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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        

News - International News

Amwal Al Ghad English - 2015-09-22 08:19:31
Islamic finance is gaining prominence as a channel for China to expand its economic influence abroad as banks strengthen ties with Muslim-majority countries and Chinese companies start to tap offshore pools of Islamic funds. With a Muslim population of about 20 million, China has little reason to develop Islamic banking at home. But there are powerful reasons for it to get involved in the sector overseas. China wants to build stronger trade ties with Asian countries under its "One Belt, One Road" strategy to rebuild Silk Road trade links with Asia and Europe. The network will include the world's main centers of Islamic finance, the Middle East and Southeast Asia, where sharia-compliant assets account for as much as a quarter of total banking assets. "With 'One Belt, One Road', (Chinese) state-owned enterprises and private companies are now more willing to explore Islamic finance," said Hong Kong-based Ben Ping Chung Cheung, Asia Pacific head of consultancy Shariah Advisory Group. The firm is advising conglomerate HNA Group [HNAIRC.UL] on what could be the first Islamic financing by a mainland firm: a $150 million deal to buy ships. HNA also plans an offshore issue of sukuk (Islamic bonds), Cheung said. More»
Amwal Al Ghad English - 2015-09-21 11:46:21
Pope Francis met Cuba's revolutionary leader Fidel Castro and celebrated Mass with tens of thousands of followers in Havana's Revolution Square on Sunday as police prevented some dissidents from getting close to the pontiff. Francis and Castro discussed religion and world affairs at the 89-year-old retired president's home, just hours after the pope warned Cubans of the dangers of ideology and the lure of selfishness as their Communist-ruled country enters a new era of closer ties with the United States. Vatican spokesman Father Federico Lombardi said the meeting, which also included Castro's wife and other family members, was "very relaxed, fraternal and friendly." Francis, 78, gave Castro several of his official papal writings, two books on spirituality and a book and CD on the writings of Father Armando Llorente, a priest who taught Castro in Jesuit prep school more than 70 years ago. Castro, who wore a blue-and-white track suit jacket, gave him a copy of "Fidel and Religion," a 1985 book of interviews with a Brazilian priest which lifted a taboo on speaking about religion in Cuba, then officially atheist.   The pope has drawn widespread praise in Cuba for his behind-the-scenes role in supporting negotiations last year that led to a historic rapprochement between the United States and Cuba. His visit is aimed at further improving ties between the government and the Roman Catholic Church, and encouraging a more open society in Cuba. On Sunday morning, he sprinkled his mainly religious homily with criticism of "elitism" and ideology. "Service is never ideological for we do not serve ideas, we serve people," he said at the Mass, attended by President Raul Castro - Fidel's younger brother - and top government officials. Francis has avoided calling for greater political freedoms in Cuba but the issue is never far below the surface on this and previous papal visits. An estimated 50 government opponents have been detained and prevented from attending papal events since Francis arrived on Saturday, according to the dissident Cuban Commission for Human Rights and National Reconciliation. Two prominent dissidents said they were stopped by state security agents for a second straight day on Sunday, when they were trying to reach the pope's evening prayers service in Havana's cathedral. The two women, Miriam Leiva and Martha Beatriz Roque, said they had been invited to the service by the Vatican's diplomatic envoys. A Vatican spokesman said some Cubans had been invited but he could not confirm their names. Earlier on Sunday, four dissidents who tried to deliver a letter to the pope were detained near Revolution Square after police knocked them to the ground and confiscated leaflets printed with prayers. One of them got close enough to make physical contact with Francis in his open-sided popemobile. More»
Amwal Al Ghad English - 2015-09-21 11:30:31
Greek leftist leader Alexis Tsipras will return as prime minister on Monday determined to secure debt relief from the country's creditors in his "first and most important battle" after scoring an unexpectedly clear election victory. But easing Greece's debt burden is just one of many items on a dauntingly long "to do" list ranging from how to revive a crippled economy while implementing austerity polices to dealing with the wave of migrants landing on Greek shores. In Sunday's election voters gave Tsipras and his Syriza party a second chance to tackle Greece's problems, despite his summer U-turn when he ditched his anti-austerity platform to secure a new bailout deal and avert 'Grexit' - a Greek exit form the euro zone. The extent of the win means that, rather than needing a patchwork of partners, Syriza will be able to govern with only a single ally, the Independent Greeks. The small right-wing party was also the junior partner in the Tsipras coalition which governed for seven turbulent months until he resigned last month, forcing the election. With society fractured by years of austerity, Tsipras wants to build a broader consensus as he tries to steer Greece through the tough reforms demanded by the