{"id":570013,"date":"2020-03-16T04:16:08","date_gmt":"2020-03-16T04:16:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570013"},"modified":"2025-12-16T07:14:24","modified_gmt":"2025-12-16T07:14:24","slug":"businesses-allow-remote-work-as-egypt-reports-126-covid-19-cases","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/businesses-allow-remote-work-as-egypt-reports-126-covid-19-cases\/","title":{"rendered":"Businesses allow remote work as Egypt reports 126 covid-19 cases"},"content":{"rendered":"<section id=\"570015\" 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=\"570015\">\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're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/what-were-tracking-on-16-march-2020\/\">\r\n                            What we\u2019re tracking on 16 March 2020                        <\/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\/2020\/03\/16\/what-were-tracking-on-16-march-2020\/\" 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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Many (perhaps even most) of you have been through \u201cforce majeure\u201d events before: Think back to 2011, 2012, 2013, 2016 for starters. <strong>The same things that got you through those events will get you through covid-19: A calm sense of purpose. <\/strong>Look after your people. Open lines of communication with your suppliers and bankers. And reassure your customers and investors. Do not fall down the rabbit holes of Facebook, Twitter and WhatsApp.<\/p><p><strong>Egypt has now reported a total of 126 covid-19 cases and there were no new deaths <\/strong><strong>yesterday <\/strong>after another 16 people tested positive, <a href=\"http:\/\/bit.ly\/33ll625\">according to the Health Ministry<\/a>. The new cases involve eight Egyptians and eight foreigners, the ministry said, adding that 26 people have now recovered from the illness. There are now two confirmed cases in Alexandria, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1626872\">according to Al Masry Al Youm<\/a>.<\/p><p><strong>Our report on covid-19 in Egypt (this section, below) has four components this morning:<\/strong><\/p><ul>\n<li>How businesses are coping with the crisis, including work-from-home procedures;<\/li>\n<li>The Central Bank of Egypt\u2019s response to the crisis;<\/li>\n<li>New details of the country\u2019s EGP 100 bn fiscal package + how regulators are coping;<\/li>\n<li>The virus\u2019 impact on society at large.<\/li>\n<\/ul><p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>*** HOW BUSINESS IS COPING: While bankers still head to offices and branches, <\/strong><strong>most businesses with whom we <\/strong><strong>spoke are working from home or planning a shift:<\/strong> We surveyed senior executives from both EGX-listed companies and multinationals operating in Egypt (and compiled statements from others) to get a sense of where the private sector is heading amid the covid-19 outbreak:<\/p><ul>\n<li>Ten of the 17 companies we surveyed are actively drawing up new work from home policies or procedures;<\/li>\n<li>Seven have already introduced some form of remote work policy or schedule.<\/li>\n<\/ul><p><strong>Who we surveyed: <\/strong>The execs we spoke to or heard from operate in the FMCG, telecoms, real estate, finance, law, and ride-hailing industries.<\/p><p><strong>Some companies already had worked remotely<\/strong> <strong>in the past<\/strong>, making it easier for them to make a switch. Nestl\u00e9 and Unilever, for example, had allowed office-based employees to work remotely for at least one day a week before the outbreak. Unilever yesterday told office-based employees to work remotely until further notice, while employees at Nestl\u00e9 were told to take home their work laptops in case a company-wide policy is put in place, execs we spoke to yesterday said. Nestl\u00e9 is also allowing parents who need to stay at home with their children to do so following the nationwide decision to shut down schools.<\/p><p><strong>In finance, EFG Hermes will begin implementing a rotating schedule<\/strong> for employees to work from remotely or from the office to limit the number of people at its offices at any given time. Roughly half of the firm\u2019s employees would work remotely at any time and then rotate every two weeks. The firm has also taken steps to <strong>limit in-person meetings<\/strong> and <strong>imposed a moratorium on travel<\/strong>.<\/p><p><strong>Law firms are somewhat mixed in their policies.<\/strong> Matouk Bassiouny &amp; Hennawy has allowed employees to work from home or from the office at their personal discretion, while Youssef &amp; Partners has also moved to a rotational schedule. Al Tamimi &amp; Co is currently preparing employees and their internal processes for a shift to remote work, and expect to officially make the switch within days.<\/p><p><strong>Ride-hailing company Uber has, meanwhile, temporarily closed down driver support <\/strong><strong>centers worldwide \u201c<\/strong>to encourage social distancing,\u201d <a href=\"https:\/\/ent.news\/2020\/3\/Uber-English.pdf\">according to an official statement (pdf)<\/a>. Those centers, known as Greenlight Hubs, handle inquiries from drivers, and can be contacted through the application.