Happy hump day, ladies and gentlemen. The news cycle is officially picking up this afternoon, bringing us signs of hope that the state privatization program is moving forward.

THE BIG STORY TODAY

Gov’t to close bidding for Wataniya in two days: Investors have today and tomorrow to submit their bids for a stake in military-owned filling station operator Wataniya, before the government closes the bidding window, Asharq Business quotes Planning Minister Hala El Said as saying.

It’s been a long time coming: The government and the Sovereign Fund of Egypt have been working on the Wataniya sale for the past three years. Most recently, the Wataniya stake sale was pushed back to early this year.

THE BIG STORY ABROAD

No one story is dominating headlines in the international press this afternoon, but China’s attempt to curb short-selling has caught our attention. With China’s suffering stock markets seeing a USD 7 tn loss in equities down from 2021 highs, investors are trying to bank on the lows by short-selling and speculative trading. Now, China’s Securities Regulatory Commission (CSRC) is attempting to clamp down on the activity to maintain consumer confidence by keeping a watchful eye on trading behaviors and banning selling shares on the same day of purchase, says Reuters. The efforts are proving fruitful, resulting in a 24% drop in stock lending and major mutual fund companies suspending lending and working on phasing out re-lending.

HAPPENING NOW

US Secretary of State Antony Blinken is in town to discuss a Gaza ceasefire.Blinken touched down in Cairo this morning to meet with President Abdel Fattah El Sisi. The meeting is expected to discuss a new ceasefire plan in exchange for the release of Israeli hostages with Hamas, Associated Press reports.

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

  • Business activity kicks off the year with “modest deterioration”: Non-oil private sector activity saw another month of contraction in January as inflationary pressures dampened demand and pushed business sentiment for the next 12 months to one of the lowest on record.
  • Kazyon sets foot in Saudi: Kazyon Limited, the UK-based parent company of Egyptian discount supermarket chain Kazyon, has acquired a 50% stake in Saudi grocery chain Dukan — Saudi’s sole discount retailer — through a SAR 250 mn (c. USD 66.7 mn) capital increase.
  • Auto sales inch up in December to 2023 record:Auto sales climbed for a second consecutive month in December, hitting their highest level in 2023.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

☀️ TOMORROW’S WEATHER- Expect a mostly sunny day and a few clouds sprinkled in with a high of 22°C and a low of 13°C, according to our favorite weather app.

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