amwalalghad :: Financial Institutions

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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

Amwal Al Ghad English - 2013-12-04 13:36:13
The Egyptian Finance Minister, Dr. Ahmed Galal said there are three fundamental reasons which will make the partnership between Egypt and Gulf countries a distinct relationship, pointing out that the historical relationship between the two parties are so important but it doesn’t represent fundamental factors to attract Gulf investments to Egypt. Galal added in a keynote speech at Gulf- Egyptian Investment Forum that these reasons including the high rates of unemployment the availability of labor against the scarcity of the Egyptian capital, which makes Egypt needs for fresh investments to exploit these factors to achieve real development, pointing out that the foreign investor can achieve higher return for emerging the economy. He mentioned that the second reason is representing the gap between saving rates and the investments in Egypt, asserting that saving rates did not contribute except with 15% of the national income, which makes Egypt in deeply need to pump new investments. More»
Amwal Al Ghad English - 2013-12-04 08:06:06
Egypt has postponed any decision on taking a $4.8 billion loan from the IMF as financial aid from Gulf states has given Cairo some breathing space as it starts to conduct economic reforms, Deputy Prime Minister Ziad Bahaa El-Din said on Tuesday. Bahaa El-Din said Egypt has so far received around $8 billion of a $12 billion aid package from Saudi Arabia, Kuwait and the United Arab Emirates promised in July, days after the army toppled Islamist President Mohamed Morsi. The International Monetary Fund and Egypt have sporadically discussed a possible loan worth up to $4.8 billion to help the ailing economy since a 2011 uprising that toppled president Hosni Mubarak drove away tourists and foreign investors, two main sources of foreign currency. Any IMF deal, however, would require economic reform commitments that the government might find politically risky. "We have postponed that (IMF) decision for the time being. We are not under the extreme stress that the previous government found itself in," Bahaa El-Din told a conference in London. "The assistance that we have from abroad ... This is money that has come at the right time to give us the breathing space to begin to implement those decisions at the pace and in conditions that are much more favorable than when you are pressed to have to sign an agreement today or tomorrow." Bahaa El-Din said Egypt was expecting to receive $1 billion in aid from Kuwait but did not say when the cash could arrive. Some $3 billion out of total $5 billion aid from the UAE will be channelled through infrastructure and utility projects. He said Egypt is negotiating for more aid from the Gulf which has so far given the country cash transfers and oil shipments. On top of $8 billion, Egypt's central bank has received deposits from the Gulf to improve liquidity. "Now we all understand and appreciate that this is not a sustainable situation, we are not going to rely every year on getting this kind of money," Bahaa El-Din said. "But it also comes to fill the gap that I have to assume is also non-recurrent." The minister told Reuters later that he has also signed a $610 million aid package in total from the World Bank to help build a power plant and develop sewage. A central bank official told Reuters on Tuesday that Egypt returned $500 million to Qatar on Dec. 2 after Qatar refused to renew the deposit it had made with the central bank. Qatar was one of the few Arab states to support Egypt during President Mohamed Morsi's year in office but ties have deteriorated since July. About a dozen Egyptians who oppose the interim government backed by army chief General Abdel Fattah al-Sissi protested outside the Egyptian Cultural Office in central London where the briefing was held. After the briefing, they shouted "shame on you" to the participants, carrying banners that said "Sisi is a murderer" or a symbol adopted by Morsi's Muslim Brotherhood supporters after July. More»
Amwal Al Ghad English - 2013-12-03 09:21:17