euro zone in the bailout agreement - the country's third. A presidency source said Tsipras would be sworn in on Monday afternoon. Initially, negotiating debt relief will dominate his agenda, a senior Syriza source said. "We will continue negotiations in the coming period, with the debt issue being the first and most important battle," the party source said. "We will ask all political forces to support our efforts." Tsipras - along with most Greek political leaders and many international economists - argues that the country cannot recover from years of crisis without easing its huge debt burden. In his victory speech to cheering Athens crowds late on Sunday, Tsipras promised a new phase of stability in a country that has held five general elections in six years but did not mention the 86 billion euro ($97 billion) bailout. However, Syriza campaigned on a pledge to implement the program, which includes more tax rises and pensions cuts, while promising to introduce measures to protect vulnerable groups. With the first review of the bailout program due next month, Tsipras must work fast to oversee a recapitalization of the country's banks - closed for three weeks at the height of the summer crisis and still subject to capital controls - while trying to stave off a recession and tackling the migrant crisis. His first international summit is on Wednesday in Brussels to discuss the hundreds of thousands of refugees and migrants pouring into Europe, many via Greek islands that border Turkey. In a reminder of that crisis, 13 migrants died in Turkish waters on Sunday when a boat carrying 46 people en route to Greece collided with a cargo vessel and capsized, a Turkish coast guard source said. EMBOLDENED In a financial market that looked to have factored in a Syriza win, Greek shares lost ground on Monday and government bond yields edged higher - mirroring a generally cautious reaction elsewhere to Tsipras's second incarnation as leader. European Council President Donald Tusk said many of the biggest problems facing the European Union were the same as Greece's - the refugee crisis and creating economic growth and jobs. "I trust that Greece, with your new government will contribute constructively in seeking solutions to all those challenges," he said in a letter to Tsipras. Tsipras plans to form a national council for European policy, including representatives of parties other than Syriza and the Independent Greeks and which would advise the finance minister, the Syriza source said. Center-left daily newspaper Ethnos on Monday tipped Euclid Tsakalotos, the former finance minister who brokered terms of the bailout accord in August, to be re-appointed. Citigroup economist Giada Giani said the risk remained that Greece - having flirted with Grexit during fraught bailout negotiations in the spring and early summer - might still leave the euro zone. JP Morgan analyst Malcolm Barr said Tsipras was likely to feel emboldened by the election result, which "provides a platform upon which Syriza will continue to challenge significant parts of the (bailout) program". Some form of restructuring of Greece's euro zone debt should be in place by the end of March, he wrote in a note. Some European governments, particularly Germany, are opposed to writing off part of Greece's debt - a so-called haircut - but not averse to stretching out its repayment schedule. Ralph Brinkhaus, a senior parliamentary ally of German Chancellor Angela Merkel, urged Tsipras to stick to the reform agenda and implement the bailout measures. Euro zone officials told Reuters last week that governments are ready to cap Greece's annual debt-servicing costs at 15 percent of its economic output over the long term. That would mean the nominal payment would be lower if the Greek economy struggled, higher if it was more robust, they said. More»
Amwal Al Ghad English - 2015-09-20 08:40:16
In brokering the historic thaw between Cuba and the United States, Pope Francis stepped squarely into the thorny realm of geopolitics, sending letters to the presidents of both nations, playing host to secret meetings in the halls of the Vatican and nudging the Cold War enemies to put a half-century of vitriol and mistrust behind them. But as he arrived in Havana on Saturday, the first stop of a nine-day papal trip to Cuba and the United States, Francis faced a new challenge altogether: Having helped open up Cuba to the world, the first Latin American pope must now try to fully open up Cuba to the Roman Catholic Church. "It is an occasion to ask for more openness," said the Rev. Jorge Cela, who oversaw the Jesuit religious order in Cuba from 2010 to 2012. "The relationship is not easy." Francis was greeted at the airport by President Raúl Castro and children who welcomed him with flowers. From his own experiences in the 1970s, when Argentina was ruled by a military dictatorship, Francis knows the complexity, dangers and difficult compromises of coexisting with repressive authorities. For decades, the Cuban church has been wary of inciting the wrath of a Communist government that all but marginalized it after the 1959 revolution, when priests were cast out, religious schools were closed and the state was declared atheist. Some call this caution wise pragmatism, noting that the Cuban government has gradually loosened its grip. But critics contend that the Cuban church has been too timid — eager to maintain close ties with the government, at the expense of speaking out for greater political and religious freedom in Cuban society. "We could do