Good afternoon, wonderful people. It’s a busy start to the new week (and month, and quarter), even though many of us are still slogging through the Ramadan fog.

THE BIG STORY TODAY

Big Two roll out new high-yield CDs: Banque Misr and the National Bank of Egypt — the nation’s two largest banks — introduced three-year certificates of deposit (CDs) following the Central Bank of Egypt’s Monetary Policy Committee’s decision last week to raise interest rates by 200 bps, the state-owned banks said in a joint statement (pdf). The certificates include a fixed-rate 19% CD and a second carrying an annual declining rate of 22%, 18%, and 16%. Both CDs have a monthly payout.

THE BIG STORY ABROAD

The banking crisis continues to lead the conversation in the international business press this afternoon: UBS’ takeover of Credit Suisse continues to get play, as Switzerland’s prosecutor kicks off an investigation into the acquisition (Financial Times) and the new entity formed following the takeover is looking at slashing up to 30% of its workforce (Reuters). Meanwhile, OPEC is expected to hold off on raising oil output levels as the oil market is still shaky as a result of the fallout from the collapse of Silicon Valley Bank and Credit Suisse’s troubles (Bloomberg).

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • The CBE did exactly what everyone expected on Thursday: The Central Bank of Egypt (CBE) raised interest rates by 200 bps on Thursday in a bid to rein in inflation.
  • The automotive industry can’t catch a break right now: The yearlong decline in auto sales accelerated in February as the foreign currency shortage continues to weigh on the sector.
  • NPH raises its bid for Pachin: Dubai-based National Paints Holding (NPH) has upped its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Eagle Chemicals’ new bid last week.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: In the first part of this two-part story, we look at why our local tire industry is falling behind, and how that issue has been compounded by a range of underlying factors beyond the immediate impact of inflation and the FX shortage.

? CIRCLE YOUR CALENDAR-

PSA #1- Start planning the next run of holidays:

  • Coptic Easter falls on Sunday, 16 April;
  • Sham El Nessim is on Monday, 17 April;
  • Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
  • Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA #2- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- We’re heading into a pretty warm couple of days, with the mercury expected to peak at 31°C before falling to a low of 18°C tomorrow, according to our favorite weather app.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

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