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        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 - Financial Institutions

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»
Amwal Al Ghad English - 2017-10-16 10:32:54
Based on the study of seven key countries for the regional payment industry, the region witnessed an overall 22 percent rise in online transactions during 2016. The rise was led by strong growth in Saudi Arabia, Egypt, and the United Arab Emirates, showing 27 percent, 22 percent and 21 percent year-on-year growth respectively, Payfort, an Amazon company, said in its fourth “State of Payments in the Arab World” report. Meanwhile, the report identifies ‘Events and Entertainment’ as the fastest growing payments sector showing annual 33 percent growth from 2015 to 2016. The new edition of Payfort’s State of Payments in the Arab World has been completely redeveloped to deliver a fully-customizable, interactive report. The new interactive report allows readers to create their own customized report to show different data and insights on seven key countries (Egypt, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia and the UAE) and four key online payment segments: airline, travel, ecommerce (online shopping) and entertainment sectors. “Our 2017 edition of the State of Payments report marks the most dramatic change to the report since we launched the project in 2014,” said Omar Soudodi, Managing Director of Payfort. “Each year we’ve worked hard to ensure that the report delivers more value than the last, shedding light on real issues for the region’s online business merchants. However, this year we put the control in the hands of our readers, providing them with interactive tools that allow them to easily adapt the data sets for their own needs and business decision making.” One of Payfort's new study objectives for this year's report was to measure consumer appetite and attitudes towards new Fintech applications and services. Research revealed that there is still plenty of room for growth in several Fintech market segments. For example, 17 percent of those surveyed in the UAE are looking for new and better alternatives to send international money transfers. There is also a sizeable opportunity for online wallet solutions, with around 47 percent of consumers across the region yet to adopt the technology. A total of $30.4 billion of goods and services were purchased online in the seven countries during 2016, increasing 22 percent on the $24.9 billion of payments during 2015. The top countries in terms of dollar value and growth in value were the UAE with $12.4 billion of transactions and 21 percent annual growth in total amount paid online; Saudi Arabia with $8.3 billion of transactions and 27 percent growth; and Egypt with $6.2 billion of transactions and 22 percent growth. Saudi Arabia was the fastest growing country in the airlines and travel sectors, showing 21 percent year-on-year growth in airline payment volume and 36 percent growth in travel and tourism. Egypt led the region in the growth of online shopping with a 32 percent increase in volume of payments. Meanwhile, the UAE was the fastest growing country in the entertainment and events sector, showing 36 percent growth. Security remains the top concern among those that choose not to pay for goods and services online, with more than 50 percent of cash-on-delivery customers surveyed in all countries stating that they would only switch to online payments if they were convinced that the payment method was secure. Cash-on-delivery was most popular as a payment option in Egypt (70% usage) and Lebanon (60% usage). “Despite the enormous growth in the region’s online payments and usage of ecommerce, security fears remain prevalent among consumers,” said Nardeen Abdalla, Marketing Director of Payfort. “Although we now see a greater willingness to make online transactions, consumers are increasingly aware of the risks of fraud and other cybercrimes. They are also increasingly demanding, seeking faster and easier checkouts. Payfort is helping businesses in the region take their online sales and payment options to the next level, by simplifying the checkout process for businesses, allowing them to offer their customers a choice of secure online payment options.” The new report also highlighted the growing interest in mobile payments, with 50 percent of respondents in six out of seven countries showing an interest in mobile payment apps. The report also showed that consumer usage of mobile wallets is widespread, with 33 percent of respondents in Saudi Arabia already using mobile wallets, compared to 27 percent in Egypt and Lebanon, 25 percent in Jordan, 23 percent in the UAE and 17 percent