2.39 % an increase of Nile Stock Exchange trading during Sunday sessionSunday 23/02/202013:27:34 PMRead more
2.39 % an increase of Nile Stock Exchange trading during Sunday session
Nile Stock Exchange records an increase of 2.39 % on Sunday 23 February 2020.recording 629.86points on the shares of 12 companies during the 523 million shares executed over 113 transactions; the total value traded recorded 735 thousand. Total Market Cap LE 932 million.
Decrease of 0.24 % in EGX 30, 0.16 % in EGX 50, 0.33 % in EGX30 capped, while an increase 0.01 % in EGX 70 and a decrease of 0.20 % in EGX 100 during Sunday sessionSunday 23/02/202013:19:47 PMRead more
Decrease of 0.24 % in EGX 30, 0.16 % in EGX 50, 0.33 % in EGX30 capped, while an increase 0.01 % in EGX 70 and a decrease of 0.20 % in EGX 100 during Sunday sessionEGX 30 index closed at 13688.05 points recording 0.24 %loss,
EGX 50 index closed at 1868.16 points recording 0.16 % loss,
EGX30 capped index closed at 15612.92 points recording 0.33 % loss,
EGX 70 index closed at 1256.16 points recording 0.01 % gain,
While EGX 100 index closed at 1361.9 points recording 0.20 % loss on
Sunday,23 February 2020.
The total value traded recorded LE 1,530,794,064 while the total volume traded reached 112,134,876 and 16,625 transactions. Total Market Cap LE 694,126,375,471
For (Ismailia National Food Industries) records 10.00 % gains and closed at LE (17.820) followed by (Ismailia Misr Poultry) which 8.24 % gains and closed at LE (2.890).
On the other hand (Middle & West Delta Flour Mills) records (8.38) % loss and closed at LE (109.740) followed by (Lecico Egypt) recording 7.45 % loss and closed at LE (2.360).
The Egyptians controlled 93.28% of the value traded during the day recording net sales of 44,579,902.Non-Arab foreign investor's accounted 4.65% recording net purchases LE 75,924,743.Arab investor's captured 2.26% after excluding deals recording net sales of LE 31,344,842.
The institutions accounted for 83.79% of the value traded, while the 16.20% were for the individuals.
Correction from Obour Land For Food Industries (OLFI.CA)Sunday 23/02/202013:17:14 PMRead more
Correction from Obour Land For Food Industries (OLFI.CA)Company Name : Obour Land For Food Industries
ISIN Code : EGS30AL1C012
Reuters Code : OLFI.CA
Referring to the announcement published on the trading screens on 23/02/2020 regarding notification of Article 29 of listing rules, a correction was sent regarding the client's percentage.
The Release (66 KB)
Medinet Nasr Housing (MNHD.CA) - Corporate Governance ReportSunday 23/02/202013:07:56 PMRead more
Medinet Nasr Housing (MNHD.CA) - Corporate Governance ReportCompany Name : Medinet Nasr Housing
ISIN Code : EGS65571C019
Reuters Code : MNHD.CA
Corporate Governance Report for the fiscal year ended 31/12/2019.
Corporate Governance Report (914 KB)
Release from Obour Land For Food Industries (OLFI.CA)Sunday 23/02/202013:03:07 PMRead more
Release from Obour Land For Food Industries (OLFI.CA)Company Name : Obour Land For Food Industries
ISIN Code : EGS30AL1C012
Reuters Code : OLFI.CA
Release regarding the form of Article 29 of the Listing Rules of The Egyptian Exchange.
The Release (412 KB)
Release from October Pharma (OCPH.CA) Regarding the AGM & EGMSunday 23/02/202012:52:57 PMRead more
Release from October Pharma (OCPH.CA) Regarding the AGM & EGMCompany Name : October Pharma
ISIN Code : EGS380R1C018
Reuters Code : OCPH.CA
Release from the company regarding the AGM & EGM to be held on 22/03/2020.
The Release (1,388 KB)
Al Bader Plastic (EBDP.CA) Release Concerning a Client's Shares (NILEX)Sunday 23/02/202012:51:56 PMRead more
Al Bader Plastic (EBDP.CA) Release Concerning a Client's Shares (NILEX)Company Name : Al Bader Plastic
ISIN Code : EGS3A2Z1C015
Reuters Code : EBDP.CA
Content : Release stating that El Ahram Co. For Printing And Packing sold 24423 shares of the Al Bader Plastic, thus the percentage of its contribution reaches 4.68 %.
The Release (1,446 KB)
Release from Kafr El Zayat Pesticides (KZPC.CA) Concerning the AGMSunday 23/02/202012:51:14 PMRead more
Release from Kafr El Zayat Pesticides (KZPC.CA) Concerning the AGMCompany Name : Kafr El Zayat Pesticides
ISIN Code : EGS38411C012
Reuters Code : KZPC.CA
Release from the company concerning the invitation of the AGM, which is scheduled to be held on 30/03/2020.
The Release (167 KB)
Release from Oriental Weavers (ORWE.CA) Regarding The Business Results ReportSunday 23/02/202012:48:19 PMRead more
Release from Oriental Weavers (ORWE.CA) Regarding The Business Results Report
Release from Emerald Real Estate Investment (EMRI.CA) Concerning Proposed Dividend Distribution From The Board Of DirectorsSunday 23/02/202012:46:57 PMRead more
Release from Emerald Real Estate Investment (EMRI.CA) Concerning Proposed Dividend Distribution From The Board Of DirectorsCompany Name : Emerald Real Estate Investment
ISIN Code : EGS659E1C017
Reuters Code : EMRI.CA
Content : Referring to the financial statements of the company for the financial year ending on 31/12/2019 and the annual report of the board of directors published on the trading screens on the date of February 23/02/2020, a clarification release was sent from the company about the proposed dividend distribution from the board of directors
The Release (65 KB)
Mega bank consolidation: Meeting April 1 deadline appears challengingSunday 23/02/202012:27:04 PMRead more
Mega bank consolidation: Meeting April 1 deadline appears challengingBusiness standard
With the deadline of April 1 fast approaching for the mega merger of ten public sector banks, there seems to be more odd in the way of meeting the target date as a series of regulatory approvals and clearances are still pending, bank officials said.
Even after Cabinet approval to the proposed mega merger plan, officials said, fixation of share swap ratio, shareholders consent and other regulatory approvals are expected to take at least 30-45 days.
It is believed that the Prime Minister's Office (PMO) has sought details from these lenders about their financial projections for the next three to five years. Details in respect of NPAs, capital requirement, credit growth and cost savings on account of the mergers have been asked for, officials said.
So, chances of the merger becoming a reality beginning next fiscal year seems little unrealistic at the moment, a senior public sector bank official said.
Besides, regulatory nods, the Scheme of Amalgamation has to be laid before Parliament for 30 days for the perusal of the members. The second-half of the Budget session is scheduled to start on March 2.
Last year in August, the government announced the consolidation of ten public sector banks (PSBs) into four mega state-owned lenders.
As per the plan, United Bank of India and Oriental Bank of Commerce would merge with Punjab National Bank, making the proposed entity the second largest public sector bank.
It was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.
According to a seniorbanker, information technology integration of Vijaya Bank and Dena Bank with Bank of Baroda is still in process even after 10 months of merger. In addition, the HR issues still continues to hamper business, causing inconvenience to customers.
Moreover, the mega merger would create greater disturbance in the banking system and will affect the operation especially loan sanction as there will be chaos initially for few months, the official added.
Bank unions are also opposing the move saying merger is not a solution to the banking sector problem and slowdown in economy.
Rather than consolidation, there is a need for expansion, All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said.
The past merger carried out by banks are yet to show results and the proposed massive consolidation exercise will be catastrophic for the banking system at this point of time when the economy is in a downturn, he stated.
Terming the government decision on consolidation as illegal,All India Bank Officers' Confederation general secretary Soumya Datta claimed that the decision was taken in the absence of full board.
There was no representation from officers and staff in the board of any of these ten banks so decision is illegal, he further claimed.
According to a senior official of Oriental Bank of Commerce, the grouping of banks in the consolidation plans does not appearto be logical as it would lead to large scale closure of branches than expansion of banking services.
For example, the official said the merger of Syndicate Bank with Canara Bank would lead to large scale closure of branches as both are Karnataka-based and have strong presence in South India.
The merger of Oriental Bank of Commerce with Punjab National Bank and Andhra Bank with Union Bank of India will have similar issues, the official said.
