amwalalghad :: Financial Institutions

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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        Misr Chemical Industries   5.65        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        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 - Financial Institutions

Amwal Al Ghad English - 2016-08-09 08:09:11
Munich Re AG (MUV2.XE) announced Tuesday that profit dropped 9% in the second quarter on higher costs related to payouts for natural disasters partly cushioned by the reinsurer's improved income from investments and the release of reserves. Net profit fell to 974 million euros ($1.08 billion) in the three months to end-June from EUR1.07 billion in the same period last year, better than the EUR556 million analysts were expecting according to a Wall Street Journal poll. Analysts hadn't factored in higher net income from investments, which rose 9.1% to EUR2.75 billion. Analysts had forecast a 27% decline to EUR1.85 billion. Munich Re said revenue fell 4.3% to EUR11.93 billion. The world's biggest reinsurer by revenues said it remained on track to hit its previously lowered full-year earnings target after reporting aftertax profit of 2.3 billion after the first six months. Munich Re had to pay some EUR542 million for major disasters in the quarter, including the wildfires in Canada, earthquakes in Japan, floods and hailstorms. That was more than twice the year-earlier figure of EUR207 million. The reinsurer had cut its full-year profit guidance in May to the current EUR2.3 billion, the lower end of its previous target range. The world's biggest reinsurer by revenues said it remained on track to hit its previously lowered full-year target for aftertax profit of EUR2.3 billion. In "Munich Re Profit Drops on Payouts For Wildfires, Quakes and Floods," at 0631 GMT, the full-year aftertax profit target was mistakenly referred to as first-half aftertax profit in the fourth paragraph. More»
Amwal Al Ghad English - 2016-08-08 14:05:57
Three Egyptian dailies said on Monday that Cairo was proposing to IMF delegates an 18-month reform programme in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian pound and the timetable for implementing some of the more politically sensitive reforms, like reducing or removing state subsidies on fuel, electricity, and food staples. According to the papers, the International Monetary Fund has rejected Egyptian requests for a delay or a staggered implementation of some of the proposed reforms. The IMF's response, according to Al-Masry Al-Youm, was categorical and reflective of Egypt's dire economic situation and the urgency of fixing it. "There is no time left and nothing should be put off," it said quoting, like the other two papers, government sources familiar with the Egypt-IMF talks that started last week in Cairo under tight secrecy. Egypt is struggling to keep its economy afloat, amid a slump in tourism, foreign currency shortages and double digit inflation and unemployment. The government is also fighting an insurgency in the strategic Sinai Peninsula while continuing to show little tolerance for domestic political dissent. Egypt's economic crisis has taken on a serious political dimension, with critics now blaming President Abdel Fattah al-Sisi for exacerbating it by embarking on massive costly infrastructure projects they say have drained the country's meager funds and done little to revive the economy. Sisi, in office since June 2014, counters that the projects, like a nationwide road network and an expansion of the Suez Canal, are vital if the country was to attract investors and their benefits would filter down in time. He has repeatedly vowed in recent days to shield the poor and middle class from a virtually inevitable wave of price hikes when reforms are implemented. On Monday, his government announced higher electricity charges for domestic use as part of a plan to lift state subsidies in the energy sector. The IMF delegates, according to the three papers, see 11.60 pounds to the U.S. dollar as a realistic exchange rate. Such a rate would be nearly three pounds more than the current official rate of 8.87 pounds available at banks but close to the thriving black market rate of 12-12.50 pounds. The Egyptians, according to the media reports, want the pound's exchange rate to be only 10.60 to the dollar. "Both sides are looking at a pound floatation, and whether it should be done in one go or gradually," said Al-Masry Al-Youm. The pound's exchange rate is crucial to a country like Egypt, whose survival is heavily dependent on imports, not just of staple food items, but industrial components and raw materials to keep the manufacturing sector going. Much of the imports needed by the private sector are financed by dollars bought on the black market. As part of the planned reforms, Egypt was considering the partial privatization of several state-owned enterprises, possibly including oil companies. These, according to Al-Shorouk, would initially earn the treasury about $10 billion. More»
Islam Abdelhameed - 2016-08-08 10:57:25
Egypt’s Delta Insurance Company has won a policy bid launched by one of the companies operating in carbon industry, managing director of insurance broker Promise Ahmed Naguib said Monday. Naguib further told Amwal Al Ghad that the policy is with total sum insured of 46 million Egyptian pounds ($5.2 million). The insurance policy involves insurance coverage for the factory against risks arising out of fire and burglary. It also insures commodities in the factory against any potential dangers they may go through, Naguib added. More»
Amwal Al Ghad English - 2016-08-08 09:58:06
Egypt's Beltone Financial, a unit of billionaire businessman Naguib Sawiris's OTMT, reported a 132 percent jump in its net profit for the first quarter of the year, it said Monday. Net profit for the first quarter of 2016 reached 13.288 million Egyptian pounds ($1.5 million), compared to 5.730 million pound for the same period last year. Total revenues also surged to 49.328 million pounds, from 21.03 million pounds last year. During the financial year ended on December 31, 2015, Beltone reported a 65 percent fall in profits. Sawiris’ OTMT had bought in 2015 Beltone Financial, aiming to create one of Egypt’s largest investment firms. More»
Islam salah & Islam Abdelhameed - 2016-08-07 12:09:30