in Qatar. In addition to an extensive section on consumer buying habits and consumer preferences in the region, the State of Payments 2017 also includes a new Shopping Cart Guide and a guide to Checkout Page Best Practi“As ordering and paying online becomes an integral part of everyday life, the region’s merchants will find that the performance of their shopping cart systems and check-out pages will depend more and more on best practices to create the optimum customer experience,” said Soudodi. “This year’s State of Payments report provides a wealth of information on both consumer behavior online and practical advice for merchants who want to improve performance and meet their customers’ rising expectations.” More»
Amwal Al Ghad English - 2017-10-16 07:29:08
Egypt said on Sunday it issued treasury bills estimated at 13.25 billion Egyptian pounds($744 million), state owned MENA agency reported. In an official statement, Egypt's finance ministry said a 91-day-term treasury bill was issued worth 6.5 billion pounds with an average yield of 18.984percent from 19.001 percent at the last sale. A 273-day-term treasury bill worth 6.75 billion pounds was also issued with an average yield of 17.977 percent from 18.03 percent at the last auction, according to the statement. Egypt's domestic debt has been attracting buyers since the country liberalized its currency in November 2016 and increased key interest rates by seven percent. More»
Maha Essam - 2017-10-15 17:38:53
The European Union has disbursed 213 million Egyptian pounds ($12.1 million) in financing to back a huge Nile Delta clean-up plan in Egypt, an Egyptian government official said Sunday. The financing will help solve the depollution of the Kitchener Drain in Nile Delta cities of Gharbia, Monufia, and Beheira, said Tarek El-Refaie, the Assistant to the Minister of Housing. The depollution of the Kitchener Drain scheme will address environmental issues through a mixture of wastewater and solid waste treatment, while rehabilitating the infrastructure around the drain. The Kitchener Drain is one of the most severely polluted drains in the Egyptian Nile Delta. It extends about 85 kilometres, around 45 kilometres flowing through Kafr El-Sheikh, El-Refaie further told Amwal Al Ghad. More»
Amwal Al Ghad English - 2017-10-15 07:22:28
Egypt’s Finance Minister, Amr al-Garhy, anticipates the country will receive another installment of the International Monetary Fund (IMF) loan worth $2 billion, after a visit by the IMF delegation to Cairo next month. In a statement on Thursday, the minister said that the economic reform programme with the IMF is the second largest program for the IMF at the present time and that a tranche of the loan was approved according to periodic reviews, with a delegation from the IMF visiting Egypt every six months to review the performance of the reform program. He added that with the successful completion of the review, the IMF disburses the tranche of the loan, and that the next review will be the last week of October or the first week of November. Garhy stressed the importance of continued implementation of the economic reform program, as it relates to files and topics that have been neglected for long periods. He pointed out that there are difficulties in implementing the economic reform program, and that these difficulties are met by citizens’ awareness of the need for reform and their desire to bring about change, and put Egypt on track in all fields political, economic and security. The IMF originally approved the loan in November, intended to jumpstart an economy battered by years of turmoil that have driven away investors and tourists, releasing the first $2.75 billion installment. 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 - 2017-10-14 12:01:44
Egypt’s investment minister Sahar Nasr was announced as the new chairperson of the African Caucus on the sidelines of the World Bank meetings in Washington D.C. Following the announcement, Egypt, the country of the new chairperson, was chosen to host the African Caucus Conference 2018. The African Caucus comprises ministers of finance and central bank governors from all African countries. In 1963, the caucus was established with the objective of strengthening the voice of African Governors in the Bretton Woods Institutions (BWIs), i.e. the International Monetary Fund, and the World Bank Group, on development issues of particular interest to Africa. The African Caucus meets twice yearly; first, in the host country of the Chairperson of the Caucus and secondly, at the venue of the Annual Meetings of the IMF and World Bank. The caucus provides a platform on which African countries can articulate their positions jointly and guide their development partners on Africa's key priority areas in their development agenda. More»
