amwalalghad :: Blogging

Your English Portal To Arab Economy

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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        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        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        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        

Citizen Journalism - Blogging

Hisham Salah - 2016-11-02 09:21:19
Since the end of September, Egypt has been facing a remarkable shortage in sugar, pushing the commodity’s price upwards, while creating its very own informal market, and consequently, increasing the suffering of Egyptians. Egypt produced a total of 2.2m tonnes of sugar in 2015 and consumed 3.1m tonnes, creating a shortage of some 900,000 tonnes. The Ministry of Supply is continuing to pump large amounts of sugar, both subsidised and free, into consumer complexes, commercial chains, and grocery stores in a bid to control market prices. However, the problem was not alleviated for more than six weeks, and sugar prices are high, surpassing the usual price of EGP 5/kg. More»
Hany Aboul Fotouh - 2016-10-17 08:06:35
I, like many others, was surprised by the sudden decision taken by Saudi Aramco to stop supplying Egypt’s needs of petroleum products, despite the agreement between Egypt and Saudi Arabia stating that the latter will secure Egypt’s requirements for petroleum products at 700,000 tonnes per month for five years. The value of the agreement between the two countries amounts to $23bn to be repaid over 15 years. The agreement came to spare Egypt from the fuel crisis, while cancelling it puts Egypt in a difficult position and may cause a severe crisis similar to that we suffered during the era of the Muslim Brotherhood government. The Ministry of Petroleum attempted to mitigate the impact of this news by saying that the agreement is still in effect and that shipments were only halted for October. Yet, I am worried that the length of this suspension would stretch further on the back of political tension between the two states. Since I am primarily concerned about the side effects of a series of differences on the economic level, I will not seek to explain the political situation of the two countries over the controversy on Syria, Libya, and Yemen, or the Egyptian and Iranian rapprochement. Halted oil shipments are just one of a series of crises that may affect Egypt as a result of increased tension between the two countries. Remittances of one million Egyptians in Saudi Arabia are one major source for hard currency, which can be used to pressure Egypt in light of the high unemployment rate. Similarly, Saudi Arabia’s deposits—most recently the $2bn deposit—are key to reaching an agreement for a loan with the International Monetary Fund. The Saudi foreign ministry has rejected an informal Egyptian request to exempt Egyptian labour from the recently imposed high fees, or to cut them. This would impact Egyptian expats in the kingdom, who secure hard currency flow into Egypt. I realise how deep the relationship between the two countries is. And I understand that the differences will not be for long. At the same time, I strongly believe that Egypt must change and reduce its dependence on Saudi financial support. In other words, we must seek new ways of self-reliance rather than automatically tending towards Gulf aid. The state should maintain a proper balance between solving economic crises on the one hand, and preserving the sovereignty of political positions on the other. Whoever has the strength, owns his decision.About the Writer: Hany Aboul Fotouh is a lecturer of Crown and Bridge, Faculty of Dentistry, Tanta University, Egypt. More»
Matthew Lynn - 2016-09-28 09:21:53
Is Germany’s Chancellor Angela Merkel secretly working for a hedge fund on the side? That is the most charitable explanation of her briefings over the weekend that her government has no intention of bailing out the once-mighty Deutsche Bank if it runs into even-worse trouble — news that sent its shares into yet another nosedive. Anyone who had shorted them would have made a fortune. That might sound far-fetched. But it is at least less worrying than the alternative explanation — which is that Merkel has no idea how the financial markets work, and no appreciation of how much damage the unfolding Deutsche crisis is already doing to the markets and the eurozone economy. In truth, Germany needs to sort out the Deutsche mess as quickly as possible, and stop pretending that it can stand idly by while its largest financial institution sinks deeper into the mire. Why? Because the earlier it gets to grips with the lender’s problem the better; because it is preventing a recapitalization of other European banks; and because if it doesn’t do it now, it is unlikely that Deutsche will survive a recession. The sooner it gets on with it the better. Deutsche Bank has clearly been in some kind of trouble for the whole of this year. How much it is hard to quantify exactly, but the stock market clearly thinks something is up. The shares have been sliding all year. Profits and revenues have both fallen. Back in February, the co-CEO John Cryan had to put out a statement saying it was “rock-solid” — the kind of thing bankers usually say when they are in deep, deep trouble. Then to cap it all, the U.S. Justice Department this month handed the bank a $14 billion fine for its role in mis-selling mortgage securities. In its prime, Deutsche could have paid that easily — now that it is scratching around for every last penny, there is no way it can afford it. Against that dire backdrop, it is no surprise that questions are being asked about its solvency. Merkel then took a bad situation and made it worse. Over the weekend, Focus reported that the government had no intention of rescuing the bank, and