amwalalghad :: Financial Institutions

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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        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        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        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 - Financial Institutions

Amwal Al Ghad English - 2017-10-22 07:54:59
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. More»
Amwal Al Ghad English - 2017-10-21 09:07:02
Bitcoin surged by five percent to a record high above $6,000 on high trading volume Friday. The cryptocurrency hit a record high of $6,003.81 in late morning New York trading, according to CoinDesk. Bitcoin later pared some gains to trade around $5,905 by early afternoon. Twenty-four hour trading volume in U.S. dollars for bitcoin was nearly $2 billion, versus the hundreds of millions for other digital currencies such as ethereum and the bitcoin offshoot, bitcoin cash, according to another industry data website, CoinMarketCap. "In the last 24 hours and really the last few hours there has been a massive inflow of capital into bitcoin, significantly outweighing the amount of new money flowing into other cryptocurrencies," said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital. Digital currency ethereum traded up slightly to around $307, according to CoinDesk. Bitcoin cash, traded 0.4 percent lower around $329, according to CoinMarketCap. Sunnarborg also noted that bitcoin investors were betting on the original bitcoin holding its own after a split scheduled for November called SegWit2x. Sunnarborg pointed out that futures contracts for the bitcoin offshoot were trading lower and that major bitcoin developers, or "mining pools," were dropping their support for the split. Bitcoin shot to record highs after an August split into bitcoin and bitcoin cash. Investors at the time typically of a split also receive equal amounts of the new digital currency, and some traders see buying bitcoin ahead of a split as a way to increase potential gains. Another split, bitcoin gold, is also scheduled to take place in the next few weeks. At Friday's peak price, bitcoin had climbed nearly 38 percent for October and was up 520 percent for the year, according to CoinDesk data. Brian Kelly, a CNBC contributor and head of BKCM, which runs a digital assets fund for clients, attributed much of Friday's gains to expectations that bitcoin will rise further after topping the psychologically key $6,000 level. Forty-nine percent of 23,118 people who responded to an unscientific CNBC online survey this week said they expect bitcoin to rise above $10,000. Former Fortress hedge fund manager Michael Novogratz said on CNBC's "Fast Money" last week he sees bitcoin heading to $10,000 in the next six to 10 months. Bitcoin notched its record two days after briefly plunging 8.7 percent amid fears of greater scrutiny from U.S. regulators. Most of the cryptocurrency's trading volume came from Japan, with 59 percent of the trades executed in Japanese yen. Trades in U.S. dollars accounted for 25.5 percent of all trades, according to CryptoCompare. Nevertheless, the cryptocurrency has had a stellar performance over the past month, rising 50.4 percent, despite being criticized by JPMorgan Chase and BlackRock CEOs Jamie Dimon and Larry Fink. Dimon said last week at a conference that people who own the cryptocurrency are "stupid." Fink, who spoke at the same conference, called bitcoin an "index of money laundering." More»
Amwal Al Ghad English - 2017-10-19 14:58:29
A delegation from the International Monetary Fund (IMF) will arrive in Cairo next Tuesday for a review required before disbursing the third instalment of a $12-billion loan programme, the finance ministry said in a statement. The IMF said earlier in September that Egypt was on track to receive a third loan instalment of around $2 billion after a second check of progress at the end of this year, but indicators pointed to progress and consolidated economic growth. Egypt agreed a three-year, $12 billion IMF loan programme in November 2016, tied to sweeping reforms such as spending cuts and tax hikes. The IMF originally approved the loan, intended to jumpstart an economy battered by years of turmoil that have driven away investors and tourists. The reforms include a raft of measures including loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy in a bid to restore economic stability and long-term growth. More»
Amwal Al Ghad English - 2017-10-19 10:25:40
