{"id":580355,"date":"2022-12-21T14:10:24","date_gmt":"2022-12-21T14:10:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=580355"},"modified":"2025-12-16T12:24:10","modified_gmt":"2025-12-16T12:24:10","slug":"the-most-wonderful-time-of-the-year-to-not-work","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/the-most-wonderful-time-of-the-year-to-not-work\/","title":{"rendered":"The most wonderful time of the year (to not work)"},"content":{"rendered":"<section id=\"580357\" 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=\"580357\">\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\/12\/21\/this-evening-egas-set-to-launch-new-intl-tender-for-oil-and-gas-exploration-blocks-next-week-japanese-bond-yields-jump-again\/\">\r\n                            THIS EVENING: EGAS set to launch new int\u2019l tender for oil and gas exploration blocks next week + Japanese bond yields jump again                        <\/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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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/762.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"580358\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-evening-egas-set-to-launch-new-intl-tender-for-oil-and-gas-exploration-blocks-next-week-japanese-bond-yields-jump-again\/762-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/762.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"762.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/762.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/762.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-580357\" class=\"content-area-description single-story post-580357 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-tonight tag-energy tag-enterprisepm tag-oil-and-gas 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>Good afternoon, ladies and gents.<\/strong> It\u2019s almost-THURSDAY \u2014 and it appears to also be almost time for the full holiday news lull.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Energy companies can bid for 12 new oil and gas exploration blocks<\/strong><strong> starting next week<\/strong> in an international tender set to be launched by state-owned Egyptian Natural Gas Holding Company (EGAS), <a href=\"https:\/\/bit.ly\/3v5eDXV\">Bloomberg Asharq<\/a> reports, citing an unnamed Oil Ministry source. The door for bidding will close five months from the tender\u2019s launch, the source added.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>There\u2019s no single big story driving the conversation in the international business press this afternoon.<\/strong> Among the stories getting play:<\/p>\n<ul>\n<li>Sovereign bond yields in Japan rose again today after the Bank of Japan announced yesterday a surprise loosening of its \u201cyield curve control\u201d policy (<a href=\"https:\/\/www.ft.com\/content\/24d725ac-d143-4605-abe6-80ce73c4b3e6\">Financial Times<\/a>)<\/li>\n<li>Twitter would have suffered a USD 3 bn shortfall if it weren\u2019t for significant cost-cutting measures, CEO Elon Musk said (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-21\/musk-says-cost-cutting-averted-3-billion-twitter-shortfall\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/20\/elon-musk-tries-to-explain-why-tesla-shares-are-tanking.html\">CNBC<\/a>)<\/li>\n<\/ul>\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>The IMF is watching what happens to the EGP in January:<\/strong> The IMF will be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1719f1e8-80c8-4aa6-88cd-7b5b924bf865\">keeping an eye<\/a> on what happens to the exchange rate when the central bank ends import restrictions at the end of the month.<\/li>\n<li><strong>Suez Canal fund not privatization via the back door, gov\u2019t says amid controversy:<\/strong> The Madbouly government yesterday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dac1a7c1-fd51-46bf-8430-d92507ab4dd3\">denied claims<\/a> that a proposal to set up a fund for the Suez Canal Authority will enable it to privatize assets by the back door.<\/li>\n<li><strong>A Chinese company and a Japanese company have <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e51c009-b634-44b8-9a57-2bd3a0daa549\">submitted bids<\/a><\/strong><strong> to the Electricity Ministry to invest over USD 4 bn<\/strong> in renewable energy projects in Egypt over the next eight years.<\/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>FOR TOMORROW-<\/strong><\/p>\n<p><strong>It\u2019s the Central Bank of Egypt\u2019s final policy meeting of the year:<\/strong> Most analysts in a <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-central-bank-seen-raising-interest-rates-by-200-bps-2022-12-20\/\">Reuters<\/a><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-central-bank-seen-raising-interest-rates-by-200-bps-2022-12-20\/\">poll<\/a> are expecting policymakers to close out 2022 with another king-size 200-bps rate hike to support the currency and tackle rising inflation \u2014 chiming with the majority of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f634c395-5dfb-40bf-a4fe-388c6fe8a1b5\">those we surveyed<\/a> last week. Seven of the nine analysts and economists we spoke to are forecasting the central bank to raise rates when it meets tomorrow, with five of those surveyed expecting a 200-bps hike. This would take the policy rate to 15.25%, its highest level since early 2019.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Senate will be back in session next Sunday<\/strong>, 25 December, while the House of Representatives is in recess until Monday, 2 January.<\/p>\n<p>?