<\/p><p><strong>CIB, Procter &amp; Gamble, and Al Ismaelia Real Estate Investment are taking precautions<\/strong><strong>.<\/strong> Employees still regularly show up, but numbers are being limited whenever possible. There are also precautionary measures and attempts to control the infection (i.e. drills to practice social distancing, limiting in-person meetings, etc), employees we spoke to said.<\/p><p><strong>The remaining execs we got in touch with,<\/strong> which include real estate developers and telecommunication providers, and food producers, seem to be flexible and are working on plans to allow those whose jobs can be done remotely to do so. <strong>Three said they expect to have remote-working policies for some employees in place by Thursday.<\/strong><\/p><p><strong>Three execs (one with hundreds of retail staff and two with production lines) told us <\/strong><strong>yesterday they\u2019re actively reviewing safety procedures <\/strong>for production and front-line staff.<\/p><p><strong>Meanwhile, supply chain diversification is the order of the day:<\/strong> Edita chief Hani Berzi <a href=\"https:\/\/bit.ly\/2TSachp\">told<\/a><a href=\"https:\/\/bit.ly\/2TSachp\">Hapi Journal<\/a> that the company has started looking for new suppliers to avoid production interruptions. \u201cSo far, productivity has not been impacted, but as the global hedging continues, more effects will appear,\u201d he said, suggesting Edita has no plans to cut back on production for the time being.<\/p><p><strong>These companies are being responsible<\/strong>, and if you\u2019ll forgive us the editorializing, <strong>all of us<\/strong><strong> have a duty of care to our staff and customers <\/strong>that demands we look at risk mitigation steps across the board.<\/p><p><strong>JOIN US FOR A WEBINAR ON HOW TO WORK REMOTELY. Enterprise has been <\/strong><strong>produced remotely for the past week<\/strong> and has always had half of its staff working from home at any given time. The staff at Inktank, our parent company, follow suit today. This coming Thursday, 19 March at 2pm CLT, <strong>we\u2019ll be hosting a call for Enterprise readers to discuss the strategies and technologies you can use to go remote. <\/strong>We have lines for up to 100 readers to either dial in or log in from their computer (the latter will allow you to see our screen). <strong><a href=\"https:\/\/zoom.us\/webinar\/register\/WN_5Ur9ntAzTvOhgllKmTNG8w\">Use this link to sign up.<\/a><\/strong><\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>*** THE CBE\u2019S RESPONSE: <\/strong>The Central Bank of Egypt (CBE) has directed banks to relax credit limits for companies, remove ATM and point-of-sale transaction fees and commissions, and raise daily limits on card transactions, according to a directive <a href=\"https:\/\/ent.news\/2020\/3\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-15-%D9%85%D8%A7%D8%B1%D8%B3-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%AA%D8%AF%D8%A7%D8%A8%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AD%D8%AA%D8%B1%D8%A7%D8%B2%D9%8A%D8%A9-%D8%A7%D9%84%D9%88%D8%A7%D8%AC%D8%A8-%D8%A7%D8%AA%D8%AE%D8%A7%D8%B0%D9%87%D8%A7-%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%A2%D8%AB%D8%A7%D8%B1-%D9%81%D9%8A%D8%B1%D9%88%D8%B3-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7.pdf.pdf_.pdf\">obtained by Enterprise (pdf)<\/a>. The move is meant to make it easier for businesses to access working capital and pay employee wages, to finance essential food and commodity imports, as well as to ensure consumers have access to the credit they need in uncertain times.<\/p><p><strong>The CBE has also directed banks to delay <\/strong><strong>instalment payments for SMEs on a zero fee <\/strong><strong>basis <\/strong>and to work arrangements with foreign banks to ensure trade finance services are not interrupted. They were also told to monitor and study business sectors most likely to be affected by the outbreak and lay out a plan to support them.<\/p><p><strong>The CBE told <\/strong><strong>banks to continue business as usual, <\/strong><strong>while taking precautionary measures<\/strong> to limit the spread of the virus. Bank executives are encouraged to limit face-to-face meetings and increase the digital exchange of documents, keep early detection kits on their premises, and routinely disinfect offices and branches, among other measures.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>*** EGP 100 BN FISCAL PACKAGE + REGULATORS: <\/strong>The Finance Ministry unveiled yesterday further details of an EGP 100 bn funding package to help fight the spread of covid-19 infections in Egypt and fund treatment. Finance Minister Mohamed Maait said <a href=\"https:\/\/bit.ly\/38SBNTy\">at a presser yesterday<\/a> the funding will be made available through emergency liquidity made available in the current fiscal year\u2019s budget. The funding includes a EGP 187.6 mn tranche immediately disbursed to the Health Ministry, of which EGP 153.5 mn will be allocated for medical supplies and preventative measures and EGP 34.1 mn in bonuses to healthcare workers handling testing and infections <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release15-3-2020.aspx\">according to a ministry statement<\/a>. Further details are expected to trickle in over the coming days as the situation evolves on the ground.