CBE extends its initiative to support defaulters at ABE until June

The Central Bank of Egypt (CBE) has decided to extend its initiative to support debt defaulters at the Agricultural Bank of Egypt (ABE) until the end of June.

The defaulters initiative was launched in June 2018"...

Bank of America Reports First-Quarter 2019 Financial Results

Bank of America reported its first-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia."...

Moody’s Acquires Majority Stake in Vigeo Eiris, a Global Leader in ESG Assessments

Moody’s Corporation (NYSE: MCO) announced today that it has acquired a majority stake in Vigeo Eiris, a global leader in Environmental, Social and Governance (ESG) research, data and assessments. The acquisition furthers Moody’s objective of promoting global standards for ESG"...

Egypt to float stake of Banque du Caire on EGX by end of 2019

CAIRO – 15 April 2019: Egypt plans to offer a stake of Banque du Caire on the Egyptian Exchange (EGX) by the end of this year, Governor of the Central Bank of Egypt (CBE) Tarek Amer told Bloomberg.

Amer clarified that the to-be-floated stake will be 20 percent and might"...

CBE governor: Egypt is not in need of new program with IMF

Cairo: Governor of the Central Bank of Egypt (CBE) Tarek Amer said that Egypt's economic reform program has exceeded expectations, noting that Cairo is not in need of a new program with the International Monetary Fund (IMF).

The"...

Suez Canal Bank amends authorized capital to EGP 5B

ArabFinance: Suez Canal Bank’s (CANA) extraordinary general meeting (EGM) approved amending Article (6) from the bank’s articles of association, the company said Thursday in a statement to EGX.

Under"...

Machine Learning Will Become Reality In The Near Future 

• Huge opportunities for better business intelligence and across a range of activities carried out by accountants

• Adoption of machine learning needs to be based on legitimate business need rather than just wanting to be seen as using AI

• Ethical"...

Banking coalition funds Al Sharqiya Sugar Manufacturing Company with EGP 3.1bn

Banque Misr has led a coalition which includes several banks and financial institutions in order to sign a contract to increase joint funding provided to Al Sharkiyah Sugar Manufacturing Company (Al-Nouran) with EGP 1.35bn, taking the total funding to EGP 3.1bn.

This"...

NBE’s syndicated loans reach EGP 15bn in 1Q19

The Bloomberg’s international banks’ assessment during the first quarter (Q1) of 2019 showed that the National Bank of Egypt (NBE) ranked first in the Egyptian banking market in terms of syndicated loans, where the bank acted as the finance agent, bookrunner, and marketer of"...

Overpopulation in Egypt can destroy economic progress: World Bank

Washington, DC- Merza Hasan, the executive director of the World Bank (WB) Group, said that the real challenge before the Egyptian economy at the present time is overpopulation, noting that Egypt’s population grows by 2.3% annually, which could destroy any economic progress.