Good afternoon, ladies and gentlemen, and happy hump day-equivalent. The weekend is getting closer as we have one less workday this week.

PSA- Banks are also in line for a long weekend: Like the rest of us, banks will be off this Thursday, 25 January in observance of Police Day and the 25 January revolution, according to a statement (pdf) by the Central Bank of Egypt. As is the case for the public and private sectors, banks will get back to work on Sunday, 28 January.

THE BIG STORY TODAY-

Standard Chartered receives license to establish foreign bank branch Egypt: The Central Bank of Egypt (CBE) has approved British multinational lender Standard Chartered’s request for a license to set up a branch in the country, according to a decision published in the Official Gazette today. The lender, which received its full banking license from the CBE in November 2022, was operating in the country as a representative office, a limited form of business establishment. The lender is the 37th bank registered(pdf) with the CBE in the country.

Remember: Finance Minister Mohamed Maait had announced last month that Standard Chartered Egypt would begin operations in early 2024 after a Planning Ministry statement had suggested the lender would start operating before the end of 2023.

THE BIG STORY ABROAD

Moves in the US primaries continue to lead the conversation in the international press this afternoon: Picking up where we left off this morning, Florida Governor Ron DeSantis dropping out of the race for the Republican Party’s presidential nomination just two days before the New Hampshire primary is still making the rounds. DeSantis decided to back former president Donald Trump’s bid for nomination, dealing a blow to Nikki Haley’s campaign. (Financial Times | Associated Press | Bloomberg)

ALSO GETTING INK- Israeli Prime Minister Benjamin Netanyahu refused the terms of an agreement with Hamas for a hostage release, despite public pressure, in exchange for a permanent ceasefire and the release of their militants from Israel. (Reuters | Bloomberg)

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

  • President Abdel Fattah El Sisi’s press conference with his Somali counterpart was the hot topic in the local press. 
  • Another major bank imposes new FX withdrawal restrictions: State-run Banque Misr has changed its monthly ceiling on the amount credit card holders are able to withdraw abroad to the equivalent of EGP 3k-6k, depending on the card type.
  • Biden adviser to touchdown in Cairo to talk Gaza war: Top Biden Advisor Brett McGurk is expected to visit Egypt and Qatar this week to advance negotiations aimed at releasing hostages held by Hamas and to discuss the war in Gaza.

⛅TOMORROW’S WEATHER- Expect a mostly cloudy day tomorrow with a high of 19°C and a low of 13°C, according to our favorite app.

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