<\/p><p><strong>Draft FY2020-2021 budget ready in one week -Maait: <\/strong>The Finance Ministry will finalize the state budget for the upcoming fiscal year over the next week, minister Mohamed Maait <a href=\"http:\/\/bit.ly\/38TVVoo\">said in a press conference yesterday<\/a>. The budget <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/753cdb7e-9f0e-4653-a71d-daf5146d8140\">was reviewed<\/a> by President Abdel Fattah El Sisi on Saturday. We have more on its provisions and more remarks from Maait during the presser in this morning\u2019s Speed Round, below.<\/p><p><strong>EGX-listed companies will have access to an e-voting system for their general <\/strong><strong>assemblies within 10 days<\/strong>, courtesy of Misr for Central Clearing, Depository and Registry (MCDR). The clearinghouse is working on a system to facilitate virtual meetings as part of efforts to practice social distancing to curb the spread of covid-19, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/15\/1307363\">reports the local press<\/a>.<\/p><p><strong>The FRA has rolled out online services to limit visits to HQ: <\/strong>Non-banking financial service providers under the Financial Regulatory Authority (FRA) can access the regulator\u2019s services through online portals and via email, <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/efsa_news\/efsa_852.htm\">according to a statement<\/a>. The FRA is encouraging the digital submission of service request forms and financial statements in a bid to curb the spread of the covid-19.<\/p><p><strong>It looks like the three-year moratorium on a capital gains tax for EGX transactions will be <\/strong><strong>extended. <\/strong>The cabinet economic group will meet this afternoon to decide whether to implement the deferred 10% capital gains tax on EGX trades. <a href=\"https:\/\/alborsaanews.com\/2020\/03\/15\/1307390\">The domestic press<\/a> yesterday cited unnamed government officials as saying that there\u2019s a consensus among policymakers that the measure should be delayed again given current market conditions. <strong>An announcement on the tax could come as early as this week<\/strong>, Maait <a href=\"http:\/\/bit.ly\/2x0yWL3\">told Hapi Journal<\/a>. The measure was shelved for three years in 2017 in favor of a provisional stamp tax. The three-year period will come to an end in May.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>*** THE SOCIAL IMPACT OF COVID-19 IN EGYPT- Courts postpone all pending cases for <\/strong><strong>two weeks:<\/strong> The Justice Ministry has decided to postpone all cases that were scheduled in the coming two weeks, <a href=\"https:\/\/bit.ly\/39UmxXF\">according to an official statement cited by Masrawy<\/a>. Administrative work at courts will continue without interruption.<\/p><p><strong>All internet subscribers will get an extra 20% added to their monthly download quota <\/strong>after Communications Ministry Amr Talaat held meetings with the country\u2019s top internet service providers, <a href=\"http:\/\/bit.ly\/2TRvz23\">the cabinet said in a statement<\/a>. The agreement, which will see the government stump up an estimated EGP 200 mn, will also allow students to access the education and higher education ministries\u2019 websites for free.<\/p><p><strong>Al Azhar issues fatwa permitting gov\u2019t to suspend communal prayers:<\/strong> While mosques remain open for daily and Friday prayers, <a href=\"https:\/\/bit.ly\/2xFO6WE\">Al Azhar announced yesterday<\/a> that it is permissible for the government to shut them down entirely if required. The religious authority also urged senior citizens, who are disproportionately impacted by the virus, to pray at home.<\/p><p><strong>The Endowment Ministry has joined the Education Ministry's two-week shutdown<\/strong>, closing shrines and suspending Islamic educational and cultural centers for the period, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1626944\">according to AMAY.<\/a> Endowment Minister Mohamed Mokhtar Gomaa also <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1626865\">appeared on the airwaves<\/a> to urge Egyptians to <strong>avoid gathering at funeral ceremonies<\/strong>.<\/p><p><strong>The Coptic Orthodox Church has also suspended public activities:<\/strong> The church will continue to hold masses but will only allow limited numbers of worshippers to attend several smaller services each day, <a href=\"http:\/\/bit.ly\/2IPdHi5\">it said in a statement<\/a>.<\/p><p><strong>The Supply Ministry says that stocks of staple goods are sufficient for the coming <\/strong><strong>months<\/strong>, with enough wheat for 3.6 months, rice for 4.6 months, and sugar for 7.3 months, as well as enough soybean and sunflower oil to last until August, according to <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKBN2120R4\">a statement picked up by Reuters<\/a>.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/1600x1200.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>*** GLOBAL RESPONSE- In a historic move, the Fed goes all in to protect the US <\/strong><strong>economy from covid-19:<\/strong> The US Federal Reserve slashed its benchmark interest rate by 100 bps to 0.0-0.25% and pledged to restart its crisis-era bond-buying program with USD 700 bn in fresh asset purchases in an effort to insulate financial markets from the economic fallout of covid-19. \u201cThe coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the US. Global financial conditions have also been significantly affected,\u201d the Fed\u2019s Open Market Committee <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20200315a.htm\">said in a statement<\/a>. \u201cThe Federal Reserve is prepared to use its full range of tools.