As regards IT platform, the official said, although the software system is same, versions are different. So the technology upgradation will take a minimum of nine months to two years, depending on the size of the banks.
However, Finance Minister Nirmala Sitharaman earlier this month said that she saw no reason to go back on the government's mega merger plan for banks.
I don't see any reason to go back or any reason (which is) particularly causing any delay in the notification. You will hear on it as and when a decision is made, she had said.
In December last year, RBI had opined that the country could create some global banking majors if the ongoing mergers of state-owned banks achieve desired impacts of creating stronger and well-capitalised lenders of global scale.
"The merger of PSBs is likely to transform the face of our banking sector with the emergence of stronger, well-capitalised banks aided by cutting-edge technology and state-of-the-art payment systems. Our banks have the potential to become global baking leaders," the Reserve Bank of India said in its annual report on 'trends & progress of banking 2018-19.
Coal imports at 12 major ports down 15% to 75 MT in April-Jan: ReportSunday 23/02/202012:26:00 PMRead more
Coal imports at 12 major ports down 15% to 75 MT in April-Jan: ReportBusiness standard
Thermal coal imports at the country's 12 major ports declined 14.98 per cent to 74.60 million tonnes (MT) during April-January this fiscal, as per a report by the Indian Ports Association.
The Centre-owned ports had handled 87.74 MT of the dry fuel in the same period of the previous year.
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its report said "percentage variation from previous year" in thermal coal handling was at 14.98 per cent.
Imports of coking and other coal recorded a rise of 1.10 per cent at 47.08 MT during the period. These ports had handled 46.57 MT of coking coal in the corresponding period last fiscal.
Thermal coal is the mainstay of India's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel-making.
India is the third-largest producer of coal after China and the US and has 299 billion tonnes of resources and 123 billion tonnes of proven reserves, which may last for over 100 years.
India has 12 major ports -- Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) which handle approximately 61 per cent of the country's total cargo traffic.
These ports recorded a marginal 1.14 per cent growth in total cargo volumes at 585.72 MT during April-January period of the current fiscal.
The ports had handled 579.10 MT of cargo during the corresponding period of the last fiscal.
While the handling of thermal coal shipments declined 14.98 per cent to 74.60 MT, iron ore saw 39.02 per cent jump to 45.05 MT during the period, the IPA data showed.
The 12 ports had handled 32.37 MT of iron ore during April-January period of the previous fiscal.
Finished fertilizer volumes jumped 21.55 per cent but raw fertiliser volumes dipped 2.80 per cent.
Containers recorded a growth of 2.65 per cent in terms of TEUs (twenty-foot equivalent units).
According to the figures, Deendayal port handled the highest traffic volume at 101.96 MT during April-January 2019-20, followed by Paradip at 93.38 MT, Visakhapatnam at 60.73 MT, JNPT at 56.64 MT, Kolkata (including Haldia) at 53 MT, and Mumbai at 51.34 MT.
Chennai port handled 39.80 MT of cargo, while New Mangalore handled 30.91 MT.
The volume of seaborne cargo is essentially in the nature of derived demand and is mainly shaped by the levels and changes in both global and domestic activity.
Six of top-10 cos lose Rs 29,487 cr in m-cap; Bharti Airtel top laggardSunday 23/02/202012:25:47 PMRead more
Six of top-10 cos lose Rs 29,487 cr in m-cap; Bharti Airtel top laggardBusiness standard
Six of the 10 most valued domestic firms suffered a combined erosion of Rs 29,487 crore in market valuation last week, with Bharti Airtel emerging as the biggest loser.
TCS, HDFC, HUL, HDFC Bank and RIL were the other bluechip firms which witnessed a drop in their market capitalisation (m-cap) for the week ended Thursday, while Infosys, Bajaj Finance, Kotak Mahindra Bank and ICICI Bank finished with gains.
Bharti Airtel's valuation tumbled Rs 10,692.9 crore to reach Rs 2,97,600.65 crore.
The m-cap of TCS plummeted Rs 10,319.06 crore to Rs 8,09,126.71 crore and that of HDFC dropped by Rs 5,162.75 crore to Rs 4,10,062.89 crore.
The market valuation of Hindustan Unilever Limited (HUL) fell Rs 1,515.37 crore to Rs 4,86,617.28 crore and that of HDFC Bank declined Rs 1,068.34 crore to Rs 6,66,914.4 crore.
The valuation of Reliance Industries Ltd (RIL) dropped Rs 729.01 crore to reach Rs 9,41,693.57 crore.
On the other hand, Infosys added Rs 4,471.59 crore to its valuation to stand at Rs 3,39,287.61 crore.
Bajaj Finance's valuation rose by Rs 5,863.46 crore to Rs 2,93,666.38 crore and that of Kotak Mahindra Bank jumped Rs 956.14 crore to Rs 3,22,542.94 crore.
The market valuation of ICICI Bank advanced by Rs 541.78 crore to Rs 3,53,766.96 crore.
In the ranking of top-10 firms, RIL remained at the numero uno position, followed by Tata Consultancy Services (TCS), HDFC Bank, HUL, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, Bharti Airtel and Bajaj Finance.
During the week, the BSE Sensex fell 86.62 points or 0.21 per cent. Markets were closed on Friday on account of 'Mahashivratri'.
China plans $14.2 bln maglev railway in Yunnan - state mediaSunday 23/02/202012:06:41 PMRead more
China plans $14.2 bln maglev railway in Yunnan - state media24/7 Emirates
China is planning to build a high speed magnetic levitation train in the country's southwest Yunnan province, with an estimated total investment value of over 100 billion yuan ($14.23 billion), state media reported on Sunday.
The maglev railway will stretch 430 kilometres from Kunming to Lijiang, the Science and Technology Daily said, adding that the railway would grow the tourism industry and improve regional transportation.
Decrease of 1% in EGX 30,1.85% in EGX30 capped 0.83% in EGX 70 and 1.4% in EGX 100 last weekSunday 23/02/202011:54:33 AMRead more
Decrease of 1% in EGX 30,1.85% in EGX30 capped 0.83% in EGX 70 and 1.4% in EGX 100 last weekEGX 30 index closed at 13,720.65 points, recording a decline of 1%. EGX70 EWI index posted 0.83% loss concluding the period at 1,256.08 points, while S&P index declined by 2.26% and concluded the period at 1,918.32 points.
EGX 30 index capped declined by 1.85% and concluded at 15,664.86 points, while EGX 100 index declined by 1.4% and concluded the period at 1,364.67 points.
Total market capitalization reached EGP 695.6 billion at end of period, representing a decrease of 0.72% over the period.
The total value traded recorded EGP 10.3 billion; while the total volume traded reached 1,171 million securities executed over 85 thousand transactions last week.
For the last week, the total value traded recorded EGP 7.5 billion; while the total volume traded reached 707 million securities executed over 95 thousand transactions.
Stocks trading accounted for 66.66% of the total value traded of the main market, while the remaining 33.34% were captured by bonds over the week.
Egyptians represented 58.3% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 25.0%, while Arabs captured 16.7%. Foreigners were net buyers, with a net of EGP 38.9 million, and Arabs were net sellers, with a net of EGP 356.7million, after excluding deals in listed stocks.
Since the beginning of the year Egyptians represented 63.8% of the value traded in listed stocks after excluding deals, Foreigners accounted for 25.4%, while Arabs captured 10.8%.
Foreigners were net buyers by EGP 156.9 million, and Arabs were net sellers by EGP 819.5 million, after excluding deals in listed stocks during this year since started.
