amwalalghad :: Financial Institutions

Your English Portal To Arab Economy

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        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        Universal For Paper and Packag   4.94        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        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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

Amwal Al Ghad English - 2015-05-06 10:16:11
The International Monetary Fund had “good discussions” with Egyptian officials in Washington last month and will send a technical assistance team to Cairo early June, Director of the Middle East and Central Asia Department at IMF, Masoud Ahmed said Tuesday. The economic policy reforms pursued by the Egyptian government have started to pay off and growth is enhanced, although the country still facing difficult situation, he noted in a statement on Tuesday to Reuters. Regarding the visit, IMF Mission Chief for Egypt Chris Jarvis told Daily News Egypt that IMF staff visits are routine visits to member countries, and are part of the IMF surveillance and policy consultation relations with the Egyptian authorities. “We are not in talks on a new programme or a loan. So far, the authorities have not requested IMF financing, but we would be ready to consider a request if the authorities feel it is opportune. As mentioned by the Managing Director more than once, the Fund stands ready to help Egypt and its people,” Jarvis added. In response to a question about expectations of Egypt’s current account deficit, Jarvis told Daily News Egypt that they “expect imports to increase as growth recovers”. Further, they are expecting Egypt to “remain a net oil and gas importer; this also weighs on the current account balance. Therefore, to reduce the current account deficit, Egypt would need to export more”. As for recommendations to the Egyptian government to avoid current account deficit, Jarvis said that “the authorities have put together a plan that seeks to achieve fiscal consolidation over the medium term. If fully implemented, this plan will help by reducing the demand for imports arising from the public sector. In particular, the energy subsidies reform will help reduce consumption of petroleum products”. In another context, economic analyst Fakhry Al-Feky commented that it is still too early to talk about requesting loans from the IMF, as the government still has no clear economic reform programme, noting that the government is making efforts to resolve many internal issues, such as food and energy supplies. The government also has other economic packages to help reduce the financing gap, such as the recent $6bn deposits from Gulf countries, and the $6bn more expected, and the $4.8bn from the World Bank over five years, Al-Feky added. More»
Amwal Al Ghad English - 2015-05-06 09:59:12
Greece made a 200 million euro ($225 million) interest payment to the International Monetary Fund Wednesday, the Greek finance ministry said, the first of two reimbursements Athens must honour by mid-May. The smaller of the two scheduled payments totalling nearly one billion euros came despite the failure thus far by cash-strapped Greece and its European Union-IMF creditors to reach a deal to unblock 7.2 billion in bailout funds to Athens. But fears that Greece might not scrape up enough cash to repay Wednesday's interest payment -- or the additional 750 million euros due May 12 -- were shrugged off by Greek officials. "The instalment will be paid," assured Finance Minister Dimitris Mardas on TV station Mega an hour before Athens said it handed over the funds. More»
Amwal Al Ghad English - 2015-05-06 07:43:33
JPMorgan Chase & Co (JPM.N) said on Tuesday it is in "advanced stages" of settlement talks with the U.S. Department of Justice and Federal Reserve over previously disclosed investigations into its foreign exchange trading. The company gave the description of the talks in a quarterly filing with the U.S. Securities and Exchange Commission on Tuesday. A Justice spokesman acknowledged that the department has an "active, ongoing investigation," but declined to comment further. JPMorgan also estimated its "reasonably possible" legal expenses, in excess of its litigation reserves, at $5.5 billion as of the end of March, down from $5.8 billion at the end of December. More»
Amwal Al Ghad English - 2015-05-04 16:59:29
Standard & Poor's downgraded on Monday McDonald's Corp. corporate credit rating to A-minus from A, and said plans to return $8.5 billion in cash to shareholders this year are a negative for its credit metrics. "While we see credit and cash flow benefits from refranchising, lower capital spending and cost reductions, these are largely offset by our current assumption that absent specifics on longer term financial policy, the company will return much of this cash to shareholders and credit measures will not return to the low-2x area," the rating agency said in a statement. The action comes after McDonald's unveiled a turnaround plan that disappointed investors by failing to mention food or menu changes, sending shares lower in early trade. McDonald's has about $15 billion in long-term debt, according to FactSet. More»
Mohamed Hamdy - 2015-05-03 10:12:14