\u201d<\/p><p><strong>Hours earlier, Treasury Secretary Steve Mnuchin announced he would ask Congress to <\/strong><strong>reinstate powers used to prop up the economy during the 2008 financial crisis,<\/strong> <a href=\"https:\/\/www.nytimes.com\/2020\/03\/15\/us\/politics\/coronavirus-economy-dodd-frank.html?action=click&amp;module=Spotlight&amp;pgtype=Homepage\">the New York Times reported<\/a>. Speaking yesterday, Mnuchin said he would request repealing regulations imposed by the 2010 Dodd-Frank Act, legislation that curbed the Fed\u2019s ability to lend to individual companies, requiring the central bank to extend credit only through facilities that help the financial system as a whole.<\/p><p><strong>Cue more market panic:<\/strong> At the time of dispatch US equity futures had <a href=\"https:\/\/www.cnbc.com\/2020\/03\/15\/the-sp-500-futures-hit-limit-down-at-5-percent.html\">plunged to \u2018limit down\u2019<\/a><a href=\"https:\/\/www.cnbc.com\/2020\/03\/15\/the-sp-500-futures-hit-limit-down-at-5-percent.html\">levels<\/a> \u2014 the 5% threshold that cuts off trading to reduce panic among traders \u2014 meaning that we don\u2019t quite know how far markets will fall later today. In Asia almost all stock markets were in the red albeit not the drastic extent that we saw last week. \u201cThey had no choice, but it won\u2019t be enough in the grand scheme of things,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-15\/u-s-stock-futures-tumble-on-worry-fed-moves-can-t-save-growth?srnd=premium-europe&amp;sref=mmeFTDW1\">said Jeff Mills<\/a>, chief investment officer of Bryn Mawr Trust, speaking of the Fed\u2019s measures. \u201cWe need large fiscal programs, which, based on the recent communication from the treasury secretary, it seems clear we will be getting.\u201d<\/p><p><strong>It\u2019s maybe not surprising, given that we\u2019re now almost certainly headed for a global recession, according to former IMF economists:<\/strong> The global economy has entered recession due to the combination of covid-19 and the increasingly drastic measures governments are taking to prevent it spreading, four former IMF economists have said. \u201cA global recession seems baked in a cake at this point with odds over 90%,\u201d Harvard University economics professor Kenneth Rogoff said. Olivier Blanchard, senior fellow at the Peterson Institute, said there is \u201cno question in my mind that [global] growth will be negative\u201d in the first half of 2020. Activity in the second half will depend on when the outbreak peaks, he said, adding that this period will probably see negative growth as well. <a href=\"https:\/\/www.ft.com\/content\/be732afe-6526-11ea-a6cd-df28cc3c6a68\">The Financial Times has more<\/a>.<\/p><hr class=\"grey-line\"><p>In other global covid-19 news:<\/p><ul>\n<li><strong>Three European countries record their worst days yet for covid-19 deaths.<\/strong> Italy reported 368 deaths yesterday to bring its total to 1,809, while Spain reported 97 deaths for a total of 288, and France 29 deaths to reach a total of 120. The UK also suffered its worst day for covid-19 deaths on Sunday, recording 14 new fatalities to bring its total to 35, <a href=\"https:\/\/www.bbc.com\/news\/world-europe-51901976\">the BBC reports<\/a>.<\/li>\n<li><strong>The UK\u2019s covid-19 outbreak could last until the spring of 2021 and infect 80% of <\/strong><strong>the population<\/strong>, according to a secret document sent to National Health Service officials <a href=\"https:\/\/www.theguardian.com\/world\/2020\/mar\/15\/uk-coronavirus-crisis-to-last-until-spring-2021-and-could-see-79m-hospitalised\">seen by the Guardian<\/a>. The government\u2019s chief medical adviser, Chris Whitty, had previously described that outcome as a worst-case scenario, yet the PHE report states that four fifths of the population \u201care expected\u201d to contract the virus.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>Finablr looking at emergency steps to solve liquidity squeeze as shares nosedive:<\/strong> London-listed Emirati payments company <a href=\"https:\/\/www.finablr.com\/\">Finablr<\/a> is assessing its liquidity and cash flow positions with an independent financial advisor after its shares plummeted 80% on Thursday, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-12\/finablr-taking-urgent-steps-on-liquidity-as-nmc-fallout-spreads?sref=mmeFTDW1\">according to Bloomberg<\/a>. The company is suffering a \u201cliquidity squeeze at both group and operation business level,\u201d and has been hit by its ties to NMC Health, travel restrictions imposed by the covid-19 outbreak, and a downgrade of Travelex\u2019s bonds, the company said in a statement. Its share price has punged 97% since it went public last May, and its market cap has tumbled to GBP 31.5 mn, from GBP 1.5 bn in December. NMC Health, whose founder is also the founder of Finablr, is facing allegations of financial wrongdoing <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/18\/what-were-tracking-on-18-december-2019-8687\/\">since last year<\/a>, prompting Finablr to begin its own investigation to clear its name.