Treasury yields approached a seven-year high against their German counterparts and the most in 31 months versus Japanese bonds amid speculation the Federal Reserve will trim its debt purchases as soon as this month. U.S. 10-year yields were 105 basis points more than similar-dated bunds. The gap was 108 basis points last month, the most since 2006. The spread to Japanese bonds was about 218 basis points, versus 223 in September, which was the widest since 2011. The European Central Bank and the Bank of Japan both increased efforts to reduce yields this year. “The Fed is contemplating an exit strategy from monetary easing, while the ECB is seen as strengthening its low-rate policy to contain disinflation risks, and the widening yield gap shows this difference in monetary policy,” said Hajime Nagata, who helps oversee the equivalent of $115 billion as an investor at Tokyo-based Diam Co. “Japan’s monetary policy is closer to additional easing than to an exit, which is very different from the Fed.” U.S. 10-year yields were little changed at 2.79 percent as of 4:32 p.m. in Tokyo, according to Bloomberg Bond Trader data. The price of the 2.75 percent security maturing in November 2023 was 99 21/32. The yield has climbed from 1.76 percent at the end of last year. It is below the average of 3.5 percent over the past decade. Japan’s 10-year yield advanced two basis points to 0.63 percent, versus 1.74 percent inGermany as of yesterday. A basis point is 0.01 percentage point. Comparative Returns The Bloomberg U.S. Treasury Bond Index has fallen 2.5 percent in 2013. German bunds slid 1.2 percent, while Japan’s government bonds returned 2.6 percent, according to the Bloomberg indexes. The ECB cut its main interest rate to a record low of 0.25 percent in November. The BOJ increased its bond-buying program in April to more than 7 trillion yen ($68 billion) a month as it fights 15 years of deflation. Treasuries fell yesterday as the Institute for Supply Management manufacturing indexunexpectedly rose to the highest since April 2011, adding to speculation the U.S. economy is improving enough for the Fed to cut stimulus soon. Ten-year yields rose five basis points, or 0.05 percentage point. The Fed has signaled its intention to reduce its $85 billion in monthly purchases of Treasuries and mortgage-backed debt. Minutes from the Federal Open Market Committee meeting on Oct. 29-30, released Nov. 20, showed policy makers expected economic data to show improvement in the labor market and “warrant trimming the pace of purchases in coming months.” Policy makers have kept their target rate for overnight loans between banks at zero to 0.25 percent since 2008. Job Growth U.S. employers probably added 181,000 workers in November after increasing payrolls by 204,000 in October, based on a Bloomberg News survey of economists before the Labor Department reports the figure Dec. 6. Monthly job growth is averaging 186,300 this year, the most since 2005, according to data compiled by Bloomberg. Volatility in Treasuries as measured by the Bank of America Merrill Lynch MOVE index rose to 73.15 yesterday, a level unseen since Oct. 16. That compares with a six-month low of 58.31 on Nov. 18. Treasury trading volume at ICAP Plc, the largest inter-dealer broker of U.S. government debt, more than doubled to $318 billion yesterday, after Treasuries closed early on Nov. 29 following Thanksgiving in the U.S. the day before. The yield premium that Treasury 10-year notes offer over the U.S. inflation rate reached 1.84 percentage points on Nov. 20, the most since February 2011. “U.S. Treasuries are getting more attractive, not only the absolute yield, but inflation is getting lower and lower,” said Yoshiyuki Suzuki, who helps oversee the equivalent of $57.8 billion as head of fixed income at Fukoku Mutual Life Insurance Co. in Tokyo. Suzuki said he’d consider buying 10-year notes if their yields rise to 3 percent. More»
Islam Abd ElHameed, Al-Zahraa Moustafa - 2013-12-02 13:54:37
Hesham Abdel Shakour, Managing Director of Egyptian Life Takaful Company, has asserted that his company is aiming to attain EGP200 million premiums by the end of the current fiscal year of 2013/2014. Abdel Shakour has informed Amwal Al Ghad in an exclusive that Life Takaful attained EGP123 million premiums in the fiscal year of 2012/2013, compared to EGP45 million in FY11/12. He added that the total investments of the company reached around EGP160 million at the end of the fiscal year 12/13, pointing out that the most documents of the company are investments, adding that Life Takaful boosted the capital, registering EGP130 million instead of EGP100 million. He further explained that the company’s business results illustrate the progress which achieved by the company, explaining that the Egyptian insurance market is still needing to establish new companies provided that innovate new products that meet with the customer needs. More»
