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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        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        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        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        National Development Bank   6.72        Six of October Development & I   15.03        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        


Business - Banks

Ahmed Ali - 2017-12-31 10:50:33
Egypt’s Arab Investment Bank (AiBK) says its full-year net revenue has grown 15 percent from a year ago, reaching around 1 billion Egyptian pounds ($56.2 million). Net profit before tax has recorded 450 million pounds at the end of 2017. Customers’ deposits have also grown 37 percent from a year ago to around 32 billion as recent initial indicators showed, said its chairman Hany Seif El Nasr in a statement on Sunday. Loan portfolio has also risen to reach 10 billion pounds, he added. “The Arab Investment Bank is targeting up to 25 percent growth rates in its next year profits.” Seif El Nasr said. The bank’s financing portfolio for the small and medium-sized projects stood at around 4 billion pounds, representing 40 percent of its total loans and facilities, he further said. “The bank’s top target for 2018 is to expand considerably in financing SME projects,” Seif El Nasr said. AiBK is set to sign a cooperation protocol with the Industrial Development Authority (IDA) and Suez Industrial Development Company (SIDC), aimed at providing credit facilities for small manufacturers in the country, he said. More»
Mohamed Hamdy - 2017-12-30 14:34:03
Egyptian Gulf Bank-EG-Bank has approved pumping 150 million Egyptian Pounds ($8.4 million) in both Rooya Group and the Egyptian Railways loans according to the head of corporate banking at EG Bank Ahmed Nagy. He added that the bank would participate with a share of 100 million pounds in Rooya's loan, while an equivalent of 50 million pounds in foreign currency in the loan targeted to the Egyptian Railways. In addition, the total value of the loan that would be directed to Rooya Group is 3 billion Egyptian pounds being arranged by the National Bank of Egypt and Arab African International Bank.  The loan maturity reaches six years and is aimed to enhance the company's investments as well as repay the existing dues. More»
Mohamed Hamdy - 2017-12-30 12:13:29
The Africa Export-Import Bank (Afreximbank) is studying lending Egypt’s state-run United Bank around $50 million to finance small and medium-sized businesses in the country. The loan is part of the African bank’s plans to inject more financing in the Egyptian market in favour of small-sized projects and trade operations, a senior source in Afreximbank told Amwal Al Ghad on Saturday. The Central Bank of Egypt owns 99.9 percent of the United Bank. To date, Afreximbank’s cooperation portfolio with Egypt has reached $2.4 billion, representing 28.22 percent of its overall facilities portfolio, Kanayo Awani, the bank’s Managing Director of intra-African Trade Initiative, said earlier this month. Since its inception in 1993, Afreximbank has secured, $17.6 billion in credit facilities to support Egyptian financial institutions, Awani added. More»
Amwal Al Ghad English - 2017-12-30 09:56:21
Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis, the socialist government announced Thursday. President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency, to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves. Despite the skepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, communications minister Jorge Rodriguez said the first petro offering would come within days. "Camp one of the Ayacucho block will form the initial backing of this cryptocurrency," Rodriguez told reporters, referring to part of Venezuela's southern Orinoco Belt. "It contains 5.342 billion certified barrels of oil. We're talking about backing of $267 billion," said Rodriguez, adding that that differentiated the petro from other cryptocurrencies such as Bitcoin. Miners were already lined up, he said, without giving more details. Cryptocurrencies are obtained by users setting up computers to do complex mathematical calculations in a process known as mining. Cryptocurrencies are decentralized and their success relies on transparency, clear rules and equal treatment of all involved. Venezuela gave no technical details about the petro. The government appears to be hoping the petro will offset a collapse in Venezuela's currency - 97 percent in one year against the U.S. dollar on the black market - and isolate the country from the U.S. dollar and Washington. Rodriguez also hopes to use the petro as part of a mechanism to pay international providers, many of whom have stopped supplying to Venezuela given its inability to pay its debts. With Venezuela's 30 million people suffering shortages, runaway prices and a fourth year of recession, Maduro has long blamed the U.S. government for an "economic war" against it. Critics say incompetent