{"id":550650,"date":"2022-04-13T13:12:40","date_gmt":"2022-04-13T13:12:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=550650"},"modified":"2025-12-15T23:06:03","modified_gmt":"2025-12-15T23:06:03","slug":"the-end-of-usd-supremacy-take-17","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/the-end-of-usd-supremacy-take-17\/","title":{"rendered":"The end of USD supremacy? (Take 17)"},"content":{"rendered":"<section id=\"550652\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550652\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TONIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/\">\r\n                            THIS EVENING: CBE gives OPay greenlight to issue pre-paid cards + Rology raises series A round + E-commerce startup Kemitt has launched Kemitt Business                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS EVENING: CBE gives OPay greenlight to issue pre-paid cards + Rology raises series A round + E-commerce startup Kemitt has launched Kemitt Business&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/&title=THIS EVENING: CBE gives OPay greenlight to issue pre-paid cards + Rology raises series A round + E-commerce startup Kemitt has launched Kemitt Business\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+EVENING%3A+CBE+gives+OPay+greenlight+to+issue+pre-paid+cards+%2B+Rology+raises+series+A+round+%2B+E-commerce+startup+Kemitt+has+launched+Kemitt+Business+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F13%2Fthis-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550652\" class=\"content-area-description single-story post-550652 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-cairo-angels tag-consoleya tag-enterprisepm tag-fintech tag-opay tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s one of those days that aren\u2019t quite slow, but haven\u2019t quite taken shape<\/strong> with a clear leading story or theme to the news day. Instead, there\u2019s a smattering of interesting tidbits on the homefront to keep your eye on as you wind down your afternoon.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><strong>#1- CBE gives OPay greenlight to issue pre-paid cards:<\/strong> Nigeria-based fintech player OPay has received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments.<\/p>\n<p><strong>#2- Elsewhere, we\u2019ve got some activity over in planet startup:<\/strong> Teleradiology platform <strong><a href=\"https:\/\/rology.health\/\">Rology<\/a><\/strong><strong> has raised an undisclosed sum series A round<\/strong>, with <a href=\"https:\/\/egyptventures.com\/\">Egypt Ventures<\/a> providing the bulk of the financing, a <a href=\"https:\/\/ent.news\/2022\/4\/Rology-Closes-Pre-Series-A-Funding-Round.pdf\">press release (pdf)<\/a>read. The round saw participation from <a href=\"https:\/\/www.facebook.com\/sequenceventures\/\">Sequence Ventures<\/a>, Saudi Arabia\u2019s <a href=\"https:\/\/waseel.com\/\">Waseel<\/a> and <a href=\"http:\/\/www.tawaref.com\/\">Tawaref<\/a>, and Kenya\u2019s <a href=\"https:\/\/vc4a.com\/viktoria-ventures\/\">Viktoria Ventures<\/a>. Previous investors include HIM Angels, AAIC, DAI and Cubit Ventures.<\/p>\n<p><strong>Meanwhile,<\/strong> <strong>Egypt-based e-commerce startup <\/strong><strong><a href=\"https:\/\/www.kemitt.com\/ar-eg\/\">Kemitt<\/a><\/strong><strong> has launched <\/strong><strong><a href=\"https:\/\/kemitt.business\/\">Kemitt Business<\/a><\/strong>, \u201cthe first of its kind\u201d B2B platform, for furniture, home accessories and raw materials for furniture manufacturing among others, a <a href=\"https:\/\/ent.news\/2022\/4\/Kemitt-launches-new-B2B-platform.pdf\">press release (pdf)<\/a> read. The platform will act as an online marketplace connecting businesses with furniture and materials suppliers.<\/p>\n<p><strong>^^We\u2019ll have more on these stories<\/strong> and others in tomorrow\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>It\u2019s another afternoon where news of fresh sanctions against Russia are topping<\/strong><strong> headlines in the global press.<\/strong> The UK <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-sanctions-178-russian-separatists-in-breakaway-regions\">announced today<\/a> it is sanctioning 206 people today, including 178 Russian separatists, \u201csix oligarchs, close associates and employees, and an additional 22 individuals.\u201d The new sanctions bring the total number of individuals and businesses under UK sanctions to 1,400, according to the statement.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>ADQ <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">announced the launch<\/a><\/strong><strong> of the first MENA-based SPAC in cooperation with our friends at Chimera.<\/strong> The fund and Chimera\u2019s PE arm yesterday announced the establishment of their SPAC, dubbed ADC Acquisition Corporation, which hopes to raise AED 367 mn (EGP 1.85 bn) through an IPO on the Abu Dhabi exchange.