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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        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        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        

Indices news

Crude oil prices take a breather after hitting 2016 highs


Published 2016-04-28 08:10:40| Amwal Al Ghad English

Crude futures pulled back from 2016 highs on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production, strong investor appetite and a weakening dollar could push prices higher soon. International Brent crude futures were trading at $46.91 per barrel at 0638 GMT, down 27 cents from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 20 cents at $45.13 a barrel. The dips came after both benchmarks rose on Wednesday to their highest levels for 2016 in what has been one of the steepest price increases in recent years. Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February. Record crude storage figures may have spurred some investors to take profits on Thursday by closing long positions, traders said, and government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. Despite the price falls, analysts said that sentiment had clearly turned bullish, and that further price rises were likely. "We ... appear to be at the beginning of a bull market," U.S. investment bank Jefferies said on Thursday. Analysts said falling output in the United States, where Energy Aspects said there were now even "murmurings of volumes falling short" of demand, and a weak dollar were supporting prices and attracting investors. "The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week," ANZ bank said, following a release by the U.S. Energy Information Administration (EIA) showing that crude oil production fell to 8.94 million barrels per day (bpd) last week, down almost half a million bpd from this time last year. While Jefferies said it expected the market to remain oversupplied in the near term, it said that crude inventories should begin to fall by the third quarter, "setting the stage for a fundamental recovery". Analysts said that further bullish momentum could emerge due to ongoing weakness in the dollar, which is down almost 6 percent this year against a basket of other leading currencies, as a weaker greenback makes dollar-traded crude cheaper to buy for countries using other currencies at home. The Federal Reserve said Wednesday that it would leave U.S. interest rates unchanged, while the bank of Japan said Thursday it would hold back from expanding stimulus. Jefferies also warned that global spare capacity, estimated around 2 million bpd, or 2 percent of demand, was "precariously low" given the frequency of unexpected disruptions recently, including pipeline interruptions and strikes, as well as "the dire fiscal situation of producers like Venezuela, Iraq and Nigeria."
Get To Know
U.S. Republicans promised a tax bill by Christmas, and — except for a few final steps — they are ready to deliver. On Tuesday, both the House and Senate voted to pass the Republican tax plan, a $1.5 trillion proposal that gives corporations a permanent and massive tax break, temporarily cuts rates for individuals, and repeals the Affordable Care Act's individual mandate — a move that is estimated to leave 13 million fewer insured in the next 10 years. The House will vote again Wednesday morning on minor last-minute changes to the bill made in Senate to comply with budget rules. Republicans haven't let the fact that the bill is full of broken promises stand in the way of notching a legislative win by the year's end. The final bill lowers the corporate rate from 35 percent to 21 percent, gives pass-through businesses like the Trump Organization a 20 percent tax deduction, increases the standard deduction, expands the child tax credit, and temporarily lowers individual rates across the board. It's a bill that by almost every official analysis overwhelmingly benefits America's highest earners, and doesn't do much to simplify the tax code. But as Republicans promised, in the first year, almost all Americans will see at least a marginal decline in their taxes. Here are some of the major winners and losers from this GOP tax plan. Winner: corporate America A massive corporate tax cut has been the centerpiece of the Republican tax plan from the beginning. This bill permanently cuts the corporate tax rate from 35 percent to 21 percent to bring it closer to that of countries like Canada, which has a 15 percent corporate tax rate, or Ireland, which has a 12.5 percent corporate tax rate. Republicans also repealed the 20 percent corporate alternative minimum tax, which was set up in the current tax code to ensure that corporations paid at least some taxes. The bill also changes tax provisions for American companies abroad: Corporations will no longer have to pay corporate taxes on money they claim to have earned abroad — a move that could encourage companies to keep income in foreign tax havens. Corporate income brought back to the United States will be taxed between 8 and 15.5 percent, instead of the current 35 percent. The idea is that the lower tax rate will push corporations to invest more in the United State, raise wages, increase jobs, and unleash unprecedented economic growth. "It's in all of our best interest to have these tax cuts for corporations so that they will have more money to invest in their business and pay their workers," Rep. Mike Conaway (R-TX) said. By most analyses, this is largely a false promise. The Center on Budget and Policy Priorities, pulling together assessments from the Congressional Budget Office, the Joint Committee on Taxation, the Tax Policy Center, the Treasury's Office of Tax Analysis, and the Institute on Taxation and Economic Policy, found that workers would only receive a quarter or less of the benefits from tax cuts — and among those workers, it's likely the higher earners that would benefit. While it's true that the United States' corporate tax rate is exceptionally high on paper, the actual rate that corporations currently pay is much lower than 35 percent. "Our corporate tax code is riddled with loopholes, and what corporations pay is far, far lower — somewhere between 13 and 21 percent," Hunter Blair, a tax and budget analyst at the left-leaning Economic Policy Institute, told Vox. The Congressional Budget Office puts the United States' current effective corporate tax rate at 18.6 percent, lower than that of some countries in Europe and Asia. While the Republican bill closed some of these smaller loopholes, many of the major ones remain intact, making this massive tax cut into a bonanza for corporate America.
forex news
Gold rose on Wednesday amid a steady dollar and uncertainty over the outcome of U.S.-China trade talks, while investors waited for minutes from the Federal Reserve's meeting for clues on the outlook for U.S. interest rates. Spot gold was up 0.2 percent at $1,293.53 per ounce, as of 0112 GMT. U.S. gold futures for June delivery were little changed at $1,292.50 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was almost steady at 93.557. Asian shares edged up on Wednesday but investors were cautious after U.S.President Donald Trump tempered optimism over progress made so far in trade talks between the world's two largest economies. Trump on Tuesday said he was not pleased with recent trade talks between the United States and China, but kept the door open for further negotiations. Donald Trump said on Tuesday there was a "substantial chance" his summit with North Korean leader Kim Jong Un will not take place as planned on June 12 amid concerns that Kim is resistant to giving up his nuclear weapons. The U.S. House of Representatives passed on Tuesday bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving Trump a major legislative victory. Households are feeling more stable, small businesses are making money and many expect to expand and hire in the coming year, signs of continued optimism in two key parts of the economy, the Federal Reserve reported Tuesday in a pair of annual surveys. Underlying inflation in the euro zone will need time to accelerate and support the rise in headline inflation, European Central Bank policymaker Erkki Liikanen said in a presentation to the Finnish parliament on Tuesday. Bank of England Governor Mark Carney said on Tuesday he expected Britain's economy would bounce back from a weak start to the year when it was hit by heavy snowstorms, keeping the prospect of higher interest rates on the table. Bank of Japan Governor Haruhiko Kuroda said the central bank will telegraph to markets how it plans to exit from ultra-easy policy when conditions for hitting its price goal become robust.