Crédit Agricole Egypt reported a net profit of EGP 2.2bn at the end of 2018 up by 12.4% year-over-year (Y-O-Y), according to the bank’s financial results released on Sunday on the year that ended in December 2018. While deposits witnessed a 18.5% growth to record EGP 43.93bn in 2018, up from EGP 37.08bn in 2017. As a result, our well-balanced business model generated a rise of 12.4% in 2018 net profit contributed by all lines of business: retail, private banking, SMEs, corporate, and capital markets,” said Crédit Agricole Egypt’s Managing Director, Pierre Finas. Additionally, at the end of 2018, the bank’s capital adequacy ratio reached 20.31%, well above regulatory threshold (11.875%). In terms of operational efficiency, Crédit Agricole Egypt managed to pursue its controls in order to maintain the same level of cost-to-income ratio at 27.9% in 2018.
February 17, 2019 21:56 UTC
SHUAA Capital psc announced, on Sunday, the expansion of its Cairo-based subsidiary SHUAA Securities – Egypt. According to the press statement, the firm’s rapidly evolving Research division has devised a unique multi sector-specific approach to stock coverage and initiation, with a targeted scope of covering all sectors listed. SHUAA Securities – Egypt believes that despite the brunt of a general risk-off sentimenttowards emerging markets, including Egypt in 2018, going forward, 2019 will likely be a balanced play on both the macro and the equity fronts. “While key macro indicators, such as inflation, will play a key role in setting the scene for economic growth recovery and expansion, certain company-specific factors will drive stock prices,” the statement added. Amr Hussein Elalfy, CFA, SHUAA Securities – Egypt’s Head of Research, explains, “In terms of research coverage, we do our best to track economic and corporate events that drive the market in general and stocks in specific as our coverage expands, targeting up to thirty Egyptian stocks by year-end.
February 17, 2019 21:45 UTC
Mastercard has recently announced the release of its sonic brand identity, a comprehensive sound architecture. We are debuting our sonic brand identity, which is a comprehensive sound architecture that will reinforce our brand each time a consumer interacts with Mastercard. This new dimension to our brand identity is a critical component to how people recognise Mastercard today, and in the future. In creating the Mastercard melody, we included five principles that reflect the attributes of the Mastercard brand, which are: being relatable and inclusive, passionate, surprising, delightful, and captivating. Sound is a powerful new dimension to our brand identity, and a critical component to how people recognise Mastercard.
The United Nations World Tourism Organization (UNWTO) forecasted in its last report a positive outlook for tourism in 2019, expecting that the Middle East will witness a growth of 4 – 6% in terms of international tourist arrivals. Meanwhile, it forecasts that Europe, Asia-Pacific, Africa, and the Americas will grow by 3 – 4%, 5 – 6%, 3 – 5%, 2 – 3% respectively in terms of international tourist arrivals. The report noted that 2018 was the second best year since 2010 in terms of International tourist arrivals. It explained that the worldwide international tourist arrivals (overnight visitors) increased by 6% to reach 1.4 billion people in 2018, clearly above the 3.7% growth registered in the global economy. “In relative terms, the Middle East (+10%), Africa (+7%), Asia-Pacific and Europe (both at +6%) led growth in 2018.
Egyptian writers followed several topics in Sunday newspaper issues, including the Saturday terrorist attack in Al-Arish which killed and injured 15 military personnel, according to the military. President Abdel Fattah Al-Sisi’s participation in the Munich Security Conference (MSC) has also been tackled. It said that the Arish and Giza attacks aimed to divert attention away from two significant events, Egypt’s chairpersonship of the African Union and Al-Sisi’s participation in the MSC. Dowidar argued that Al-Sisi’s participation in the global forum emphasised that the world acknowledges Egypt’s role in maintaining security in the world. Meanwhile, Emad El Din Adeeb in Al-Watan newspaper, pinned that major challenges are awaiting for Al-Sisi, both inside and outside Egypt.
Health Minister Hala Zayed announced the launch of a campaign for the detection and early treatment of various diseases among school students from February 17 until April 2, specifying that the campaign aims to target 11.5 million students. The parents of ill students and school managements will be notified before the students start treatment, she said. The minister added that the campaign will take place on three stages, including public and private schools through specialized medical committees. The initiative targets primary school students across all of Egypt in public, private and Al-Azhar schools, the Minister added. The third will be carried out in the governorates of Dakahlia, Sharqia, Gharbia, Minya, and the New Valley.
February 17, 2019 14:15 UTC
“This year, the bigger question than who will win at the Oscars is what the heck is going on at the academy?” said Tim Gray, awards editor at Hollywood trade publication Variety. The Oscars is the last in a long Hollywood season that sees award shows and celebrity-packed red carpets every week over two months. “I, ironically, have found that the lack of clarity around the Oscars has kept the Oscars really in the conversation, and that the mystery has really been compelling,” Burke said. Variety’s Gray said that, for the movie industry, the Oscars ceremony is always an enjoyable family get-together. “The Oscars should also be fun for the viewing audience,” he said.