<\/li>\n<li><strong>GASC wants to see wheat buys outside of tender system as reserves dip:<\/strong> The government <a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/13\/gasc-wants-to-see-wheat-buys-outside-of-tender-system-as-reserves-dip-69148\/\">could soon allow<\/a> buying wheat outside of tenders, Sherif Bassili, the chairman of the Egyptian Holding Company for Silos and Storage, told Enterprise.<\/li>\n<li><strong>Paymob launches in Pakistan:<\/strong> High-profile Egyptian fintech startup Paymob has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d7889ee-0fa9-4a00-9928-34237a458896\">officially launched<\/a> in Pakistan. The digital payments provider said it will launch a number of payment services in the country, including payment gateways, POS, SoftPOS, and contactless payments.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Consoleya is hosting an investors\u2019 talk and sohour with Cairo Angels next Sunday, 17<\/strong><strong> April<\/strong> at 9pm. The event will begin with a Fireside Chat on e-commerce, featuring former Jumia CCO Fran\u00e7ois D\u2019hautefort, with Cairo Angels Founder Hossam Allam as moderator, with a sohour and networking session for investors following the talk. You can <a href=\"https:\/\/bit.ly\/3ro6iNw\">register for the event here<\/a>.<\/p>\n<p><strong>Companies have one week left to file their first quarterly ESG compliance report: <\/strong>Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">announced last week<\/a>. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023.<\/p>\n<p><strong>Reach out to <\/strong><strong><a href=\"mailto:mtaalab@inktankir.com\">Moustafa Taalab at InkankIR<\/a><\/strong>, our parent company, if you need some help.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 28\u00b0C and a nighttime low of 13\u00b0C, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels\/\">Cairo Angels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consoleya\/\">Consoleya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opay\/\">OPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n      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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240927.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/mashreq.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27486.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Rise every day<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-2of4agn\" data-v=\"4\" data-block-id=\"2of4agn\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-2of4agn-container stk--no-background stk--no-padding\"><div 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class=\"stk-column-wrapper stk-block-column__content stk-container stk-fclv460-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-fclv460-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27480.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Shaping the future of education in Egypt<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div 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COMMUTE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/honda-is-putting-ev-plans-on-the-backburner-until-the-infrastructure-is-ready-chinas-lockdowns-are-threatening-to-exacerbate-component-shortages\/\">\r\n                            Honda is putting EV plans on the backburner until the infrastructure is ready + China\u2019s lockdowns are threatening to exacerbate component shortages                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/api.whatsapp.com\/send?text=Honda+is+putting+EV+plans+on+the+backburner+until+the+infrastructure+is+ready+%2B+China%E2%80%99s+lockdowns+are+threatening+to+exacerbate+component+shortages+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F13%2Fhonda-is-putting-ev-plans-on-the-backburner-until-the-infrastructure-is-ready-chinas-lockdowns-are-threatening-to-exacerbate-component-shortages%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/honda-is-putting-ev-plans-on-the-backburner-until-the-infrastructure-is-ready-chinas-lockdowns-are-threatening-to-exacerbate-component-shortages\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/477.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550655\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/honda-is-putting-ev-plans-on-the-backburner-until-the-infrastructure-is-ready-chinas-lockdowns-are-threatening-to-exacerbate-component-shortages\/477-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/477.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"477.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/477.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/477.