amwalalghad :: Financial Institutions

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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        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        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        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        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 - Financial Institutions

Islam Abdelhameed - 2016-07-24 17:22:31
The long-awaited Egyptian insurance pool tailored for insuring the country’s nuclear projects and facilities will hold an assembly meeting within few days to review the share contributions submitted recently by insurers. Several insurance firms have recently announced their share of contributions to the planned insurance pool’s capacity subscription, such as Egyptian Takaful Property and Liability Insurance (EGTAK) and Iskan Insurance Company, pledging $200,000 and $500,000, respectively. The total capacity subscription for the Egyptian planned nuclear insurance pool is set to be worth around $20 million, senior sources familiar with the matter told Amwal Al Ghad on Sunday. The pool will provide insurance coverage for the country’s upcoming nuclear projects, notably Dabaa, Egypt’s first anticipated nuclear plant, which will need a capacity subscription worth around $3 billion, the sources added. The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024. The Egyptian government earlier in November signed an agreement with Russia to build Egypt's first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units. More»
Islam Abdelhameed - 2016-07-23 15:37:11
Egypt’s Iskan Insurance Company has won a policy bid launched by one of the companies operating in mall and administrative building establishment industry, an official told Amwal Al Ghad on Saturday. Noman Ashour – General Head of Marketing, brokers, and Bancassurance at Iskan – told Amwal Al Ghad that the policy is a one-year renewable term, with total sum insured of 290 million Egyptian pounds ($32.6 million). The policy involves insurance coverage for political violence, to insure the company’s headquarters, assets, and properties, Ashour added. It also provides coverage against risks arising out of terrorism, sabotage, unrest, and labours’ strike, revolutions, and wars. More»
Amwal Al Ghad English - 2016-07-23 10:26:06
Egypt’s central bank is to issue on Sunday on behalf of the ministry of finance treasury bills worth 10 billion Egyptian pounds ($1.1 billion) to fill the country’s state budget deficit. In a statement released on Saturday, the bank said it would raise two treasury bills; the first worth 4.7 billion pounds, to mature in 91 days. The second is at value of 5.2 billion pounds, to mature in 273 days. More»
Amwal Al ghad English - 2016-07-23 09:44:11
JPMorgan Chase & Co (JPM.N) will stop settling U.S. government securities transactions for most dealers by the end of next year as it streamlines its business, the bank said on Friday. The change would leave BNY Mellon Corp (BK.N) as the only clearing bank for such transactions between dealers and investors. In the first six months of 2016, an average of $504 billion of U.S. Treasuries changed hands per day, down slightly from a daily average of $507 billion for the same year-earlier period, according to data from the Securities Industry and Financial Markets Association. The $1.6 trillion tri-party repo market, involving broker-dealers, investors and clearing banks, is a key source of short-term borrowing for Wall Street firms which pledge U.S. Treasuries and other securities as collateral to fund their trades. "After a careful review, we have determined that it is a non-core service, particularly as we simplify our business and continue to prioritize strategic growth opportunities," a JPMorgan spokesperson said in an email. JPMorgan will end its Government Securities Settlement Services by the end of 2017, the spokesperson said. BNY Mellon currently clears 80 percent to 85 percent of tri-party repos, while JPMorgan clears the rest, according to analysts. BNY Mellon responded in a statement that it was committed to settlements business. The change would affect the settlement of so-called general collateral finance repos for 30 dealers and broker-dealers, Bloomberg first reported on Friday, citing Michael Albanese, the Wall Street bank's managing director of investor services. JPMorgan's decision on its government settlement business came after its customers could no longer conduct repo trades with BNY Mellon clients and vice versa on July 15 to comply with a new rule from the Securities and Exchange Commission. This has essentially split the tri-party repo market into two. The SEC rule change, which is part of a broader reform of the tri-party repo market, is aimed at reducing reliance on intraday credit from clearing banks for these loans. “Treasury has been in regular communication with J.P. Morgan about its plans regarding its Government Securities Settlement services. We are fully confident that Treasury securities will continue to trade and settle in the usual manner," Treasury spokesman Rob Runyan said in a statement. "We are coordinating with J.P. Morgan and the Federal Reserve to manage a smooth transition that minimizes any potential impact," he added. More»
Amwal Al Ghad English - 2016-07-23 08:42:05
Specialty commercial and casualty insurance company Ironshore Inc. plans an initial public offering, according to a filing with the U.S. Securities and Exchange Commission late Friday. Underwriters include Bank of America Merrill Lynch, Citigroup, J.P. Morgan, and UBS. The company reported earnings of 41 cents a share on revenue of $1.65 billion in 2015. More»
Amwal Al Ghad English - 2016-07-23 08:16:53