February 17, 2019 13:41 UTC
Minister of Communications Amr Talaat and top judge of the Supreme Constitutional Court Hanafi Ali al-Gebali on Sunday launched the first online judicial platform in Africa, during African Higher and Constitutional Courts’ Top Judges conference in Cairo. The platform will publish court verdicts of African courts and share experiences between the African judges. Gebali said that the platform would also present explanation on contents of the African constitutional court’s verdicts. He pointed out that African cooperation at the judicial level is important, adding that training courses are set to be organized soon for African judges. The conference’s opening session was held on Saturday, featuring the participation of Prime Minister Mostafa Madbouli, Minister of State for Parliamentary Affairs Amr Marwan, Minister of Immigration and Egyptian Expatriates Nabila Makram and Minister of Electricity Mohammed Shaker.
February 17, 2019 13:41 UTC
Media gagLast week, the Prosecutor-General, Nabil Sadek, issued a media gag on media outlets covering the case until investigations are concluded. Sallam maintained that those violations represent crimes according to the Egyptian Criminal Law, and they require punishment. Moreover, Sallam maintained that media institutions are familiar with all the aforementioned laws, however, violations have not stopped. Has nothing to do with journalismLaila Abdel-Meguid, mass communication professor at Cairo University, said that she opposed covering such cases because they are connected to private life. “This requires avoiding publishing personal details including the names until there is a final court rule.”
February 17, 2019 12:11 UTC
Arsenal striker Danny Welbeck expressed solidarity with Egyptian football star Mohamed Salah after West Ham United fans chanted racist insults against him, during Monday’s West Ham United-Liverpool match in the 25th round of the Premier League, which ended 1/1. Other players also stood with Salah, including West Ham United striker Michail Antonio, who held the European Football Federation and the UK’s Football Association responsible for any racist incidents against the players at stadiums. London police announced earlier that an investigation was opened into racial insults made against Salah by some West Ham fans, targeting his religion. West Ham United issued an official statement, saying: “At West Ham United, we have a zero tolerance policy to any form of violent or abusive behavior. “Anyone identified committing an offence will have their details passed to the police and will face a lifetime ban from London Stadium.
February 17, 2019 11:48 UTC
“For instance, INSTEX falls short of the commitments by the (European countries) to save the nuclear deal. The deal promises Iran relief from sanctions in exchange for limiting its nuclear program, and so far the International Atomic Energy Agency has said Tehran has been living up to its obligations. Those working to preserve the agreement have been trying to walk a fine line between mollifying Iran without angering Washington. On Saturday, US Vice President Mike Pence slammed INSTEX, and urged others to abandon the nuclear deal entirely. “If the United States were to come, in the course of their fight with China, and tell Europe to stop dealing with China, what would you do?” he asked.
February 17, 2019 11:48 UTC
Egypt’s Ministry of Foreign Affairs announced last May that the Egyptian Embassy in Rome was informed by the Italian authorities of the seizure of a large number of artefacts, including 118 Egyptian pieces which belong to different historical eras from the ancient Egyptian civilisation to the Islamic era. According to the BBC, the former Italian consul in Egypt was the diplomat involved in smuggling the artefacts. Sadek also ordered freezing the assets of the consul and his wife, as evidences prove their involvement in the case. Egypt’s Ministry of Foreign Affairs previously stated in a press release that the Italian authorities informed Egypt 10 months after the seize, which raised deep concerns from the Egyptian government toward the reasons. “The return of the artefacts was executed in an unprecedentedly short period after the Italian authorities reported the incident to the Egyptian counterparts,” Waziri told Ahram Online.
February 17, 2019 11:48 UTC
“When I saw Hepta: The Last Lecture, I decided to remake the film in Indian language to share it with the Indian audience. The agreement took place on the sidelines of the 69th Berlin International Film Festival. The film’s Egyptian producer Hani Osama attributed the film’s huge success internationally to its attracting story. The Egyptian film managed to become the highest-grossing romantic film in the history of Egyptian cinema. I’m positive that the Indian audience will like the remake,” he explained.
February 17, 2019 11:48 UTC
Meteorologists predict cold weather at the northern coasts, Lower Egypt, Cairo and north of Upper Egypt on Monday. Warmer weather is expected south of Upper Egypt in the daylight, growing very cold at night. Temperatures expected for the following cities are: 16C in Alexandria 17C in Cairo and Suez, 21C in Luxor and 22C in Aswan. Mist will affect visibility in the country’s northern areas up until north of Upper Egypt. Winds will be mostly northwesterly and moderate, active in South Sinai and the Red Sea, disturbing maritime navigation.
February 17, 2019 11:37 UTC
On Sunday, the US dollar prices saw a drop of 3 piasters compared to the Egyptian pound. In the National Bank of Egypt, the Commercial International Bank, Banque Misr, and ALEXBANK, the dollar recorded LE17.49 for purchase and LE17.59 for sale. At the Suez Canal Bank, the dollar stood at LE17.51 for purchase and LE17.61 for sale. Governor of the Central Bank of Egypt (CBE) Tarek Amer pointed out in January that the dollar prices would be decreasing following the implementation of the mechanism of foreign cash-transfer via banks. The exchange rate of the Egyptian pound was stable most of the time in 2018 against the major international currencies, at the end of the year reaching LE 17.86 for every dollar for buying, and LE 17.95 per dollar for selling.
February 17, 2019 11:15 UTC