amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        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        Northern Upper Egypt Developme   4.93        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        National Development Bank   6.72        Six of October Development & I   15.03        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        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        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

Islam Abdelhameed - 2016-05-03 12:20:46
The state-run Alexandria Passenger Authority (APTA) has launched a call for tenders on a new insurance policy tailored for the company’s assets and premises, sources with knowledge told Amwal Al Ghad Tuesday. The insurance policy is one-year renewable term, with total sum insured of around 300 million Egyptian pounds (US$33.8 million), the sources added. The Egyptian tram operator’s  policy will involve insurance coverage for the APTA’s assets and affiliated properties against all dangers of fire, burglary, and others. The sources also referred to a fierce competition among three insurance firms working in the Egyptian market, namely Misr Insurance Company, Arab Misr Insurance Group (GIG), and Egyptian Takaful Property and Liability Insurance (EGTAK), seeking to win the policy bid. More»
Amwal Al Ghad English - 2016-05-03 08:47:15
American International Group Inc (AIG.N), under fire from investors to improve its performance, reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income. Shares of the biggest U.S. commercial insurer by premiums fell 3.3 percent in extended trading on Monday. AIG has been scaling back investments in hedge funds, which have borne the brunt of excessive market volatility in the past year. Big-name hedge funds favored by pension funds and the ultra-wealthy for their track record of stellar returns took a battering in the first quarter of 2016, with some posting their worst ever start to a year on record. AIG's weak results come at a time when the company is facing the possibility of having to set aside more capital as regulators worry about financial firms deemed "too big to fail". The insurer's near collapse in 2008 and its $182 billion bailout by the U.S. government led to its inclusion in the Federal Reserve's list of "systemically important financial institutions" (SIFIs). Chief Executive Peter Hancock said in March that a judge's ruling that MetLife Inc (MET.N) was not "too big to fail" opened up an opportunity for AIG to seek an exemption from the designation. Investors will look for an update on AIG's position when the company holds its post-earnings call on Tuesday. AIG has been under pressure from activist investor Carl Icahn to split into three independent companies. In February, the insurer agreed to add two members nominated by Icahn to its board. Billionaire investor John Paulson and Samuel Merksamer, a managing director at Icahn Capital LP, are expected to join AIG's board next week. The operating profit attributable to AIG fell 54 percent to $773 million in the first quarter, partly due to restructuring costs of $122 million. On a per-share basis, AIG earned 65 cents, far short of the average analyst estimate of $1.00, according to Thomson Reuters I/B/E/S. Pre-tax income in AIG's commercial property and casualty insurance business, its biggest, fell 38.5 percent to $720 million. The unit's net investment income fell about 44 percent to $577 million. Shares of AIG, which traces its roots to a two-room office in Shanghai in 1919, were trading at $54.75 after the bell. Up to Monday's close, the stock had fallen nearly 9 percent this year. More»
Mohamed Hamdy - 2016-04-28 15:59:52
United Nations Development Programme (UNDP) signed Thursday an agreement to extend its partnership with Egypt’s Social Fund for Development (SFD) for three additional years. The partnership aims to strengthen the capacities for SFD in order to: (i) enhance institutional and operational efficiency, (ii) improve planning, monitoring and evaluation for development results, (iii) increase access to improved financial and non-financial services for SMEs, and (iv) improve methodologies and business processes targeting human and community development interventions to become more sustainable and aligned with the local environment. The partnership will continue its support to the Public Works Programme to provide jobs to the most marginalised people throughout the country as a form of social protection since 2012, with the generous financial support from the Government of Japan. More»
Ahmed Ali & Mohamed Hamdy - 2016-04-23 13:32:01
Egypt’s Social Fund for Development (SFD) has allocated US$300 million for the country’s national Emergency Labour Intensive Investment Project during the period from 2013-2017. The funds came from contributions of the World Bank’s US$200 million and the European Union’s US$100 million financings, Medhat Massoud, Head of SFD’s Central Sector for Human and Community Development, told Amwal Al Ghad Thursday. The objectives of the Labour Intensive Investment Project for Egypt are: (i) to create short-term employment opportunities for unemployed unskilled and semi-skilled workers; and (ii) to provide access to basic infrastructure services to the target population in poor areas in the Borrower's territory. Specifically, the operation will focus on two main components. The first component, employment-intensive sub-projects, will support two types of labour intensive sub-projects: (i) small-scale local infrastructure public works sub-projects: canal cleaning and protection, rehabilitation of schools, housing, and rural roads; and (ii) community service sub-projects. The second component, implementation support, will finance support to project management; audits, public information and communication; technical verification and quality assurance; monitoring and evaluation; auditing; and social accountability. SFD is an autonomous development and poverty-alleviation agency set up under presidential decree 40 of 1991. It is an agency affiliated to Egypt’s Cabinet and is governed by a board of directors headed by the country’s prime minster. The Central Sector for Human and Community Development (HCD) is responsible for managing the Labor Intensive Investment Project. More»