wouldn’t be applying pressure on the U.S. to reduce the fine. As anyone could have told her, the result was carnage. Ever since 2008, investors have rightly or wrongly assumed that governments, in extremis, would always bail out a major, systematically important bank. If Deutsche was being left to its own devices, you could hardly blame them for running for the hills. The shares tanked, taking all the major bourses down with them. On Tuesday morning, they were still falling. That was a big mistake. In fact, there is no way Germany can walk away from Deutsche Bank’s problems. Merkel might be famous for kicking the can down the road, but there are five reasons why she needs to sort out this mess right away. First, the sooner it is dealt with the better. As we learned in 2008, once investors start to doubt the credibility of a bank, then the game is up, regardless of whether the underlying business is sound or not. Deutsche is not quite in bank-run territory, but it is getting perilously close. There is a lot of be said for clearing up whatever problems it has early — and just about nothing to be said for leaving it to the last moment. Next, it is preventing other rescues. Deutsche is far from the only institution in trouble. The Italian banks have been a festering sore for most of this year, and need recapitalizing fast, but Germany’s insistence on bailing-in depositors has been an obstacle to making that happen. A lifeboat for Deutsche Bank could open the door to rescues of banks right across the eurozone — and that can only help fix the continent’s flagging economy. Thirdly, keep an eye on the U.S. elections. Germany needs to put pressure on America to reduce that $14 billion fine. The U.S. has no interest in yet another financial crisis in Europe any more than anyone else does, so there should be room to negotiate — even if the Justice Department and its lawyers don’t like it. But will that be possible with President Donald Trump? Er, no. Even President Hillary Clinton will find it hard. But President Barack Obama might be able to cut a deal in the final month or two of his term. Four, the eurozone needs a healthy German banking industry. The German trade surplus is now a massive 9% of gross domestic product, most of it with the rest of the single-currency area. That money needs to be recycled back into the economy — and that can only happen through German banks lending across the continent. Strong banks can do that, but weak ones can’t. If this goes on much longer, the whole zone will soon be back in recession, and that is the last thing either Germany or anyone else needs. Finally, does anyone imagine Deutsche is remotely strong enough to survive a downturn? The German economy has been doing reasonably well. The eurozone has seen a mild recovery. Then European Central Bank has been pumping money furiously into the system. And despite all that, Deutsche has still managed to get into trouble. When the economy turns down, as it will one day, then it is going to be a lot worse — and a lot harder to fix. In fact, a rescue needn’t be impossible. Merkel simply needs to make it 100% clear that the German government will stand behind Deutsche if necessary. She needs to put pressure on the U.S. to reduce its fine, and then she needs to put tell Deutsche’s management to slim down and focus on their core business. That should be enough. But if it isn’t, then the German government should take a stake and recapitalize the business — as Britain did with Lloyds in 2008, for example. Even the threat of letting it go to the wall is crazy — and the sooner Merkel realizes that, and starts to get a grip, the better. More»
Matthew Lynn - 2016-09-14 08:59:39
A narrowing of the polls. An elderly and tarnished opponent. A resilient populist, who, despite every known law of political campaigning, manages to stay in contention. The world outside the United States is about to start getting its head around the fact that it is not impossible that Donald Trump could actually be elected president. If you thought Brexit was scary for financial markets, wait for the reaction to a possible Trump victory. There would be panic, and a rapid repricing of assets across the world. Expect the dollar’s bull run to end, and the euro to stage a rally; expect a plunge in China, rippling out to the rest of the emerging markets; and expect the price of gold and every other kind of safe haven to soar. It would certainly be dramatic, and possibly ugly as well. For the past year, most investors thought a Trump presidency was about as likely as Greece reclaiming its triple-A rating or Vladimir Putin handing Crimea back to Ukraine. Every political analyst and investment bank reassured its clients through the primaries that, sooner or later, the grown-ups would take back control of the Republican Party and agree on a more mainstream nominee. At worst, Trump could spark a global trade war that would make the 1930s seems like a hiccup. That could only drive investors toward gold to take refuge from the turmoil. It didn’t happen. Trump saw them all off. Then they told us that he would be easily beaten by Hillary Clinton. And yet, heading into the autumn, he is still in the race. Worse, the polls are narrowing — the UPI/CVoter tracking poll this week showed Trump taking a three-point lead. And with the latest scare over Hillary Clinton’s health, it is becoming increasingly impossible to rule out the idea of Trump actually winning in November. And, yet, the rest of the world views Trump with horror — and to an extent that no previous nominee of a major American party has been. His mixture of protectionism and isolationism, combined with a streak of authoritarianism, plays terribly with the rest of the world, while his checkered business career, and the casual insults he fires off in all directions, strikes most people as unfitting in a political leader. No doubt Trump supporters will think the verdict of the rest of the world is unfair. That said, many Brexit supporters in the U.K. thought it was unfair that the rest of the world was so against the country leaving the European Union. That was the way it was. The same is true for Trump. Whatever Americans may think of him, the fact is nobody else regards him as remotely suitable to be the leader of the world’s most powerful country. That doesn’t mean he can’t win. In Britain, the bookmakers are offering odds of around two-to-one on Trump making it to the White House. That seems about right. It remains unlikely, but by no means unthinkable. If it happened, how would the markets in the rest of the world respond? Here are four big moves to be looking out for. More»