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We dive into how schools \u2014 both private and public \u2014 are moving towards e-learning to keep their students on track following the government\u2019s decision to shut down schools nationwide to curb the spread of covid-19.<\/p>\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\/al-azhar\/\">Al Azhar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/talk-shows-discuss-covid-19-updates-remote-learning\/\">\r\n                            Talk shows discuss covid-19 updates, remote learning                        <\/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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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570017\" class=\"content-area-description single-story post-570017 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-ali-al-moselhi tag-amr-talaat tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-mohamed-maait tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Covid-19 continued to dominate the airwaves last night: <\/strong>Al Hayah Al Youm\u2019s Lobna Assal spoke by phone with Finance Minister Mohamed Maait to discuss the presidential decree to allocate EGP 100 bn for measures to prevent the spread of the covid-19 virus. He said the state was prepared with reserves for such exceptional circumstances, and confirmed that EGP 188 mn had been allocated to the Health Ministry <a href=\"https:\/\/www.youtube.com\/watch?v=YbujJlhLcRI\">(watch, runtime: 16:53)<\/a>. Min Masr\u2019s Amr Khalil <a href=\"https:\/\/www.youtube.com\/watch?v=LlBy4Ido4Bk\">(watch, runtime: 5:03)<\/a> also covered the news.<\/p>\n<p><strong>The latest covid-19 figures: <\/strong> Al Kahera Alaan's Lamees El Hadidi spoke by phone with Health Ministry spokesman Khaled Megahed who confirmed that 126 people had now tested positive for the covid-19 virus in Egypt. Sixteen new cases were reported, he said, adding that <strong>they are all cases of community spread<\/strong> \u2014 people who\u2019ve come into contact with existing patients in the country \u2014 with the exception of one Egyptian who had just returned from Italy. He added that 34 cases have recovered, 26 of which tested negative twice within a 48-hour period and have therefore been discharged from quarantine <a href=\"https:\/\/www.youtube.com\/watch?v=H7bnb3Dx_4M\">(watch, runtime: 8:38)<\/a>, Min Masr\u2019s Reham Ibrahim had the same report <a href=\"https:\/\/www.youtube.com\/watch?v=uPxvNrHbDG8\">(watch, runtime: 1:15)<\/a>.<\/p>\n<p><strong>Strategic goods supplies:<\/strong> El Hadidi spoke by phone with Supply Minister Ali El Moselhy who said that strategic supplies of essential goods were available for the coming months, including wheat, sugar, rice and fresh and frozen meats and poultry, and warned against panic buying. They noted that rumors circulating on social media of a curfew being imposed in any governorate starting Tuesday were false <a href=\"https:\/\/www.youtube.com\/watch?v=jFyJ1-KfI9k\">(watch, runtime: 13:13)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=_hq6DKHifv0\">(watch, runtime: 2:19)<\/a>.<\/p>\n<p><strong>Internet data packages beefed up by 20%: <\/strong>El Hadidi spoke by phone with Communications Minister Amr Talaat who confirmed that all landline internet data packages will be given an additional 20% capacity for free to accommodate remote learning needs for students who\u2019re facing a two-week suspension from onsite learning at schools and higher learning institutions<\/p>\n<p> <a href=\"https:\/\/www.youtube.com\/watch?v=Q-NkANrjz6U&t=81s\">(watch, runtime: 8:31)<\/a>. El Hekaya\u2019s Amr Adib <a href=\"https:\/\/www.youtube.com\/watch?v=RI7eabAWoSI\">(watch, runtime: 1:30)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=Sl982jH6w8o\">(watch, runtime: 5:20)<\/a>, and Al Hayah Al Youm\u2019s Lobna Assal <a href=\"https:\/\/www.youtube.com\/watch?v=JFPSZSwLiiw\">(watch, runtime: 5:46)<\/a> also had the same report.<\/p>\n<p><strong>Remote learning on track: <\/strong>El Hadidi also spoke by phone with Higher Education Minister Khaled Abd El Ghaffar who said that online lectures were proceeding without any setbacks, from basic powerpoint presentations to video conferences across a host of e-learning platforms. He added that the ministry would use the next two weeks to disinfect the higher learning institutions currently closed to the public <a href=\"https:\/\/www.youtube.com\/watch?v=LcpD82ss6aE\">(watch, runtime: 8:34)<\/a>, Min Masr\u2019s Amr Khalil also had the story <a href=\"https:\/\/www.youtube.com\/watch?v=rFHdnp8-m2I\">(watch, runtime: 7:30)<\/a>.<\/p>\n<p><strong>Sudan to mediate GERD talks: <\/strong>Adib also covered President Abdel Fattah El Sisi\u2019s meeting with the leader of Sudan\u2019s Sovereign Council, General Mohamed Hamdan Daglo, in which they agreed that Sudan will play a leading role in mediating the Grand Ethiopian Renaissance Dam negotiations <a href=\"https:\/\/www.youtube.com\/watch?v=yo217-UiTJI\">(watch, runtime: 2:42)<\/a>. Assal <a href=\"https:\/\/www.youtube.com\/watch?v=0U4vK5ayGwA\">(watch, runtime: 1:17)<\/a>, and El Hosary <a href=\"https:\/\/www.youtube.com\/watch?v=xVNDPRm0md4\">(watch, runtime: 5:38)<\/a> had the same report.