Amwal Al Ghad English - 2016-04-23 09:36:23
China's insurance regulator issued Friday a warning to mainland residents about purchasing insurance products in Hong Kong. The China Insurance Regulatory Commission (CIRC) said in a statement posted on its website that insurance products issued by Hong Kong insurers were not protected by mainland laws. Investors also face potential interest rate and foreign exchange policy risks, and there were uncertainties about the yields from these insurance products, the regulator said. Reuters reported in March that China had further tightened restrictions on purchases of Hong Kong insurance products by mainland investors, sources said, narrowing another loophole in the capital account seen as a potential gateway for capital flight. More»
Amwal Al Ghad English - 2016-04-23 09:33:26
Greece and its lenders have made some progress towards an agreement on reforms, but not enough to unlock new loans or start talks on vital debt relief, the head of the International Monetary Fund Christine Lagarde stated Friday. "There is more work to be done. We are determined to continue the work. We're not there yet," Lagarde said on arriving for a meeting of euro zone finance ministers. "There is more to be done and a debt sustainability to be agreed upon as well. It's critically important," Lagarde said. Germany and several other countries, including Finland and Slovakia, oppose debt relief for Athens, arguing it is not necessary. The IMF believes that without it, Greek debt will not be sustainable. "That program has to walk on two legs. There has to be sufficient reforms and we are making progress on that front, some progress, and there has to be debt sustainability at the end of the day and on that front we have not yet started the discussion," Lagarde said. More»
Amwal Al Ghad English - 2016-04-23 09:29:23
Mozambique has given the International Monetary Fund (IMF) an "avalanche of documents" and owned up to as much as $1.35 billion of undeclared sovereign borrowing that may have tipped it into an unsustainable debt trap, a Fund source told Reuters on Friday. The loans are in addition to an $850 million 'tuna bond' issued in 2013 and restructured last month because the southeast African nation was struggling to meet repayments. IMF said last week it had got wind of more than $1 billion of undisclosed borrowing, although Finance Minister Adriano Maleiane dismissed the allegations and spoke of "some confusion". Prime Minister Carlos Agostinho do Rosario then led a delegation to the United States to see IMF Managing Director Christine Lagarde to explain the borrowing and patch up tattered relations with the international lender. "We're confident that we're not going to find anything else," the IMF source told Reuters, adding that Rosario's visit had gone some way to mending relations. "But we can't just go back to where we were. That takes time." The extra borrowing pushes Mozambique's foreign debt to $9.64 billion, according to the new tuna bond prospectus - a level now "very close to unsustainability," the source added. Proindicus, a state firm owned by the Ministries of Interior and Defence and the State Security and Intelligence Service, had been lent $504 million by Credit Suisse and $118 million by Russia's VTB, the source said. According to a February 2013 Credit Suisse document obtained by Reuters, the money was earmarked for acquiring high-speed naval interceptors, radar stations, off-shore patrol vessels and aircraft. Credit Suisse has declined to comment on the document. Another loan of $535 million went to Mozambique Asset Management, another state company set up to build a shipyard in the northern city of Pemba, the source said. Pemba is near off-shore natural gas fields being explored by Anadarko (APC.N) and Eni (ENI.MI) that are thought to contain 180 trillion cubic feet of gas - enough to supply Germany, Britain, France and Italy for nearly two decades. In addition, the Interior Ministry had borrowed $130-$200 million from an unidentified bilateral lender, the source added. CHAOS A foreign debt level of $9.64 billion is equivalent to 77 percent of GDP, a level that will become difficult to pay if its currency, the metical MZN=, extends last year's 40 percent decline against the dollar. The failure of Maputo, Credit Suisse and VTB to disclose the extra borrowing during negotiations to reschedule the tuna bond has infuriated investors, some of whom have threatened to sue. However, the IMF source said investors should observe patience since reigniting tensions would be more likely to trigger a default that could jeopardize Mozambique's ambitions to become one of the world's top three liquefied natural gas producers. "There will be chaos," the source said. "The authorities will not be able to pay, the investors will get screwed, the debt rating will move into default and then the companies - Eni and Anadarko - will not be able to get project finance." One bond-holder said some creditors were still unlikely to take it lying down, although the difficulties of taking legal action in a jurisdiction as murky as Mozambique could cause them to hang fire. "I believe some creditors will potentially claim that the exchange was misleading," the bond-holder, who did not wish to be named, said. "Then again, there is a cost there as well. I don’t really know any precedent where something like that has happened. This is a very unusual situation." More»
Amwal Al Ghad English - 2016-04-23 09:17:55
