Egypt Independent: Economy-Main news en EGX30 jumps 2.07% on Wednesday pushes by Moody's report, gains LE6 billion <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The Egyptian stock exchange rose for a third session on Wednesday, pushed by Moody&#39;s report concerning the change of five Egyptian banks&rsquo; outlook from negative to stable.</div><div>&nbsp;</div><div>The main benchmark EGX30 jumped 2.07 percent recording 8,811.88 points on a total turnover of LE584 million, stock market data showed.</div><div>&nbsp;</div><div>&quot;The rating actions followed Moody&#39;s decision to change Egypt&#39;s rating outlook to stable from negative,&quot; said Sigma Securities Brokerage.</div><div>&nbsp;</div><div>Foreign and Arab institutions buying strategy, recording at LE45.27 million and LE16.56&nbsp;million respectively, helped the market to maintain its upward direction, Sigma added. &nbsp;</div><div>&nbsp;</div><div>Commercial International Bank of Egypt (CIB), which is including Moody&#39;s report, soared 3.93 percent to close at LE47.33 and led the market in terms of turnover recording LE49.51&nbsp;million.</div><div>&nbsp;</div><div>Meanwhile, local and Egyptian retail investors closed as net sellers recording LE55.66&nbsp;million and LE4.12&nbsp;million respectively.</div><div>&nbsp;</div><div>The market capitalization gained LE6 billion to close at LE495,9 billion compared to LE489,9 billion on Tuesday. &nbsp;</div> Wed, 22 Oct 2014 15:03:00 +0000 Egypt Independent 2439119 at sites/default/files/photo/2014/06/19/484151/217788_0.jpg Minister: Egypt Negotiates with BPI to set up power plant <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Electricity for Egypt Holding Company signed a memorandum of understanding with Benchmark Power International (BPI) to construct power plant in the governorate of Kafr al-Sheikh, said Electricity&nbsp;Minister Mohammad Shaker in a statement on Wednesday.</div><div>&nbsp;</div><div>The new plant&#39;s capacity will be 2300 megawatts and will be operate with natural gas and diesel fuel as an alternative fuel, Shaker explained.</div><div>&nbsp;</div><div>He added that BPI expressed its intention to conduct a preliminary study and a feasibility study for the project at their own expense at the location of the plant.</div><div>&nbsp;</div><div>BPI is engaged design, construction and management, operation and maintenance of Solar Wind &amp; Thermal Power Plants, electric power production and distribution.</div> Wed, 22 Oct 2014 13:41:00 +0000 Ibrahim Alsahary 2439117 at sites/default/files/photo/2012/08/25/93071/512567.jpg Stock market halves documents required for registration <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&rsquo;s Stock Market announced on Wednesday reducing the number of documents required for registering a company&rsquo;s shares in the market from 24 to 12, noting that the changes apply to companies of all sizes.</div><div>&nbsp;</div><div>In a statement on Wednesday, the Egyptian Exchange said the decision is designed to &ldquo;simplify market registration measures and attract more companies from different sectors.&rdquo; It said that the measure would provide a variety of choices for potential investors and have a positive impact on the market capitalization for already registered companies.</div><div>&nbsp;</div><div>Egyptian Exchange chief Mohamed Omran said the decision goes into force starting Wednesday. Documents excluded from registration are photocopies of the company&rsquo;s bank deposit certificates as well as the minutes of the companies&rsquo; general assembly meetings.</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div> Wed, 22 Oct 2014 12:49:00 +0000 Egypt Independent 2439107 at sites/default/files/photo/2014/05/25/484151/200704_0.jpg Middle Eastern equity issuance totals US$5.1 billion in the first nine months of 2014 <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Thomson Reuters, the world&#39;s leading source of intelligent information for businesses and professionals, today released the quarterly investment banking analysis for the Middle East region.</p><p>During the first nine months of 2014, Middle Eastern investment banking fees reached US$138.2 according to estimates from Thomson Reuters/Freeman Consulting, 60% less than the value recorded during the previous quarter.