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US Fed signaling slowdown on 2019 rate hikes? Meanwhile, US Federal Reserve boss Jay Powell gave markets a shot in the arm when he suggested yesterday that US interest rates are “just below … neutral” levels. Analysts have interpreted his remarks (transcript here) as a sign that the Fed may not need to lift interest […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Another day of no business news on Egypt’s talk shows
The airwaves were awash with random bits and pieces of news, none of which were business-related. A draft law to settle building code violations approved by parliament’s housing committee (we have more on that in Speed Round, below) does not affect the government’s agricultural land reclamation campaigns, Rep. Alaa Wali said on Yahduth fi Masr. […]
Posted inSpeed Round
CBE to terminate forex repatriation mechanism on 4 December
The central bank is going to scrap its special foreign exchange repatriation mechanism next week: The central bank will terminate the foreign exchange repatriation mechanism for new portfolio investments starting 4 December, it said in a statement (pdf) that pointed to broadly improved macroeconomic indicators, including an improved foreign reserves position. The repatriation mechanism was […]
Posted inSpeed Round
Egypt will not ask the IMF for further funding
Egypt will not ask the IMF for further funding after its USD 12 bn, IMF-backed reform program ends next year, but will continue cooperating with the lender to maintain investor confidence, Finance Minister Mohamed Maait told Bloomberg in an interview. Asked if Egypt is optimistic about economic growth in light of the global slowdown, Maait […]
Posted inSpeed Round
Egypt falls one position in Bloomberg’s EM scorecard
Egypt falls one notch on Bloomberg’s EM scorecard: Egypt fell by one ranking to 17th place in Bloomberg’s biannual scorecard of 21 emerging market economies. The scorecard, which tracks economies that are either in the MSCI Emerging Markets Index or a Bloomberg Barclays measure tracking EM local-currency government bonds, assigns rankings based on metrics including […]
Posted inSpeed Round
Cabinet approves Consumer Credit Act, sent to house for final vote
LEGISLATION WATCH- The Madbouly Cabinet has reportedly approved the a bill that would create a consumer credit act and has sent it to the House of Representatives to become law, unnamed government sources told El Watan. The bill would, among other things, require companies to obtain a license from the Financial Regulatory Authority to sell […]
Posted inSpeed Round
House Housing Committee approves temporary law to settle Egypt’s building code violations
LEGISLATION WATCH- The House Housing Committee approved yesterday a temporary law to settle building code violations, Al Shorouk reports. The law, if passed, would sunset after three months. During that period, building owners would be required to submit a settlement request to a specialized committee. Authorities would be permitted to come to settlements on structures […]
Posted inSpeed Round
Egypt working to step up punishment for forex black market
LEGISLATION WATCH- House awaits CBE response on legislation to curb forex black market: The House’s Constitutional and Legislation Committee has come up with an amendment to the Banking and Central Banks Act that aims to step up punishment for currency black market traders. The committee has sent the measure to the Central Bank of Egypt […]
Posted inSpeed Round
Wood Mackenzie says four challenges are facing Egypt’s mining sector
Wood Mackenzie says four challenges are facing Egypt’s mining sector: Egypt’s mining sector faces four challenges, according to Ricardo Monte Alto, head of Metals and Mining Americas at Wood Mackenzie, which was hired to lay out a development strategy for Egypt’s mining sector. These include oil and gas-style production sharing agreements and requiring exploration companies […]