Saudi Arabia's move to raise US$10 billion via an international bank loan reflects the pressure on its fiscal balances caused by lower oil prices that contributed to our recent sovereign downgrade, Fitch Ratings says. Over the longer term, international sovereign debt issuance may support the development of a market for Saudi corporate bonds. Press reports on Wednesday said that Saudi Arabia had agreed a US$10 billion, five-year loan from a group of US, European and Asian banks. Demand was strong for participation in the syndicated loan, which will be the Kingdom's first international borrowing since 1991 and prefaces an international bond issuance that Saudi officials say is planned for this year. The prospect of a syndicated loan of up to US$10 billion and a potential Eurobond sale were factored into Fitch's sovereign debt projections when we downgraded Saudi Arabia to 'AA-'/Negative this month. Combined with domestic debt issuance, international borrowing will push general government debt-to-GDP to 9.4 percent in 2017. The ratio is still well below the 'AA' category median (36.9 percent), but has increased sharply from 1.5 percent in 2014 due to the fall in oil prices. A large share of the government's financing needs will be funded by disposing of foreign financial assets. Building up the sovereign's international borrowing capacity would increase financing flexibility at a time when fiscal and external balance sheets are still strong. It also lessens the erosion of external buffers caused by lower oil prices, but this will still be substantial. As a result of declining assets and rising debt, we forecast the sovereign net foreign asset position to fall to 78 percent of GDP in 2017 from 113 percent in 2014. This will still be high, but would be less than half the ratio of the other 'AA' category Gulf Cooperation Council energy exporters - Kuwait, Abu Dhabi and Qatar. A record of international sovereign borrowing may also have structural benefits by supporting international sukuk and bond issuance by big Saudi corporates, for example by establishing a pricing benchmark and enabling them to diversify away from bank lending. This would provide an alternative source of funds for investment by Saudi corporates, which would support growth. More»
Amwal Al Ghad English - 2016-04-21 09:02:05
An International Monetary Fund (IMF) delegation submitted a report to the Egyptian Ministry of Finance in which it praised the customs reforms in spite of the challenges the country faces, an official statement from the Ministry of Finance said Wednesday. The ministry had requested the IMF’s evaluation of the Egyptian Customs Authority, as well technical assistance from the fund to help improve the authority’s performance. The Finance Ministry said the IMF’s recommendations included creating a system to evaluate the performance of each individual customs collecting authority and whether legislations are implemented as soon as they are passed. Director of the Middle East and Central Africa Department at the IMF Masood Ahmed said on 15 April that the Egyptian government’s effort to reform the business sector has moved forward, but that it is “a little bit slower in terms of the budget deficit”. “Authorities intended to have a budget deficit below 10 percent for this year. In the end, they were not able to achieve that,” Ahmed said.  “VAT implementation has been postponed for a bit.” The IMF official said the fund welcomes the devaluation of the Egyptian pound as well as the Central Bank of Egypt’s move to introduce a flexible exchange rate system. The official stressed that the Egyptian government has not officially applied for a loan, adding that the IMF “stands ready to help Egypt and the people of Egypt”. US-based financial services firm JP Morgan issued a statement recently that said the Egyptian government will finalise an IMF loan before the end of the fiscal year. Ahmed told Daily News Egypt that the growth forecast for Egypt this year ranges between 3-3.5 percent, down from 4.2 percent last year. More»
Amwal Al Ghad English - 2016-04-20 09:11:34
The Egyptian branch of the French company AXA Investment signed Monday a preliminary agreement with two companies owned by the Sawiris family, one company owned by the Bahraini Kanoo family and with the International Finance Corporation (IFC) to make the signees to become the AXA shareholders The parties signed the agreement during a meeting between President Abdel Fattah al-Sisi and French President François Hollande. CEO of AXA Egypt Hassan Al-Shabrawishi said the company signed agreements with the Nile Holding Investment Company—owned by Onsi Sawiris—and Gemini Holding, a subsidiary of Orascom Telecom, which is also owned by the Sawiris family. The agreement also included the Yusuf Bin Ahmed Kanoo Group, based in Bahrain, which is among the oldest economic blocs in the Gulf. Nabeel Kanoo signed the agreement on behalf of the Group, according to Al-Shabrawishi. The International Finance Corporation (IFC), which is a member of the World Bank Group, also signed the agreement. The IFC already has many partnerships with AXA Investment around the world. The agreements are expected to be finalised by the end of 2016 after the parties determine the final contribution shares. AXA Investment, which operates in 59 countries, entered Egypt in November 2014 through the establishment of AXA Egypt Investment Company, which currently owns AXA General Insurance, AXA Business Services, and the Commercial International Life Insurance Company (CIL). AXA Group founded AXA Egypt investments with an initial capital investment of 1 billion Egyptian pounds, and aims to increase its investments in the Egyptian market by 500 million pounds over the next three years, according to Al-Shabrawishi. AXA Egypt Investment will double the capital holdings of CIL, which currently amounts to 90 million pounds, so as to reach approximately 200 million pounds by June 2016. More»