One of the private banks in Egypt is conducting feasibility studies to launch a new microfinance company in the country, said an official in the market regulator authority. The bank is in talks with some strategic foreign partners so as to contribute to the new company, Gamal Khalifa. Head of Microfinance at the Egyptian Financial Supervisory Authority (EFSA), told Amwal Al Ghad in an interview. Khalifa further said the bank is likely to start negotiations with the ESFA soon to obtain the licence of the new company. Microfinance activities in Egypt recorded 3.3 billion Egyptian pounds ($371.7 million) by end of March 2016, serving around 1.5 million clients. More»
Islam salah & Islam Abdelhameed - 2016-08-07 10:38:44
Market regulator, Egyptian Financial Supervisory Authority (EFSA) is studying a new bid from Gulf investors willing to establish a new insurance firm in the country. The shareholders of the anticipated company will involve Gulf investors, EFSA chief Sherif Samy told Amwal Al Ghad on Sunday. This demonstrates Egypt’s ability to lure foreign investment, Samy said. Egypt recently witnessed the launch of United Insurance Co. to practice property insurance, where Elmarshreq Lebanese Company contributes by 35 percent of its shares, and AXA Egypt, which is fully owned by France’s AXA Group. More»
Amwal Al Ghad English - 2016-08-07 08:38:20
India's decision to formally implement its central inflation target of 4 percent can help moderate future price rises and support macroeconomic stability, Moody's Investors Service said on Sunday. The government this week notified parliament that it would introduce the target of 4 percent, plus or minus 2 percent, a key confirmation of the inflation-fighting policies championed by outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan. Moody's said an explicit target could help anchor price expectations and keep actual inflation at moderate levels. The government's implementation was "credit positive" and underlined its commitment to controlling price rises, the ratings agency said. "Sustained moderate inflation would contribute to macroeconomic stability and help prevent a repetition of the short marked cycles of the past," Marie Diron, Senior Vice President, Sovereign Risk Group, said in a statement. The 4 percent inflation target for Asia's third-largest economy, which has a history of volatile prices, is in line with the goal the government originally agreed with Rajan. India's inflation rate has halved in the last three years, in part thanks to policies Rajan has overseen during his time as RBI governor. His June decision to step down stunned financial markets that applauded his policies, but the ex-International Monetary Fund chief economist has sought to cement his legacy by completing the shift to formal inflation targeting before he leaves on Sept. 4. "The changes to the monetary policy regime of the last two years mark a step toward greater policy transparency and predictability, both of which should help in policy transmission and hence monetary policy effectiveness," Moody's Diron said. Some senior economists, including Rajan's predecessor at the RBI, have urged India not to fixate on an inflation target given the need to ensure growth and financial stability. More»
Islam salah & Islam Abdelhameed - 2016-08-06 16:42:30
The Egyptian Financial Supervisory Authority (EFSA) says it intends to finalise drafting a new bill on leasing and factoring activities and to launch a community dialogue round next September. According to Sherif Samy, EFSA chairman, the new law aims to organise the financial activities and boost growth rates in both leasing and factoring activities in the coming period. “I expect discussions on the new law will end within next October.” Samy said. Leasing activities in Egypt recorded a 175 percent y-o-y rise throughout 2015; while factoring posted a 24 percent full-year growth, the Egyptian top official added. More»
Islam Abdelhameed - 2016-08-04 13:56:06
The International Monetary Fund team mission is currently reviewing with the Egyptian government the terms of the country’s state budget 2016-2017, to ensure steps to achieve targeted figures. Egyptian Minister of Finance Amr el-Garhy further told reporters the talks with the IMF are in good progress. The IMF mission will stay for further 10 to 12 days in Cairo, el-Garhy said."We are making good progress in negotiations with the IMF," El Garhy said at a news conference on Thursday. The talks with the IMF delegation, which are expected to continue until mid-August, relate to the current budget, he said. "We want to achieve the figures we set for the budget ... This is what we are discussing with the IMF," Garhy said. Egyptian officials are holding talks in Cairo with the IMF over a loan to help finance the government’s economic programme. Egypt is seeking $12 billion over three years. In the 2016-2017 budget, Egyptian government targets economic growth of 5.2 percent versus 4.4 percent in 2015-2016. The deficit is projected to reach 9.8 percent versus 11.5 percent in the former financial years 2015-2016 and 2014-5015. More»
Al Zahraa Mostafa - 2016-08-04 10:36:58
Insurer Tokio Marine Egypt General Takaful is studying new expansions to cover three new areas in the country; Upper Egypt, Red Sea, and Suez Canal cities, an official announced Thursday. Wael Badran, head of marketing and sales sector at Tokio Marine Egypt, told Amwal Al Ghad that his company intends to finalise the expansion studies before the end of the year. In 2015, Tokio Marine Egypt General Takaful inaugurated new branch in Ismailia and representative office in Port Said city. It has also replaced its Alexandria office to a bigger one. Tokio Marine Egypt General Takaful has four branches and one representative office, including its main branch in Heliopolis and another in Mohandessin districts. Tokio Marine Egypt General Takaful is a subsidiary of Japanese Tokio Marine Insurance Group whose network now spans 486 cities in 37 countries with around 40,000 employees. Tokio Marine Egypt was established as Nile Takaful Egypt in 2008 as a private joint venture arrangement, resulting in the creation of two separate companies known as Nile General Takaful (NGT) and Nile Family Takaful (NFT). From 1st October 2013 the new names of the two companies are Tokio Marine Egypt General Takaful S.A.E. (TMGT) and Tokio Marine Egypt Family Takaful S.A.E. (TMFT). More»