amwalalghad :: Financial Institutions

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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        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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 - Financial Institutions

Amwal Al Ghad English - 2017-11-16 07:42:19
Egypt’s Minister of Finance Amr El-Garhy said on Tuesday that the country’s internal and external debt totalled 3.7 trillion Egyptian pounds in 2017. In an interview with TV programme “Akher al-Nahar,” Garhy noted that the Egyptian pound’s exchange rate is linked to exports and improving the Egyptian economy’s performance. Garhy stressed that fixing the Egyptian pound against foreign currencies may have a negative effect on the volume of Egypt’s foreign reserves. Egypt embarked on a large-scale IMF-sponsored economic reform programme last year. A key demand by the international lender was that the country would devalue its currency, which it did in November last year, resulting in the pound losing half of its value, leading to soaring inflation. More»
Amwal Al Ghad English - 2017-11-15 09:21:54
The prolonged period of low central bank interest rates and growing debt in developed economies is posing the greatest risk to financial markets in the medium-term, according to an International Monetary Fund (IMF) executive. David Lipton, the IMF's first deputy managing director, told CNBC why the enduring trend of quantitative easing, implemented after the 2008 financial crisis to increase liquidity and encourage borrowing, now presents potentially harmful downsides. "In financial markets, there are risks that come from having low interest rates for a very long time," he said. "That's affecting risk-taking behavior, it's affecting the market risk that capital markets participants have." He also pointed to ever-mounting debt in both developed and emerging economies. "We are seeing some greater leverage in the corporate world, in some countries for households, so that rising indebtedness and that increase in market risk really is something that policymakers should keep an eye on." According to the Bank for International Settlements, global corporate and household debt reached 138 percent as a share of gross domestic product (GDP) in 2016, compared to 115 percent in 2007, before the start of the economic downturn. The 2016 figure for advanced economies alone was 195 percent. "We think monetary policy has to continue to be supportive, and it's important to find other ways through macro-prudential policies to make sure that the financial market risks are kept under control," Lipton said. "But it's also important to put in place policies that will support growth in the long run, because a stronger growth impulse over the long term is going to help modulate financial sector risk as well." The IMF's current macroeconomic picture, meanwhile, is one of global recovery, in a process Lipton described as "lifting all boats together" and driven by policy support and recovery in commodity prices. "Our view is that in the longer term there's a need to boost growth because trend growth has been somewhat more sluggish. So despite the improved recovery, our message is that countries should take advantage of the opportunity of being in recovery to try and prepare for stronger growth ahead." More»
Amwal Al Ghad English - 2017-11-15 09:19:23
Morgan Stanley says it is bullish on its business in China as initial public offering activity there picked up after slowing the year before, a top executive at the investment bank said on Wednesday. Gokul Laroia, Asia Pacific co-CEO of Morgan Stanley, told CNBC that what he is most positive about when it came to deal flows and IPO activity in the coming year is the quality of public listing activity in the region. "Deals coming out of China — and the reason I talk about China is because it's the principal driver of this activity — reflect the changing nature of the Chinese economy," Laroia said on the sidelines of the Morgan Stanley Asia Pacific Summit in Singapore. China has attempted to rebalance its economy over the past few years by transitioning from a factory-led model of growth to one that's driven by services and consumption, or what is often referred to as its "new economy." That shift has been reflected in the types of businesses with which the investment bank has been talking. "We're in discussions with over a hundred companies at this point in time, from education, health care, content, online retail, financial technology. So the mix has changed," Laroia said. "And the one thing that's changed in addition to the mix is that the scale of these businesses [is] much larger than we've ever seen before. So I think there will be a really robust supply over the next couple of years," he said, referring to the trend as "new economy with scale." The global number of IPOs this year has increased after slowing in 2016, with stock exchanges in greater China accounting for the most listings globally by volume, according to a quarterly EY report in September. As for the broader Chinese economy, Laroia said that, even though credit tightening will have an impact on China's growth, the country's economic outlook was positive. "Growth will slow, but I've always maintained that the quality of growth is much more important than the quantum of growth," he said. "I think we've seen a hard landing in China. It happened a couple years ago when nominal growth went from 12 percent to 5 percent. We had a deflationary environment in China for three or four years. We've come out of that, so the quality of growth now in China [is] a lot better," Laroia said. More»
Amwal Al Ghad English - 2017-11-15 08:24:50
