Good afternoon, friends. We have a reasonably busy Monday on our hands here in Omm El Donia, while the international press’ attention is divided between the latest developments in Ukraine and the IMF / World Bank annual meetings.

THE BIG STORY TODAY

Inflation accelerated last month to its fastest pace since November 2018 as price shocks continue to linger, figures (pdf) from official statistics agency CAPMAS showed. Urban consumer price inflation rose to 15.0% y-o-y in September, up from 14.6% a month earlier, largely on the back of rising food and beverage prices, as well as housing and utilities costs.

THE BIG STORY ABROAD

Russia launched missile attacks in many major cities in Ukraine this morning, killing at least five civilians. The attacks were retaliation for what President Vladimir Putin claimed was a “terrorist attack” from Ukraine on the bridge to Crimea. The story is on the front pages of the Reuters, Financial Times, the Wall Street Journal, and the Washington Post, among others.

HAPPENING NOW-

The IMF and World Bank annual meetings kicked off today in Washington, DC, and wrap up on Sunday, 16 October. The theme of the in-person gathering is clear from the very first session: “addressing multiple crises in an era of volatility.” You can explore the meetings’ website here or dive deeper into the day-by-day agenda here.

Wrapping up just minutes before we hit “send” on this afternoon’s edition: The meetings’ first joint seminar, titled The Way Forward: Addressing Multiple Crises in an Era of Volatility, in which IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass discussed future global economic growth in light of “multiple overlapping crises.”

In Washington for the meetings: Central Bank of Egypt Governor Hassan Abdalla, several cabinet members, and figures from the Egyptian banking community. International Cooperation Minister Rania Al Mashat is among those attending the meetings and is expected to sit down with several development partners on the sidelines, according to a statement.

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

  • Supply Minister revives talk of bread subsidy reform in the House of Representatives: Supply Minister Ali El Moselhy called on MPs to form an ad hoc committee to look into possible changes to the country’s massive bread subsidy program.
  • Orascom Investment Holding (OIH) has earmarked USD 200-300 mn to build four new hotels — two in the North Coast, one in Cairo and another in Giza near the pyramids, chairman Naguib Sawiris said.
  • MNHD to tap securitization market before end of 1H 2023: EGX-listed Madinet Nasr Housing and Development (MNHD) is looking to take the second issuance of its three-year, EGP 3 bn securitization program to market before the end of 1H 2023.

***
Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.
***

? CIRCLE YOUR CALENDAR-

The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.

Fuel prices to rise this month? We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 31°C during the day tomorrow before falling to 20°C at night, our favorite weather app tells us.

Tags: