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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        


Banks seek to be subject to EU laws for 5 years in post-Brexit deal

Published 2016-12-10 08:47:33| Amwal Al Ghad English

Large banks in Britain are hoping the UK government allow their industry to remain subject to EU laws for up to five years after Brexit, a move likely to enrage eurosceptics who want to break away from the bloc's legal system as soon as possible. The banks - international players - are also pressing the government to allow the European Court of Justice to rule on decisions related to their businesses during that period, according to a document reviewed by Reuters. The document was drawn up by law firms on behalf of banks lobbying the government for a departure in stages from the EU. It has the support of major banks, has been shared with the Treasury and is the most detailed request yet by Britain's financial industry for a transitional period to give it longer to adapt to Brexit, bankers said. The Treasury declined to comment on the document. "The report has been received as a fairly serious piece of work. It focuses on the legal underpinning of a transitional arrangement," according to one banker at a large international firm. "It's a heavyweight legal piece of work." The British government is currently divided on whether to support demands for transitional arrangements - and if so, in what form - reflecting diverging views about the best way to leave the EU and concerns about a backlash from those who campaigned and voted for Brexit. While some Treasury officials are backing the move, the Brexit minister David Davis and Prime Minister Theresa May are yet to commit publicly to supporting any deal. The Treasury said in a statement finance minister Philip Hammond is closely listening to the financial sector's views. The Department for Exiting the European Union referred Reuters to the Treasury for comment. Potential Shock The document warns of the potential shock to the British and European economy from a loss of critical financial services if banks do not secure a transition phase beyond the two-year withdrawal period that will begin when the government invokes Article 50 of the EU's Lisbon Treaty. If no transition deal is agreed, there is a risk that some banks may not be able to move parts of their operations out of Britain or set up new British subsidiaries in time, the document says, running the risk that the banks may have to halt their EU business activities abruptly. It would normally take banks as long as three years to relocate operations, according to the document, but due to the large number of firms seeking to do this simultaneously regulators may be flooded with requests, slowing down the process. "Transitional arrangements are likely essential," the document says. "This is important in order to avoid potential damage to the "real economy" that is reliant upon uninterrupted access to financial services." The demands for special treatment for an industry scorned by Britons since the financial crisis may put it on a collision course with swaths of the public and politicians who voted for Brexit because they wanted Britain to regain control of its law. Hardline supporters of Brexit are opposed to any transitional arrangement worrying it could become permanent as final trading terms can take years to agree. Richard Tice, co-chairman of the Leave Means Leave campaign, which is pushing for a so-called "hard Brexit", where Britain leaves the EU's single market in order to impose controls on immigration, said the banks are exaggerating the potential disruption. "This is a nonsense. It is just the banks, frankly, not dealing with the issue," he said. "The country voted for change and the sooner they wake up and accept it the better." The document was drawn up by three of Britain's biggest law firms - Linklaters, Freshfields and Clifford Chance - and says it is "intended to provide technical support to those developing a negotiating position for the UK." All the law firms declined to comment. Financial services firms face some of the biggest challenges of all sectors responding to the vote to leave the EU because large areas of their businesses are governed by passporting rules, which allow them to operate across Europe. Finance accounts for about 10 percent of Britain's economy, a larger share than in other big economies, highlighting its importance as the government embarks on talks that may determine if it remains a leading global financial centre for years to come. The document argues that Britain must secure an agreement with Brussels - around the time of triggering Article 50 - for a period of delay following the two-year exit process for it to have any impact. The document says the transitional deal should last a minimum of between three to five years. It says for any transitional deal to be accepted it would require the British government to accept EU law in financial services for the duration of any deal. The document also suggests that the European Court of Justice - one of the most detested institutions by British eurosceptics because it can override UK courts - would most likely have to govern any disagreements that arise during the transition. "We well understand the political sensitivity to that proposition," the document says.
Financial Institutions
Three insurers are fiercely competing to win an insurance policy tender launched by the Egyptian stock Exchange (EGX) as their technical offers announced eligible, sources with knowledge of the matter said Wednesday. The three qualifiers are Misr Insurance Company, Mohandes Insurance Company, and Egyptian Takaful Insurance Property and Libility (EGTAK), the sources further told Amwal Al Ghad. The Egyptian bourse has launched the tender to insure the assets and properties of its headquarters and buildings in Smart Village, Downtown, and Alexandria. “EGX will determine the time of opening the envelopes to announce the winner within the next few days.” The sources said. With total sum insured of around 250 million Egyptian pounds ($13.8 million), the EGX policy is a one-year renewable term to provide insurance coverage against risks of fire, natural disasters, riots, civil disorders, workers’ strikes, dishonesty, and cash transfer. The policy also includes car insurance coverage for the vehicles owned by the EGX against accidents and damages resulted in fires and burglary, the sources added.
Real Estate
Dubai’s real estate market will see a “rebalancing” between supply and demand into next year, head of the emirate’s largest developer Emaar said on Wednesday. The company expects growth next year even amid the correction in the housing market, Emaar Properties PJSC Chairman Mohamed Alabbar said Wednesday at the Bloomberg Markets Most Influential summit in Abu Dhabi. He’s targeting expansion in India and said that Egypt remains a good market for Emaar. Emaar is looking to grow overseas as falling oil prices, weaker currencies in Europe and Russia and an abundance of properties in Dubai hurts domestic demand. Property consultant Cluttons LLC expects values to continue to decline into next year after dropping 7.4 percent on an annual basis at the end of the third quarter. Alabbar said the company is “tightening its belt” next year. “It’s good to be realistic and get ready for a challenging year while pushing hard,” he said.