One of Asia's largest banks is of the opinion that bitcoin is currently a financial scam. "We see bitcoin as a bit of a ponzi scheme," David Gledhill, group chief information officer and head of group technology and operations at DBS, told CNBC on Wednesday. Bitcoin transactions are "incredibly expensive" and "all the fees are hidden through the crypto-mechanisms," he said on the sidelines of the Singapore Fintech Festival. "We don't think DBS being in that game right now is going to create a competitive advantage for us." Instead, Gledhill said, it currently makes more sense for the bank to focus on its electronic transactions of government-backed currencies. He is hardly the first to take a negative stance on the digital token. Eventually, Gledhill predicted, bitcoin pricing will become "very cheap because that's how it will scale," adding that there's no current pricing advantage for DBS. DBS is Southeast Asia's largest lender and a big believer in emerging technologies. Earlier this year, the bank said it launched a cloud-based e-learning management system powered on artificial intelligence for its employees. Bitcoin isn't going to help DBS bring in customers, deposits or wealth management so "right now, it's watch and learn," Gledhill said. The cryptocurrency has been volatile in recent weeks, slumping to $5,507 Sunday after hitting a record high of $7,879 last week. In response to Gledhill's remarks, Matthew Roszak, co-founder and chairman of Bloq, a blockchain enterprise software company, came to bitcoin's defense. "When I hear comments like that, I think a lot of folks are having their Kodak moment, where maybe they don't really understand the magnitude of this technology." More»
Amwal Al Ghad English - 2017-11-12 08:15:01
Bitcoin fell Friday to its lowest since November 1 as traders bet on its offshoot, bitcoin cash, instead. The offshoot digital currency surged more than 40 percent to its highest since Aug. 19, and was last trading near $947, according to CoinMarketCap. Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers decided to implement an upgrade in an effort to increase transaction speeds for the digital currency. An alternative bitcoin upgrade proposal, SegWit2x, which initially had more developers behind it, was called off Wednesday due to waning support. Bitcoin hit a record high of $7,879.06 that day after the news, but quickly fell and was trading 9 percent lower on the day Friday afternoon near $6,500, according to CoinDesk. That marked its lowest since November 1. "You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be," said Chris Burniske, author of "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond." "It's been a battle of investors versus traders that were stockpiling bitcoin to get their 'bitcoin2x dividend.'" Investors at the time of a bitcoin split technically receive equal amounts of the offshoot currency. Disagreements over upgrade proposals have caused uncertainty over the future of bitcoin, but some traders had been buying bitcoin ahead of splits in order to benefit from a payout of a new digital currency and a potential relief rally in bitcoin following the split. Creating bitcoin cash through the "mining" process was 13.6 percent more profitable than mining bitcoin, according to data on Coin Dance's website. Bitcoin has tended to recover quickly from pullbacks. The digital currency's price is up seven times this year and in a sign of growing interest from institutional investors, the world's largest futures exchange, CME, is planning to launch bitcoin futures by the end of the year. Another digital currency, ethereum traded about 4 percent lower near $307.52 Friday after hitting a nearly one-month high Thursday, according to CoinDesk. More»
Amwal Al Ghad English - 2017-11-11 14:23:33
S&P revised Friday Egypt's outlook to positive on "rising reserves and strengthening economic growth," with a B- sovereign credit rating maintained, reflecting wide fiscal and external deficits, high public debt, and low income levels. This is the first upgrade to Egypt's rating since May 2015. S&P added that it expects political stability in Egypt to continue under Egyptian President Abdel Fattah al-Sisi, not foreseeing significant policy changes in the run-up to elections in early 2018. According to S&P, the positive outlook reflects a "potential upgrade over next year" if Egypt continues to carry outs its reforms to support both investment and growth. The country’s economic growth rate rose during the last quarter of 2016/17 to 4.8 percent, while the unemployment rate fell to 11.9 percent in 2017, compared to 12.7 percent in June 2016. Last week, Egypt recorded its highest level of foreign reserves in its history, registering $36.702 billion at the end of October from $36.535 billion at the end of September. Reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan with the International Monetary Fund (IMF) in November 2016, shortly after the country's decision to float its currency. Cairo has welcomed Standard and Poor's announcement to raise Egypt's outlook to "positive," one year after the country was deemed "stable" by the agency in 2016, Al-Ahram reported Saturday. In an official statement, Finance Minister Amr el-Garhy said on Saturday the shift in Egypt's rating outlook was an important step in consolidating trust in Egypt's economic reform programme. "This will contribute in attracting more foreign investment to the country, and reduce the cost of financing to both the state and institutions, as well as the private sector," the statement added. More»
Amwal Al Ghad English - 2017-11-11 07:08:11