Societe Arabe Internationale De Banque (SAIB) (SAIB.CA) Reports Year Ended 31/12/2019 ResultsSunday 23/02/202011:51:56 AMRead more
Societe Arabe Internationale De Banque (SAIB) (SAIB.CA) Reports Year Ended 31/12/2019 ResultsCompany Name : Societe Arabe Internationale De Banque (SAIB)
ISIN Code : EGS60142C014
Currency : $
F/S Period : From 01/01/2019 To 31/12/2019
Net Profit : 12,390,846
F/S Period: From 01/01/2018 To 31/12/2018
Net Comparative Loss : 19,255,501
Audit Status : Audited
Source : Societe Arabe Internationale De Banque (SAIB)
The BOD's Report (821 KB)
Release from Misr Beni Suef Cement (MBSC.CA) Regarding the AGMSunday 23/02/202011:50:18 AMRead more
Release from Misr Beni Suef Cement (MBSC.CA) Regarding the AGMCompany Name : Misr Beni Suef Cement
ISIN Code : EGS3C371C019
Reuters Code : MBSC.CA
Content : Release from the company regarding the AGM to be held on 28/03/2020
The Release (105 KB)
Misr Beni Suef Cement (MBSC.CA) Reports Year Ended 31/12/2019 ResultsSunday 23/02/202011:48:07 AMRead more
Misr Beni Suef Cement (MBSC.CA) Reports Year Ended 31/12/2019 ResultsCompany Name : Misr Beni Suef Cement
ISIN Code : EGS3C371C019
Currency : EGP
F/S Period : From 01/01/2019 To 31/12/2019
Net Profit : 80,247,620
F/S Period: From 01/01/2018 To 31/12/2018
Net Comparative Profit : 241,491,335
Audit Status : Audited
Source : Misr Beni Suef Cement
BOD Report (974 KB)
Corporate Governance Report (1,444 KB)
Juhayna Food Industries invites a general assembly meetingSunday 23/02/202011:39:16 AMRead more
Juhayna Food Industries invites a general assembly meeting
Juhayna Food Industries Company LLC has announced the invitation to attend the ordinary general assembly meeting at 4:00 pm on Monday, March 16, 2020 at the Novotel Hotel - behind Dar Al Fouad Hospital - 6th of October City - Giza.
Naguib Sawiris is negotiating to buy 51% of the Shalatin Mineral Resources CompanySunday 23/02/202011:38:39 AMRead more
Naguib Sawiris is negotiating to buy 51% of the Shalatin Mineral Resources Company
Entrepreneur Naguib Sawiris announced that he is negotiating to acquire 51% of the Shalatin Mineral Resources Company, as part of his efforts to enter the field of gold mining in Egypt.
Sharjah Islamic Bank General Assembly proposes 10% dividendSunday 23/02/202011:35:01 AMRead more
Sharjah Islamic Bank General Assembly proposes 10% dividend(WAM) -- During the 44th General Assembly of the Sharjah Islamic Bank, SIB, held on Saturday, 10 percent of the profits were distributed to shareholders, including five percent in cash and five percent of bonus shares, approved after the bank reported a net profit of AED545.5 million last year, an increase of seven percent compared to 2018, when profits reached AED510.4 million.
The meeting was headed by Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors, in the presence of the members of the board and the executive management of the bank.
The meeting was held at the Sharjah Chamber of Commerce and Industry and attended by a large number of shareholders from the bank, representatives of the Securities and Commodities Authority, and representatives of the Department of Economic Development in Sharjah. Consolidated financial statements for the fiscal year ending on 31st December, 2019, were approved at the gathering.
"The positive financial results of SIB for 2019 reflect the bank's financial position and its reliable performance, as listed last June by credit rating agency Standard & Poor's, which recorded the bank's long-term credit rating from BBB + to "A-". With a stable outlook, the bank's total assets grew by 3.7 percent to reach AED46.4 billion, compared to AED44.7 billion at the end of 2018," said Al Owais.
He noted his gratitude to H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his support, and thanked H.H. Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council, for continually supporting the bank's activities.
The operating income of the bank in 2019 was AED1.9 billion, compared to AED1.7 billion in 2018, an increase of AED187.3 million, equivalent to a rise of 11 percent. The net operating income last year amounted to AED1.3 billion compared to AED1.1 billion in 2018, an increase of 19.9 percent, equivalent to AED216.1 million. The general and administrative expenses reached AED585.4 million in 2019, compared to AED614.2 million in 2018, a decrease of AED28.9 million, or 4.7 percent.
The total equity of the shareholders at the end of 2019 amounted to AED7.5 billion, which represents 16.2 percent of the bank's total assets, an increase of AED2.1 billion by the end of 2018, as a result of the bank's issuance of first-tier bonds of capital worth US$500 million (AED1.8 billion).
DMCC’s Made For Trade Live roadshow heads to Barcelona to outline opportunities for Spanish businesses in DubaiSunday 23/02/202011:34:39 AMRead more
DMCC’s Made For Trade Live roadshow heads to Barcelona to outline opportunities for Spanish businesses in Dubai(WAM) -- DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – recently took its Made For Trade Live roadshow to Barcelona, Spain, to highlight the commercial appeal of Dubai to Spanish firms looking to expand their businesses abroad.
Underpinning DMCC as one of the world’s most interconnected business districts and Dubai’s strategic geographic location, top DMCC executives briefed over 150 representatives of Spanish businesses on the ease of doing business in the emirate and, more specifically, within the DMCC free zone. The programme also saw a special note by a representative from the Spanish Pavilion at Expo 2020 Dubai, who emphasised the benefits that the show will offer the Spanish business community in Dubai.
Held in partnership with Spanish business group Foment del Treball Nacional, and banking group Banco Sabadell, this event represented the third roadshow to Spain, highlighting the country as an important market and trade partner for DMCC. This edition also received the support of Prodeca (Catalan Agrifood Exports Promotion Agency) and Il Lustre Collegi de L’Advocacia de Barcelona.
"We see an increasing number of Spanish firms setting up in DMCC, as more and more recognise the value that we offer to businesses of all sizes. Similarly, Spain is an important link to Europe and Latin America, which are two important growth markets for companies in our region," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
Commenting on the roadshow, Albert Jové Franco, Vice Chairman, Spanish Chamber of Commerce in the UAE, said, "The global success of Spanish businesses is of the utmost importance. This is possible through hubs such as Dubai, that provide unparalleled access to some of the world’s fastest growing markets. As one of the best and largest free zones in the UAE, partnering with DMCC is a solid step in supporting the economic growth of both regions."
Adding to the list of world-class facilities and services offered by DMCC, the DMCC website was launched in Spanish in 2018 to further improve the ease of setting up a Spanish business in Dubai.
DMCC’s Made For Trade Live roadshow will visit South Africa later this year, as well as five cities in India, and both San Francisco and Houston in the United States.
Dubai Economy issues 4,692 Instant Licenses to dateSunday 23/02/202011:34:14 AMRead more
Dubai Economy issues 4,692 Instant Licenses to date(WAM) -- The Business Registration and Licensing, BRL, sector in Dubai Economy reported that 4,692 Instant Licenses were issued since the launch of the service in July 2017 to date.
Among the Instant Licenses issued, 3,448 were Commercial, 73.5 per cent, and 1,244 in the Professional, 26.5 per cent, category.
The Instant License service provides a convenient model for businessmen who can now obtain a commercial license within five minutes, enabling them to establish and conduct business in Dubai easily. The initiative is a path-breaking service whereby businesses can secure their commercial license in one-step for the first year without having a company’s lease or location.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, handed over the ‘Flag’ of the Hamdan bin Mohammed Programme for Smart Government 2019 to Dubai Economy recently for winning the Best Government Initiative award for the Instant Licence initiative during a ceremony organised by Dubai The Model Centre, DTMC, a subsidiary of the General Secretariat of the Executive Council of Dubai.
Through the Instant License, Dubai Economy, as the government body entrusted to set and drive the economic agenda of the emirate, seeks to highlight the sustainable economic development and competitiveness of Dubai.
All business activities can benefit from the service, except public and private shareholding companies, through eServices (ded.ae/instant), the various outsourced service centres in Dubai, or the Happiness and Smart Lounges. Holders of general trade licenses can only use electronic services.
All business partners or one of them must be present while applying through the outsourced service centres or the Happiness Lounge and must provide a valid passport copy of all parties (partner and manager), residence visa copy and no-objection letter from the sponsor to the foreign parties.
The Instant License offers the option of an electronic Memorandum of Association, eMOA, in addition to obtaining the license and entry in the Dubai Economy commercial registry.
Furthermore, the licensee is given membership in the Dubai Chamber instantly, an establishment card of the General Directorate of Residency & Foreigners Affairs as well as three work permits for employees from the Ministry of Human Resources & Emiratisation once the trade license is issued.
The registration of ‘Native’ workers in the Ministry of Human Resources & Emiratisation is done while issuing the Instant License. This comes in line with His Highness Sheikh Hamdan’s approval to the Emiratisation plans, which aim to find a job for each Emirati job seeker in Dubai. If the partners wish to appoint the employees before the issuance of the Instant License, they need to follow a few simple steps or else skip the screen and complete the procedures.
The number of Instant License owners has reached 16,935 and 87.6 per cent, 14,842, of them are men while women account for 12.4 per cent, 2,093. The businessmen who secured the Instant Licenses so far include those from Britain, Turkey, Saudi Arabia, India, China, Pakistan, Egypt, Jordan, and Sudan.