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550654\" class=\"content-area-description single-story post-550654 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-china tag-covid-19 tag-enterprisepm tag-evs tag-for-your-commute tag-global-supply-chain-crisis tag-honda tag-hybrid-vehicles wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Honda banks on hybrid vehicles until global infrastructure is ready for EVs: <\/strong>While Honda has committed to investing USD 40 bn to develop electric vehicles (EVs) over the next decade, the carmaker is banking on greater demand for hybrid vehicles in the near future, its chief executive Toshihiro Mibe said, reports the <a href=\"https:\/\/www.ft.com\/content\/313cd95e-4ded-47a9-a06b-50e8e520e714\">Financial Times<\/a>. Honda was Japan\u2019s first automaker to announce the phaseout of gasoline cars last April, but will transition to cars with a petrol-electric system, which will \u201cbe their strength\u201d in 2030 or even 2035, Mibe said. The rationale is that infrastructure is not yet ready to support a full transition to EVs, with several factors still needed to be taken into consideration such as the living environment and the penetration rate of renewable energy, he said. Nonetheless, Honda announced that it will develop EVs in a JV with GM with production scheduled in 2027.<\/p>\n<p><strong>One of the main reasons EVs may have to wait: Obtaining batteries.<\/strong> Honda is still scrambling to set up viable supply chains to access EV batteries, an issue carmakers around the world are also facing. The Japanese manufacturer is moving away from in-house production and is instead looking to set up a JV to manufacture batteries or else find suppliers in the markets they operate in.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>This comes as a dire lithium shortage is sparking questions on the sustainability<\/strong><strong> of the global rise in EV manufacturing<\/strong>, as the West attempts to unfasten China\u2019s control of the entire supply chain for lithium-ion batteries and EVs, battery manufacturers say, according to <a href=\"https:\/\/www.ft.com\/content\/7beef24f-29a2-4683-8b30-b076528416c1\">the Financial Times<\/a>. Companies and governments abroad have fallen short of building sufficient supply chains for the white gold, making targets in EVs manufacturing unsustainable, chairman of Australian lithium producer Lake Resources said. But there are some efforts being made to replace China and build adequate supply chains, as Lake Resources builds a lithium production plant in Argentina. The plant, which owners hope will produce 50k tons of lithium carbonate annually by 2025, will use new technology developed by Bill Gates-backed US Company <a href=\"https:\/\/lilacsolutions.com\/\">Lilac Solutions<\/a> to extract lithium directly from brine, instead of traditional extraction methods.<\/p>\n<p><strong>Not helping matters: China\u2019s lockdowns are threatening to exacerbate component<\/strong><strong> shortages:<\/strong> A city-wide lockdown of Shanghai, which has now expanded to other parts of the country due to record surges in covid-19 cases, is leading to mass factory shutdowns and halting production of electronics, the <a href=\"https:\/\/www.ft.com\/content\/368121b2-5e44-4393-9ff8-f5b4fc40ba2b\">Financial Times<\/a> reports, citing researchers and economists. More than 30 Taiwanese electronics manufacturers have just today shut down factories close to Shanghai, with analysts saying that important components like printed circuit boards \u2014 used in almost every electronics gadget, including smartphone and laptop casings \u2014 would be affected most by the factory shutdowns. \u201cEven if some companies are allowed to continue production, their utilization rates have fallen to between 40-60%. Raw materials can\u2019t be moved in and finished products can\u2019t be moved out,\u201d one analyst said.<\/p>\n<p><strong>Fellow iSheep will remember that the lockdown <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/acbe142a-7b05-413b-8d71-a09ce7d7113a\">has already hit<\/a><\/strong><strong> Apple<\/strong>, with iPhone assembler Pegatron halting production at two of its plants in China.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-supply-chain-crisis\/\">global supply chain crisis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/honda\/\">Honda<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hybrid-vehicles\/\">hybrid vehicles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550656\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550656\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/ahlam-saeeda-sees-women-band-together-to-fix-the-problems-of-their-past-the-green-grocer-is-a-realistic-guide-on-how-to-create-a-sustainable-business\/\">\r\n                            Ahlam Saeeda sees women band together to fix the problems of their past + The Green Grocer is a realistic guide on how to create a sustainable business                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/ahlam-saeeda-sees-women-band-together-to-fix-the-problems-of-their-past-the-green-grocer-is-a-realistic-guide-on-how-to-create-a-sustainable-business\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n         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their past + The Green Grocer is a realistic guide on how to create a sustainable business\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Ahlam+Saeeda+sees+women+band+together+to+fix+the+problems+of+their+past+%2B+The+Green+Grocer+is+a+realistic+guide+on+how+to+create+a+sustainable+business+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F13%2Fahlam-saeeda-sees-women-band-together-to-fix-the-problems-of-their-past-the-green-grocer-is-a-realistic-guide-on-how-to-create-a-sustainable-business%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/ahlam-saeeda-sees-women-band-together-to-fix-the-problems-of-their-past-the-green-grocer-is-a-realistic-guide-on-how-to-create-a-sustainable-business\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/478.