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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        

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U.S. budget deficit widens to $666 billion in FY2016/17


Published 2017-10-22 06:58:37| Amwal Al Ghad English

The U.S. budget deficit widened to $666 billion for the financial year 2016/2017 as record spending more than offset record receipts, the Treasury Department said on Friday. The 2017 deficit increased by 3.5 percent of gross domestic product. The previous financial year deficit was $586 billion, with a deficit-to-GDP ratio of 3.2 percent. The latest financial year, which ended September 30, straddled the presidencies of Barack Obama, a Democrat, and Donald Trump, a Republican. Accounting for calendar adjustments, the 2017 financial year deficit was $644 billion compared with $546 billion the prior year. Financial 2017 revenues increased 1 percent to $3.315 trillion, while spending rose 3 percent to $3.981 trillion. Since taking office in January, the Trump administration has sought to overhaul the U.S. tax code with precise details currently being worked on in Congress. The Republican tax plan currently calls for as much as $6 trillion in tax cuts, which would sharply reduce government revenues. It has prompted criticism that it favors tax breaks for business and the wealthy and could add trillions of dollars to the deficit. The administration contends tax cuts will pay for themselves by boosting economic growth. In addition to the annual deficit, the national debt- the accumulation of past deficits and interest due to lenders to the Treasury- now exceeds $20 trillion. The non-partisan Congressional Budget Office has said the ever-rising debt levels are unsustainable as the government pays for the medical and retirement costs of the aging Baby Boomer generation. For September, the U.S. government recorded an $8 billion surplus, a 76 percent drop from the same month last year. Economists polled by Reuters had forecast the Treasury reporting a $6 billion surplus last month. When accounting for calendar adjustments, the surplus last month was $61 billion compared with an adjusted surplus of $73 billion the prior year. A senior Treasury official said outlays last month were a record for the month of September. Outlays were $341 billion, up 5 percent from the same month a year earlier while receipts totaled $349 billion, down 2 percent from one year ago.
Financial Institutions
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Bitcoin set a new record high on Saturday breaking through the $6,100 barrier. The cryptocurrency hit an all-time high of $6,147.07 just a day after pushing through the $6,000 mark, according to data from industry website CoinDesk. Much of the rise can be attributed to another upcoming split in bitcoin known as a "fork". This will lead to the creation of a new cryptocurrency called bitcoin gold. Holders of bitcoin will get some bitcoin gold when it is issued, essentially giving them free money. But Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, told CNBC on Friday that bitcoin investors were betting on bitcoin holding its status despite the split. Bitcoin already underwent a fork in August when a new cryptocurrency called bitcoin cash was created. Despite this, bitcoin has continued to perform strongly. At the same time, there are rumors that China could reverse its ban on cryptocurrency exchanges which is also giving bitcoin a boost. Bullishness around bitcoin continues despite big business figures like JPMorgan Chase CEO Jamie Dimon calling it a "fraud" and saying that people who invest in it are "stupid". In an unscientific survey carried out by CNBC this week, nearly half of the more than 23,000 people who voted said bitcoin is heading to over $10,000. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months. Bitcoin has also been helped by favorable regulation in Japan which recently allowed companies to accept the digital currency as payment. Around 57 percent of the trade in bitcoin was executed in Japanese yen on Saturday, according to industry website CryptoCompare. But the virtual currency has also suffered regulatory setbacks including China banning cryptocurrency exchanges. Still, the price of bitcoin has risen over 500 percent year-to-date.
Real Estate
Egypt’s Moukhtar Ibrahim says it is targets delivering some road flagships in Beit Al Watan New Cairo, a project that allows Egyptian expatriates to own lands in their homeland, within June 2018. The state-owned construction firm will hand over the road projects at total costs estimated at 110 million Egyptian pounds ($6.2 million). Mohamed Alkhatib, Deputy Chairman of Financial and Administrative Affairs and Director, said Thursday that Beit Al Watan project is established over 1.5 million square metres. “We are implementing three infrastructure flagships in New Cairo and Sixth of October cities, at a cost worth around 280 million pounds,” Alkhatib further stated, adding that they will be delivered within June 2018. In New Cairo, the Egyptian official said that the works include a number of drinking water lines, irrigation networks, and road projects in favour of two housing flagships, at a cost of 200 million pounds. In Sixth of October City, he showed that the works also consist of some utilities works, in favour of a youth social housing projects.