An Instant License can be obtained for four legal forms of businesses - Limited Liability Company, LLC, Single Member LLC, Sole Proprietorship and Civil Company.
Dubai Economy focuses on continuously developing the business environment to remain competitive in line with the world-class infrastructure in the emirate, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for Dubai to be the preferred place to live, work and visit as well as a smart and sustainable city and a pivotal hub of the global economy.
The Instant License initiative has contributed to the sub-indicator ‘Starting a business’ in the Ease of Doing Business Index 2020 issued by the World Bank, which ranked the UAE ranked 17th globally.
Daily summary of Amman stock exchangeSunday 23/02/202011:17:03 AMRead more
Daily summary of Amman stock exchangeTrading value for Sunday 23/02/2020 reached JD(5.2) million. (5.7) million shares were traded through (1,892).
The shares price index closed at (1845.82) point, a decrease of (0.24%).
The shares of (108) companies were traded, the shares prices of (32) companies rose, and the shares prices of (33) declined.
At the sector level, the Services index decreased by 0.57%, the Financial index decreased by 0.10%, and the Industrial index decreased by 0.06%.
As for sub sector indices, the Electrical Industries, Commercial Services, Pharmaceutical and Medical Industries, Diversified Financial Services, Insurance, Tobacco and Cigarettes, Engineering and Construction, Transportation, Hotels and Tourism sectors increased by 2.41%, 0.49%, 0.44%, 0.40%, 0.33%, 0.33%, 0.17%, 0.16%, 0.08% respectively. While the Technology and Communication, Food and Beverages, Educational Services, Utilities and Energy, Mining and Extraction Industries, Textiles, Leathers and Clothings, Banks, Real Estate sectors decreased by 1.54%, 1.54%, 0.89%, 0.89%, 0.50%, 0.37%, 0.16%, 0.08% respectively.
The top five gainers were, the Jordan French Insurance by (7.50%), South Electronics by (5.00%), Travertine Company Ltd by (5.00%), Noor Capital Markts For Diversified Investments by (4.92%), and Transport& Investment Barter Company by (4.17%).
The top five losers were, Jordan Dairy by (4.95%), Arab Aluminium Industry /aral by (4.49%), Comprehensive Multiple Transportations Co. by (4.17%), Sura Development & Investment Plc by (4.17%), and Specialized Investment Compounds by (4.14%).
Misr Kuwait Investment & Trading Co. Reports Year Ended 31/12/2019 ResultsSunday 23/02/202011:11:55 AMRead more
Misr Kuwait Investment & Trading Co. Reports Year Ended 31/12/2019 Results
Misr Kuwait Investment & Trading Co. announced that F/S Period From 01/01/2019 To 31/12/2019 recording a Net Loss of LE 541,978 and F/S Period From 01/01/2018 To 31/12/2018 recording a Net Comparative Profit of LE 380,056
October Pharma Reports Year Ended 31/12/2019 ResultsSunday 23/02/202011:09:50 AMRead more
October Pharma Reports Year Ended 31/12/2019 ResultsOctober Pharma announced that F/S Period From 01/01/2019 To 31/12/2019 recording a Net Profit of LE 33,827,113 and F/S Period From 01/01/2018 To 31/12/2018 recording a Net Comparative Profit of LE 18,323,797.
Brazil’s oil, natural gas output hits record high in JanuarySunday 23/02/202011:07:56 AMRead more
Brazil’s oil, natural gas output hits record high in JanuaryXinhua-
Brazil’s oil and natural gas output hit a record high in January, the Brazilian government said Wednesday.
Last month’s oil production reached 3.17 million barrels per day, up 1.99 percent compared with December and up 20.43 percent year-on-year, according to the state-run National Agency of Petroleum, Natural Gas and Biofuels.
Daily natural gas output reached 138.75 million cubic meters, up 0.71 percent from December and up 22.58 percent year-on-year.
Brazil boasts giant fuel reserves in deep waters off its Atlantic coast and have only recently begun to exploit them.
Nigeria’s Crude Oil Reserves Will Dry Up In 49 YearsSunday 23/02/202011:07:44 AMRead more
Nigeria’s Crude Oil Reserves Will Dry Up In 49 YearsNaija News-
The Department of Petroleum Resources has advised the Nigerian government to start exploring other sources income for the Nations As it predicts a total depletion of Nigerian oil reserves in 49 years at the current level of production,
Naija News understands that the reserves of 37 billion barrels stood at 37.45 billion barrels in 2014, 37.06 billion barrels in 2015, 36.74 billion barrels in 2016, but rose to 36. 97 billion barrels in 2017 and 37 billion barrels in 2018.
The regulatory organization of NNPC also revealed that the nation’s depletion rate was 2.04 percent annually and its life index was 49.03 years.
It said, “This indicator gives a bird’s eye on an annual basis, what percentage proportion of the quoted reserves was produced.
“The life index, on the other hand, is a measure of the reserves as of January 1, 2019, divided by the total production in 2018. This parameter highlights how long (in years) quoted reserves volumes will be available for production.”
It said to achieve the aspiration of producing four million barrels per day and having a reserve of 40 billion barrels, reserves have to be increased as production increases.
Egyptian natural gas exports to Jordan to be resumed within 48 hoursSunday 23/02/202011:07:30 AMRead more
Egyptian natural gas exports to Jordan to be resumed within 48 hoursAhram Online-
The Egyptian-Jordanian Fajr for Natural Gas Transport and Supply Company said on Wednesday that the export of Egyptian natural gas “will be resumed to Jordan within 48 hours and in the same quantities agreed upon earlier,” according to the Jordanian state-funded Al-Mamlaka (The Kingdom) TV channel.
The flow of Egyptian natural gas to Jordan was halted six days ago, the Egyptian-Jordanian joint venture said.
The general manager of the Jordanian National Electricity Company, Amjad Al-Rawashdah, said in press statements that the interruption of Egyptian gas during the past few days was “purely due to technical reasons.”
Jamal Qmoh, rapporteur of the Energy Parliamentary Committee in Jordan, was quoted by Sputnik News Agency as saying, “Egypt provides Jordan with daily quantities ranging from 35 to 70 million cubic feet of natural gas.”
“Jordan depends on Egyptian gas for 15 percent its electricity, which is a small percentage. We seek to raise this percentage, but the issue is related to cost,” the Jordanian PM said.
Jordan suffered great losses due to the interruption of Egyptian gas imports, a cost of 3 to 4 million dinars daily, Qmoh said.
The flow of Egyptian natural gas to Jordan was returned in trial quantities in September 2018 after repeated stoppages since 2011 due to attacks on the pipeline that linked the two countries.
In April 2019, after the nine-year halt, the two countries signed a memorandum of understanding according to which Jordan resumed purchasing and selling natural gas with Egypt.
As per the signed agreement, Egyptian gas supplies were planned to be increased to cover 50 percent of Jordan’s natural gas needs instead of only 10 percent in 2018.
U.S. oil imports down, exports up last week: EIASunday 23/02/202011:07:13 AMRead more
U.S. oil imports down, exports up last week: EIAXinhua-
U.S. crude oil imports decreased while exports increased during the week ending Feb. 14, the U.S. Energy Information Administration (EIA) said.
U.S. crude oil imports averaged 6.55 million barrels per day (b/d) last week, down by 431,000 b/d from the previous week, while crude oil exports averaged about 3.56 million b/d, up by about 594,000 b/d from the previous week, according to the Weekly Petroleum Status Report.
Over the past four weeks, crude oil imports averaged about 6.7 million b/d, down by 290,000 b/d year on year, while crude oil exports averaged about 3.36 million b/d, up by about 668,000 b/d year on year.
Coronavirus may delay China’s purchases of US agricultural products: sourcesSunday 23/02/202011:07:01 AMRead more
Coronavirus may delay China’s purchases of US agricultural products: sourcesPlatts-
The coronavirus outbreak could delay China’s agricultural purchases from the US under the Phase 1 trade deal, sources said, as the business supply chain in the Asian country is virtually shut due to contagion fears.
The US Department of Agriculture echoed a similar sentiment on the impact of the coronavirus outbreak on the Phase 1 trade deal.
“The current outlook for exports to China is tempered by significant uncertainties surrounding the Covid-19 outbreak, which may affect the timing of China’s purchases under the Phase 1 agreement during the calendar year 2020,” the USDA said on Thursday in its 2020 agricultural outlook report.
Beijing and Washington signed a Phase 1 trade deal on January 15 under which China committed to purchasing $36.3 billion worth of US agricultural products in 2020 and $43.3 billion in 2021.