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550657\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/ahlam-saeeda-sees-women-band-together-to-fix-the-problems-of-their-past-the-green-grocer-is-a-realistic-guide-on-how-to-create-a-sustainable-business\/478-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/478.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"478.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/478.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/478.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550656\" class=\"content-area-description single-story post-550656 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-recommends-2 tag-enterprise-recommends tag-enterprisepm tag-on-the-tube-tonight tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Ahlam Saeeda is shaping up to be a mosalsal about karma: <\/strong>Yousra\u2019s character in the TV show is harsh and unforgiving, treating everyone around her with a bit of snobbiness. While she likes to act like she\u2019s got everything together, the audience catches glimpses of cracks in the facade when she doesn\u2019t have enough money to pay for an item from an auction or when she has an accident and no one is there to help her. However, things change when she joins a support group for insomnia, where several women share what (literally) keeps them up at night. It\u2019s there that she meets people who are willing to be her friend, played by Ghada Adel, Mai Kassab, and Shaimaa Seif. Together, the four very different women band together to solve their individual problems and meet a host of challenges along the way as their past comes back to haunt them. You can watch Ahlam Saeeda on <a href=\"https:\/\/shahid.mbc.net\/en\/series\/Ahlam-Sa%E2%80%99eeda\/series-936147\">Shahid<\/a> or <a href=\"https:\/\/www.watchit.com\/#\/details\/series\/703\">WatchIt<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> \u26bd <strong>In case you missed it \u2014 Erik ten Hag might be Manchester United\u2019s new manager:<\/strong> Manchester United are reportedly close to reaching an agreement that would see Ajax\u2019 manager Erik ten Hag take over as manager, <a href=\"https:\/\/www.skysports.com\/football\/news\/11667\/12588825\/manchester-united-close-in-on-erik-ten-hag-appointment-with-only-contract-signing-and-ajax-agreement-required\">Sky Sports reports<\/a>. The Dutch coach, who rose to fame on the back of his leadership of a young Ajax in the Champions League, comes as Manchester United are having one of their worst seasons in living memory, and their temporary manager Ralf Ragnik moves over to the head office.<\/p>\n<p><strong>You don\u2019t want to miss out on today\u2019s Champions League matches: <\/strong>Mo Salah\u2019s Liverpool will go up against Benfica while Man City will face Atletico Madrid, with both matches kicking off at 9pm.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Zawya Shorts film festival is kicking off tomorrow at Zawya Cinema. <\/strong>The festival, which features short films from across Egypt, celebrates the talent of local filmmakers and tells a myriad of stories. The event will run from Thursday to Sunday, with short films being screened consecutively starting at 8pm each day. Follow Zawya Cinema\u2019s <a href=\"https:\/\/instagram.com\/zawyacinema\">Instagram page<\/a> to check the schedule and read more about the films that will be shown.<\/p>\n<p><strong>The French Institute in Cairo <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/nuits-du-ramadan-concert-de-yu\/701126351228513\/\">is hosting<\/a><\/strong><strong> Yunis as part of their Les Nuits du Ramadan<\/strong><strong> series. <\/strong>Yunis started off in the rap scene before shifting to the world of Arab and oriental music by learning to play the ney. He\u2019s also one of the founders of Kafr El Dauwar Records \u2014 an independent label that focuses on contemporary and experimental music.