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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Egyptians Housing Development    1.94        United Arab Shipping   0.43        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Egypt News

Equivalent of 1.3% of Egypt's GDP in secret Swiss bank accounts

Published 2015-10-03 14:02:21| Amwal Al Ghad English

Egyptians have deposited the equivalent of 1.29 percent of the country’s gross domestic product (GDP) in HSBC’s Swiss subsidiary HSBC Private Bank (Suisse) over a five-month period in 2006/2007, said a report Wednesday. This recent re-examination of SwissLeaks - a scandal that involved thousands of secret accounts exposed by the International Consortium of Investigative Journalists - was jointly conducted by Christian Aid, a British organization fighting poverty, and the US-based Financial Transparency Coalition (FTC). The media coverage of the scandal had revealed the harm tax haven secrecy inflicts through the potential crimes of tax evasion and money laundering because of loopholes in the system. Titled “Viewing #SwissLeaks Through a Different Lens”, the report looked at another angle: it compared the amount held by account holders in individual countries with the size of each country’s GDP, to show that proportionally the countries that lost out most were in the developing world.
International News
The collapse of a hillside onto a town on the edge of Guatemala City killed at least 25 people and left hundreds missing on Friday, as rescue crews searched for survivors in homes buried by dirt and sludge. Loosened by heavy rains, tons of dirt and trees tumbled onto Santa Catarina Pinula in a valley on the southeastern flank of the capital late on Thursday, flattening dozens of flimsy houses when many residents had gone home for the night. An aerial video broadcast in Guatemalan media showed the tree-lined hillside laid bare above a huge mound of earth, foliage and debris that completely covered part of the town, which hugs the side of a river in a deep ravine. Scores of rescue workers labored until nightfall to recover bodies from the tangle of mangled walls, beds and furniture churned up in the landslide. A Reuters photo showed the face of one person who had apparently been buried alive. Alejandro Maldonado, head of Guatemalan disaster agency CONRED, told a news conference that as many as 600 people could still be missing after the disaster, which he said hit 125 homes. Fire services spokesman Julio Sanchez said 25 bodies had been recovered at the scene, just short of a figure of 26 deaths he had earlier stated. Rescue operations are due to resume at dawn on Saturday. Survivors of the catastrophe were distraught. "I feel like I've lost my loved ones because all my neighbors died," said mother-of-three Melina Hidalgo, 35. She was washing clothes when there was a loud crash and the lights went out. She found neighboring houses covered in soil and mud. Felled electricity poles were giving off sparks and crying people searched for children, Hidalgo added. Guatemalan media said rescuers heard voices under collapsed buildings and earth as they struggled to dig people out. The landslide was one of the worst in recent memory in the impoverished Central American country, which has been in political turmoil as it prepares to elect a new president. Last month, the outgoing president Otto Perez was forced to stand down and was arrested on corruption charges. Marta Guitz, 37, returned from work to find her house buried by the landslide and was unable to reach Dany, her 17-year-old son, who she believed was inside. "My husband is there now, shoveling through soil to find our son," the domestic worker said, her eyes filling with tears. Oscar Raul de Leon and his family abandoned their home and he looked for his cousin, but all he found were the remains of the relative's home. Earlier, authorities said at least 25 people were injured. The government said 600 people were helping sift the rubble for survivors while authorities set up a shelter for those left homeless. In October 2005, heavy rainfall sparked a devastating landslide in Panabaj in southwestern Guatemala, burying the village. Hundreds of people are believed to have died, and many of the bodies were never recovered.
President Barack Obama vehemently rejected Russia's military actions in Syria as self-defeating and dismissed the idea that Moscow was strengthening its hand in the region. He vowed not to let the conflict become a US-Russia "proxy war." At a White House news conference on Friday, Obama pledged to stay the course with his strategy of supporting moderate rebels who oppose Syrian President Bashar Assad, but he dodged questions about whether the US would protect them if they came under Russian attack. Russia's dramatic entry into the Syrian civil war, after a year of airstrikes by the US and its coalition partners, has raised the spectre of dangerous confrontations in the skies over Syria. And it prompted a question at the news conference as to whether Putin was outfoxing the US at a time when the American-led military campaign in Syria has failed to weaken the Islamic State. Obama dismissed that idea with an expression of disdain. "This is not a smart strategic move on Russia's part," he said, referring to Putin's decision to "double down" on his support for Assad by stationing warplanes, air defenses, tanks and troops in Syria. Moscow says it is targeting Islamic State forces and fighting terrorism, but U.S. leaders are skeptical of that and Obama said the Russian president has overplayed his hand. "It's only strengthening ISIL, and that's not good for anybody," Obama contended. He said he hoped Putin would come to realize that allying Russia with Iran to try to keep Assad in power "is just going to get them stuck in a quagmire, and it won't work. And they will be there for a while if they don't take a different course." Obama said Putin has stepped deeper into a conflict that cannot be solved by military power alone, and that his approach is misguided in not distinguishing between Syrian rebels who want Assad ousted and those who are terrorists. "From their perspective they're all terrorists, and that's a recipe for disaster," Obama said in his most extensive comments on the topic since Russia began its airstrikes on Monday. Evoking the Cold War era of US and Soviet forces working behind the scenes to prop up client states, Obama added, "We're not going to make Syria into a proxy war between the United States and Russia." Asked if he felt out-smarted by Putin, Obama argued that Putin was acting in Syria out of political weakness and trying to gin up support at home while Russia's own economy struggles. "As a consequence of these brilliant moves, their economy is contracting 4 percent this year. They're isolated in the world community," Obama said, noting that Russia is under international sanctions for its military intervention in Ukraine. "Russia's not strong as a consequence of what they've been doing. They get attention," he said. "Mr. Putin's action have been successful only insofar as it's boosted his poll ratings inside Russia, which may be why the Beltway is so impressed because that tends to be the measure of the success." Still, Russia's airstrikes have forced the Pentagon to grapple with whether the U.S. should use military force to protect American-trained and -equipped Syrian rebels now that they may be the targets of Russian airstrikes. Senior military leaders and others are working through the thorny legal and foreign policy issues surrounding that subject and are weighing the risks of using force in response to a Russian attack, US officials said Thursday.