Since soybeans account for over 50% of the annual US agricultural exports to China, soybean purchases are a vital cog in the Phase 1 deal, according to the USDA.
At least in the first quarter of 2020, the coronavirus outbreak could severely limit China’s agricultural purchase capacity due to transport restrictions across the country, a trade source said.
The virus, which has already claimed over 2,100 lives in China, has forced the government to impose heavy travel and transport restrictions across the country, thereby severely restricting the flow of commodities, including soybean meal, a vital ingredient for animal feed, a Chinese analyst said.
Until the ongoing quarantines and travel restrictions are lifted, the movement of workers is set to be limited, the USDA said. The production and trading of soybean meal in China could be affected, the USDA added.
Global financial institutions have adopted a bearish outlook for China’s economy due to the epidemic.
S&P Global Ratings lowered its forecast for China’s 2020 GDP growth to 5% from a prior projection of 5.7% on the back of the outbreak last week. As economic growth slows, so does the consumption of agricultural commodities, including soybeans.
Open acreage coal mining will create level-playing field for investorsSunday 23/02/202011:06:47 AMRead more
Open acreage coal mining will create level-playing field for investorsThe Hindu Business Line-
Opening the coal sector to private and foreign participation, a landmark reform initiated by the Narendra Modi government, marked the end of coal nationalisation and dubious captive mining era.
In future, blocks will be awarded without any end-use restrictions.
However, this may not trigger a rush for investments in the coal sector.
This is partly because, India was too late in opening the sector and, thereby, missed the era of coal rush that ended last decade.
During that period, ground conditions for mining became more challenging in India, due to environmental and land acquisition-related concerns, impacting the potential return on investment.
To add to the problems, the government is in the mood to auction the same blocks that were once created for captive use. This might help speed up the process.
But on the flip side, these blocks are too small to attract global miners which have access to modern technology.
A better option would be to delimit the blocks and introduce open acreage system, as in the oil and gas sector, allowing bidders to decide on the size and kind of mines.
For long-term gains, the government should insist on introducing modern practices, which are clearly lacking in the coal sector.
India’s socialist legacy had a telling impact on the coal sector. Nearly 45 years since nationalisation in 1975, the coal industry is no match to China that denationalised the sector in 1978.
In 1980, China (381 million tonnes) was producing three times more coal than India (127 mt).
According to Global energy statistical yearbook, China produced 4.5 times more coal than India in 2018. With China restricting production in recent years, this number has come down substantially in recent years as the country restricted production.
The performance of India’s coal sector will look paler, given the vast availability of opencast reserves closer (within 300 m) to the surface, which are easier to mine.
Nearly 94 per cent of Coal India’s (CIL) production, which was 83 per cent of the national output of 730 mt (2018-19), came from opencast mines. China, on the other hand, produces 86 per cent coal from deep underground reserves, the US 40 per cent and Australia 20 per cent.
India has 25 per cent underground reserves, which were neglected for want of technology. More than half CIL’s production comes from small contractor-operated mines that thrive on compromised technology and labour-cost arbitrage.
Given that coal reserves are concentrated in heavily forested zones compared with China or Australia, the disproportionate focus on low-cost opencast mining has sharper implications for the environment. Roughly 3,000 hectares of land is plundered annually, at the current level of production.
From better mining practices to workers’ rights, none of the promises of nationalisation was fulfilled.
Two-thirds of the combined production of the state sector (including CIL and Singareni Collieries), come from approximately 39,000 contractual workers earning peanuts.
The benefits of nationalisation go to three lakh unionised regular employees.
With coal mining being opened up now, the new entrants have to compete with the state sector, which follow too many wrong practices.
Globally, the rush for setting up coal power plants is over. The fast-changing technologies in the renewables sector are impacting the price dynamics of energy commodities. This is, in turn, having an impact on the return on investment in a coal mine.
Environmental concerns are on the rise. Lopsided focus on opencast mining and concentration of majority reserves in four States add to the risk.
Any mass movement akin to the flare up on land issues in the last decade can upset the industry.
Land availability, a concern
The biggest concern is land. For a country where two-thirds of the population is dependent on land and the population-density is 10 times that of the US and 2.5 times that of China, the share of arable land (to total land) is three times higher than in the US or China.
The pressure on land will become more intense in the days to come, as population increases. Net-net, land acquisition would be costlier and more difficult.
Land acquisition became exorbitantly costly in India following the introduction of the new Act in 2013.
According to CIL’s internal assessment, its new projects are not viable at the current prices. But it is managing, thanks to the availability of legacy assets. New entrants will not have this advantage.
Change of strategy
While opening up the sector is the right step, a change in strategy is required to create a level-playing field for investors, failing which India will be willy-nilly at the mercy of a similar group of companies that are mining on behalf of the state sector.
Open acreage is a right tool to give investors the freedom to innovate. Currently, a set of laws require miners to acquire surface area.
With the right policy environment, foreign investors may be encouraged to go for underground mining as part of long-term sustainability of the industry.
Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.86%Sunday 23/02/202011:06:26 AMRead more
Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.86%
Denmark stocks were lower after the close on Friday, as losses in the Industrials, Consumer Services and Consumer Goods sectors led shares lower.
At the close in Copenhagen, the OMX Copenhagen 20 fell 0.86%.
The best performers of the session on the OMX Copenhagen 20 were Oersted A/S (CSE:ORSTED), which rose 1.16% or 8.80 points to trade at 769.80 at the close. Meanwhile, Vestas Wind Systems A/S (CSE:VWS) added 0.50% or 3.6 points to end at 720.8 and Genmab (CSE:GMAB) was up 0.41% or 7.0 points to 1705.0 in late trade.
The worst performers of the session were ISS A/S (CSE:ISS), which fell 4.82% or 7.95 points to trade at 157.00 at the close. William Demant Holding A/S (CSE:DEMANT) declined 3.14% or 7.3 points to end at 225.2 and Coloplast A/S (CSE:COLOb) was down 2.02% or 19.8 points to 960.2.
Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 95 to 43 and 17 ended unchanged.
Shares in Genmab (CSE:GMAB) rose to all time highs; up 0.41% or 7.0 to 1705.0.
Crude oil for April delivery was down 1.00% or 0.54 to $53.34 a barrel. Elsewhere in commodities trading, Brent oil for delivery in April fell 1.57% or 0.93 to hit $58.38 a barrel, while the April Gold Futures contract rose 1.62% or 26.25 to trade at $1646.75 a troy ounce.
USD/DKK was down 0.65% to 6.8785, while EUR/DKK rose 0.06% to 7.4691.
The US Dollar Index Futures was down 0.59% at 99.185.
France stocks lower at close of trade; CAC 40 down 0.54%Sunday 23/02/202011:06:02 AMRead more
France stocks lower at close of trade; CAC 40 down 0.54%Investing.com –
France stocks were lower after the close on Friday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower.
At the close in Paris, the CAC 40 lost 0.54%, while the SBF 120 index fell 0.50%.
The best performers of the session on the CAC 40 were Vivendi SA (PA:VIV), which rose 0.88% or 0.22 points to trade at 25.14 at the close. Meanwhile, Engie SA (PA:ENGIE) added 0.70% or 0.12 points to end at 16.59 and Atos SE (PA:ATOS) was up 0.59% or 0.44 points to 75.16 in late trade.
The worst performers of the session were Renault SA (PA:RENA), which fell 2.99% or 0.97 points to trade at 31.68 at the close. TechnipFMC PLC (PA:FTI) declined 2.41% or 0.39 points to end at 15.62 and ArcelorMittal SA (AS:MT) was down 2.18% or 0.33 points to 15.00.
The top performers on the SBF 120 were Sopra Steria Group SA (PA:SOPR) which rose 12.22% to 161.60, Virbac SA (PA:VIRB) which was up 2.98% to settle at 242.00 and ALD SA (PA:ALDA) which gained 2.67% to close at 13.08.
The worst performers were Eramet SA (PA:ERMT) which was down 4.91% to 30.99 in late trade, Valeo SA (PA:VLOF) which lost 4.75% to settle at 26.24 and Compagnie Plastic Omnium SA (PA:PLOF) which was down 4.47% to 22.89 at the close.
Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 354 to 200 and 103 ended unchanged.
Shares in Sopra Steria Group SA (PA:SOPR) rose to 52-week highs; gaining 12.22% or 17.60 to 161.60. Shares in Eramet SA (PA:ERMT) fell to 3-years lows; down 4.91% or 1.60 to 30.99. Shares in Virbac SA (PA:VIRB) rose to 3-years highs; rising 2.98% or 7.00 to 242.00.
