The consolidated revenues of the Egyptian Commercial International Bank (CIB) increased by 1.4% during the first half of this year to reach 23.77 billion pounds ($1.5 billion) compared to 23.44 billion pounds ($1.49 billion) in the same period last year, with an increase in fees and commission income by 21.8 % to EGP 1.8 billion ($114.8 million) compared to EGP 1.5 billion ($94.3 million) in the corresponding period of 2020.

And CIB ranked 16th in the Forbes Middle East “50 Most Powerful Banks” list for this year, issued last June, with sales of $3 billion, net profits of $654 million, and assets of $27.3 billion. Ranked 24 on Forbes Middle East’s list of the 100 most powerful companies in the Middle East for the year 2021.

However, net income from fees and commissions increased by 24.2% to 603.8 million pounds ($38.49 million) in the second quarter of this year, compared to 486.3 million pounds ($31 million) in the same quarter of 2020.

The bank’s net profit rose during the second quarter of this year by 23.1% to 3.2 billion pounds (205 million dollars) compared to 2.6 billion pounds (165.7 million dollars) in the same quarter last year.

The Commercial International Bank had confirmed the start of correcting the violations attributed to it, which caused the departure of its former president, Hisham Ezz Al-Arab from his position, and the appointment of Sherif Sami as his successor last October.

The domestic credit provided to the private sector in Egypt rose last year to 27.26% of GDP, compared to 24.02% of output in 2019, according to World Bank statistics, while the global ratio reached 147.9% of GDP in 2020, compared to 131.9% of output in 2019.

It is a company that pays its employees with a digital code of its own creation, headquartered wherever its founder is. There is a growing list of countries that you do not want anything to do with. It’s Binance Holdings that might be the biggest, and craziest, thing in the craziest world of cryptocurrency.

Welcome to the world of Zhang Bing Zhou, the elusive Flip-flop developer called CZ — and the mastermind behind Binance, currently the largest cryptocurrency exchange. On this planet, though, the UK has just fired a subsidiary, while Thailand has filed a criminal complaint against the company for operating without a license.

without a specific title
Binance was founded in China, then exiled to Japan, then exiled itself to Malta, and today its official headquarters are in the Cayman Islands, but unofficially; the company

It has no headquarters specifically anywhere.

The platform lives online, and so far appears to be a far cry from regulators’ attempts to pinpoint exactly how and where it operates. At the core of this company is CZ, a figure revered by crypto enthusiasts who have nearly 3 million followers on Twitter and has stated his desire to ease government censorship. Live in Singapore recently.

Just now, the authorities of several countries want to know more about CZ’s four-year experience in cryptocurrency trading. The reprimand to the company from the UK is one of the biggest blows yet, as Binance Markets cannot sell or even advertise products in the UK, a move that prompted Barclays to block payments. With debit cards to this stock exchange.

Just a few months ago, crypto enthusiasts were hoping that Washington would turn to digital assets. But recent cyberattacks demanding ransom for Bitcoin, sharp trading, and reprimands from regulators have undermined this optimism.

The timing couldn’t be worse, as policymakers prepare to make a number of critical judgments about virtual tokens in the coming months, decisions that could reveal how deep the gap the industry must exit. The approval of a Bitcoin ETF is likely on track, with crypto funds allowed and banking licenses granted to financial firms.

For Bitcoin proponents, the setbacks are fueling concern that one of their top priorities will be subject to a ban by federal agencies, and tougher oversight action from lawmakers. Evidence is mounting that Congress is moving in this direction, with Senator Mark Warner, Democrat of Virginia, saying last month that cryptocurrencies “call for some level of regulation,” and Senator Elizabeth Warren reiterated that view last Wednesday.

“Honestly, regulators and Congress are late in timing and short on money,” the Massachusetts Democrat said in an interview with Bloomberg Television. “We need to catch up with the direction these cryptocurrencies are going.”

The harsh correction began in May when Securities and Exchange Commission Chairman Gary Gensler urged lawmakers to pass a law regulating cryptocurrency exchanges, arguing that the lack of oversight posed a serious threat to US investors. The comments shocked Bitcoin proponents who had speculated that Gensler would be an ally, since, unlike most government officials, he is well versed in virtual currencies.

Fuel shortage
The Colonial Pipeline hack, which caused fuel shortages across the eastern US, and, as in previous breaches, demanded a ransom payment in Bitcoin, highlighted the ramifications of cryptocurrencies on national security. Long gas pipelines are also expected to attract the attention of lawmakers, and the scrutiny could worry some on Wall Street about embracing more assets that are routinely linked to illicit transactions.

The Department of Justice has recovered most of the tokens paid by Colonial by tracking transactions in Bitcoin’s public registry, demonstrating how the technology can help law enforcement agencies. However, Senator Warren said the main advantage of cryptocurrencies is that they allow people to secretly transfer money, making coins a “haven for criminals.”

Warren’s view was recalled on Wednesday when JBS USA revealed it had paid $11 million to pirates who forced the world’s largest meat producer to shut down all of its US beef plants.

There is another problem, as Bitcoin has lost more than a third of its value since early May, and a series of negative tweets by Elon Musk contributed to the drop, assuring crypto critics that token prices are extremely volatile and easily influenced by social media, becoming unsafe for inexperienced investors. . The frenzy associated with non-fungible tokens and Dogecoin – a cryptocurrency created as a joke – has amplified these fears.