<\/p>\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\/ali-al-moselhi\/\">Ali Al Moselhi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amr-talaat\/\">Amr Talaat<\/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\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/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=\"570018\" 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=\"570018\">\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\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/\">\r\n                            EGX30 tumbles 9.3% in worst showing since 2012                        <\/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\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/\" 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\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/')\">\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\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/\">\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=EGX30 tumbles 9.3% in worst showing since 2012&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/\">\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\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/&title=EGX30 tumbles 9.3% in worst showing since 2012\">\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=EGX30+tumbles+9.3%25+in+worst+showing+since+2012+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F16%2Fegx30-tumbles-9-3-in-worst-showing-since-2012%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\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/184.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570019\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/egx30-tumbles-9-3-in-worst-showing-since-2012\/184-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/184.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"184.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/184.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/184.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570018\" class=\"content-area-description single-story post-570018 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-capital-markets tag-covid-19 tag-egx tag-enterpriseam tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>EGX30 tumbles 9.3% in worst showing since 2012:<\/strong> The EGX30 caught up yesterday with last week\u2019s turbulence across global financial markets, closing down 9.3% in what was its sharpest one-day decline since November 2012. Index heavyweight CIB closed down 9.9%. The bourse <a href=\"https:\/\/egx.com.eg\/en\/NewsDetails.aspx?NewsID=195571\">suspended trading for half an hour<\/a> after the wider EGX100 index fell more than 5%, triggering circuit breakers for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f08c248c-dd23-40be-ad28-0be099e8e924\">second time this month<\/a>. The EGX30 is now down a bit more than 27% for 2020.<\/p>\n<p><strong>The heavy selloff came after the EGX was closed on Thursday<\/strong>, a day on which global markets plunged, with US and European markets recording their biggest single-day drops since 1987 after US President Donald Trump\u2019s decision to suspend air travel between the US and Europe. It also followed the government\u2019s rollout over the weekend several measures to contain the covid-19 outbreak. After banning large gatherings and urging citizens to practice social distancing last week, cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b9e998-dad6-4293-9c27-97d7c9a17e0b\">decided on Saturday<\/a> to close schools and universities nationwide for two weeks.<\/p>\n<p><strong>Markets across the region took a beating yesterday. <\/strong>Boursa Kuwait (which was also closed on Thursday) closed down 6.5%, while Dubai\u2019s main index fell 3.4%, the Abu Dhabi Exchange ended the day down 1.9%, while Bahrain\u2019s bourse was 1.5% in the red and Saudi\u2019s Tadawul fell 1.1%. Oman, Qatar, and Israel were the only regional markets to close in the green.<\/p>\n<p><strong>The regional sell-off came despite Egypt, the UAE and Saudi Arabia unveiling a combined <\/strong><strong>USD 47 bn in stimulus packages<\/strong> over the past few days, including a EGP 100 bn response package from Egypt. The efficiency of these packages on easing pressure on businesses \u201clargely depends on the depth and persistence of the coronavirus spread, as well as banks\u2019 appetite to deploy this liquidity into credit growth,\u201d a financial industry analyst told the business information service.<\/p>\n<p><strong>The CBE sold less than half of the EGP 24 bn in bonds put up for auction yesterday as <\/strong><strong>investors continued to demand higher yields.<\/strong> Investors bought just EGP 11.81 bn of the total amount offered, which was spread between three auctions of six-month, one-year and seven-year bonds. Particularly notable was the six-month issuance, which saw the CBE sell just EGP 111 mn of the EGP 10 bn on offer after investors requested a 15.3% yield \u2014 a full 100 bps higher than the rate accepted by the central bank. It also failed to find buyers for its EGP 3.5 bn seven-year offering, selling EGP 1.2 bn at a yield of 14.6% rather than the 15.3% requested by investors. The CBE did manage to offload all of the EGP 10.5 bn one-year issuance at a yield of 14.7%, marginally below the 14.9% requested by investors.