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 - 2017-11-02 07:22:41
Foreign investment in Egyptian securities rose to $18.8 billion in October, a year after the central bank floated the pound currency, a Finance Ministry official told Reuters on Thursday. Egypt floated its pound currency on November 3 last year and the central bank has since hiked key interest rates by 700 basis points, driving up foreign appetite for domestic debt. More»
Amwal Al Ghad English - 2017-11-02 07:12:39
Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world’s largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. CME Group Inc (CME.O) said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017. Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since mid-September alone. It was up 0.3 percent on Wednesday on the Luxembourg-based Bitstamp exchange BTC=BTSP. More»
Islam Abdelhameed - 2017-11-01 13:41:17
Egypt’s Delta Insurance Company says it has had 168 million Egyptian pounds ($9.5 million) in foreign currency surplus at the end of June. Foreign currency-dominated cash assets reached around 184.3 million pounds, while liabilities in foreign currencies recorded around 16 million pounds, sources in Delta with knowledge told Amwal Al Ghad on Wednesday. More»
Ahmed Ali & Yomna Yasser - 2017-11-01 12:08:07
Egypt imports between $10 billion and $12 billion in foods a year, including $6 billion in wheat, oils, and corn, the country’s central bank governor told a conference Tuesday. With Egypt long dependent on imports, Tarek Amer called the country’s private sector to exert more efforts to fill the gap and meet the market’s needs. “Food is the state’s national security, and the private sector has to pay its role to fill the local market’s needs and make added-value investments supporting the national economy,” Amer said. The exports are still ‘weak’ and not exceeding the $20 billion levels yet, the central bank governor said. But, Amer said they have the potential to grow and reach between $40 billion and $50 billion soon as the depreciation of the Egyptian Pound has improved the competitiveness of Egyptian exports in international markets. More»
Amwal Al Ghad English - 2017-11-01 09:10:30
CME announced Tuesday it plans to launch bitcoin futures in the fourth quarter, pending regulatory review. Bitcoin rose to a record high above $6,400 Tuesday morning, according to CoinDesk, after the announcement by the world's largest futures exchange. "Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," Terry Duffy, CME Group chairman and CEO, said in a statement. Duffy added on CNBC's "Closing Bell" that he is "confident" the CME's self-certification process at the U.S. Commodity Futures Trading Commission and full application process will go through. "We've been working with the regulator. They understand our application. And they understand our model very, very well," Duffy said. The leading global exchange for options and futures trading is the latest entrant into the business of offering derivatives for bitcoin, the volatile digital currency, which is not listed on a major exchange. The bitcoin futures contract will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), which CME launched in November 2016 with London-based digital trading platform Crypto Facilities. The reference rate is a daily settlement price published at 4 p.m. London time, currently noon ET. In less than 10 years, bitcoin has come a long way from being "mined" in homes and predominately used to buy illegal goods online. An entire industry has emerged to mine bitcoin, sell digital mining equipment and offer bitcoin trading services. The growth of bitcoin derivatives is another step toward the development of the digital currency as a more established asset class. Fundstrat's Tom Lee said his call for bitcoin to top $20,000 by 2022 is based partly on expectations that bitcoin derivatives products will launch. In August, the Chicago Board Options Exchange, the largest U.S. options exchange, said its CBOE Futures Exchange plans to offer cash-settled bitcoin futures by early 2018, pending review from the CFTC. CBOE is working with Gemini Trust, the digital currency exchange founded by brothers Cameron and Tyler Winklevoss, on using Gemini's market data to create bitcoin derivatives and indexes. The commission did not immediately respond to a CNBC request for comment. "The addition of CFTC-regulated bitcoin derivatives will bring a great deal of liquidity and legitimacy to the cryptocurrency ecosystem," Ari Paul, CIO and managing partner at BlockTower Capital, told CNBC in an email. Paul pointed out that since many institutional investors cannot directly invest in bitcoin, the launch of derivatives by a major exchange gives the investors a way to buy into the digital currency market. New York-based digital currency-trading platform LedgerX received the agency's approval to clear derivatives in July, and began offering institutional clients the ability to trade bitcoin options two weeks ago. LedgerX CEO Paul Chou told CNBC in an email the company cleared $1 million in the first week and $2 million in the second week. He said he expects to see more exchanges launch similar products. Despite the rapid increase, volume is still relatively tiny. Trade Alert, which tracks options data for CBOE, says the comparable figure at the exchange is $2.62 billion a day, including $1.7 billion for S&P 500 index options. More»
Amwal Al Ghad English - 2017-11-01 07:19:40
Egypt will keep its customs exchange rate unchanged at 16 pounds per dollar for November, the finance ministry said on Tuesday. “The decision to keep the customs exchange rate unchanged is in line with the stable currency rate in the past period and the stability of the Egyptian economy,” Finance Minister Amr El Garhy said in the statement. Egypt began setting a monthly fixed customs exchange rate in January, following the flotation of its pound currency last November. It has since set it each month. The pound has gradually strengthened in recent weeks, standing at about 17.63 to the dollar on Tuesday, up from about 17.71 last month. More»
Amwal Al Ghad English - 2017-10-31 10:44:10
