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        United Arab Shipping   0.43        Egyptians Housing Development    1.94        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

Amwal Al Ghad English - 2015-07-02 11:01:47
Credit rating agency Moody's Investors Service Thursday downgraded Greece's government bond rating to 'Caa3' from 'Caa2,' over concerns that Athens will default on debt in private hands. Most of Greece's government debt is held by large public institutions, but part of it remains in the hands of private investors. Moody's warns that the probability of support for the bonds over the medium-term has fallen regardless of the outcome of Sunday's referendum. More»
Amwal Al Ghad English - 2015-07-01 16:21:08
Swiss insurance giant ACE Ltd (ACE.N) is to buy upmarket property insurer Chubb Corp (CB.N) for $28.3 billion to get access to wealthy clients who pay higher premiums at a time when fierce competition has cut deeply into the industry's profit margins. The takeover, the biggest ever in the insurance sector, will create the world's largest property and casualty insurer by underwriting income. Rock-bottom catastrophe insurance premiums, the rise of catastrophe bonds, low interest rates and stiff competition have prompted a wave of acquisitions among underwriters. Chubb shares rose to a record high of $129.31, above the offer price of about $124.13, suggesting some investors see potential for a rival bid. ACE shares rose 5.3 percent. Potential rival bidders include Allianz (ALVG.DE), Berkshire Hathaway (BRKa.N), AXA SA (AXAF.PA) and Travelers Cos Inc (TRV.N), Wells Fargo analyst John Hall wrote in a note. The combined company, which will adopt Chubb's name, will be led by ACE Chief Executive Evan Greenberg, the son of AIG (AIG.N) ex-chief Maurice "Hank" Greenberg. The new company will operate in more markets with less exposure to property and casualty insurance and the deal will be double-digit accretive within three years, Evan Greenberg said on a call on Wednesday. The combined company is expected to save about $650 million in annual costs by 2018, he said. The deal, at a premium of 30 percent to Chubb's closing price on Tuesday, is the largest insurance takeover in an industry that rarely sees such high price tags. Zurich-based ACE has been on an acquisition spree under Greenberg. ACE bought Allianz's Fireman's Fund personal insurance unit for $365 million in December and Itau Unibanco Holding SA's high-risk corporate insurance business for about $680 million last July. Reuters reported in November, citing sources, that ACE was also interested in buying the pension and insurance arms of Turkey's state-run Halkbank. Chubb shareholders will receive $62.93 in cash and 0.6019 ACE share for each share held. ACE, with operations in 54 countries, plans to issue $5.3 billion of senior notes to partly fund the deal, which is expected to close in the first quarter of 2016. Chubb CEO John Finnegan will be the combined company's executive vice chairman for external affairs for North America. Morgan Stanley & Co LLC was ACE's financial adviser and Sullivan & Cromwell LLP its legal counsel. Guggenheim Securities LLC was Chubb's financial adviser and Wachtell, Lipton, Rosen & Katz its legal counsel. More»
Al Zahraa Moustafa - 2015-07-01 12:33:19
Egyptian Takaful Insurance Company (Non-life) studies the launch of a new branch in eastern Cairo this fiscal year 2015-16, Managing Director Ahmed Arfeen said Wednesday. The new branch is probably to be in Maadi or 6th of October City, Arfeen added. More»
Al Zahraa Moustafa - 2015-06-29 13:55:20
Egyptian Takaful Insurance Company (Non-life) aims to achieve premiums worth EGP 10 million (US$ 1.3million) in FY 2015-16, Managing Director Ahmed Arfeen revealed Monday. More»
Amwal Al Ghad English - 2015-06-29 13:22:49
Moody’s Investors Service said in a report Thursday it expects Egypt’s tax revenues to be lower than 612 billion Egyptian pounds (US$80,2 million) projected in the draft budget for fiscal year 2015/2016. Egypt’s Cabinet approved the draft budget for the 2016 fiscal year earlier in June, with a fiscal deficit projected to reach 9.9 percent of GDP, down from an estimated 10.8 percent gap in the revised budget deficit of the current fiscal year. “Although the increased social spending is part of the government’s economic and political strategy, the 26 percent projected revenue increase …will depend on a swift implementation of tax reforms. We expect that tax revenues will be lower than what the draft budget outlines,” Moody’s, , a global credit rating agency and provider of financial analyses, said in a report issued Thursday. In the draft budget which yet awaits President Abdel Fattah al-Sisi’s ratification, expenditure on social programs which comprise direct cash support programs, health insurance, bread and food subsidy system, and education, is projected to amount to 431 billion pounds, nearly 49 percent of total public expenditure, and a 12 percent up from the current fiscal year. The rating agency added: “Some revenue-enhancing measures have yet to be implemented: the introduction of a value-added tax has been delayed because of postponed parliamentary elections.” Moody’s further noted that other measures have been modified or reversed, referring to the Cabinet’s recent decision to slash the top income tax rate and suspend a controversial capital gains distribution taxes on profits for two years. The draft budget projects a 20 percent hike in spending over the current fiscal year to 885 billion pounds, with 431 billion pounds allocated for social spending, while public-sector wages and salaries, which constitute 26 percent of total expenditures are projected to grow by 14 percent in FY 2016. Spending on public investment is hiked by 66 percent in the draft budget to 75 billion pounds, only 8.5 percent of total spending and just 9 percent of the overall spending. “Egypt is facing declining budgetary grants, which, according to the draft budget, will decline to 2.2 billion EGP in fiscal 2016 from 25.7 billion EGP in fiscal 2015 and 95.9 billion EGP in fiscal 2014,” Moody’s concluded.Source: The Cairo Post More»