Egypt has reached a staff level agreement with the International Monetary Fund for an instalment of around $2 billion in its three-year, $12 billion loan programme, the IMF said in a press release on Friday. The agreement is pending approval by the IMF executive board, according to the press release. An IMF delegation visited Egypt from 25 October to 9 November to assess the progress of the loan programme, which was finalised in November 2016. The IMF loan comes in support of Egypt’s financial reform programme, which aims to curb the growing state budget deficit and has included floating the Egyptian pound. In the Friday release, the IMF praised the commitment of the Egyptian government to the reform programme, referring to the rise in Egypt's GDP to 4.2 percent in fiscal year 2016/17, compared to a projected 3.5 percent. The IMF also praised the increasing confidence of investors, adding that the "portfolio investments into Egypt reached $16 billion this year and foreign direct investment rose by 13 percent." The IMF also referred to the other positive steps such as a decline in headline inflation, and the narrowing current account deficit in dollar terms, as well as the budget performance which "was broadly in line with program projections with a primary deficit of 1.8 percent of GDP." The IMF also underlined the Central Bank of Egypt's commitment to the reform programme, reflected in its monetary policy framework that is "underpinned by a flexible exchange rate regime which has eliminated chronic foreign exchange shortages and the parallel market," as well as the government's efforts to reduce its debt, through achieving a primary surplus in the current fiscal year. However, the IMF stressed that reducing unemployment among young people and integrating women into the labour force are keys to Egypt's "economic liftoff and are the strongest and most sustainable form of social protection." In July, Egypt received the final instalment of the first $4 billion tranche of the IMF loan. More»
Amwal Al Ghad English - 2017-11-07 08:43:40
Goldman Sachs expects bitcoin will hit new records, despite a roughly $600 drop in the digital currency from all-time highs. "The market has shown evidence of an impulsive rally since breaking above 6,044," Sheba Jafari, vice president on the bank's FICC Market Strats team, said in a Sunday note. "Next in focus [$]7,941. Might consolidate there before continuing higher." Bitcoin has surged more than sevenfold this year. The digital currency hit a record high of $7,601.53 over the weekend before briefly dropping below $7,000 Sunday, according to CoinDesk. Bitcoin was trading around $7,092 Monday afternoon, leaving room for about 12 percent in gains to Jafari's $7,941 level. To Goldman's Jafari, reaching that price would mark the third of "five-waves up" for bitcoin. In mid-August, she said bitcoin was riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 before falling as low as $2,221. Bitcoin hit $5,013 in early September but dropped to $2,951 in about two weeks as China cracked down on digital currencies.A major factor for the latest gains was last week's announcement that the world's largest futures exchange, CME, will launch bitcoin futures by the end of the year. Demand from Japanese investors has also increased — bitcoin trade in Japanese yen now accounts for about 60 percent of trading volume, according to industry data site CryptoCompare. The five-wave principle of technical analysis on markets is known as the "Elliott Wave." However, in July The Elliott Wave Theorist newsletter said bitcoin is "making a final fifth wave from six cents." More»
Amwal Al Ghad English - 2017-11-06 15:16:01
Credit ratings agency S&P Global has reshuffled its list of the countries that are most negatively affected in an environment of rising interest rates, and Egypt is among the five most fragile countries list. Following years of ultra-loose monetary policy since the global financial crash, central banks across the world have started to reverse their quantitative easing programmes and have even raised benchmark rates in some cases. Now, S&P global suggest that Turkey, Argentina, Pakistan, Egypt, and Qatar are the new "fragile five" and are the emerging market economies that are set to suffer the most with this new policy from developed nations. Monetary conditions are "exceptionally accommodative" and, for some emerging markets, "the funding environment is now the most benign in living memory," Moritz Kraemer, S&P Global's managing director and sovereign global chief rating officer, said in a report on Monday. "Yet the threat from monetary tightening is now more concrete than before," he noted. The U.S. Federal Reserve has begun raising interest rates and the Bank of England took the same step last week, for the first time since 2007. The European Central Bank has also announced that it will reduce its purchase of government and corporate bonds starting next year. Tighter monetary policy poses risks for emerging economies in a variety of ways. One is that it increases borrowing costs for these nations as the U.S. dollar usually rises as rates are hiked, and these countries borrow in dollars. Another is that raising rates means that American investors pour their money back into their home country in anticipation of higher yields. In its assessment, S&P Global used seven variables, including current account balance as a percentage of growth and the percentage of debt denominated in foreign currency as part of the total debt the countries possess. Turkey was the only sovereign nation that was always among the most vulnerable, regardless of the variable chosen, the rating agency noted. "Qatar has a weak position on most flow variables, but is second only to Saudi Arabia on having a strong external asset balance sheet. Some observers might therefore argue that, because of its deep pockets, Qatar should not be in the new Fragile Five. If we exclude Qatar from that group, Colombia would take its place," Kraemer said in the report. In 2015, Brazil, India, Indonesia, South Africa, and Turkey were the Fragile Five. More»
Islam Abdelhameed - 2017-11-04 13:36:38
State-owned Telecom Egypt, which has a monopoly on the country's landlines, has put out to tender on a new insurance policy to cover its assets and property. The policy is with total sum insured of 35 billion Egyptian pounds ($2 billion), sources with knowledge told Amwal Al Ghad on Saturday. It will cover TE’s assets and properties, including warehouses and telephone exchange centers, of all dangers arising out of fire, burglary, dishonesty, losses, labours’ strikes, damage to machinery, they added. Misr Insurance Company won TE’s tender last year. More»