The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 20.40% to 15.49.
Gold Futures for April delivery was up 1.64% or 26.65 to $1647.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in April fell 0.80% or 0.43 to hit $53.45 a barrel, while the April Brent oil contract fell 1.40% or 0.83 to trade at $58.48 a barrel.
EUR/USD was up 0.70% to 1.0858, while EUR/GBP unchanged 0.00% to 0.8369.
The US Dollar Index Futures was down 0.59% at 99.183.
Germany stocks lower at close of trade; DAX down 0.62%Sunday 23/02/202011:05:44 AMRead more
Germany stocks lower at close of trade; DAX down 0.62%Investing.com –
Germany stocks were lower after the close on Friday, as losses in the Food & Beverages, Technology and Transportation & Logistics sectors led shares lower.
At the close in Frankfurt, the DAX lost 0.62%, while the MDAX index fell 0.66%, and the TecDAX index lost 0.83%.
The best performers of the session on the DAX were Allianz SE VNA O.N. (DE:ALVG), which rose 1.18% or 2.70 points to trade at 230.70 at the close. Meanwhile, RWE AG ST O.N. (DE:RWEG) added 1.15% or 0.390 points to end at 34.440 and E.ON SE NA (DE:EONGn) was up 1.12% or 0.126 points to 11.366 in late trade.
The worst performers of the session were Deutsche Bank AG NA O.N. (DE:DBKGn), which fell 3.47% or 0.342 points to trade at 9.524 at the close. Covestro AG (DE:1COV) declined 2.96% or 1.220 points to end at 39.960 and Infineon Technologies AG NA O.N. (DE:IFXGn) was down 2.88% or 0.625 points to 21.100.
The top performers on the MDAX were Gerresheimer AG (DE:GXIG) which rose 2.43% to 71.700, Telefonica Deutschland Holding AG (DE:O2Dn) which was up 1.38% to settle at 2.645 and United Internet AG NA (DE:UTDI) which gained 1.19% to close at 32.430.
The worst performers were Hella KGaA Hueck & Co (DE:HLE) which was down 4.10% to 42.10 in late trade, Siltronic AG (DE:WAFGn) which lost 3.93% to settle at 101.550 and Commerzbank AG O.N. (DE:CBKG) which was down 3.41% to 6.520 at the close.
The top performers on the TecDAX were Drillisch AG (DE:DRIG) which rose 2.22% to 23.940, Telefonica Deutschland Holding AG (DE:O2Dn) which was up 1.38% to settle at 2.645 and United Internet AG NA (DE:UTDI) which gained 1.19% to close at 32.430.
The worst performers were Siltronic AG (DE:WAFGn) which was down 3.93% to 101.550 in late trade, Varta AG (DE:VAR1) which lost 3.39% to settle at 82.600 and Infineon Technologies AG NA O.N. (DE:IFXGn) which was down 2.88% to 21.100 at the close.
Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 445 to 231 and 71 ended unchanged.
Shares in RWE AG ST O.N. (DE:RWEG) rose to 5-year highs; rising 1.15% or 0.390 to 34.440.
The DAX volatility index, which measures the implied volatility of DAX options, was up 8.85% to 17.10.
Gold Futures for April delivery was up 1.71% or 27.65 to $1648.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in April fell 0.80% or 0.43 to hit $53.45 a barrel, while the April Brent oil contract fell 1.45% or 0.86 to trade at $58.45 a barrel.
EUR/USD was up 0.71% to 1.0859, while EUR/GBP rose 0.01% to 0.8370.
The US Dollar Index Futures was down 0.61% at 99.172.
U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.78%Sunday 23/02/202011:05:28 AMRead more
U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.78%Investing.com –
U.S. stocks were lower after the close on Friday, as losses in the Technology, Oil & Gas and Consumer Services sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average fell 0.78%, while the S&P 500 index declined 1.05%, and the NASDAQ Composite index lost 1.79%.
The best performers of the session on the Dow Jones Industrial Average were United Technologies Corporation (NYSE:UTX), which rose 1.08% or 1.62 points to trade at 151.52 at the close. Meanwhile, Johnson & Johnson (NYSE:JNJ) added 1.05% or 1.56 points to end at 149.93 and The Travelers Companies Inc (NYSE:TRV) was up 0.88% or 1.18 points to 135.16 in late trade.
The worst performers of the session were Microsoft Corporation (NASDAQ:MSFT), which fell 3.16% or 5.83 points to trade at 178.59 at the close. Apple Inc (NASDAQ:AAPL) declined 2.26% or 7.25 points to end at 313.05 and Nike Inc (NYSE:NKE) was down 2.22% or 2.28 points to 100.25.
The top performers on the S&P 500 were Deere & Company (NYSE:DE) which rose 7.00% to 177.43, Gilead Sciences Inc (NASDAQ:GILD) which was up 4.03% to settle at 69.70 and Mosaic Co (NYSE:MOS) which gained 3.90% to close at 19.19.
The worst performers were Hasbro Inc (NASDAQ:HAS) which was down 9.01% to 89.97 in late trade, Advanced Micro Devices Inc (NASDAQ:AMD) which lost 6.97% to settle at 53.28 and Devon Energy Corporation (NYSE:DVN) which was down 5.33% to 20.97 at the close.
The top performers on the NASDAQ Composite were Tocagen Inc (NASDAQ:TOCA) which rose 111.11% to 1.9000, Trans World Entertainment Corp (NASDAQ:TWMC) which was up 50.86% to settle at 5.280 and Celldex Therapeutics Inc (NASDAQ:CLDX) which gained 35.24% to close at 3.070.
The worst performers were Eyepoint Pharmaceuticals Inc (NASDAQ:EYPT) which was down 25.64% to 1.450 in late trade, Lianluo Smart Ltd (NASDAQ:LLIT) which lost 22.76% to settle at 0.6569 and Appian Corp (NASDAQ:APPN) which was down 22.38% to 48.65 at the close.
Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1909 to 886 and 86 ended unchanged; on the Nasdaq Stock Exchange, 1823 fell and 791 advanced, while 88 ended unchanged.
Shares in Gilead Sciences Inc (NASDAQ:GILD) rose to 52-week highs; gaining 4.03% or 2.70 to 69.70.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 9.77% to 17.08.
Gold Futures for April delivery was up 1.57% or 25.45 to $1645.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in April fell 0.82% or 0.44 to hit $53.44 a barrel, while the April Brent oil contract fell 1.45% or 0.86 to trade at $58.45 a barrel.
EUR/USD was up 0.60% to 1.0848, while USD/JPY fell 0.47% to 111.58.
The US Dollar Index Futures was down 0.52% at 99.262.
Resume of Trading on Ismailia National Food Industries (INFI.CA)Sunday 23/02/202011:03:04 AMRead more
Resume of Trading on Ismailia National Food Industries (INFI.CA)Company Name : Ismailia National Food Industries
ISIN Code : EGS01041C010
Currency : EGP
EGX decided to resume trading on the company effective 23/02/2020 trading session at 12:05 PM, as the company sent the yearly financial statements.
F/S Period : From 01/01/2019 To 31/12/2019
Net Loss : 2,339,887
F/S Period: From 01/01/2018 To 31/12/2018
Net Comparative Loss : 6,812,293
Audit Status : Audited
Source : Ismailia National Food Industries
Ismailia National Food Industries (INFI.CA) Reports Year Ended 31/12/2019 ResultsSunday 23/02/202011:03:03 AMRead more
Ismailia National Food Industries (INFI.CA) Reports Year Ended 31/12/2019 ResultsCompany Name : Ismailia National Food Industries
ISIN Code : EGS01041C010
Currency : EGP
EGX decided to resume trading on the company effective 23/02/2020 trading session at 12:05 PM, as the company sent the yearly financial statements.
F/S Period : From 01/01/2019 To 31/12/2019
Net Loss : 2,339,887
F/S Period: From 01/01/2018 To 31/12/2018
Net Comparative Loss : 6,812,293
Audit Status : Audited
Source : Ismailia National Food Industries
BOD Report (3,975 KB)
SCCI, Sewa hold a meeting with sectoral business groupsSunday 23/02/202010:40:49 AMRead more
SCCI, Sewa hold a meeting with sectoral business groups
The Sharjah Chamber of Commerce &Industry, SCCI, recently held, in cooperation with the Sharjah Electricity and Water Authority (Sewa), an expanded consultative meeting with the sectoral business groups to review and listen to their comments, proposals, and challenges facing them towards achieving the best results in supporting economic work in the Emirate of Sharjah.