Zoe Kleinman - 2016-09-03 14:20:57
Samsung's decision to halt sales of the new Galaxy Note 7 because of reports of battery explosions is an extraordinary step for a tech giant to take. The firm said it had identified a battery issue but did not elaborate. But if a lithium-ion battery cell charges too quickly or a tiny manufacturing error slips through the net it can result in a short circuit - which can lead to fire. One expert urged the industry to find safer alternatives to lithium. "I think one should be concerned and push towards safer battery tech," said energy storage expert Professor Clare Grey from Cambridge University. More»
Hisham Salah - 2016-08-31 08:21:20
Small- and medium-sized enterprises (SME) may be the best solution for Egypt’s poor economic state. SMEs have the ability to provide a large number of jobs to subdue unemployment and produce important products. In May, the executive manager of the Egyptian Banking Institute (EBI) Mona El-Baradei said that the number of SMEs in Egypt constitutes approximately 2.5m projects, representing 99% of non-agricultural private sector projects. Moreover, these projects provide about 75% of jobs. SME productions account for about 80% of the GDP and contribute to 75% of exports, El-Baradei said, adding that small businesses contribute to more than 10% of industrial production in Egypt, while medium enterprises provide 40%. The government always says that increasing the number of SMEs is important, yet it has not quite changed its approach in providing grounds for entrepreneurs to start their own companies. The Egyptian economy is facing many challenges: the high unemployment rate of 13%, the declining growth rates of 4%, and the domestic investment rates that stand at only 14.4% of GDP, next to the limited flow of foreign currency into Egypt. SMEs could be the solution for the Egyptian economy, but that would require the government to pay attention. More»
Dave Lee - 2016-08-25 08:24:03
A new report suggests thousands of Instagram users are falling for a scam that targets followers of financial institutions on the image-sharing platform. So I began following Bank of America’s official account to see what would happen. Sure enough, the first message arrived in moments. “Hey are you interested ib [sic] making some extra cash." To you and me, this message - which, let’s be honest, lacks any real salesmanship - seems highly dubious. But be it because of gullibility, recklessness, or, most likely, desperation, others have been lured in. More»
Jonah Engel Bromwich - 2016-08-23 10:13:34
Chances are, you plug in your phone before you go to bed at night, thinking it's best to greet the morning with a fully charged device. Is this a good idea? That depends. Here's the thing. Many people don't expect to keep their phones for much longer than two years. For the most part, experts say, those people are not going to notice much damage to their phone batteries before they start hankering for a new device. If that sounds like you, feel free to charge every night, and as often as you like in between. More»
Cairoscene team - 2016-08-22 08:06:33
We all proudly cheered on our Egyptian Olympians for the past couple of weeks, as they honoured Egypt in many ways, from simply representing at the biggest sporting event in the world, to winning medals, to even getting featured in Vogue. However, according to Youm7, General Gamal Bahgat, Secretary General of the Ministry of Sports' Finance Fund stated that there a 10% tax deduction on all cash prizes are due. These monetary rewards are a form of honorariums given to athletes when they bring home gold, silver, or bronze medals, and Bahgat reassured that they will be indeed received, but they're obliged to pay a 10% tax by law. Apparently, this deduction is applied to all cash bonuses in relation to any championships received by Egyptian athletes abroad – not just the Olympics. Other countries grant their athletes similar cash bonuses and some do not grant their athletes any, like the UK, according to the Independent UK but this so-called 'victory tax' exists in few countries outside of the US where it also stands at 10%. More»
Luiz Eduardo Soares - 2016-08-21 15:00:13
The Olympic Games are coming to a close, having demonstrated once again that Rio de Janeiro knows how to organise and promote big events. But after the party, and the billions spent to show the world that we deserve a place among the great democracies, comes the hangover; the bills begin to arrive, and we have no way to pay. As the festive air and the tourism subside, and with the Paralympics due to start in a matter of weeks, the old problems remain. It is now that the residents of Rio de Janeiro begin to wonder: what will the legacy be? As we present ourselves to the world, have we revealed our faults? Or has the power of our cultural creativity come to the fore? Therein lies the contradiction of Rio: the combination of beauty and poverty, hedonism and inequality, a carnival atmosphere and bloody violence. More»