policies are to blame for Venezuela's economic mess. Earlier on Thursday, Maduro blamed U.S. pressure on Portugal for blocking imports of pork leading to a shortage over Christmas in Venezuela. U.S. President Donald Trump's administration has imposed various political and financial sanctions on Maduro's government, accusing senior officials of rights abuses and corruption. "It will be materially impossible for the dictatorial financial centers of the world to intervene against this initiative," said Rodriguez, citing the Portugal case. "It will allow us to overcome any financial blockade." Cryptocurrencies have grabbed global attention partly because of the remarkable rise in the price of Bitcoin, making millionaires of many early investors, including some in Venezuela who used Bitcoin and other cryptocurrencies to shield themselves from strict foreign exchange controls which economists blame for the crisis. More»
Amwal Al Ghad English - 2017-12-30 09:52:47
Wall Street economists are warming to the idea that the U.S. Federal Reserve may hike interest rates four or more times next year, moving faster than its current forecast. The Fed has been forecasting three interest rate hikes for 2018, but the market has spent the past year doubting it will move even twice because of the sluggish pace of inflation — and until the second half of the year — the sluggish pace of growth. But growth has picked up to the point where there is potential for a three-quarter run of 3 percent growth, something that last happened in 2005. "I think four times is likely given the juice from the tax cuts," said Mark Zandi, chief economist at Moody's Analytics. "That'll push unemployment below 4 percent and put a lot of pressure on the Fed to normalize rates much more quickly." The Fed's policymaking committee raised the benchmark short-term federal funds rate by a quarter percentage point to a range of 1.25 to 1.5 percent in December. The Fed raised rates three times this year and five times since it took the rate to zero during the financial crisis. Stock strategists, meanwhile, say an unexpectedly aggressive Fed could be one of the biggest headwinds for stocks in the coming year if the economy does not also keep up its growth pace. Economists surveyed in the CNBC/Moody's Analytics rapid update see an average 2.7 percent average growth for the fourth quarter, and Zandi said growth could continue in the high 2 percent range next year. "It's not that the Fed could get too aggressive. It's that the market didn't price it in," said Diane Swonk, CEO of DS Economics. "The market has gone beyond anything that is considered Goldilocks." She said the stock market has been riding high on a boost from the tax bill, which cuts corporate taxes to 21 percent from 35 percent. John Briggs, head of strategy at NatWest Markets, said he is expecting four hikes in 2018 because of a continued strong economy and labor market, but the market is lagging with just three hikes expected for 2018. "The market will need evidence inflation is improving again to get to price in four," he said, adding that the Fed could change its outlook for interest rates at its March meeting. The March meeting would be the first chaired by Jerome Powell, incoming Fed chair, who replaces Janet Yellen when her term ends in early February. While Powell's views are seen as somewhat similar to those of Yellen, the overall Federal Reserve board could seem a bit more hawkish than the current group. "It depends on who actually gets nominated, but someone like [Trump appointee Marvin] Goodfriend, he's an inflation targeter, so if [inflation] is still low, he'll be on the other side," said Swonk. "It's hard to pin him down as a hawk or a dove." Powell has been a Fed governor, but he is not an economist. "He'll be relying more on the staffers for an outlook on inflation," she said. Other new members include Randal Quarles, who joined the board in October as vice chair for supervision. The Richmond Fed also recently appointed Thomas Barkin as president. Economists agree that the Fed succeeded in meeting the employment goal of its dual mandate but inflation remains a wild card. Briggs said he expects inflation to reach the Fed's 2 percent target by the end of 2018. "That supports the gradual removal of accommodation and the Fed returning to neutral policy rates," he noted. But Joseph LaVorgna, chief economist for the Americas at Natixis, does not agree the Fed could speed up rate hikes, and he sees just two rate hikes next year. "They're not going to go four times," said LaVorgna. "One reason is there's no inflation, and secondly, I don't think there's going to be inflation because most of the growth next year is going to be business spending." LaVorgna said he is watching the release of Wednesday's FOMC meeting minutes because of Yellen's recent comments about inflation. "She spoke out about how there might be noncyclical factors suppressing inflation. Yellen, now that she's leaving, is being more open about what she thinks about the world," he said. More»