<\/p>\n<p><strong>EGP WATCH: <\/strong>The EGP dropped three piasters against the greenback yesterday from last week to 15.69. The currency has eased gradually from its peak of 15.49 on 23 February.<\/p>\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\/capital-markets\/\">capital markets<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/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=\"570028\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570029\" 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=\"570029\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/egypt-in-the-news-on-16-march-2020\/\">\r\n                            Egypt in the News on 16 March 2020                        <\/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\/2020\/03\/16\/egypt-in-the-news-on-16-march-2020\/\" 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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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\/2020\/03\/16\/egypt-in-the-news-on-16-march-2020\/&title=Egypt in the News on 16 March 2020\">\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=Egypt+in+the+News+on+16+March+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F16%2Fegypt-in-the-news-on-16-march-2020%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\/2020\/03\/16\/egypt-in-the-news-on-16-march-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570029\" class=\"content-area-description single-story post-570029 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-media wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a surprisingly quiet morning<\/strong> for Egypt in the international press.<\/p>\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\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/media\/\">media<\/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=\"570030\" 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=\"570030\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/sudan-to-mediate-gerd-dispute\/\">\r\n                            Sudan to mediate GERD dispute                        <\/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\/2020\/03\/16\/sudan-to-mediate-gerd-dispute\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n 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          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\/2020\/03\/16\/sudan-to-mediate-gerd-dispute\/&title=Sudan to mediate GERD dispute\">\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=Sudan+to+mediate+GERD+dispute+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F16%2Fsudan-to-mediate-gerd-dispute%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" 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mediator for an agreement between Egypt and Ethiopia over the Grand Ethiopian Renaissance Dam (GERD), <a href=\"https:\/\/apnews.com\/f354b063a1a1cd4c791e24158f56d627\">the Associated Press reported<\/a> the deputy head of the country\u2019s governing council as saying yesterday. General Mohamed Hamdan Dagalo said the Sudanese government will work to \u201creach an agreement\u201d in the long running dispute following <a href=\"https:\/\/bit.ly\/2QjDpiO\">two days\u2019 of talks with President Abdel Fattah El Sisi in Cairo<\/a>. Tensions have risen between the two states in past weeks after Ethiopia walked out of US-backed talks at the end of February, saying that it needed more time to consider the draft agreement and later accusing the US of being biased in favor of Cairo.<\/p>\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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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=\"570034\" 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=\"570034\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/the-market-yesterday-51\/\">\r\n                            The Market Yesterday                        <\/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\/2020\/03\/16\/the-market-yesterday-51\/\" 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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CIB, the index\u2019s heaviest constituent, ended down 9.9%. Yesterday\u2019s worst performing stocks were Ezz Steel down 13.0%, AMOC down 12.8% and Porto Group down 12.4%. The market turnover was EGP 942 mn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -439.7 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -1.3 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +441.0 mn<\/p>\n<p><strong>Retail<\/strong>: 29.8% of total trades | 27.8% of buyers | 31.9% of sellers<br \/>\n <strong>Institutions<\/strong>: 70.2% of total trades | 72.2% of buyers | 68.1% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 31.73 (+0.73%)<\/p>\n<p><strong>Brent:<\/strong> USD 33.85 (+1.90%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 1.87 MMBtu, (+1.52%, April 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,516.70 \/ troy ounce (-4.63%)<\/p>\n<p><strong>TASI:<\/strong> 6,287 (-1.10%) (YTD: -25.05%)<br \/>\n <strong>ADX:<\/strong> 3,849 (-1.86%) (YTD: -24.16%)<br \/>\n <strong>DFM:<\/strong> 1,963 (-3.39%) (YTD: -28.99%)<br \/>\n <strong>KSE Premier Market:<\/strong> 4,904 (-6.51%)<br \/>\n <strong>QE:<\/strong> 8,310 (+0.98%) (YTD: -20.28%)<br \/>\n <strong>MSM:<\/strong> 3,748 (+0.39%) (YTD: -5.85%)<br \/>\n <strong>BB: <\/strong>1,414 (-1.52%) (YTD: -12.15%)<\/p>\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\/the-market-yesterday\/\">The Market Yesterday<\/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=\"570035\" 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\/2020\/03\/16\/570035\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570035\" class=\"content-area-description single-story post-570035 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>March: <a href=\"https:\/\/bit.ly\/2RMVwyZ\">South Korean business delegation to visit Egypt<\/a>.