{"id":570620,"date":"2020-04-08T04:44:56","date_gmt":"2020-04-08T04:44:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570620"},"modified":"2025-12-16T07:33:47","modified_gmt":"2025-12-16T07:33:47","slug":"el-sisi-is-against-a-full-lockdown-asks-businesses-not-to-cut-staff","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-is-against-a-full-lockdown-asks-businesses-not-to-cut-staff\/","title":{"rendered":"El Sisi is against a full lockdown, asks businesses not to cut staff"},"content":{"rendered":"<section id=\"570622\" 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=\"570622\">\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\/04\/08\/what-were-tracking-on-8-april-2020\/\">\r\n                            What we\u2019re tracking on 8 April 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\/04\/08\/what-were-tracking-on-8-april-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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We expect an announcement later today that it is being extended, but have no inkling of how long it will remain in place or whether conditions will be tightened.<\/p><p><strong>And to keep us all on the same page: <\/strong>We\u2019re still a week or more away from decisions on extensions of school closures (expires 13 April) or of the ban on flights (15 April) or the closure of restaurants, gyms and museums (also 15 April).<\/p><p>Two pieces of good news to get us underway this morning:<\/p><p><strong>We never thought we\u2019d say this, but Egyptian internet service providers are making us <\/strong><strong>smile. <\/strong>Head down and read today\u2019s Hardhat for more on why we think ISPs \u2014 not a category of businesses that engender warm feelings, not here and not anywhere in the world \u2014 are the unsung heroes of covid-19 in Egypt. Amid all the WFH \/ e-learning \/ Netflix and YouTube binges, the nation\u2019s internet has been pleasantly solid (by Egyptian standards). <strong>We dive deeper in this morning\u2019s Hardhat.<\/strong><\/p><p><strong>You know what\u2019s also making us smile this morning? The prospect of <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/world\/2014\/aug\/26\/tim-hortons-canadian-icon-burger-king\">Tim Hortons<\/a><\/strong> <strong>coming to <\/strong><strong>town. <\/strong>We risk the umbrage of other folks with ties to Canada when we say we\u2019d prefer <a href=\"https:\/\/www.businessinsider.com\/why-shake-shack-is-so-popular-2014-9\">Shake Shack<\/a>, to be honest. But Timmy\u2019s? We\u2019ll take it. The non-covid good news comes from the good people at <a href=\"https:\/\/www.reuters.com\/article\/us-gulf-m-a-tim-hortons\/gateway-partners-invests-50-million-in-tim-hortons-gulf-franchise-sources-idUSKBN21P1L3\">Reuters<\/a>, who note that UAE private equity firm Gateway Partners bought a 40% stake in the Gulf franchise of the company for USD 50 mn. The wire service confirmed the news with Nilesh Ved, the chairman of the franchise\u2019s owner, who announced plans to enter the Egyptian and Indian markets. Tim\u2019s currently has 141 stores across the Gulf region. We\u2019ve moved beyond double-doubles, but those Boston creams\u2026<\/p><p>(Yes, you will need cranes to remove us from the sides of our flats when this very long period of WFH is finally ended.)<\/p><hr class=\"grey-line\"><p><strong>The EGX30 surged 4.2% yesterday, <\/strong>dragged upward by index heavyweight CIB, which rose 5.2%. The bourse saw heavy trading yesterday with shares worth EGP 1.2 bn changing hands, about 96% above the trailing 90-day average. The EGX30 is now down 29.5% since the start of the year<\/p><p><strong>The Dow and S&amp;P lost steam yesterday, with each closing lower <\/strong>after posting stong gains earlier in the day coming off Monday\u2019s surge. <a href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-4-7-2020-11586230194\">The WSJ\u2019s best guess on why?<\/a> Investors are slowly getting their heads around the fact that the recovery from covid will not exactly be short.<\/p><p><strong>The markets today: <\/strong>Asian shares are mixed, with the Nikkei weakly up and shares in China, Hong Kong and Korea down less than 1% as we headed toward deadline. Futures point to a mixed open in the United States and for European equities. <strong>Brent crude is up 2.4% this morning <\/strong>ahead of <a href=\"https:\/\/www.cnbc.com\/2020\/04\/06\/brent-crude-could-plunge-to-single-digit-lows-if-no-opec-deal-fitch.html\">tomorrow\u2019s pivotal Opec+ meeting<\/a>.