Zurich Insurance Group AG (ZURN.EB) said on Thursday that it expects to pay out aggregate third-quarter claims worth $700 million related to hurricanes Harvey, Irma, and Maria. The Swiss insurer said its total losses after tax should be around $620 million, but added that final assessment will take time to complete due to the nature of the events. The company said it doesn't expect the losses to affect the group's overall financial strength or capital flexibility. "These events have demonstrated the effectiveness of our underwriting and the improvements made in our reinsurance programs over the past year, which have ensured that the overall losses remain well within our overall risk tolerance," Group Chief Executive Officer Mario Greco said. More»
Amwal Al Ghad English - 2017-10-18 07:11:35
Egypt's Minister of Finance Amr El-Garhy said on Tuesday in Washington that the Egyptian government is aiming to reduce the total budget deficit to 4-5 percent of the gross domestic product by 2022, Al-Ahram Arabic news website reported. In a meeting with Standard Bank investors to discuss the recent economic reforms in Egypt, El-Garhy said that the country seeks to reduce the budget deficit each year by 1-1.5 percent of the GDP. The budget gap for the last fiscal year, which ended on 30 June, shrank to 10.9 percent of GDP from 12.5 percent the previous year. El-Garhy said that reducing the deficit and public debt will provide more resources for investments and increasing growth in the public sector. The minister also revealed that the government is targeting $10 billion in direct investment in Egypt this year. He also said that the ministry of finance is considering releasing Eurobonds and USD-denominated bonds in 2018 to diversify the finance portfolio in Egypt. El-Garhy is heading a high-level delegation of officials in Washington to attend a number of meetings organised by the International Monetary fund and the World Bank. Egypt's Minister of Finance Amr El-Garhy said on Tuesday in Washington that the Egyptian government is aiming to reduce the total budget deficit by 4-5 percent of the gross domestic product by 2022, Al-Ahram Arabic news website reported. In a meeting with Standard Bank investors to discuss the recent economic reforms in Egypt, El-Garhy said that the country seeks to reduce the budget deficit each year by 1-1.5 percent of the GDP. The budget gap for the last fiscal year, which ended on 30 June, shrank to 10.9 percent of GDP from 12.5 percent the previous year. El-Garhy said that reducing the deficit and public debt will provide more resources for investments and increasing growth in the public sector. The minister also revealed that the government is targeting $10 billion in direct investment in Egypt this year. He also said that the ministry of finance is considering releasing Eurobonds and USD-denominated bonds in 2018 to diversify the finance portfolio in Egypt. El-Garhy is heading a high-level delegation of officials in Washington to attend a number of meetings organised by the International Monetary fund and the World Bank. More»
Islam Salah & Gehad Abdel Ghany - 2017-10-17 18:58:13
Egypt’s Arab African Investment Management (AAIM), part of the Arab African International Bank (AAIB), reported a strong surge in its assets under management this year. The AUMs reached 4.5 billion Egyptian pounds ($255 million), around 50 percent higher from a year ago, consisting of mutual funds and portfolios of individual and institutional clients. “We are seeking to run new financial portfolios, in equity or fixed-income instruments, and start negotiations with some financial institutions to launch a new mutual fund of its kind in the Egyptian market.” AAIM’s managing director Mohamed Mostafa said Tuesday. AAIM is currently running several funds, including Shield, the second biggest equity fund in the Egyptian market by market value, in addition to the money market fund Juman, the fixed income fund Gozoor, and most recently the capital guaranteed fund Guard, Mostafa added. More»
Amwal Al Ghad English - 2017-10-17 11:34:51
As the International Monetary Fund's annual meeting drew to an end over the weekend, Tao Zhang, the deputy managing director of the fund, outlined his view on the global economy in his first interview with an international media organization since joining the IMF from the People's Bank of China. Zhang joined the IMF in 2016, having formerly been deputy governor at the Chinese central bank, so his words carry considerable weight. On the eve of the Party Congress in Beijing, Zhang told CNBC that the world's second largest economy is undergoing big changes as it moves towards a consumption-led economy that's less dependent on exporting cheap goods to the rest of the world. "It's already happening, it should continue, and of course during the process the rapid credit expansion needs to be paid closer attention to, and we observe the authorities are taking measures, and these measures actually already have early, positive results," he said. 