Amwal Al Ghad English - 2015-06-29 10:00:25
International Monetary Fund Managing Director Christine Lagarde said Sunday the IMF is still open for talks with Greece to find a way out of the country’s debt crisis. “I continue to believe that a balanced approach is required to help restore economic stability and growth in Greece, with appropriate structural and fiscal reforms supported by appropriate financing and debt sustainability measures. The IMF is prepared to continue to pursue that approach with the Greek authorities and our European partners,” Lagarde said in a statement. Her comments came as debt talks between Greece and its creditors collapsed again over the weekend after Greek Prime Minister Alexis Tsipras late Friday called a referendum in Greece on whether to accept the terms on the lenders to unlock badly needed financial aid. “I have briefed the IMF executive board on the inconclusive outcome of recent discussions on Greece in Brussels. I shared my disappointment and underscored our commitment to continue to engage with the Greek authorities,” Lagarde said. “The coming days will clearly be important.” More»
Amwal Al Ghad English - 2015-06-23 12:52:20
The first Egyptian Union of Microfinance has elected Mona Zulficar- Chairman of Al Tadamun Microfinance Foundation- as Chairman, Head of Egyptian Supervisory Authority (EFSA) Sherif Samy announced Tuesday. More»
Amwal Al Ghad English - 2015-06-20 12:08:27
At least one Greek-speaking country is in the International Monetary Fund’s good books, as the fund Friday approved the disbursement of almost €280 million to Cyprus in the latest instalment of the island’s bailout and praised its government for pushing through difficult reforms and returning the economy to growth. The IMF board decision came after Cyprus adopted new foreclosure and insolvency laws designed to help the island’s banks work through a massive pile of non-performing loans still left two years after a banking crisis led to a €10 billion international bailout. The decision also took Cyprus another step closer to what is anticipated to be an end to its three-year EU and IMF bailout before parliamentary elections next year. That stands in stark contrast to nearby Greece where the government is locked in a high-stakes and acrimonious stand-off with creditors including the fund and faces a possible default within days. Many investors and policy makers see capital controls introduced in 2013 by Cypriot officials as a potential model for Greece. Cyprus’s European creditors decided this week to disburse €100 million after a successful review of the island’s progress. The European Central Bank has said Cyprus will become eligible for its quantitative easing programme as a result of passing health checks by its creditors. David Lipton, the IMF’s first deputy managing director, said the fund-supported Cyprus bailout continued to “produce positive results. “Economic and fiscal outcomes have been better than expected, with growth turning positive in the first quarter of 2015 and public finances exceeding targets,” he said. According to the IMF the Cypriot economy grew at an annual rate of 0.2 per cent in the first three months of this year after shrinking 2.3 per cent in 2014 Both the liquidity and solvency of the banking system had improved, he said. But the “high level of non-performing loans” were still an “urgent priority”, Mr Lipton added. The IMF said Cyprus’s core domestic banks now have a non-performing loan ratio of 59 per cent. One of the main reasons, staff argue, is that in the absence of foreclosure and insolvency laws there has been no way for the banks or their customers to work out problem loans. A central bank list leaked to the media last month showed 13 of 56 members of parliament had non-performing loans worth €35.3 million with the Bank of Cyprus. Beyond those, the IMF argues, a significant portion of the non-performing loans are the result of “strategic defaults” by people and businesses who have the ability to make payments but have chosen not to because of the economic situation. Cyprus’s economic rebound faces risks. Looming elections could cause the government to slow the pace of reforms. Public debt remains high and the IMF says the island needs more reforms of the way the government manages its budget and further action to improve the business environment and reduce unemployment. There is also a risk that a Greek default and subsequent turn into an even worse economic crisis could hit Cyprus. The main conduit for that would be via the island’s banks, with 15 per cent of the market still controlled by subsidiaries of Greek lenders which are the focus of questions at home. But the IMF remains confident that any impact from a Greek default would be manageable and that the Cypriot subsidiaries would not be hit as hard as their parent banks. More»
Amwal Al Ghad English - 2015-06-20 09:07:02