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/covid-8April-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Egypt now has 1,450 confirmed cases of covid-19<\/strong> after the <a href=\"https:\/\/twitter.com\/mohpegypt\/status\/1247605280667557892\">Health Ministry reported<\/a> 128 new infections yesterday. The ministry also said nine more people had died from the virus, bringing the death toll to 94. We now have a total of 427 cases that have tested negative for the virus after being hospitalized or isolated, of whom 276 have fully recovered.<\/p><p><strong>Mild cases to be quarantined in dorms to relieve pressure on hospitals: <\/strong>Health Minister Hala Zayed <a href=\"https:\/\/bit.ly\/34lsEmb\">said that confirmed cases<\/a> with mild clinical symptoms who are under the age of 50 will be quarantined in university dorms under the supervision of the ministry and after spending five days at hospitals.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>El Sisi is against a full lockdown, calls on private sector to not cut jobs<\/strong><strong>: <\/strong>Egypt is faring well in its battle against covid-19, President Abdel Fattah El Sisi said yesterday in televised remarks (<a href=\"https:\/\/www.youtube.com\/watch?v=CwhzFYdHivs\">watch, runtime: 50:05<\/a>), describing the situation as \u201creassuring and under control\u201d and saying he is <strong>not in favor of \u201csuspending work,\u201d <\/strong>alluding the fears of some in the business community that a full lockdown could be economically ruinous.<\/p><p><strong>Highlights of the speech: <\/strong><\/p><ul>\n<li><strong>El Sisi called on the private sector to avoid layoffs. <\/strong>Finance Minister Mohamed Maait later suggested that government help including bailouts and tax holidays will be contingent on companies holding the line on both employment and salaries.<\/li>\n<li><strong>El Sisi noted that governments the world over are facing challenges from covid. <\/strong>It\u2019s not Egypt\u2019s fault, he said, directly addressing those who have expressed \u201cskepticism\u201d about the government\u2019s \u201ctransparency regarding the outbreak\u201d;<\/li>\n<li><strong>Distributing masks at half-price or even without charge<\/strong> is an option on the table if the situation worsens;<\/li>\n<li><strong>The Supply Ministry has been directed <\/strong><strong>to double stocks<\/strong><strong> of subsidy packages to <\/strong><strong>reach 3 mn boxes<\/strong> to be distributed to low-income citizens;<\/li>\n<li><strong>Egypt's current strategic wheat stockpile is sufficient<\/strong>, and if necessary they would be ready to conduct agreements to make sure it stays that way;<\/li>\n<li><strong>Don\u2019t try to get away with shenanigans under the cover of covid: <\/strong>The president condemned people who are \u201ctaking advantage of the situation\u201d to try and get away with unlicensed construction work or building on state-owned land.<\/li>\n<\/ul><p><strong>El Sisi made no mention of the government\u2019s plans to extend<\/strong> or expand the two-week curfew, which expires today.<\/p><hr class=\"grey-line\"><p><strong>The government has banned all gatherings, mass iftars and other collective social <\/strong><strong>activities this Ramadan<\/strong>, <a href=\"https:\/\/bit.ly\/34nyxiv\">according to a cabinet statement<\/a>. The ban also applies to Itikaf in the last 10 days of the holy month.<\/p><p><strong>Outsourcing companies and call centers have seen a 70% drop in demand <\/strong>among real estate, food and auto companies since the beginning of the outbreak, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/07\/1317726\">reports the local press<\/a>. Some of the lost business has been recouped by heightened demand from healthcare providers and medical services but numbers are still hard to come by.<\/p><p><strong>Eva Pharma will partner with local players to manufacture ventilators<\/strong> in Egypt that would be less expensive than imported models, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/07\/1317860\">CEO Riad Armanious told the local press<\/a>. The company expects to test a prototype within days.