, particularly as valuations are near peak levels," it said. "Our equity strategists have become more defensive, owing to heightened drawdown risk and growth scarcity," it added in a note dated May 17. Goldman Sachs said commodities had rallied on the back of a dovish U.S Federal Reserve, Chinese economic data and supply disruptions. It upgraded commodities, saying that such supply disruptions should support oil prices. "We think continued fundamental adjustments in both the physical and capital markets are needed, and now see oil prices reaching $60/bl in 4Q 2017 vs. mid-2017 previously. We remain bearish on metals." It stayed "overweight" on credit over both 3- and 12-month horizons. It remained "underweight" on bonds, but lowered its bond yield forecasts in the major advanced economies by an average of 30-40 basis points. "Given we do not see much value across asset classes and we see a variety of cross-asset risks, we remain 'Overweight' cash near term. We believe the market's dovish pricing of the Fed increases rate shock risk, in which case both equity and bonds could sell off." More»
Amwal Al Ghad English - 2016-05-17 10:32:20
The International Monetary Fund (IMF) is pressing the eurozone to let Greece skip paying interest or principal on bailout loans until 2040, said officials familiar with the talks. The IMF wants the loans to Greece to fall due gradually in the following decades, and as late as 2080, according to the IMF's proposal. Greece's interest rate on eurozone loans would be fixed for 30 to 40 years at its current average level of 1.5%, with all interest payments postponed until loans start falling due, under the IMF proposal. The IMF's proposal, presented to eurozone governments late last week, would keep Greece's annual debt-service needs below 15% of its gross domestic product, under the IMF's relatively pessimistic forecast for Greece's long-term economic trajectory. The IMF's demands go far beyond what Greece's eurozone creditors have said they are willing to do to help Greece regain its financial health. Eurozone governments, led by Germany, are reluctant to make such major concessions on their loans to Greece, which currently total just over EUR200 billion ($226 billion) with around another EUR60 billion to come under the latest Greek bailout plan. But Germany, the eurozone's dominant economic power, also wants the IMF to rejoin the Greek bailout as a lender. The IMF hasn't yet signed up to the Greek program agreed last summer. German Chancellor Angela Merkel has long viewed the IMF as essential to the credibility of the Greek bailout. Her government promised Germany's parliament, the Bundestag, last year that the IMF would join the new bailout program before Europe disburses further money to Athens. More»
Islam Abdelhameed - 2016-05-16 15:37:05
Cairo-based Iskan Insurance Company has won a policy bid for Sheraton Tirana Hotel in Albania, a senior source in the company told Amwal Al Ghad on Monday. With total sum insured of $50 million, the insurance policy is tailored to cover all risks and damages arising out of fire, lightening, explosions, and self-ignition, the sources added. It also involves coverage against the group’s losses as well as risks arising out of dishonesty and civil liability, alongside providing engineering insurance services. More»
Amwal Al Ghad English - 2016-05-14 08:21:22
Standard & Poor's rating agency has on Friday cut Egypt’s credit outlook to negative from stable. The Global Ratings, which expected continued foreign exchange shortages as aid from Gulf Arab allies deteriorate because of the slump in their oil-related revenue. The most populous Arab country’s B- rating was maintained by S&P, putting it on par with Argentina, Greece and Pakistan. That’s five levels lower than before Arab Spring protests ended President Hosni Mubarak’s three decades in power in 2011. “Egypt’s external and fiscal vulnerabilities might increase further over the next 12 months,” S&P said in a statement. “This could dampen the country’s economic recovery and exacerbate sociopolitical challenges.” Egypt has seen its economy suffer amid a more than 40-percent slump in tourist arrivals since the bombing of a Russian airliner over Sinai in October, while non-oil business activity has contracted for the past seven months amid the shortage of dollars. The government is in talks to receive a pledged $2 billion deposit from the United Arab Emirates to support its foreign reserves, which cover the equivalent of 3.6 months of imports. S&P said it may lower the rating if foreign exchange reserves decrease more quickly than currently expected, or if current account financing, including from GCC countries, become less forthcoming. “Deteriorating domestic fiscal funding options, increased political risk, or a weaker institutional environment could also lead us to lower the ratings.” More»