more," said the Rev. José Conrado, an outspoken Cuban priest based in the central city of Trinidad, speaking by telephone. "The church should not back off, even if doing so is difficult and problematic for the church itself." Francis has a global reputation for blunt talk and big symbolic gestures, so his trip to Cuba will be closely watched. Few analysts think he will press too hard in public, but diplomats in Rome do expect him to talk about religious freedom, as Pope John Paul II and Pope Benedict XVI did during past Cuba visits. Francis is expected to push for more space for the church to operate in Cuban life — currently there are fewer than 350 priests on an island of just over 11 million people, and the church is forbidden from running schools or hospitals. "Oh, I think he will talk about human rights, religious freedom, allowing the church to play its role not only in worship, but in social services — the church as a partner in the development of the country," said Ken Hackett, the United States ambassador to the Holy See. More»
Amwal Al Ghad English - 2015-09-20 08:23:12
Voting has begun in Greece's general election, with opinion polls indicating a tight race between the left-wing incumbent Syriza party and the conservative New Democracy. The snap election, Greece's fifth in six years, was called after Syriza lost its parliamentary majority in August. Syriza leader Alexis Tsipras's popularity plummeted after he agreed a new bailout deal with European leaders. The bailout involved austerity measures which Syriza had vowed to oppose. Greece is mired in a deep financial crisis and whoever wins Sunday's election will have to oversee further tough economic reforms. The BBC's Richard Galpin in Athens says whichever party wins is unlikely to get enough seats to form a government alone. That could mean a period of political instability just as deadlines loom for the implementation of a series of key financial reforms, he adds. Mr Tsipras said Greeks would elect "a fighting government" that will "move on with necessary reforms and break with the old regime", as he cast his ballot on Sunday morning in the Athens district of Kypseli. The former Greek prime minister signed the bailout deal shortly after a referendum in which more than 60% of voters rejected the austerity measures creditors wanted to impose. In interviews leading up to the election, Mr Tsipras said he had put his country above his party. He said that had he not agreed to the three-year bailout, Greece would probably have had to leave the eurozone. He told Antenna TV on Friday he would "tug the rope" to try to win relief on Greece's huge national debt from EU creditors. His main rival, New Democracy leader Vangelis Meimarakis, has dismissed Mr Tsipras's term in office as "an experiment that cost [the country] dearly". "I fear that if Syriza is elected... the country will soon be led to elections again, and this would be disastrous," he said. Commentators say there is also a tight race for third place between the socialist Pasok party and the far-right Golden Dawn. Analysts have said the migrant crisis on Greece's doorstep may boost support for Golden Dawn, which is strongly opposed to immigration. Polls close at 16:00 GMT, with the first projected results expected two hours later. Nearly 10m Greeks have registered to vote. More»
Amwal Al Ghad English - 2015-09-20 07:57:28
Russian President Vladimir Putin has backed the establishment of an airbase in neighboring Belarus, the latest move by Moscow to project its military power abroad. Saturday's announcement, which comes at a time of tension with the West over Russian involvement in Ukraine and Syria, may also signal the Kremlin's interest in keeping unpredictable Belarus within its geopolitical orbit. Putin said in a statement he had agreed a government proposal to sign a deal for the military airbase and ordered defense and foreign ministry officials to start talks with Belarus. The plan is not expected to face major obstacles. The idea of setting up an airbase in the ex-Soviet republic was revealed by Russian Defence Minister Sergei Shoigu in 2013, and follows a 2009 agreement under which Russia and Belarus agreed to defend their common external frontier and airspace. Russian defense officials have said the base would be used to station Su-27 fighters. Russia already has some fighter aircraft in Belarus but this would be the first full-scale base there since Soviet times. Russia has scaled back its military presence abroad, closing bases in distant Cold War allies such as Cuba and Vietnam. However, a naval base at Tartus in Syria has recently become the focus of world attention as Russia has boosted its troop presence there in a move seen as bolstering its diplomatic influence in the region. Russia already has military bases in ex-Soviet neighbors Kyrgyzstan and Armenia, which like Belarus are also members of a Eurasian Economic Union that Putin sees as the embryo of a new geopolitical bloc. Last year Russia annexed the Ukrainian province of Crimea, partly due to fears it would be pushed out of its large naval base in the Crimean port of Sevastopol. The creation of a base in Belarus may also be a signal to the West that Russia will not tolerate intrusion in its traditional sphere of influence. Belarussian President Alexander Lukashenko, who has ruled Belarus since 1994, is seen as a long-standing Russian ally and is often criticized in the West for his record on human rights. He has a reputation for being unpredictable because of his common practice of playing off Russia against the West. Spooked by Russia's annexation of Crimea, Poland and the Baltic states have repeatedly asked NATO to station forces permanently in their territories along the alliance's eastern flank in Russia's vicinity. More»
