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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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        

Business - Banks

Amwal Al Ghad English - 2017-10-22 06:53:02
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. More»
Amwal Al Ghad English - 2017-10-19 20:45:49
Cryptocurrencies are not "mature" enough to be considered by the European Central Bank (ECB) for regulation, the bank’s president Mario Draghi said on Thursday. At a press conference last weekend, the ECB president addressed a question about the potential of cryptocurrencies like bitcoin. "With anything that's new, people have great expectations and also great uncertainty. Right now we think that especially as far as bitcoins and cryptocurrencies are concerned, we don't think the technology is mature for our consideration," Draghi said. He expressed caution and said that while innovation should be "cherished for its potential benefits," it should also be "critically assessed" for risks. "One of the lessons of the great financial crisis is that financial innovation, in this case it's financial and technology innovation... should be embraced with lots of attention to its potential risks," Draghi told a room of reporters. Last month, in a statement to the European Parliament's Committee on Economic and Monetary Affairs, Draghi said the ECB did not have the authority to regulate cryptocurrencies. Interest in cryptocurrencies has exploded in recent months with many seeing sharp rises in price. There are now over 1,000 virtual currencies and regulators across the world have differing views on them. While Draghi appears to be taking a wait and see approach, China banned cryptocurrency exchanges. South Korea also put a stop to initial coin offerings (ICOs), a way for start-ups to raise money by issuing virtual tokens. Meanwhile, Abu Dhabi recently ruled that bitcoin is a commodity in the same vein as precious metals or fuels. Therefore, it remains unregulated. Japan, however, has allowed companies to accept bitcoin as payments. IMF Managing Director Christine Lagarde told CNBC that cryptocurrencies could cause "massive disruptions" and that the organization wants to be a part of how they develop in the future. More»
Sayed Badr - 2017-10-19 11:45:58
Egypt’s Arab African International Bank has signed a financing deal with European Bank for Reconstruction and Development (EBRD) to finance small and medium-sized companies, sources with direct knowledge said Thursday. Since May, AAIB has been in ongoing talks with EBRD for a $60 million loan in addition to some other international financial institutions, sources in the Egyptian banks told Amwal Al Ghad in previous statements. AAIB has been also negotiating for a $50 million loan from the SANAD Fund for MSMEs, part of the German state-run Kfw Development Bank. The Egyptian bank had signed earlier this year another foreign loan worth $100 million from the International Finance Corporation (IFC). Several banks in Egypt had recently secured dollar-dominated loans from international financial institutions to bolster foreign currency liquidity. EBRD is studying giving a number of banks in Egypt new loans ranging between $200 million and $300 million within this year, said Janet Heckman, the managing director for the southern and eastern Mediterranean, in late May without disclosing the names of those banks. The loans are to support the development of small and medium-sized businesses as well as trade activities in Egypt, Heckman added in an interview with Amwal Al Ghad. More»
Amwal Al Ghad English - 2017-10-19 09:47:21
China will fend off risks from excessive optimism that could lead to a "Minsky Moment," central bank governor Zhou Xiaochuan stated Thursday, adding that corporate debt levels are relatively high and household debt is growing too quickly. A Minsky Moment is a sudden collapse of asset prices after a long period of growth, sparked by debt or currency pressures. The theory is named after economist Hyman Minsky. China will control risks from sudden adjustments to asset bubbles and will seriously deal with disguised debt of local government financing vehicles, Zhou said. The People's Bank of China governor was speaking on the sidelines of China's 19th Communist Party congress. More»
Amwal Al Ghad English - 2017-10-19 09:35:39
China's central bank governor Zhou Xiaochuan announced Thursday that he is likely to retire soon, confirming an earlier report by Reuters. "Either way it'll be soon," Zhou said on the sidelines of the Communist Party Congress, when asked whether he would retire this year or next. Sources with ties to the leadership and close the central bank had told Reuters that Zhou is likely to retire around the time of the annual session of parliament next March. China's top banking regulator Guo Shuqing and veteran banker Jiang Chaoliang are front runners to succeed Zhou Xiaochuan, the country's longest-serving central bank head, according the sources. More»