'Huge development needs' for emerging markets There is concern among investors that rising borrowing costs in the United States will have big knock-on effects for China and other emerging markets in Asia. Zhang said there are still huge development needs to be addressed. "We recognize in terms of development of these emerging-market, low-income countries, is they have huge development needs, but they also need to pay attention to how to better use these monies in a smart way (and) make sure these public sector spending or new borrowings can be sustainable." During the IMF meeting, Managing Director Christine Lagarde referenced JFK's warning that people should mend the roof while the sun is shinning, in anticipation of the rains to come. According to the Fund's financial stability report, emerging markets could be vulnerable if equity and property prices fall. Zhang acknowledged that having grown so quickly in the last decade, emerging markets are in a much stronger position than 10 or 20 years ago, when the Asian financial crisis hit. But that's not to say problems couldn't arise with the expected increase in global interest rates. "It's a real test coming," Zhang said. Urging vigilance One issue causing concern for policy makers and investors attending the IMF annual meeting is the fact that asset prices globally have all but ignored a large number of geopolitical and policy risks, such as tensions over North Korea. "We have to be alert. Yes, we have good momentum," he said, while adding that "we have to open our eyes widely and make sure ... that these downside risks or whatever risk, will be in our minds." "There is no time for complacency, and we need to just finish the reforms we started earlier on and pick up the lessons we learned and be alert to these reforms, and try to be vigilant as possible," he said. More»
Islam Abdelhameed - 2017-10-16 15:15:41
Egypt’s Iskan Insurance Company has won a mandate to offer personal accident insurance cover for the employees of TE Data, the data communications and internet branch of Telecom Egypt. TE Data’s personal accident insurance policy is with total sum insured of 686 million Egyptian pounds ($39 million), to serve around 3,434 beneficiaries. The policy comes into effect next October 23 to last for four months, Noman Ashour – General Head of Marketing, brokers, and Bancassurance at Iskan – told Amwal Al Ghad. It will cover death, impairment, temporary or permanent disability due to accidents, Ashour said. More»
Amwal Al Ghad English - 2017-10-16 14:08:35
The Saudi Fund for Development has so far invested around $2.5 billion in 23 ongoing projects in Egypt, investment minister Sahar Nasr said Monday. Nasr made her remarks during her meeting with the SFD officials on the sidelines of the World Bank meetings in Washington D.C. The Egyptian minister met with SFD’s vice president Youssif Albassam to discuss the disbursal of the remaining tranches of $1.5 billion loan designed to finance development projects in the Sinai Peninsula. More»
Amwal Al Ghad English - 2017-10-16 10:45:14
Emerging markets have to get their fiscal houses in order while monetary conditions remain loose, the International Monetary Fund (IMF) warned. Governments have to some extent taken advantage of lower interest rates and cheap financing costs, but when monetary and financial conditions normalize, financing costs could rise, said Tao Zhang, the organization's deputy managing director. Many countries hold high levels of dollar-denominated debt so when global central banks gradually begin to tighten monetary policy, the dollar could strengthen. The Federal Reserve recently signaled its commitment to monetary tightening while the European Central Bank began discussions on tapering last month. Developing economies must use their current funds "in a smart way [and] make sure public sector spending or new borrowings can be sustainable," Zhang told CNBC on the sidelines of the International Monetary Fund meetings in Washington D.C. Last week, S&P Global Ratings also sounded a word of caution on the matter. Many emerging markets, particularly Turkey and South Africa, haven't taken full advantage of global liquidity to clean up their sovereign balance sheets, the company's sovereign global chief ratings officer Moritz Kraemer told CNBC. On the topic of Asian growth, Zhang said he believed China's Belt and Road Initiative could benefit the region, but he cautioned that participating countries must adopt economic strategies so their financing needs can be properly accommodated. More»