<\/p>\n<p>March: <a href=\"http:\/\/www.menafatf.org\/about\">The Middle East and North Africa Financial Action Task Force<\/a> (MENAFATF) <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a-%d8%aa%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%85%d8%a7%d8%b1%d8%b3-%d8%a7%d9%84%d9%85%d9%82\/\">will visit<\/a> Egypt to assess the progress of actions taken to combat money laundering and terrorist sponsoring activities.<\/p>\n<p>March: The French Chamber of Commerce and Industry is sending <a href=\"https:\/\/alborsaanews.com\/2020\/02\/25\/1300124\">10 French companies<\/a> to Egypt to promote French tourists to visit.<\/p>\n<p>17-18 March (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 March (Tuesday): <a href=\"http:\/\/bit.ly\/2VRy4TC\">The Annual Export Summit<\/a>, Nile Ritz Carlton, Cairo, Egypt.<\/p>\n<p>25-26 March (Wednesday-Thursday): <a href=\"http:\/\/www.megaprojectsconf.com\/\">Mega Projects Conference<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>26 March (Thursday): <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%88%d8%b1%d9%8a%d8%a9-%d8%b6%d8%af-%d8%a8%d9%88%d8%b1%d8%aa%d9%88-%d8%ac%d8%b1%d9%88%d8%a8-%d8%a5%d9%84%d9%89\/\">Court session<\/a> for Amer Group, Porto Group lawsuit against Antaradous.<\/p>\n<p>2 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>2-4 April (Thursday- Saturday): Global Forum for Higher Education and Scientific Research (<a href=\"https:\/\/menafn.com\/1099821661\/Egypt-Higher-Education-Ministry-prepares-for-GFHS2020-for-scientific-research\">GFHS2020<\/a>) under the theme \u201cFuture in Action\u201d, new administrative capital, Egypt.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session for Amer Group<\/a>, Porto Group compensation claim against Antaradous.<\/p>\n<p>17-19 April (Friday-Sunday): IMF, World Bank hold Spring Meetings.<\/p>\n<p>18 April (Saturday): One half of renowned duo 2CELLOS, Stjepan Hauser, known simply as Hauser, will be performing his only show in Egypt and it will take place in Somabay, Hurghada on April 18th. Tickets on sale at Ticketsmarche soon.<\/p>\n<p>19 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/%D8%A7%D8%B1%D8%A7%D8%A8%D9%8A%D8%A7-24-2-2020.pdf\">Court session for Arabia Investments Holdings\u2019<\/a> <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b6%d8%af-%d8%a8%d9%8a%d8%ac-6\/\">lawsuit against Peugeot<\/a>.<\/p>\n<p>19 April (Sunday): Coptic Easter Sunday, national holiday.<\/p>\n<p>20 April (Monday): Sham El Nessim, national holiday.<\/p>\n<p>23 April (Thursday): First day of Ramadan (TBC).<\/p>\n<p>25 April (Saturday): Sinai Liberation Day, national holiday.<\/p>\n<p>28-29 April (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>5-7 May (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/p>\n<p>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 May (Saturday): An administrative court will look into an appeal by steel rolling mills to overturn a government\u2019s decision to place import tariffs on steel rebar and iron billets. The hearing <a href=\"http:\/\/bit.ly\/32gKHbU\">was postponed<\/a> from 22 February 2020.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>June: <a href=\"https:\/\/www.facebook.com\/CEconomySummit\/\">Circular Economy Summit<\/a>, Egypt, venue TBA.<\/p>\n<p>4-6 June (Thursday-Saturday): <a href=\"https:\/\/sommetafriquefrance202a0.org\/en\/\">2020 Africa-France Summit<\/a>, Bordeaux, France.<\/p>\n<p>9-10 June (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>17-20 June (Wednesday-Saturday): <a href=\"https:\/\/www.automech-formula.com\/en\/home.html\">2019 Automech Formula car expo<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>30 June (Sunday): June 2013 protests anniversary, national holiday.<\/p>\n<p>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28-29 July (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 July-3 August (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>20 August (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 September- 2 October (Thursday-Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>6 October (Tuesday): Armed Forces Day, national holiday.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\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":570014,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570013","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"7e486529-3fcc-4103-9d35-f13e0e228791","teaser":"","photo_url":"https:\/\/ent.news\/2020\/3\/181.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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