ECB holds rates steady as Draghi says downside risks have diminished
Published 2017-04-27 17:02:47| Amwal Al Ghad English
The European Central Bank (ECB) held on Thursday its benchmark interest rate at zero percent as President Mario Draghi suggested downside risks to the bloc's economy had diminished and its economic recovery picked up pace. The ECB chief repeated his warning from previous meetings that risks remained tilted towards the downside, however, said these same risks were now less severe given the euro zone's economic expansion. "Incoming data since our meeting in early March confirm that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished," Draghi said in his opening statement to reporters in Frankfurt on Thursday. The ECB left its monetary policy unchanged Thursday and also stuck with its monthly rate of asset purchases until at least the end of the year. Europe's central bank is set to proceed with a monthly pace of quantitative easing (QE) bond purchases of 60 billion euros ($65.5 billion).
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Egypt’s Misr Asset Management (MAM), the investment bank arm of Misr Insurance Holding, is negotiating to win the management of two new mutual funds for Misr Life Insurance and Misr Insurance Company. One of the funds is a fixed income; while the other is a capital guarantee fund, said MAM management director Atef El Mahmoudy on Thursday. Misr Asset Management’s assets under management (AUMs) rose 4 percent to reach 496.2 million Egyptian pounds ($27.4 million) during the first half of current financial year 2016/2017.
Emaar Misr, unit of Dubai property developer Emaar, reported a 72 percent increase in its first quarter profits to reach 437.9 million Egyptian pounds ($24.1 million), its financial statements announced Wednesday. Earlier, profits stood at 254.48 million pounds during the first quarter of 2016. Revenues also rose to 668.69 million pounds, compared with 597.42 million pounds during the same period in 2016.
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