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong><a href=\"https:\/\/www.amazon.com\/The-Green-Grocer\/dp\/0241492238\">The Green Grocer<\/a><\/strong><strong> is a realistic guide on how to create a sustainable business:<\/strong> Written by one of the UK's leading corporate activists, Richard Walker, the book looks at climate activism through the lens of supply chain disruptions and the post-covid world. Walker walks readers through ways to incorporate eco-friendly business practices using case studies from businesses and governments, showing what works and what doesn\u2019t and why. The book comes at a time where businesses worldwide are being urged to embrace their corporate social responsibility while management struggles to make that move while still pushing up their bottom line. However, Walker managed to do both, with his GBP 3 bn supermarket chain in Iceland embracing sustainable initiatives for years now and still seeing growth.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-recommends\/\">Enterprise Recommends<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-the-tube-tonight\/\">On The Tube Tonight<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550658\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550658\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/raya-holding-wont-distribute-2021-dividends\/\">\r\n                            Raya Holding won\u2019t distribute 2021 dividends                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/raya-holding-wont-distribute-2021-dividends\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Foreign investors were net sellers. The index is down 9.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>Mopco (+2.5%), EFG Hermes (+1.3%) and ADIB Egypt (+1.2%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-3.9%), Heliopolis Housing (-3.6%) and Ezz Steel (-2.5%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550659\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550659\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/us-sanctions-on-russia-could-cause-blowback-for-the-usd\/\">\r\n                            US sanctions on Russia could cause blowback for the USD                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/us-sanctions-on-russia-could-cause-blowback-for-the-usd\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The US Treasury\u2019s \u2018shock and awe\u2019 move to sanction the central bank, something never attempted on an economy of Russia\u2019s size, could have unintended consequences by causing other countries to rethink their relationship with the USD, they say.<\/p>\n<p><strong>The IMF is voicing concern:<\/strong> The IMF\u2019s deputy managing director, Gita Gopinath, said just that last month. \u201cThe USD would remain the major global currency even in that landscape but fragmentation at a smaller level is certainly quite possible,\u201d she told the <a href=\"https:\/\/www.ft.com\/content\/3e0760d4-8127-41db-9546-e62b6f8f5773\">Financial Times<\/a> in an interview last month. \u201cWe are already seeing that with some countries renegotiating the currency in which they get paid for trade.\u201d<\/p>\n<p><strong>The USD is the world\u2019s reserve currency.<\/strong> Central banks across the world store most of their reserves in USD or in USD-denominated assets such as treasuries, and the bulk of international trade and financial transactions are performed using the greenback. How much of global reserves are in USD? The most recent data from the IMF shows that the currency makes up around 55% of the world\u2019s foreign exchange reserves. In comparison, the next most-popular FX currency is the EUR, which accounts for less than 20% of the global total.<\/p>\n<p><strong>Crucially, foreign currency reserves are hardly ever held physically by the central bank<\/strong>, making them vulnerable to appropriation by other countries. Most of the world\u2019s reserves are held as securities, which are stored in central securities depositories (CSDs) either in the host country or with a major international CSD such as Euroclear. For more information on this: Read monetary economist and payments specialist Ousmane Mandeng\u2019s piece in <a href=\"https:\/\/www.ft.com\/content\/5b397d6b-bde4-4a8c-b9a4-080485d6c64a\">the FT<\/a> where he explains the financial plumbing of international reserves.<\/p>\n<p><strong>The USD as a weapon:<\/strong> In recent years, the US has used its control of the global financial system as a coercive foreign policy tool with increasing regularity. <a href=\"https:\/\/iranprimer.usip.org\/blog\/2021\/nov\/01\/explainer-iran%E2%80%99s-frozen-assets\">Iran<\/a>, <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sm661#\">Venezuela<\/a> and <a href=\"https:\/\/www.ft.com\/content\/3f692e15-0e78-4fe3-845f-74093fafd904\">most controversially<\/a> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-17\/u-s-freezes-nearly-9-5-billion-afghanistan-central-bank-assets?sref=mmeFTDW1\">Afghanistan<\/a> have all had their reserves frozen and been excommunicated from the USD system.<\/p>\n<p><strong>Moscow thought it had itself covered:<\/strong> Since dragging itself out of its financial crisis in 1998, Russia has been busy accumulating a vast stockpile of reserves which is now worth more than USD 630 bn. This, policymakers thought, would hand the central bank more than enough firepower to support the RUB should the US intensify its trade and financial sanctions. It had also worked to reduce its holdings of USD assets to less than 7% of its total reserves in a bid to reduce its exposure to the greenback.