Islam Abdelhameed - 2016-05-12 09:29:17
The Egyptian takaful premiums have managed to capture in two months around 12.77 percent of the total insurance premiums in the country, Egypt’s market regulator said in a statement on Thursday. During the first two months of 2016, the Egyptian takaful firms have registered insurance premiums worth 459.8 million Egyptian pounds (US$51.7 million). The Egyptian Financial Supervisory Authority (EFSA) further stated that the Egyptian takaful non-life insurance firms represent around 19 percent or 225 million pounds of the total non-life insurance premiums in the market by end of last February. The takaful firms’ premiums mainly focused on the compulsory motor insurance with a 21 percent stake at value of 47.1 million pounds, fire with a 19.8 percent and 44.5 million pounds, and finally comprehensive motor insurance with 19 percent and 42.7 million pounds of premiums, EFSA added. More»
Amwal Al Ghad English - 2016-05-12 08:48:36
Egypt has surpassed South Africa as the second largest economy in Africa, the International Monetary Fund (IMF) stated in its latest World Economic Outlook. The IMF said South Africa has been taken over by Egypt because of the depreciation of its currency, the rand. The IMF also projected that the South African economy would grow by a mere 0.6 percent this year, lower than the 0.9 percent predicted by the South African government. The global lender said South Africa is now only the third-largest economy on the African continent after Nigeria and Egypt. Nigerian GDP in US dollar terms surpassed its South African equivalent in 2011. By the end of 2015, Nigeria's GDP was measured at 490 billion U.S. dollars compared to South Africa's estimate of 313 billion dollars South Africa recorded a decline in its economy during 2012-15 period due to slowdown of real growth (in local currency terms) as well as a depreciation in the value of the rand. The South African currency weakened from an average of R8.20/on U.S. dollar in 2012 to an average of R12.74/one dollar last year -- that is a depreciation of more than 50 percent. As a result, the nominal US dollar value of South Africa's gross domestic product declined by an average of almost 7 percent annually over the past four years. Meanwhile, Egypt's nominal US dollar GDP, however, expanded by an average of 7.5 percent during 2012-15 period. The Egyptian pound's depreciation during 2012-15 period was at a notably slower pace compared to that of the rand. Since early in 2011, the Central Bank of Egypt (CBE) has tightly managed the pound, resulting in a milder depreciation compared to the free-floating South African currency. This contributed to Egyptian GDP eclipsing its South African counterpart during 2015. More»
Islam Abdelhameed - 2016-05-11 16:15:13
The multinational insurance brokerage, Willis Towers Watson (WTW) registered $1.7 billion in profits after its acquisition of France’s Gras Savoye, said an official from Gras Savoye Egypt. In December, Willis Group Holdings plc (NYSE:WSH) announced the completion of its full takeover of French insurance broker, Gras Savoye. Yet, the takeover deal came into effect last mid January. Hamed Mabrouk – Managing Director of Gras Savoye Egypt – further told Amwal Al Ghad on Wednesday that Willis’ total revenues had reached $8.2 billion after the completion of Gras Savoye takeover deal. More»
Al Zahraa Mostafa - 2016-05-11 14:47:23
Egyptian Takaful Property and Liability Insurance (EGTAK) will start early this June talks to renew its reinsurance agreements with Germany’s Hannover Re, the Egyptian insurer’s official told Amwal Al Ghad on Wednesday. Hamed Mahmoud – Head of Reinsurance Department at EGTAK – further said he expects the German reinsurer would renew its agreements the Egyptian company without placing any additional conditions backed by EGTAK’s positive business results. Hannover Re SE, with a gross premium of around €14.4 billion, is the third-largest reinsurance company in the world. Its headquarters is in Hannover, Germany. More»