Fitch Ratings has affirmed Friday Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B'. The Country Ceiling and the Short-term foreign currency IDR have been affirmed at 'B'. KEY RATING DRIVERS “Egypt's ratings balance a high fiscal deficit and debt/GDP ratio, low import cover and recent volatile political history with low external debt and recent commitment to a wide-ranging economic reform programme.” Fitch said “Fiscal consolidation, stronger growth and lower commodity prices will reduce the budget deficit, although it will remain large compared with peers, at a forecast 11.1% of GDP in FY15 (to end June), down from 12.8% of GDP in FY14. Excluding grants, the deficit is forecast to drop to 11.6% of GDP in FY15 from 17.5% of GDP in FY14. Fuel subsidies have been cut, new taxes introduced and existing taxes reformed in a largely front-loaded reform programme.” “The introduction of VAT has been delayed, but is expected during FY16. Fitch expects fiscal consolidation throughout the forecast period, but with savings partially offset by higher social spending and spending commitments in the new constitution the deficit is forecast to remain high. Moderate deficit reduction and stronger nominal GDP growth are forecast to put the debt/GDP ratio on a downward trend, ending a multi-year deterioration. Nonetheless, debt/GDP is around double the peer median, at an estimated 89.6% at end FY15 and is only expected to fall to 84.3% of GDP by end-FY17. Domestic banks, including the Central Bank, account for the bulk of deficit financing. Reserves are around three months of current external payments after USD6bn of new deposits in the Central Bank from the GCC, although foreign exchange rationing continues." Prospects for the balance of payments look more stable over the next couple of years, but Fitch expects only a marginal improvement in reserve coverage, as stronger inflows of foreign exchange will be used to satisfy unmet private sector demand. GCC inflows in the form of deposits at the Central Bank, have pushed up gross external debt, but it remains below peers at 17.2% of GDP at end-2015. “The new funds are on a concessional basis, so external debt stock and service indicators are still stronger than peers. Egypt also has market access, issuing its first Eurobond since 2010 in June 2015, raising USD1.5bn. Net external debt is well below peers at just 3% of GDP.” “The rating is supported by the absence of a recent history of debt restructuring. Economic momentum has been maintained. Although the 4Q14 reading of 4.3% year-on-year GDP growth was down on the 6.8% recorded in 3Q14, the base effect was lower and it compares well with the average of 1.9% since end-2010. Fitch assumes that growth will stay above 4% as the rebound stemming from greater political stability and reform momentum is bolstered by investment and improved power supply. Inflation is above peers, averaging 11.2% over the first five months of 2015, and is forecast to remain near 10%. Political stability has improved under President Sisi.” In Fitch's opinion, this reflects a desire for stability, a strong clampdown on political opposition and an improving economy. Parliamentary elections have been delayed, but could take place before the end of the year. Nonetheless, significant sections of the population are disaffected, there are widespread grievances over some public services and there is serious sporadic violence in North Sinai. World Bank governance indicators have deteriorated in recent years and are below peers. RATING SENSITIVITIES The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. The main factors that could lead to a positive rating action, individually or collectively, are: - A track record of progress on fiscal consolidation leading to a decline in debt/GDP. - Improved economic growth supported by reforms to the business environment that lead to increased investment. The main factors that, individually or collectively, could lead to negative rating action are: - Failure to anchor the fiscal deficit on a downward trend or an unwinding of recent fiscal consolidation measures. - Prolonged disruption to GCC inflows that strains the balance of payments. - Serious and sustained security incidents that undermine economic activity. KEY ASSUMPTIONS Fitch assumes the government remains committed to its programme of fiscal consolidation and local banks remain willing and able to finance the deficit. Egypt is assumed to continue to receive GCC financial support, in a variety of forms, over the forecast period. Fitch has not factored an IMF lending programme into its forecasts, but believes one would be easily achievable if required by the authorities. The political environment is assumed to be more stable than 2011-2013, although sporadic and at times serious attacks on security forces are assumed to continue and underlying political tensions will remain. Fitch forecasts that Brent crude will average of USD65/b in 2015 and USD75/b in 2016. In both cases these are below the government's assumptions in its five-year fiscal plan, meaning Fitch assumes savings on the budgeted subsidy bill. More»
Islam Abdelhameed - 2015-06-15 17:22:16
Egypt-based Alexandria Container & Cargo Handling Company is launching a call for tenders on health insurance for its employees and families, senior insurance sources near from the talks revealed Monday. The sources further told Amwal Al Ghad that the insurance policy is set to be with total sum insured of 300 million Egyptian pounds (US$39.3 million). It shall serve around 2.950 insured individuals. The insurance policy will be against all the medical risks and incurring expenses such as operations, endoscopes, outpatient clinics, dental treatment, medicines, and chronic diseases, the sources noted. Moreover, the sources also highlighted that the list of insurers competing for Alexandria Container’s policy tender includes two leading names in insurance industry in Egypt; Misr Insurance Company and Suez Canal Insurance. The technical envelopes are expected to be opened in the coming few days, the sources asserted. Alexandria Container & Cargo Handling Company is the first specialized Container Handling Terminal in Egypt .It was established in 1984 to exersise all activities related to container handling. According to its website, the company operates two major terminals, the first is the Alexandria container terminal at the port of Alexandria and the second is ElDekheila terminal at port of Dekheila. More»