<\/p>\n<p><b>So much for that warchest\u2026:<\/b> Prior to the conflict, few genuinely expected the US to go straight for the Russian central bank and most held up Russia\u2019s huge reserve stockpile as a powerful\u00a0 buffer against future financial crises. But just four days into the invasion, Washington went for the jugular. Together with <a href=\"https:\/\/www.euractiv.com\/section\/economy-jobs\/news\/eu-to-sanction-russian-central-bank-destabilise-the-ruble\/\">the EU<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/europe\/japan-freezes-assets-russias-central-bank-part-new-sanctions-2022-03-01\/\">Japan<\/a> \u2014 which together hold more than 40% of Russia\u2019s reserves \u2060\u2014 the US confiscated some <a href=\"https:\/\/www.reuters.com\/article\/ukraine-crisis-russia-reserves-idUSL5N2VG0BU\">USD 300 bn<\/a> from the Russian central bank. The measure blindsided the Russians, with Foreign Minister Sergei Lavrov <a href=\"https:\/\/www.kommersant.ru\/doc\/5271232?from=top_main_2\">admitting last month<\/a> that no-one in Moscow had predicted that the G7 would go for its reserves.<\/p>\n<p><strong>Other countries are watching:<\/strong> For countries holding a substantial portion of their reserves in USD assets, the sanctions on Russia have been instructive on how Washington is able to leverage the dominance of the greenback to mount financial warfare against hostile countries. Importantly, most countries outside of the G7 are not on board with sanctions. Major emerging economies such as China, India, Brazil, Indonesia and Mexico have refused to embargo Russia and are eager to continue business.<\/p>\n<p><strong>A \u201cmajor break\u201d in the system:<\/strong> For these countries, the sanctions are a potential watershed moment that could push them to reduce their exposure to the USD and transition to new bilateral and regional financial relationships. Economist Kenneth Rogoff called the decision \u201cabsolutely historic.\u201d It will \u201cprobably accelerate moves in the international financial system\u201d to compete with the USD, <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-04-05\/the-dollar-s-dominance-could-end-in-20-years-rogoff-video?sref=mmeFTDW1\">he said<\/a> earlier this month. Shahin Vallee, economist at Soros Fund Management, <a href=\"https:\/\/dgap.org\/en\/research\/publications\/european-sanctions-russia-are-potentially-revolutionary\">called it<\/a> a \u201cmajor break\u201d in the international financial system. \u201cCentral bank reserves are now worth as much as the dominant reserve currencies issuing them want. This could have profound long-term consequences.\u201d<\/p>\n<p><strong>And that\u2019s not all:<\/strong> There are also question marks over the integrity of international payment mechanisms after the US and Europe <a href=\"https:\/\/www.reuters.com\/business\/finance\/eu-excludes-seven-russian-banks-swift-official-journal-2022-03-02\/\">disconnected a large part of Russia\u2019s financial system from Swift<\/a>, the interbank messaging service used to facilitate most of the world\u2019s cross-border payments. This makes it harder for many banks to process USD- and EUR-denominated payments, and though carve-outs do currently exist \u2014 notably for institutions processing oil and gas transactions \u2014 most Russian businesses now need to rely on channels such as encrypted telegrams and emails to continue trading overseas. It was a big move and one that will \u201clikely fundamentally change the geopolitics of cross-border payments,\u201d <a href=\"https:\/\/carnegieendowment.org\/2022\/03\/04\/how-sanctions-on-russia-will-alter-global-payments-flows-pub-86575\">writes<\/a> Robert Greene, a nonresident scholar at the Carnegie Endowment for International Peace.<\/p>\n<p><strong>Russia + India are moving to drop the USD:<\/strong> Russia and India are on the way to dropping the USD in bilateral trade and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-11\/india-is-said-to-consider-rupee-payments-for-trade-with-russia?sref=mmeFTDW1\">replace it with RUB and INR<\/a>, a move that would allow the two countries to skirt sanctions and maintain their trading relationship. Indian exporters are reportedly waiting on USD 500 mn of payments that Russian banks have been unable to process, forcing Moscow and New Delhi to explore new payment mechanisms <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/russia-proposes-swift-alternative-to-india-for-ruble-payments?sref=mmeFTDW1\">including Russia\u2019s SPFS messaging system<\/a>.