&nbsp;</p><p>In respect to the Mergers and Acquisitions (M&amp;A) activity, the value of announced M&amp;A transactions with any Middle Eastern involvement reached US$11.8 billion during the third quarter of 2014, an 18% decline from the value registered during the previous quarter.&nbsp;</p><p>Nadim Najjar, Managing Director, Middle East &amp; North Africa, Thomson Reuters, said: &ldquo;Middle Eastern equity and equity-related issuance during the first nine months of 2014 totalled US$5.1 billion, a 43% increase in activity from the same period in 2013 (US$3.6 billion).&rdquo;</p><p>He added: &ldquo;Middle Eastern debt issuance reached US$6.3 billion during the third quarter of 2014, down 68% from the record-breaking second quarter total of US$19.7 billion.&nbsp; Boosted by the strong second quarter, bonds issued so far during 2014 increased 5% from the same period last year, to US$32.8 billion.&rdquo;</p><p>Despite the quarterly downturn, fees earned so far during 2014 saw a slight uptick from last year, from US$631.7 million during the first nine months of 2013 to US$633.1 million, marking the best first nine months for Middle Eastern fees since 2008.</p><p>Equity capital markets underwriting fees totalled US$134.5 million, up 183% from the same period last year (US$47.5 million), and marking the best first nine month total for ECM fees in the Middle East since 2009.&nbsp; ECM fees accounted for 21% of the fee pool.&nbsp; Fees from completed M&amp;A transactions totalled US$143.9 million, down 14% from the same period in 2013 and accounting for 23% of this year&rsquo;s overall Middle Eastern fee pool.&nbsp; Fees from debt capital markets underwriting declined 20% year-on-year to US$95.3 million, while syndicated lending fees fell 13% to US$259.4 million.</p><p>HSBC earned the most investment banking fees in the Middle East during the first nine months of 2014, a total of US$38.3 million for a 6.1% share of the total fee pool.&nbsp; Lazard topped the Middle Eastern completed M&amp;A fee league table, while Qatar National Bank was first in the ECM underwriting fee rankings.&nbsp; HSBC and Mizuho Financial Group took the top spots in the Middle Eastern DCM and loans fee rankings, respectively.</p><p>Speaking about the M&amp;A activity, Mr. Najjar said: &ldquo;Despite the quarterly downturn, M&amp;A during the first nine months of 2014 increased 2% from the same period last year to US$29.9 billion.&nbsp; Domestic and inter-Middle Eastern M&amp;A declined 44% to US$8.3 billion during the first nine months of 2014.&nbsp; Inbound M&amp;A also declined, falling 7% to US$5.0 billion. Outbound M&amp;A drove activity, up 67% from this time last year to reach US$10.7 billion, the highest first nine month total since 2011.&rdquo;</p><p>&ldquo;Qatar&rsquo;s overseas acquisitions accounted for 45% of Middle Eastern outbound M&amp;A activity, while acquisitions by UAE and Saudi Arabian companies accounted for 25% and 22%, respectively.&nbsp;</p><p>The largest deal during the third quarter of 2014 was a US$3.2 billion offer for pay TV operator Orbit Showtime Network by an undisclosed US-based private equity firm. Bank of America Merrill Lynch topped the 3Q 2014 announced any Middle Eastern involvement M&amp;A league table with US$4.3 billion,&rdquo; he noted.</p><p>Mr. Najjar commented on the ECM activity during the first nine months of 2014. He pointed out that eight initial public offerings raised US$3.2 billion and accounted for 62% of activity in the region.&nbsp; Follow-on and convertible offerings accounted for 18% and 19%, respectively.&nbsp;</p><p>&ldquo;Dubai&#39;s Emaar Properties announced plans to list its shopping malls &amp; retail subsidiary at the end of September.&nbsp; The US$1.6 billion Emaar Malls Group IPO is the largest Middle Eastern IPO since Saudi Arabian Mining Co (Ma&#39;aden) raised $2.5 billion from its debut on the Saudi stock exchange in 2008. Qatar National Bank took first place in the 3Q 2014 Middle Eastern ECM ranking,&rdquo; he added.</p><p>Speaking about debt capital markets, Mr. Najjar pointed out that the investment grade corporate debt totalled US$29.1 billion and accounted for 89% of the first nine month total.&nbsp; The United Arab Emirates was the most active nation accounting for 45% of activity, followed by Saudi Arabia with 34%. International Islamic debt issuance increased 48% year-on-year to reach US$29.9 billion.</p> Wed, 22 Oct 2014 10:42:00 +0000 Reuters 2439103 at sites/default/files/photo/2014/10/13/484151/stormy_sky.jpg