The meeting comes as part of the SCCI’s commitment to the interests of private business sectors to develop its activities and preserve the earnings of its members and ensure adequate representation of the largest segment of those affiliated to these sectors.
Held at the SCCI headquarters, the meeting was attended by Abdullah Sultan Al Owais, the SCCI’s Chairman, Dr Eng. Rashid Al Leem, Chairman, Sewa, SCCI’s Director-General, Mohammad Ahmed Amin Al-Awadi, in addition to the chairmen and members of the sectoral business groups working under the SCCI’s umbrella.
While welcoming the attendees, Al Owais explained that the meeting is part of the joint keenness between SCCI and Sewa to enhance permanent communication with representatives of the private sector in the emirate to get acquainted with the reality of the various economic sectors, to pave the way for them to have more competition in the local, regional and global markets, and to exchange views on the most important challenges that may arise, as well as to explore all opportunities that enhance Sharjah’s economic competitiveness.
Al Owais shed light on the SCCI’s constant keenness to harness the efforts of all its departments and institutions to serve the interests of the sectoral business groups, follow up on their actions and recommendations, and support their innovative initiatives, considering the importance and role of these groups in economic development and the development of private business sectors.
Thanking and appreciating the rapid response and permanent cooperation of Sewa to listen directly to the demands of the private sector in the emirate, the SCCI’s Chairman underlined that this cooperation would help identify the challenges facing the private sector and learn about its aspirations, to develop plans and programs for better services to all sectors in the Emirate of Sharjah.
Dr Eng Al Leem pointed to the harmony between government authorities and the private sector to provide the best services to the residents of the Emirate of Sharjah, pursuant to the directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah.
“Sewa is always keen to listen to the ideas and comments of partners and to know their needs to develop innovative initiatives. This is achieved by introducing them to Sewa’s initiatives and programmes
aimed at empowering the business environment and enhancing the role of the private sector,” added Al Leem.
He reiterated the importance of holding such periodic meetings with heads and representatives of the various economic sectors to learn about their demands and suggestions and to develop joint work plans ensuring the continuity of development and prosperity process in the Emirate of Sharjah.
Al Leem went on saying: “Sewa works as per a transparent and flexible policy and is keen on building strategic relationships with private sector institutions, especially the SME. At Sewa, we are committed to best practices and the highest standards of transparency in our relationship with our partners and clients, besides adopting a culture of creativity and innovation to develop services and raise their efficiency. We, in the meantime, hope that our partners will commit to these standards to build long-term cooperative relationships in a way that helps achieve our shared vision to enhance Sharjah’s position and competitiveness in all fields.”
The Sewa’s Chairman commended the SCCI’s role in supporting the business environment and boosting coordination between government agencies and the private sector.
In an immediate response to the demands of real estate representatives to reconsider the value of insurance for the Sewa’s services for villas and homes, Al-Lim issued a decision to reduce the insurance value of these groups by 50% to encourage the sector to grow.
He pointed out that this reflects Sewa’s strategy to provide the best services and commit to its social responsibility, through which it provided several community initiatives including, the “Consult Me Before You Begin” initiative, energy efficiency initiatives, flexible payment methods including installment dues, water leakage detection, smart meters, an integrated team to receive suggestions and ideas from the public, an initiative to communicate directly with the chairman through the website, among other initiatives.
While heads and representatives of the sectoral business groups expressed their appreciation for the efforts of SCCI and Sewa to hold this meeting that helps enhance strategic relationships. They also stressed that Sewa provides many services and opens its doors to pioneering projects and innovative ideas, appreciating the SCCI vital role in achieving the interests of the business sector in Sharjah.
By supporting the sectoral business groups, the SCCI strives to enhance communication between the business sector, the Chamber and the public sector. This would help confront challenges and take advantage of available opportunities in forming an integrated structure catering to the needs and aspirations of economic sectors and supporting efforts to achieve sustainable development.-- Trade arabia News Service
Ithmaar Bank reports stable, consistent growthSunday 23/02/202010:38:26 AMRead more
Ithmaar Bank reports stable, consistent growthIthmaar Bank, a Bahrain-based Islamic retail bank, has posted a net profit of BD2.48 million ($6.53 million) for 2019, an 82.5 percent decrease compared to the net profit of BD14.14 million reported for 2018.
The profit in 2018 was mainly due a one-off gain from Dilmunia Development Fund I L.P when it became a subsidiary of the Bank in 2018, a bank statement said.
Ithmaar Bank’s financial results show a net loss attributable to equity holders for the three-month period ended December 31, 2019 of BD4 million, a 2,509 percent increase compared to the net loss of BD0.15 million reported for 2018 resulting mainly due to prudent impairment provisions.
Total net loss for the three-month period ended 31 December 2019 was BD2.8 million compared to the net profit of BD9.38 million reported for 2018.
As a result, the net loss attributable to equity holders for the year ended 31 December 2019 was BD1.35 million compared to the net profit of BD1.41 million reported for 2018.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to report that, although the Bank did not report a profit for the year, it continues to report stable, consistent growth with improved products and services as well as increased customer deposits,” said HRH Prince Amr Al Faisal, chairman.
“This is in line with the Bank’s commitment to focusing on its core retail banking business while working to realise our shared vision of becoming one of the region’s leading retail banks,” he said.
Total income for the year ended 31 December 2019 was BD171.22 million, a 12.8 percent increase compared to the total income of BD151.78 million reported for 2018, mainly due to increases in core income. Operating income for the year ended 31 December 2019 was BD83.59 million, remaining stable and with a 0.3 percent decrease compared to the BD83.82 million reported for 2018.
Ithmaar Bank’s total assets stood at BD2.98 billion as at 31 December 2019, a 4.7 percent decrease compared to BD3.13 billion as at 31 December 2018, mainly due to a decrease in the investment securities portfolio of a subsidiary. Total owners’ equity stood at BD79.17 million as at 31 December 2019, a 7.3 percent decrease compared to BD85.39 million as 31 December 2018, resulting mainly from the impact of the devaluation of Pakistan Rupee.
Despite challenging conditions, the equity of unrestricted investment account holders grew to BD1.06 billion as at 31 December 2019, a 6.9 percent increase compared to BD0.995 billion as at 31 December 2018, reflecting customer confidence in the Bank.
“The Bank’s unwavering focus on its core retail banking business is building a stable foundation while setting the stage for continued growth,” said Ithmaar Bank chief executive officer, Ahmed Abdul Rahim.
“The focus throughout 2019 has been on preparing the Bank to fully realise the tremendous opportunities that lie ahead. This, in turn, has earned the Bank two key awards in 2019, both reflecting our ability to stay ahead of the curve both locally and regionally as well as highlighting the significance of our digital initiatives,” he added. – TradeArabia News Service
Samsung wins $952m contract to build Fujairah power plantSunday 23/02/202010:27:12 AMRead more
Samsung wins $952m contract to build Fujairah power plant
Samsung C&T, a global engineering and construction company, has announced that it has been awarded a 1.15 trillion won ($952 million) contract by Emirates Water and Electricity Company (EWEC) to build a 2,400 MW combined cycle power plant in Fujairah, UAE.
Located some 300 km northeast of Abu Dhabi, the project is being developed in partnership with Japanese developer Marubeni Corporation.
Under this contract, Samsung C&T will function as the exclusive engineering, procurement and construction (EPC) contractor, thus signaling a bright year ahead for the company in 2020, said the Korean builder.
The construction phase of the project is expected to be completed in April 2023. Once ready, the new plant will power a total of 380,000 homes in the northern region of the UAE, it stated.
Samsung C&T is a major player in the utility sector with an extensive experience in building many power plants throughout the Middle East region.
China sees fall in new cases; concern over spreadSunday 23/02/202010:26:31 AMRead more
China sees fall in new cases; concern over spreadChina reported a sharp decrease in the number of new deaths and new cases of the coronavirus on Saturday, saying the spread of the COVID-19 epidemic in the country has preliminarily been contained.
China's central bank, meanwhile, predicted a limited short-term economic impact and said the country was confident of winning the fight against the epidemic.
Mainland China had 397 new confirmed cases of coronavirus infections on Friday, down from 889 a day earlier, with the vast majority of those in the epicenter of Hubei province, a Reuters report quoting the National Health Commission said.
The 31 new infections recorded in the rest of the country was the lowest since the commission started compiling nationwide data on January 20, and sharply down from 258 new cases the previous day.
