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Good afternoon folks, and happy Tuesday. The sun is back out in the capital today, and with it, a busy news cycle.
THE BIG STORY TODAY
PMI rises, but we remain in contraction territory: Activity in Egypt’s non-oil private sector slightly improved in October, but continued to stay in contraction territory for the second month in a row, S&P Global’s Purchasing Managers Index showed (pdf). The nation’s PMI reading rose to 49 last month, up from 48.8 in September, which had seen the index reading fall back into contraction territory again after expanding for the first time in nearly three years in August.
IMF’s fourth review of our program begins today: An International Monetary Fund mission has begun its long-awaited fourth review of Egypt’s USD 8 bn IMF loan program, in what could unlock USD 1.3 bn in funds — the biggest of the four tranches Egypt has received from the program to date, a high-ranking government official told EnterpriseAM. The Fund will conduct visits to the ministries involved in the implementation of the program to assess progress made on the financial and economic fronts, as well as its social impact.
The review and talks to adjust our program are likely to proceed separately: The fourth review is likely to be separate from talks that aim at revising the timeline and targets of reforms previously agreed upon with the Fund, another informed source told EnterpriseAM. The Fund will, however, consider requests to change timelines and targets as the review takes place over the next two weeks.
THE BIG STORY ABROAD
All eyes in the int’l press are trained on the US presidential elections today, as mns of Americans head to the polls to choose between Donald Trump and Kamala Harris in what promises to be one of the closest races in modern US history. More than 81 mn Americans — one third of eligible voters in the country — have already cast their ballots, with seven swing states likely to decide the victor. Trump’s campaign has already suggested that the Republican candidate may opt to declare victory tonight despite mns of ballots still being counted, with election day likely to see more drama before polls close early tomorrow Cairo time.
Meanwhile, our eyes are on the swing states of Pennsylvania and Michigan — with their 34 total electoral votes and polls showing both candidates locked in a dead heat, the two races may be the keys that unlock one candidate’s door to the White House. (Reuters | Financial Times | Bloomberg)
REMEMBER: The Electoral College, not the popular vote, ultimately decides who becomes US president. Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Social Impact Capital submits offer to own up to 100% of CIRA: CIRA Education majority shareholder Social Impact Capital (SIC) has submitted a mandatory tender offer to acquire up to an additional 48.78% of CIRA.
- ENR to launch tender for railway line upgrades early 2025: The Egyptian National Railways (ENR) is planning to launch a tender for the development of the Tanta-Mansoura-Damietta railway line in January.
- A busy day for diplomacy: President Abdel Fattah El Sisi held meetings with several Arab leaders on the sidelines of the UN’s World Urban Forum (WUF) yesterday, where he touched on many pressing regional issues.
⛅TOMORROW’S WEATHER- The weather will retain its cool with a high of 26°C and a low of 18°C in the capital tomorrow, according to our favorite weather app.