\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>There\u2019s a chance of showers in Cairo tomorrow, with the temperature expected to rise to 20\u00b0C during the day before falling to 13\u00b0C at night, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"580359\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"580359\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/580359\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-580359\" class=\"content-area-description single-story post-580359 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.mashreqbank.com\/en\/egypt\/personal\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/1600-x-768.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"580360\" 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=\"580360\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">FOR YOUR COMMUTE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/\">\r\n                            There\u2019s more pain ahead for the global auto industry + Productivity really takes a nosedive around holiday season                        <\/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\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/\" 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\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/')\">\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\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/\">\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=There\u2019s more pain ahead for the global auto industry + Productivity really takes a nosedive around holiday season&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/\">\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\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/&title=There\u2019s more pain ahead for the global auto industry + Productivity really takes a nosedive around holiday season\">\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=There%E2%80%99s+more+pain+ahead+for+the+global+auto+industry+%2B+Productivity+really+takes+a+nosedive+around+holiday+season+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F21%2Ftheres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season%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\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/763.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"580361\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/theres-more-pain-ahead-for-the-global-auto-industry-productivity-really-takes-a-nosedive-around-holiday-season\/763-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/763.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"763.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/763.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/763.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-580360\" class=\"content-area-description single-story post-580360 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-automotive tag-enterprisepm tag-evs tag-for-your-commute tag-office-life tag-semiconductors wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The global auto industry is preparing for semiconductor shortages to last until the end of<\/strong><strong> 2023<\/strong>, driven by an increase in electric vehicle demand and \u201cmore connected functions\u201d in regular fuel cars, the <a href=\"https:\/\/www.ft.com\/content\/e0265ef6-21b7-4624-b179-42685aad822f\">Financial Times<\/a> reports. Advanced power chips known as silicon carbide chips (SiC) \u2014 which are specifically used for EVs \u2014 are expected to see a 14% compounded annual growth rate by 2030, the salmon-colored paper reports. Semiconductor manufacturers plan to expand plant capacity, but current production rates are struggling to keep up with the demand of long-term supply agreements. This shortage is piling onto the preexisting supply tightness caused by covid-19 lockdowns, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b90ef70b-8994-44d7-9515-1ac613a2eef4\">disrupted chip production and global supply chains<\/a>, and is expected to take years to be resolved.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>It\u2019s the most wonderful time of the year \u2014 to not work: <\/strong>Across the globe as Christmas and New Year\u2019s draw nearer, employees are likely to have checked out of work between 16-19 December, with their focus pulled to holiday planning, the <a href=\"https:\/\/www.ft.com\/content\/77712597-2b71-46ac-9d06-a6566d6b16fc\">Financial Times<\/a>reports. And it\u2019s not just the staff that have mentally clocked off \u2014 companies with lighter end-of-year workloads are using the slower pace to offer staff incentives, like bonus Christmas shopping days. Packed Christmas markets and bars are an indication that many are embracing the distraction of Christmas despite the cost-of-living crisis, the FT says.<\/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\/automotive\/\">automotive<\/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\/office-life\/\">office life<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semiconductors\/\">semiconductors<\/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=\"580362\" 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                            \"\r\n            id=\"580362\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/580362\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-580362\" class=\"content-area-description single-story post-580362 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.palmhillsdevelopments.com\/en-us\/home\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Palm-Hills-The-Crown-web-dec-22.