Amwal Al Ghad English - 2017-10-14 10:02:00
It is time for the world's central banks and regulators to get serious about digital currencies, according to the head of the International Monetary Fund, Christine Lagarde. Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system, Lagarde said Friday. "I think that we are about to see massive disruptions," Lagarde told CNBC in a Facebook Live interview on the sidelines of the IMF Annual Meetings in Washington D.C. Asked whether she agreed with JPMorgan Chase CEO Jamie Dimon's comments that bitcoin is a "fraud," Lagarde said it's important to look at the broader implications of technologies like digital currencies. "I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes," she said. "It's a lot more than that as well." Lagarde didn't rule out that the IMF could at some point develop its own cryptocurrency. She pointed to the IMF's Special Drawing Right (SDR), a currency the IMF created to serve as an international reserve asset, that could incorporate technology similar to cryptocurrencies. "What we will be looking into is how this currency, the special drawing right, can actually use the technology to be more efficient and less costly," she said. Lagarde moderated a panel discussion on Thursday focused on fintech and the role of central banks, featuring central bank officials and executives from fintech companies. Lagarde told CNBC she expects the IMF will play a role in regulating the fintech industry going forward. "My hope is that we can participate in that process because I see that as a very cross-border process," she said. Fintech, Lagarde said, is already causing disruptions in the financial services industry as new technologies lower the cost of financial transactions. She pointed to distributed ledger technology like blockchain that can help make the banking system more inclusive. "I think of women in some of the developing countries that have to carry cash around who are at risk of violence and all the rest of it," she said. "If they can use their cell phone and operate in a much more discreet and efficient way, it would be terrific." More»
Amwal Al Ghad English - 2017-10-14 10:05:49
S&P Global Ratings sounded Thursday a word of caution on the U.S. Speaking with CNBC on the sidelines of the International Monetary Fund (IMF) meetings in Washington D.C., Moritz Kraemer, the rating agency's sovereign global chief ratings officer warned about the impact of another federal debt ceiling crisis. "We might be looking at another debt ceiling problem going forward later in the year — that of course is very binary so if there's no agreement, it might actually lead to a technical default," Kraemer said. "That certainly would be rating relevant, but that's not our expectation." Back in 2011, Washington was engaged in a fierce debate over the government's debt ceiling, which prompted S&P to downgrade the U.S. credit rating for the first time. The ratings agency has a stable outlook on the AA+ long-term rating currently held by the U.S. More»
Amwal Al Ghad English - 2017-10-14 10:02:02
Bitcoin's market capitalisation has surpassed major stocks such as Goldman Sachs and Morgan Stanley, after the cryptocurrency reached an all-time high Friday. The virtual currency hit a record high of $5,856.10 in the early hours of Friday morning, according to data from industry website CoinDesk. Its market capitalization, which is the total value of all the bitcoin in circulation, reached $96.7 billion, according to Coinmarketcap.com. Of course, bitcoin is not a stock. But if it were, its market cap would surpass that of some big companies, including the following: BHP Billiton with a market cap of $96.6 billion Goldman Sachs with a market cap of $92.9 billion Morgan Stanley with a market cap of $89.1 billion Netflix with a market cap of $84.5 billion. Bitcoin would be the 15th largest component of the Nasdaq and 58th largest by market cap on the NYSE. Many investors see bitcoin as a commodity or currency. It also has a finite supply at 21 million bitcoin that will not be reached for several years. The catalyst for the recent rally, which began Thursday, was speculation that China could reverse its ban on cryptocurrency exchanges. More»
Amwal Al Ghad English - 2017-10-14 08:45:23
Fitch Ratings has affirmed National Bank of Egypt's long-term issuer default ratings at 'B', viability rating at 'b', support rating at '4', support rating floor at 'B' and national long-term rating at 'AA(egy)'. Fitch has also affirmed National Bank of Egypt (UK)'s long-term IDR at 'B' with stable outlook and its support rating at '4'. NBEUK is a wholly-owned subsidiary of NBE. More»