Egypt’s Social Fund for Development (SFD) is holding talks with the World Bank Group, aiming to obtain a new financing package worth US$300 million, the fund’s secretary general Soha Soliman told Amwal Al Ghad Saturday. Soliman noted that the targeted financing package would go for financing small and labour intensive projects. The World Bank Group’s financing programme has served more than 130.000 small and micro-sized projects, to contribute to providing considerable investment opportunities for the country’s private sector and creating thousands of job vacancies for youth. More»
Islam Abdelhameed - 2015-05-02 19:10:45
Adel Mounir, Vice Chairman of Operations and Insurance at Egypt's Misr Insurance Holding and a former regulator, has been named as Secretary General of the Federation of Afro-Asian Insurers and Reinsurers (FAIR). He replaces Hammam Badr, who recently resigned from the organisation. Mounir joined Misr Insurance Holding in 2013 after eight years working with the regulator, first as the Chairman of the Egyptian Insurance Supervisory Authority and, after it was named as the Egyptian Financial Supervisory Authority, as its Deputy Chairman. He was a founder of the Arab Forum of Insurance Regulatory Commission, and was its Chairman from 2009 to 2011. He was also deputy chairman of the IAIS Market Conduct committee and regulations, Board Member of the IAIS Executive Committee, Board Member of Access to Insurance Initiative, Board Member of Trustees, Board Member of African Reinsurance Corporation. Mounir also has an established academic career, lecturing as a Professor of Insurance & Actuarial Sciences, initially with Assiut University and at present with Cairo University. He received his PhD in Insurance & Risk Management from Wharton School, University of Pennsylvania. He has been an active participant in issuing the compulsory motor insurance law in Egypt and its executive regulations, issuing Market Conduct measures and regulations, modernizing the insurance supervising law in Egypt to cope with international standards, preparing a draft law on supervision of health insurance, preparing a draft law for enhancing the supervisory system of insurance and pension funds, preparing a strategic plan for shifting towards risk- based supervision. More»
Al Zahraa Mostafa - 2015-04-30 12:50:11
Egypt’s leading composite insurer, Suez Canal Insurance, has been selected to insure the oil company, Petrojet’s properties and civil liability, Engineering Sector Head Moshira Maamoun told Amwal Al Ghad. Maamoun stated that Petrojet’s insurance policy is with sum insured exceeding 2 billion Egyptian pounds (US$262.2 million). The insurer official further said the insurance policy would also include coverage against dangers of land, maritime, and air transports. Suez Canal Insurance would also insure Petrojet’s vehicles and warehouses. More»
Amwal Al Ghad English - 2015-04-30 09:17:09
Swiss Re AG reported a 17% rise in first-quarter net profit Thursday, despite a mixed performance from its various businesses. Zurich-based Swiss Re said net profit at the reinsurance giant rose to $1.44 billion in the period, compared with $1.23 billion in the same period a year earlier. Overall premiums and fee income rose slightly to $7.56 billion, from $7.55 billion, the company said. The firm's return on equity was 16.1% in the quarter, up from 14.9%. More»
Amwal Al Ghad English - 2015-04-28 17:58:06
MetLife Inc. said its board raised the life insurer's quarterly dividend by 7.1 percent, marking the third year in a row the payout to shareholders has been boosted. MetLife, the largest life insurer in the U.S. by assets, said the dividend will rise to 37.5 cents a share, an increase of 2.5 cents a share. The boosted dividend is payable to shareholders of record as of May 11. Chairman and Chief Executive Steven A. Kandarian said the move "demonstrates our continued commitment to maximizing long-term shareholder value." MetLife reported in February that it eked out a slight increase in fourth-quarter operating profit though revenue edged down as the life-insurance industry continued to wrestle with tough economic conditions in many parts of the world. During its fourth-quarter conference call, the company struck a cautious tone. While it had $6.1 billion of "free cash," executives at the time declined to say how much might land in shareholders' pockets beyond its $1 billion share-buyback program. The company plans to release its first-quarter results on May 6 after the market closes. More»
Islam Abdelhameed - 2015-04-26 17:24:34
Egypt’s Delta Life Insurance has won an insurance policy for the employees of Advance Energy Systems (ADES Group), chief sales & marketing officer Mohamed Mowafi announced Sunday. Speaking to Amwal Al Ghad on Sunday, Mowafi stated that the insurance policy is with total sum insured worth 326 million Egyptian pounds (US$42.7 million). Upon the policy, Delta Life shall provide insure 706 employees at ADES Group, Mowafi noted, adding that the total annual premiums for the policy are estimated at 800.000 pounds. Moreover, the policy is based on providing life insurance coverage for ADES employees, to include natural death, total permanent disability (TPD), and permanent partial disability (PPD) in addition to risks of individual accidents. ADES Group is a Middle Eastern conglomerate headquartered in Egypt. ADES has consolidated all upstream services & projects - both onshore and offshore - in the oil & gas sector into one group. The Group is considered the second largest operator in Egypt and it is proud of its 1000 - plus - strong qualified employee base and aims to stimulate the regional economy by continuing to recruit and reward qualified team-members. More»