Moustafa Adel - 2013-12-02 09:59:55
On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 3- and 7-year treasury bonds worth EGP 3 billion. Throughout its official website, the CBE stated that the first offering; 3-year t-bonds is at value of EGP 1.5 billion, whereas the second offering; the 7-year t-bonds amounts to EGP 1.5 billion. This comes in accordance with the Egyptian Finance Ministry’s plan to offer EGP 63 billion within the month, compared to EGP 67.5 billion raised for last October. This comes as the Egyptian government is targeting the provision of EGP 206.5 billion in the local market within the second quarter of the current fiscal year of 2013/2014 through issuing treasury bills and bonds. More»
Islam Abd ElHameed - 2013-12-01 09:48:27
Iskan Insurance Co is considering inaugurating new branch in the Delta within the next fiscal year of 2014/2015, stated Mr. Hammam Badr Managing Director of the Company. Badr has informed Amwal Al Ghad in an exclusive that his company did not specify the targeted area in Delta till now, noting that it will be specified it in accordance with the company’s studying for the economic movement in the various governorates of Delta. He added that Iskan has recently inaugurated new subsidiary in Downtown-Egypt, so the total branches reached 5, along with the main headquarter, representing in 3 branches in Cairo, Alexandria as well as Downtown. He stated that despite the current political and economic turmoil , Iskan has succeeded in achieving its strategic plan, registering 100% premiums growth rates during the previous year of 2012/2013. He further explained that Iskan’s asserts doubled since its inception up EGP100 million with 100% growth rate, due to the achieved balance between the insurance company's portfolio  and investments for the company’s obligation commitments of its policyholders. More»
Moustafa Adel - 2013-12-01 08:49:33
On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 91- and 273-day treasury bills worth EGP 5.5 billion. Throughout its official website, the CBE stated that the first offering; 91-day is at value of EGP 2 billion, whereas the second offering; the 273-day amounts to EGP 3.5 billion. This comes in accordance with the Egyptian Finance Ministry’s plan to offer EGP 63 billion within the month, compared to EGP 67.5 billion raised for last October. This comes as the Egyptian government is targeting the provision of EGP 206.5 billion in the local market within the second quarter of the current fiscal year of 2013/2014 through issuing treasury bills and bonds. More»
Islam Abd ElHameed - 2013-11-30 12:03:24
Egypt General Insurance and Property companies, Iskan Insurance and Arab Misr Insurance Group (GIG) are competing to win Misr Petroleum Company’s tender of all its properties and assets. Adel Hegazy, General Manager of Accident and Petroleum Insurance Sector at GIG said the total amounts of Misr Petroleum properties and assets insurance document are EGP1.5 billion. Hegazy has informed Amwal Al Ghad in an exclusive that the document includes covering all of buildings, stores, spare parts and assets of the oil company against the risks of fire, explosion along with social responsibility. Hegazy added that the technical and finance envelopes of the tender opened in the last week, explaining that his company was less expensive among the three companies, but the final broadcast of the tender postponed to the next month. More»
Moustafa Adel - 2013-11-28 13:52:03
On behalf of the Egyptian Finance Ministry, the Central bank of Egypt (CBE) has sold today 182-and364- day EGP6.5 billion treasury bills today. Throughout its official website, the finance ministry stated that the first offering which is 182- day up EGP2.5 billion, registering 10.965% average return, 11.03% highest return and 10.889% lowest return, in addition maturities have been covered  1.73 times. While the second offering 364-day is at value of EGP4 billion, recording 11.358% average return, 11.249% highest return and 11.390% lowest return, along with  2.1 times maturities have been covered. More»
Moustafa Adel - 2013-11-28 08:03:52
On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 182- and 364-day treasury bills worth EGP 6.5 billion.Throughout its official website, the CBE stated that the first offering; 182-day is at value of EGP 2.5 billion, whereas the second offering; the 364-day amounts to EGP 4 billion. This comes in accordance with the Egyptian Finance Ministry’s plan to offer EGP 63 billion within the month, compared to EGP 67.5 billion raised for last October. More»