The total number of confirmed cases in mainland China rose to 76,288, with the death toll at 2,345 as of the end of Friday. Hubei reported 106 new deaths of which 90 in Wuhan.
But the numbers continued to rise elsewhere, with outbreaks worsening in South Korea, Italy and Iran and Lebanon, prompting a warning from the World Health Organization that the window of opportunity to contain the international spread was closing.
South Korea saw another spike in infections with 142 confirmed cases, taking its tally to 346, about half related to people who attended a church service.
Meanwhile, the Political Bureau of the Communist Party of China (CPC) Central Committee also held a meeting on the prevention and control of COVID-19. Xi Jinping, general secretary of the CPC Central Committee, chaired the meeting.
According to the meeting, there is the overall declining trend of the new confirmed and suspected cases across the country and the rapid increase of the number of cured patients, especially big drops in the new cases outside the epicenter Hubei Province.
A release following the meeting said the nationwide inflection point of the epidemic has not yet arrived, and the situation remains grim and complex in Hubei and its capital city Wuhan.
It demanded unremitting efforts of party committees and governments at all levels to secure a full victory in the people's war against the epidemic.
RESILIENCE OF ECONOMY
The meeting underlined the tremendous resilience and potential of China's economy despite the notable impact brought about by the epidemic.
The long-term trend of steady growth with a sound momentum will not change, according to the meeting.
With more positivity in proactive fiscal policy, prudent monetary policy should be more flexible, and precise financial services should be provided for the resumption of business and the growth of the real economy.
The virus has spread to some 26 countries and territories outside mainland China, killing 11 people, according to a Reuters tally, and among the WHO’s biggest concerns was cases without links to China.
“We still have a chance to contain it,” Tedros Adhanom Ghebreyesus, WHO director-general, said on Friday. “If we don’t, if we squander the opportunity, then there will be a serious problem on our hands.”
An outbreak in northern Italy worsened with its first death, an elderly man, among 17 confirmed cases including its first known instance of local transmission.
Japan confirmed four new coronavirus cases on Saturday, among those a teacher who had shown symptoms while working at her school. Trade Arabia News
UAE Central Bank monitoring job losses in country's financial sectorSunday 23/02/202010:17:26 AMRead more
UAE Central Bank monitoring job losses in country's financial sectorArabian business
UAE Central Bank monitoring job losses in country's financial sector
In total, local banks closed 49 branches in the third quarter of last year, according to the Q3 report from CBUAE.
The United Arab Emirates’ central bank said it’s “closely” monitoring job cuts in the country’s financial sector.
“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the central bank said in a statement.
According to the Q3 2019 update from the Central Bank of the UAE (CBUAE), the number of employees in national and foreign banks fell from 36,448 in Q2 to 35,518 by the end of Q3, a drop of 930.
In total, local banks closed 49 branches in the third quarter of last year.
While a merger between two local banks saw the number of licensed commercial banks drop by one to 59, of which 21 are national banks and 38 are foreign banks, including 11 wholesale banks.
Abu Dhabi Islamic Bank is seeking to save about 500 million dirhams ($136 million) by cutting jobs and closing branches, Bloomberg reported earlier this month.
The lender joins competitors such as First Abu Dhabi Bank , who reportedly cut hundreds of jobs this month; and Emirates NBD PJSC in reducing their workforce.
Last week, HSBC announced plans to slash its workforce by 35,000 across its global network as net profits fell by almost 50 percent. Although business is said to be strong in the Middle East region, HSBC Holdings paid off 40 bankers in the UAE in November last year.
The UAE economy is coming under pressure from regional geopolitical tensions and weak domestic demand. In Dubai, business growth stalled, while jobs disappeared at the fastest pace in at least a decade in the latest sign of strain on the Middle East’s commercial hub.
Still the CBUAE remains positive. In its Q3 update it said: “The overall soundness of the banking sector remained positive during the third quarter of 2019. Banks operating in the UAE remain well capitalized, with the Capital Adequacy Ratio (CAR) at 17.7 percent, Tier 1 Capital at 16.5 percent, and Common Equity Tier 1 (CET 1) at 14.7 percent, which are well above the regulatory requirements set by the CBUAE.”
Net Asset Value Of Listed Closed Funds certificates 20/02/2020Sunday 23/02/202010:12:45 AMRead more
Net Asset Value Of Listed Closed Funds certificates 20/02/2020
Arab Land Direct Mutual Fund (ALMF.CA) = EGP 1258.77
Under the Saudi G20 Presidency, the First G20 Finance Ministers and Central Bank Governors Meeting to be Held Tomorrow in RiyadhSunday 23/02/202010:10:32 AMRead more
Under the Saudi G20 Presidency, the First G20 Finance Ministers and Central Bank Governors Meeting to be Held Tomorrow in RiyadhSPA -- Riyadh is set to host the first G20 Finance Ministers and Central Bank Governors Meeting under the Saudi G20 Presidency on 22–23 February 2020.
The meeting will bring together Finance Ministers and Central Bank Governors from G20 countries and invited countries, as well as heads of international and regional organizations.
The meeting will be chaired by the Saudi Finance Minister Mohammed Aljadaan and the Saudi Central Bank Governor Ahmed Alkholifey.
Finance Ministers and Central Bank Governors will discuss global economic outlook and possible policy responses to support growth and safeguard against downside risks. In addition, they will discuss the priorities of the Saudi G20 Presidency under the theme of “Realizing Opportunities of the 21st Century for All”, including enhancing access to opportunities for all, addressing the tax challenges arising from the digitalization of the economy, utilizing the benefit of technology for infrastructure, developing domestic capital markets, and framing supervisory and regulatory issues for the digital era.
On the margins of the meeting, the Saudi G20 Presidency will be hosting a ministerial-level G20 Symposium on International Taxation in Riyadh on 22 February 2020. The Symposium will discuss the progress made on tax transparency and will focus on addressing the tax challenges arising from the digitalization of the economy.
The Saudi Finance Minister Mohammed Aljadaan will deliver the opening remarks and participate in the discussion on digital taxation.
Further information about the G20, including the Presidency Agenda and full program of events.
Kuwait Fund for Arab Economic Development delegation to visit Egypt in March, to discuss Sinai development projectsSunday 23/02/202010:03:52 AMRead more
Kuwait Fund for Arab Economic Development delegation to visit Egypt in March, to discuss Sinai development projectsAhram on line,
A delegation of the Kuwait Fund for Arab Economic Development will visit Egypt in March to discuss the fund’s contribution to Sinai Peninsula development projects.
The director general of the fund, Abdel-Wahab Al-Bader, said the fund is keen to support Egypt’s development projects, especially in Sinai, which is one of its priorities.
Badr's comments came during a meeting held Thursday with Egypt’s Minister of International Cooperation Rania El-Mashat within the scope of her official visit to Kuwait.
Badr added that the fund has financed 52 projects across various sectors in Sinai since the inception of its involvement in Sinai in 1980.
The two sides discussed the Egyptian-Kuwaiti cooperation strategy through 2022, which focuses on founding partnerships with the private sector, in addition to preparations for the fund visit in March to discuss its contribution to the second phase of Sinai development projects.
El-Mashat also met with Abdlatif Al-Hamad, director general and chairman of the Board of Directors of the Arab Fund for Economic and Social Development, who emphasised the fund’s focus on development in Sinai.
The two sides discussed increasing fund finance for the private sector and its role as a key partner in number of developmental projects in Egypt.
Ismailia National Food Industries (INFI.CA) - Board Of Directors' DecisionsSunday 23/02/202010:03:46 AMRead more
Nile City Investment (NCIN.CA) - Board Of Directors' DecisionsSunday 23/02/202010:02:08 AMRead more
Al Baraka Bank Egypt (SAUD.CA) - Board of Directors' DecisionsSunday 23/02/202009:59:04 AMRead more
Al Baraka Bank Egypt (SAUD.CA) - Board of Directors' DecisionsCompany Name : Al Baraka Bank Egypt
ISIN Code : EGS60101C010
Reuters Code : SAUD.CA
The Board of Directors' decisions held on 20/02/2020.
The Decisions (1,289 KB)
Arabian Cement Company (ARCC.CA) - EGM Minutes (after Certification)Sunday 23/02/202009:57:27 AMRead more
Arabian Cement Company (ARCC.CA) - EGM Minutes (after Certification)Company Name : Arabian Cement Company
ISIN Code : EGS3C0O1C016
Reuters Code : ARCC.CA
EGM minutes (after certification)
Assembly Date : 01/12/2019
EGM Minutes (2,619 KB)