“We cannot deny the potential impact of negative media narratives on regulatory and legislative conversations in the capital in the short term,” said Kristen Smith, executive director of the Blockchain Association trade group.

Much of the funding into crypto is based on Gensler, who previously taught cryptocurrency courses at the Massachusetts Institute of Technology because the US Securities and Exchange Commission will determine whether a Bitcoin ETF becomes traded on US exchanges.

Change the rules of the game
The fund is seen as a game-changer, as it will allow investors to trade in and out of the world’s most popular cryptocurrency throughout the day without putting them at risk of having to hoard their tokens.

By adding another layer of security, consumers can buy ETF shares from strictly regulated brokers instead of buying bitcoin from unregulated exchanges. Mutual funds and institutional investors can pump more money into crypto assets through ETFs.

A spokeswoman for the Securities and Exchange Commission (SEC) declined to comment.

Under Guy Clayton, Gensler’s predecessor, the Securities and Exchange Commission (SEC) banned several exchange-traded fund applications, arguing that Bitcoin is too volatile and prone to manipulation.

Stephen Miro, a former Treasury Department official during the George W. Bush administration, said Gensler’s comments about crypto exchanges’ lack of protection for investors suggested he might share some of those concerns.

“It was a big turnaround four months ago when everyone said: Gensler taught a cryptocurrency course at MIT,” said Miro, managing partner at Beacon Policy Advisors, which tracks regulatory and legislative proposals, and is based in Washington. So we will get all our requests approved.”

The Securities and Exchange Commission (SEC) is facing a June 17 deadline on one of the proposals to list an exchange-traded fund from VanEck Associates Corp, one of several applications it is considering. The agency was previously postponed

It appears that Federal Reserve Chairman Jerome Powell and his colleagues have won, convincing investors that the current rise in consumer prices will not continue.

When news broke last Thursday that US inflation had risen to 5% in May for the first time since 2008, yields on the major 10-year Treasuries moved in the opposite direction, dropping to a three-month low of 1.43%.

While bond market metrics edged toward expected inflation, they remained well below this year’s high in May.

That upbeat reaction may be welcome news for Fed officials, ahead of next week’s interest rate meeting. Expectations prevail that officials will stick to a very accommodative monetary stance, in pursuit of the twin goals of maximum employment and average inflation at 2%. They have underestimated the risks that their policy could lead to a large and permanent price overshoot.

US central bankers have been repeating over and over the message that rising inflation will mostly be transitory, the result of temporary bottlenecks as the economy reopens, and low readings when the economy shut down a year ago.

Satisfaction of the markets
“The best, and most effective, thing the Fed has done is that they have remained consistent,” says Peter Yee, director of short-term fixed income and head of credit research at Northern Trust Asset Management, which oversees nearly $1 trillion. Tell them that it is transient.

In support of the Fed’s view, price increases in May were largely driven by categories in which supply or demand has skewed due to the reopening of the economy, from used cars and home furnishings to airline tickets and clothing.

“A lot of the items that have gone up were fleeting, more people in the market now feel comfortable going beyond these things,” Ye explains.

In a report to clients following the release of the May data, JPMorgan economist Daniel Silver agreed that the drivers of higher inflation remain mostly temporary, but added that “some smoothing is underway for price increases beyond these factors as well.” Referring in particular to the increase in rents.

Billionaire investor Stan Druckenmiller said the Fed’s easing measures have calmed investors with a false sense of security and distorted asset prices, adding to CNBC TV in an email: “Right now, the market isn’t talking.”

Federal Reserve officials stressed the importance of expectations when discussing the future of inflation. If people believe that prices are heading sharply upward, they act in ways that help achieve that, so the absence of financial market fears of high prices is undoubtedly comforting, but also limited, Policymakers – and perhaps Federal Deputy Governor Richard Clarida – are well aware that the bond market does not give a completely clear reading of expectations, even among investors, and can be bogged down by volumes traded, liquidity and other issues.

Cash flow
Financial analysts have attributed lower bond yields in recent days in part to investors who had previously bet on a move in the opposite direction covering short positions.

The massive cash flow into the money markets – a fact highlighted by the unprecedented use of the Federal Reserve’s reverse repo agreement – is also a factor likely to support demand for Treasuries. Even at these levels, US government debt provides a greater return than many other alternatives, including sovereign bonds in Japan and Europe.

Clarida, who served as a global strategy advisor at Pacific Investment Management before joining the Fed, is a “strong supporter” of the creation of a new Common Inflation Expectations Index developed by central bank staff.

The index consists of 21 different measures of inflation expectations, including some taken from the bond market, and is published quarterly. On this, Clarida said last month that the index was in line with the Fed’s target of a 2% inflation differential.

Incomplete index
Randall Quarles, the Fed’s other vice chairman, said he’s paying more attention to market surveys of inflation expectations than readings from the bond market.

During a webinar at the Brookings Institution on May 26, Quarles said, “Ultimately, what drives inflation is people’s expectations of what wages they will need. Surveys, not measures based on market conditions.

Next Friday, policy makers will get a new reading of consumption inflation expectations, when the latest survey from the University of Michigan is due. Last month, survey respondents said they expected inflation to average 4.6% in the next 12 months, the highest in a decade, although they did not expect it to remain that high in subsequent years.

“Currently, a psychologically significant growth in inflation is unlikely, but it cannot be entirely ruled out,” Richard Curtin, director of the survey, writes in a report released on May 28.