<\/p>\n<p><strong>And China is accelerating its move to build an alternative financial system:<\/strong> China has been building its RMB-based answer to Swift \u2014 the Cross-Border Interbank Payments System (CIPS) \u2014 for a number of years, and though it remains small by comparison, the recent moves against Russia seem to have stirred policymakers into action. China\u2019s central bank recently announced that it would limit the country\u2019s use of Swift and ramp up the usage of the RMB in cross-border trade. The head of the country\u2019s central bank has said it will <a href=\"https:\/\/www.scmp.com\/economy\/global-economy\/article\/3167252\/china-work-asian-neighbours-grow-use-local-currencies-over\">provide support to countries in Southeast Asia<\/a> to reduce the use of the USD. Former IMF economist Eswar Prasad called the CIPS a \u201cpotential game changer.\u201d \u201cChina is setting up an infrastructure for payments and payment messaging that could one day provide an alternative to the western-dominated international financial system and in particular Swift,\u201d he told the <a href=\"https:\/\/www.ft.com\/content\/220db8f2-2980-410f-aab8-f471369ac3cf\">FT<\/a>.<\/p>\n<p><strong>But how close are we really to a displacement of the USD?<\/strong> <strong>China still faces challenges.<\/strong> Chinese policymakers remain reluctant to fully liberalize the currency and allow it to be fully-convertible. Having countries store reserves in RMB would be a hard sell if they cannot freely convert it into any other currency. And the fact remains that the RMB is still not used that often in international trade. \u201cWe have very accommodative monetary policy, we are very open with our markets, things are easily convertible and we are safe as an economy. Until those things change, the rest of it ain\u2019t changing,\u201d Brian O\u2019Toole, a sanctions expert at the Atlantic Council and former US treasury official told the FT. \u201cWhere else are you going to go? There\u2019s no place else that has anything approaching the level of liquidity and access that the US market has. It doesn\u2019t exist anywhere.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russian-ukraine-war\/\">Russian-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swift\/\">Swift<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550661\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/550661\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550661\" class=\"content-area-description single-story post-550661 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OUR CALENDAR NOW APPEARS in two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>APRIL<\/strong><\/p>\n<p>April: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/p>\n<p>April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.<\/p>\n<p>12 April (Tuesday): EBRD <a href=\"https:\/\/ent.news\/2022\/4\/EBRDs-Transition-Report-2021-2022.pdf\">launches Transition Report 2021-2022<\/a><\/p>\n<p>14 April (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>15 April (Friday): E-receipt system pilot to kick off.<\/p>\n<p>18-24 April (Monday-Sunday): <a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">World Bank-IMF Spring Meetings<\/a>, Washington D.C.<\/p>\n<p>20 April (Wednesday): Deadline for listed companies and NBFIs to <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">submit quarterly ESG reports<\/a>.<\/p>\n<p>Mid-April: Trading on the Egyptian Commodity Exchange to start.<\/p>\n<p>21 April (Thursday): EGX-listed Taaleem <a href=\"https:\/\/ent.news\/2022\/3\/Taaleem-general-meeting-April.pdf\">will hold<\/a> an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>30 April (Saturday): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">Fixed customs exchange rate<\/a> lifted.<\/p>\n<p>Late April through 15 May: 1Q2022 earnings season<\/p>\n<p><strong>MAY<\/strong><\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>1 May (Sunday): Suez Canal Authority raises tolls for different vessels.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JUNE<\/strong><\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p><strong>JULY<\/strong><\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>Early July: Polish President to visit Egypt.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>1 July (Friday): Official rollout of e-receipt system begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>4-6 November: The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP 27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>14 March-30 June: The \u201cEscape to Egypt\u201d exhibition at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02TyfzyKQdaqZmXvT1e3FuyPe3vSpn55zshBzfPbVExM3BR7KTZ3Geb6QVSsHa2S5Nl\">Coptic Museum<\/a>, in celebration of its 112th anniversary.<\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":550651,"template":"","categories":[],"tags":[],"class_list":["post-550650","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"254ab044-f1e3-43ef-a7f5-151abc2a28a8","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/54.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The end of USD supremacy? 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