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/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<section id=\"580363\" 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=\"580363\">\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\/12\/21\/nanny-an-undocumented-senegalese-immigrant-tries-to-make-a-living-in-new-york\/\">\r\n                            Nanny: An undocumented Senegalese immigrant tries to make a living in New York                        <\/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\/12\/21\/nanny-an-undocumented-senegalese-immigrant-tries-to-make-a-living-in-new-york\/\" 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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Writer\/director Nikyatu Jusu\u2019s debut film, which received the 2022 Grand Jury Prize from the Sundance Film Festival, follows Aisha (played by Anna Diop), an undocumented Senegalese immigrant and single mother trying to make ends meet in New York. Aisha is trying to save up for a flight to bring her son, Lamine, over from Senegal to join her in the US. She takes on a new job caring for Rose, the daughter of a wealthy liberal white couple Amy (Michelle Monaghan) and Adam (Morgan Spector), who live in a sleek modern apartment. She begins experiencing terrifying vivid nightmares and hallucinations that begin occurring throughout the day. The film draws on elements of West African folklore as Aisha befriends the building\u2019s doorman and meets his grandmother, a spiritual priestess (<a href=\"https:\/\/www.youtube.com\/watch?v=jW-XKkSC63k\">watch trailer, runtime 2:13<\/a>).<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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                      <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/what-the-markets-are-doing-on-21-december-2022\/\">\r\n                            What the markets are doing on 21 December, 2022                        <\/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\/12\/21\/what-the-markets-are-doing-on-21-december-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n   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category-go-with-the-flow tag-egx tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The EGX30 rose 0.1% at today\u2019s close<\/strong> on turnover of EGP 1.74 bn (13.1% above the 90-day average). Foreign investors were net sellers. The index is up 21.7% YTD.<\/p>\n<p><strong>In the green: <\/strong>Juhayna (+7.8%), CIB (+2.0%) and Mopco (+1.9%).<\/p>\n<p><strong>In the red: <\/strong>Ibnsina Pharma (-3.3%), Ezz Steel (-3.1%) and Oriental Weavers (-3.1%).<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"580370\" 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=\"580370\">\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\">Macro picture<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/soaring-global-debt-is-about-to-get-expensive\/\">\r\n                            Soaring global debt is about to get expensive                        <\/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\/12\/21\/soaring-global-debt-is-about-to-get-expensive\/\" 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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Global debt has actually decreased this year \u2014 after peaking on the back of a flurry of borrowing during the worst of the covid-19 pandemic \u2014 but the debt service burden is growing as a result of a steep global monetary tightening wave.<\/p>\n<p><strong>It\u2019s a problem for everyone, but some have it worse than others:<\/strong> Higher debt loans will squeeze economies already struggling with a cost-of-living crisis, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-30\/debt-rising-interest-rates-put-consumers-and-businesses-at-risk?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTY3MTM2MTg1OCwiZXhwIjoxNjcxOTY2NjU4LCJhcnRpY2xlSWQiOiJSTTU5WTJEV1gyUFYwMSIsImJjb25uZWN0SWQiOiI2Q0ZDNzk5Mzc5QkY0RjEzQTIwNjE0MUVDN0RDRjhFRCJ9.sGOVm6RbEUSMruCuM0qDFJf4dnEuFubNxI_gaRPksNM\">Bloomberg<\/a>. But while developed countries will undoubtedly feel the strain, the danger is more acute for developing countries \u2014 especially those that borrow in USD \u2014 who face debt distress.<\/p>\n<p><strong>Level with governments, corporates were the biggest borrowers of cheap money<\/strong>, most recently through pandemic support packages. While emergency measures kept many companies afloat during a tough time, there is a risk of a rise in so-called \u201czombie\u201d firms \u2014 which essentially earn only enough to service their debt, European Bank for Reconstruction and Development (EBRD) Chief Economist Beata Javorcik said, according to <a href=\"https:\/\/www.reuters.com\/markets\/europe\/ebrd-warns-rise-zombie-firms-if-pandemic-measures-continue-2022-11-22\/\">Reuters<\/a>. The risk of contagion from these corporates would infect the progression of healthy firms in economies, by bringing down investment, revenue, and employment, Javorcik said. Zombie firms are more present in economies dominated by government-run companies and banks, according to the EBRD\u2019s latest <a href=\"https:\/\/ent.news\/2022\/12\/transition-report-202223.pdf\">Transition Report (pdf)<\/a>.<\/p>\n<p><strong>Advanced economies saw the biggest drop in debt<\/strong>, with public and private debt dropping 5% of GDP last year, but for low-income countries, total debt rose to reach 88% of GDP, driven by higher private debt, reports <a href=\"https:\/\/www.reuters.com\/markets\/imf-says-global-debt-well-above-pre-pandemic-levels-despite-steep-2021-drop-2022-12-12\/\">Reuters<\/a>. With debt levels the way they are, there are concerns of low- and middle-income countries to repay their debts, with 25% of emerging market countries and 60% of low-income countries are on the border of debt distress, the IMF said in a <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/12\/12\/riding-the-global-debt-rollercoaster\">blog post<\/a> accompanying its first Global Debt Monitor. Total public and private debt dropped 10 percentage points to 247% from its peak level of 257% a year earlier, the IMF said.