Amwal Al Ghad English - 2015-09-19 12:08:15
Croatia said on Saturday it had “forced” Hungary to take in thousands of migrants and would continue sending them to its northern neighbor, amid deepening discord and disarray in Europe over the biggest westwards migration in decades. More than 20,000 migrants, many of them Syrian refugees, have streamed into Croatia since Hungary on Tuesday barred their route to the European Union through its southern border with Serbia with a metal fence, tear gas and water cannon. Warning it was losing control, Croatian Prime Minister Zoran Milanovic said his country would give them food, water and medical attention, and send them on their way. There were increasingly ugly exchanges between the two countries, reflecting the anger and ill-feeling between the EU’s 28 member states over what to do with the hundreds of thousands of migrants reaching its shores, fleeing war and poverty in the Middle East, Africa and Asia. More»
Amwal Al Ghad English - 2015-09-19 12:02:18
At least 55 militants were killed when Turkish warplanes hit Kurdistan Workers Party (PKK) camps in northern Iraq overnight, security sources said on Saturday, as Ankara shows no sign of easing up strikes on insurgents ahead of a Nov. 1 election. The jets took off from a base in Diyarbakir, in Turkey's southeast, and later returned without damage, the sources said. Turkey's largely Kurdish southeast has been hit by almost daily waves of deadly fighting between PKK militants and security forces since the collapse of a ceasefire in July. Security forces have responded by launching frequent bombing raids into mountainous northern Iraq where the PKK has camps. It is the worst violence NATO member Turkey has seen in two decades, coinciding with fighting across the border in Syria involving government troops and Islamic State militants. More»
Amwal Al Ghad English - 2015-09-19 09:15:46
Volkswagen AG (VOWG_p.DE) faces penalties up to $18 billion after being accused of designing software for diesel cars that deceives regulators measuring toxic emissions, the U.S. Environmental Protection Agency said on Friday. "Put simply, these cars contained software that turns off emissions controls when driving normally and turns them on when the car is undergoing an emissions test," Cynthia Giles, an enforcement officer at the EPA, told reporters in a teleconference. Volkswagen can face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules. There are 482,000 four-cylinder VW and Audi diesel cars sold since 2008 involved in the allegations. If each car involved is found to be in noncompliance, the penalty could be $18 billion, an EPA official confirmed on the teleconference. A U.S. Volkswagen spokesman said the company "is cooperating with the investigation; we are unable to comment further at this time." The feature in question, which the EPA called a "defeat device," masks the true emissions only during testing and therefore when the cars are on the road they emit as much as 40 times the level of pollutants allowed under clean air rules meant to ensure public health is protected, Giles said. The EPA accused Volkswagen of using software in four-cylinder Volkswagen and Audi diesel cars from model years 2009 to 2015 made to circumvent emissions testing of certain air pollutants. The cars are not facing recall at this time, the EPA said. VW did not indicate on Friday how it will address the issue. The EPA has the authority to order VW to recall the vehicles. However, that process could take up to a year, depending on the complexity of the issue, an EPA official said. The diesel-powered vehicles involved from the 2009 to 2015 model years are the VW Jetta, VW Beetle, VW Golf and the Audi A3, as well as the VW Passat from model years 2014 and 2015. VW in North America has heavily marketed its vehicles as being "clean diesel." In a television commercial that has aired frequently this year in the United States, VW says it is the "No. 1 diesel car brand in America," brags its cars are "clean diesel" and asks viewers, "Isn't it time for German engineering?" Since 2009, diesel vehicles have made up approximately 15 percent of VW and Audi U.S. sales. More»
Amwal Al Ghad English - 2015-09-17 10:27:15
World stocks inched to a three-week high on Thursday while the dollar drifted lower against other currencies, as investors consolidated positions ahead of a nail-biting U.S. Federal Reserve interest rate decision. There was a sense of relief as much as anything that after months of market speculation and advice from almost everyone from the IMF to the heads of the world's top companies, that the wait for the Fed's verdict would be over by 1800 GMT. Europe's main share markets were left at a virtual standstill with Britain's FTSE 100, Germany's DAX and France's CAC 40 all barely budged after two days of gains helped by a flurry of merger activity. Currency and bond market moves were low key too. The dollar was under mild pressure mostly from the euro after weak U.S. inflation data had underscored one of the arguments for the Fed to hold fire, while oil and some other key commodities gave back some of their recent gains. "We think it is going to be a very close call (for the Fed)," said Stephen Chiu, a strategist at Mitsubishi UFJ Financial Group in Hong Kong. More»