The International Monetary Fund says Egypt’s economic growth is driven by a “broad-based” recovery across industries, a sign that reform measures such as floating the currency are starting to pay off even as inflation still remains high. Gross domestic product expanded at an annual rate of 4.6 in the first half of 2017, the fastest pace in seven years, to the surprise of some economists who predicted slower growth as record-high interest rates and rising consumer prices weigh on confidence. The IMF expects the economy to grow 4.5 percent in 2018 from 4.1 percent this year. “The reemergence of growth as we see it is broad-based; various sectors of the economy are benefiting from it including export, including tourism,” Jihad Azour, head of the IMF’s Middle East and Central Asia Department, said in an interview in Dubai. “Remittances are improving as well as other traditional sectors.” Egyptian authorities removed most currency restrictions a year ago to end a dollar shortage crippling economic activity. The pound has since lost half of its value, causing inflation to accelerate to more than 30 percent. But the devaluation has also made Egyptian exports cheaper. Non-oil exports and tourism grew about 16 percent in the fiscal year that ended June 30, suggesting a gradual improvement in the economy is taking hold. Azour said the plan is for Egypt to capitalize on the “improvement in competitiveness” to make its economy more reliant on exports for growth. “And this is in fact part of the policy package that the government in Egypt has put forward and the fund has supported,” he said. More»
Islam Abdelhameed - 2017-10-30 11:53:20
Egypt’s Mohandes Insurance Company has signed Monday a credit insurance cover agreement with the country’s largest state-run lender, the National Bank of Egypt. Under the agreement, Mohandes will cover the risk of non-payment of NBE’s loans for the small and medium-sized enterprises. The Egyptian insurer is committed to provide NBE with compensation in the event of a payment default by a borrower under a loan, said its chairman Reda Fathy on the sidelines of signing the agreement. More»
Amwal Al Ghad English - 2017-10-30 10:35:25
The UK’s development finance institution CDC Group said Sunday it had invested around $97 million in a solar power programme designed to help meet Egypt’s growing demand for energy. CDC is part of an IFC-led syndicate providing the Nubian Suns project with a $653 million debt package that will fund the construction of 13 solar power plants near the Southern Egyptian city of Aswan, the institution said in a statement. The plants are part of the larger Benban Solar Park, which, when complete, will be the largest solar power installation in the world with up to 1.8GW capacity and 32 solar plants. The 800MW Nubian Suns project is backed by a syndicate of nine international lenders and is expected to provide clean, cost-effective power to over 350,000 residential customers and generate up to 6,000 jobs during construction. The lenders are the World Bank’s International Finance Corporation (IFC), CDC, Africa Development Bank (AfDB), Asian Infrastructure Investment Bank, Bahrain’s Arab Bank, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria. Their financing will support six groups of private power companies, which together will build and operate the 13 plants. Nubian Suns plays a central part of round 2 of the Egypt Feed-In Tariff solar power programme which is introducing a large number of international investors and banks to Egypt at a crucial time for the country. The initiative is aimed at lowering Egypt’s cost of electricity generation, reducing the dependence on imported fossil fuels, and providing essential energy harnessed from an abundant clean and renewable resource. The solar photo-voltaic plants are being developed as part of Egypt’s national program to attract private sector capital and expertise to support the country’s target to generate 20 percent of its electricity from renewable resources by 2022. The Benban Solar Park, which will include 32 power plants in all, will be an important part of the initiative. Specifically, CDC’s $97 million investment spans across 9 of the 13 Nubian Suns projects for a total capacity close to 400 MW. CDC’s capital is supporting four of the six project teams. “This is an important investment for CDC and the largest project finance deal in Africa this year.” CDC’s Head of Project Finance, Iain Macaulay, said. Estimates suggest that 18 per cent of Egypt’s power capacity is inaccessible due to poor maintenance and during the summer months, the country faces electricity shortages due to increased demand and shortage of fuel and generating capacity. In 2015 and 2016, the state diverted nearly all fuel to electricity generation to meet peak summer power demand supplying to household consumers at the expense of heavy industry. More»
Amwal Al Ghad English - 2017-10-30 08:35:18
Bitcoin-related jobs are the fastest growing category of role on international employment marketplace Freelancer, the company said Wednesday. With 82 percent growth in the third quarter, work related to cryptocurrency is skyrocketing, the data showed. The company's periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform. "People are getting freelancers to design new types of cryptocurrencies," Matt Barrie, CEO of Freelancer, told CNBC. One of the main skills for which companies are looking is the ability to manage an initial coin offering — when a new digital token is first sold to outside speculators in a bid to raise money.According to Freelancer, employers were also looking for people to create new cryptocurrencies and to write proposal plans for technologies employing blockchain — the data structure pioneered by bitcoin. The related field of cryptography saw the number of job listings rise 59 percent in the third quarter, according to Freelancer. Bitcoin's popularity has seen ups and downs in recent years, but the cryptocurrency has enjoyed repeated record highs in recent months, breaking above the $6,250 mark on Sunday. Freelancer.com listed more than 480,000 new jobs in the third quarter and has over 12 million jobs to date with 25 million users, according to the company. The top employee abilities that companies sought were: Adobe InDesign, 3D design, creative design, web language HTML5 and e-commerce platform WooCommerce. In social media, Facebook, Instagram and Snapchat dominated the platforms — surpassing the likes of Twitter, Pinterest and Google Plus. More»