Goldman Sachs Group Inc (GS.N) will invest 600 million reais ($184 million) in Brazilian storage company Metrofit over the next 6 years, betting on a recovery from the harshest recession since the 1930s, a company executive said on Friday. Metrofit, founded in 2012, is a joint venture between Brazilian real estate company TRX (TRXL11.SA) and U.S. company Metro Self Storage. The terms of the agreement with the U.S. investment bank were not disclosed. The self storage business is growing in Brazil, despite the recession. Metrofit plans to build up to 10 storage sites a year in different state capitals, TRX's chief executive officer Luiz Augusto do Amaral said. Metrofit's competitors GuardeAqui, controlled by Sam Zell's Equity International, and GoodStorage have announced expansion plans, taking the opportunity to buy cheap real estate during the recession. "Goldman Sachs is betting on a longer term recovery", Amaral said. "And the timing is good to expand, since this year there is a lot of new real state coming to the market with prices lower than expected." Metrofit owns two self-storage sites in the rich Sao Paulo metropolitan region and is building two others. The company may use part of the cash injection to fund acquisitions, Amaral said. Earlier this week, Brazilian technology startup CargoX announced that Goldman Sachs had led a 35 million reais ($11 million) investment round for the company to help it fund an expansion. More»
Islam Abdelhameed - 2016-07-21 15:16:34
Egypt’s Arab Misr Insurance Group – GIG has won the credit card insurance policy bid launched by the National Bank of Egypt, the country’s biggest state lender. GIG will provide insurance coverage for credit cards owned by NBE’s clients, Makeen Lotfy - Business & Products Development General Manager at GIG – told Amwal Al Ghad on Wednesday. The policy is to cover all financial risks against any potential misuse of the insured’s lost or stolen credit cards, Lotfy said. Arab Misr Insurance Group – GIG is an Egyptian insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1980; it is a member of the Egyptian Insurance Federation and started business since July 1st , 1994. More»
Amwal Al Ghad English - 2016-07-20 17:35:23
Standard & Poor's Global Ratings has downgraded Wednesday ratings on the Republic of Turkey, and said the attempted coup at the weekend has further eroded the country's institutional checks and balances. "In addition, we expect a period of heightened unpredictability that could constrain capital inflows into Turkey's externally leveraged economy," the agency said in a statement. S&P lowered Turkey's foreign currency rating to BB from BB-plus, pushing it further into speculative, or "junk" status. It said the outlook is negative, meaning it could lower the rating again in the medium term. "The negative outlook reflects our view that Turkey's economic, fiscal, and debt metrics could deteriorate beyond what we expect, if political uncertainty contributed to further weakening in the investment environment, potentially intensifying balance-of-payment pressures," said the statement. On Monday, Moody's Investors Service placed Turkey on review for a possible downgrade as it assesses the fallout from the coup. The iShares MSCI Turkey ETF was down 2% Wednesday, while Turkcell the only Turkish company to be listed on a U.S. exchange, was down 1%. More»
Hesham Ibrahim - 2016-07-20 16:53:55
The total amount of ongoing German Agency for International Cooperation (GIZ) cooperation and technical support for Egypt is €1.3 billion ($1.4 billion), said programme coordinator Hildegard Vogelmann on Wednesday. Since 1956, GIZ has been implementing projects in all parts of the North African country on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). GIZ also works on behalf of other German public sector clients and international organisations. In the country’s current situation, vocational training and the networking of managers and expert personnel have a particularly important role to play. At present, 50 seconded experts and 200 national staff members are working for GIZ in Egypt, according to the German agency’s website. GIZ provides services worldwide in the field of international cooperation for sustainable development including economic development and employment, energy and the environment, and peace and security. More»
Amwal Al Ghad English - 2016-07-20 09:11:07
Pacific Investment Management Co., one of the world's largest bond funds, has picked up Man Group PLC Chief Executive Manny Roman as its new CEO. Pimco on Wednesday said Mr. Roman, a 52-year-old former Goldman Sachs Group Inc. banker, will take over on Nov. 1 and be based at the firm's headquarters in Newport Beach, Calif. The money manager's current chief executive, Douglas Hodge, is taking up the role of managing director and senior adviser, the company said. Pimco has suffered investor withdrawals in recent years following several leadership changes at the firm. Co-founder Bill Gross abruptly left in September 2014 and investors have pulled billions from the flagship fund he managed. His departure followed that of former Chief Executive Mohamed El-Erian. Mr. Hodge has held the CEO position at Pimco since early 2014, after Mr. Gross stepped back to focus on running the money manager's struggling flagship bond fund. Pimco, a unit of German insurer Allianz SE, made the decision to hire a new chief executive a few months ago, according to a person familiar with the hiring process, which was led by the firm's Chief Investment Officer Daniel Ivascyn. Man Group, one of the world's biggest hedge-fund managers, said Mr. Roman was stepping down from his role and would be replaced by Luke Ellis, who will take charge on Sept. 1. Mr. Ellis has been working alongside Mr. Roman since 2012 as president of the company, Man Group said. Under Mr. Roman Man Group, which was set up in 1783 as a barrel-maker next to London's river Thames, pursued an acquisitive strategy. More»