<\/p>\n<p><strong>For the poorest countries, debt defaults means having less to spend on essential sectors and policies <\/strong>such as health, education, or adapting to climate change. Many have looked to alternative forms of debt relief \u2014 borrowing from private banks or non-governmental sources, with <a href=\"https:\/\/www.theguardian.com\/business\/2022\/dec\/06\/worlds-poorest-countries-debt-interest-payments-rise-35-report-says\">the Guardian<\/a> reporting that by close of 2021, 61% of long-term public and publicly guaranteed debt worth USD 3.6 tn was owed to private creditors rather than Paris Club (officials from major creditor countries) or other official creditors, compared to 46% in 2010.<\/p>\n<p><strong>But alternative creditors present serious drawbacks<\/strong> \u2014 half the payback time scale, high interest rates and difficulty in negotiating or rescheduling payments. If a country defaults on a private bank loan, the debt restructuring process does not give priority to economic and developmental concerns or the sustainability of the repayments. The lack of debt transparency is a key constraint to a country\u2019s return to economic stability, the World Bank said <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/12\/06\/debt-service-payments-put-biggest-squeeze-on-poor-countries-since-2000\">earlier this month<\/a>.<\/p>\n<p><strong>A strain on sustainable development:<\/strong> The damage of large debt will depend on how high central banks push interest rates, and while these look set to continue (see the Federal Reserve\u2019s most recent hike) the global effects are yet to come.The prospect of debt distress, which the World Bank put at 60% of low-income countries and more than 25% of middle-income countries, will endanger nations abilities to invest in the Sustainable Development Goals, according to the UN Conference on Trade and Development\u2019s <a href=\"https:\/\/unctad.org\/system\/files\/official-document\/tdr2022_en.pdf\">Trade and Development Report (pdf)<\/a>.<\/p>\n<p><strong>Less liquidity for households: <\/strong>Consumers are already feeling the effect of higher central bank rates on their monthly budgets, as housing debt will dominate, leaving less disposable income for goods and luxuries but also other necessities, like bills, education or future planning. Canadian, Australian and South Korean households are the most exposed as their countries dodged a housing or banking crash in the Great Recession and have a large share of floating-rate mortgages.<\/p>\n<p><strong>It\u2019s not just mortgage debt that households need to account for: <\/strong>For the UK, debt payments will exceed 10% of all household incomes, while Scandis in Sweden and Norway should account 15% of their salaries to repayments, Bloomberg says.<\/p>\n<p><strong>Mounting debt, high inflation and low growth create an unsustainable burden that may lead to a global economic crash<\/strong>, says economist Nouriel Roubini, according to <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/debt-crisis-nouriel-roubini-rising-interest-rates-stock-market-crash-2022-12\">Business Insider<\/a>. While raising interest rates may combat soaring prices (see: the <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">Central Bank of Egypt<\/a> and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52227eb0-e92b-467c-9665-2f8ec8f8decd\">US Federal Reserve<\/a>, among others) Roubini warns that households and companies may no longer have the ability to meet their loan repayment commitments.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/macro-picture\/\">MACRO PICTURE<\/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=\"580372\" 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\/12\/21\/580372\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-580372\" class=\"content-area-description single-story post-580372 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>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>25 December (Sunday): Senate back in session.<\/p>\n<p>31 December (Saturday): E-invoicing registration deadline.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/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>January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>2 January (Monday): House back in session.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): President El Sisi will visit India as <a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/35927\/Chief_Guest_at_Indias_Republic_Day_Celebrations_2023\">\u201cchief guest\u201d at celebrations<\/a>to mark the 74th anniversary of Indian independence.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>1 April (Saturday): Deadline for banks to establish sustainability unit.<\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>30 April (Sunday): Deadline for self-employed to register for e-invoicing.<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday): National holiday in observance of Labor Day (TBC).<\/p>\n<p>4 May (Thursday): <a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\">IEF-IGU Ministerial Gas Forum<\/a>, Cairo.<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>10 June (Saturday): Thanaweya Amma examinations <a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\">begin<\/a>.<\/p>\n<p>19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>End of December\/early January: SFE\u2019s pre-IPO fund <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/20\/1599698\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>2023: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p>1Q 2023: Internal trade database to <a href=\"https:\/\/hapijournal.com\/?p=212185\">launch<\/a>.<\/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":580356,"template":"","categories":[],"tags":[],"class_list":["post-580355","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"443f4dd5-9e85-4dcf-bfce-da442b3ac40a","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/761.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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