<\/p><p><strong>Lab and diagnostics company Speed Medical is buying 4 mn lab tests and <\/strong><strong>disease and virus test kits<\/strong> through its newly established arm, Prime Speed, <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%b3%d8%a8%d9%8a%d8%af%20%d8%a8%d9%8a%d8%a7%d9%86%2007-04-2020.pdf\">according to a regulatory filing (pdf)<\/a>. Prime Speed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5228f93f-7112-4185-9373-ccce955d2ee4\">was established at the end of March<\/a> with a capital of USD 4 mn. Speed Medical owns and operates <a href=\"http:\/\/speedlab.com.eg\/\">Speed Lab<\/a> and <a href=\"https:\/\/www.yellowpages.com.eg\/en\/profile\/Speed-Clinic\/577008\">Speed Clinic<\/a>.<\/p><p><strong>The government has provided the healthcare sector with EGP 3.8 bn in additional <\/strong><strong>funding <\/strong>over the past month, Planning Minister Hala El Said reported in an <a href=\"https:\/\/www.youtube.com\/watch?v=NVGjRDjNG6E\">interview (watch, runtime: 22:44)<\/a> on Sada El Balad TV on Monday evening.<\/p><p><strong>Egypt continues to hand out fines to covidiots: <\/strong>Egyptian authorities have closed down and fined 6.7k private tutoring centers, 4.9k commercial stores, and 2.5k wedding halls for violating the ban on mass gatherings or violating curfew, as well as more than 7k restaurants and cafes for offering shisha after it was banned, Assistant Local Development Minister Khaled Qasim said on Min Masr (<a href=\"https:\/\/youtu.be\/13w_iJ-uH6g?t=153\">watch runtime, 10:08<\/a>). Qasim also told Ten TV that 416 nurseries, 239 sport fields, and 2k markets have been fined for continuing to operate (<a href=\"https:\/\/www.youtube.com\/watch?v=n2WLPO2vzqM\">watch, runtime: 03:44<\/a>).<\/p><p><strong>Civil Aviation Minister Mohamed Manar has promised to lobby the Finance <\/strong><strong>Ministry to lift a 20% levy imposed on airlines<\/strong> that source maintenance, aircraft leasing, or other services from service providers abroad, said Al Masria Universal Airlines President Ahmed Ismail <a href=\"https:\/\/bit.ly\/34fNX8D\">to Al Mal<\/a>. Manar will also look into exempting local airlines from paying rent for offices in Egyptian airports, accommodation for its crew members, and any other fees collected by the ministry. The industry has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/974a1d40-eb8a-4a9b-95c0-5c23045bfcb8\">lobbying the ministry for a bailout package<\/a>. <strong>International industry body IATA warned <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b1908f8f-e7ba-4339-8ff5-c97f6aca0fd2\">earlier this week<\/a><\/strong><strong> that Egypt\u2019s airlines could lose USD 1.6 bn in revenues<\/strong>, endangering 205k direct and indirect jobs.<\/p><p><strong>The Trade Ministry\u2019s SMEs Development Agency is launching an exceptional loan <\/strong><strong>program for small businesses <\/strong>struggling during the economic downturn, Minister Nevine Gamea said yesterday, <a href=\"https:\/\/www.msme.eg\/ar\/Pages\/news\/NewsInfo.aspx?Newsid=171\">according to a ministry statement<\/a>. Labor-intensive and industrial businesses will be given priority to apply for one-year loans of up to EGP 1 mn and can apply at the agency\u2019s branches nationwide or by calling 16733.<\/p><p><strong>The Egyptian Competition Authority is now offering legal and economic consultations <\/strong><strong>without charge<\/strong> to companies and advisors on the extent to which their covid-19 policies are in line with the Competition Protection Act, .<\/p><p><strong>DONATIONS- <\/strong><\/p><p><strong>BP Egypt has donated medical supplies worth EGP 2 mn to the Abbassia, Imbaba,<\/strong> <strong>and Alexandria fever hospitals<\/strong>, <a href=\"https:\/\/ent.news\/2020\/4\/Press-Release-BP-Egypt-donates-E%C2%A32-million-worth-of-medical-equipment-to-COVID19-Hospitals.pdf\">according to a BP statement<\/a>. The equipment will be delivered to hospitals this week and includes an ultrasound machine, a digital radiography machine, and an undisclosed number of ventilators.<\/p><p><strong>NBE, Banque Misr, EDB donate under Federation of Egyptian Banks initiative:<\/strong> The National Bank of Egypt and Banque Misr are each doling out EGP 80 mn in donations <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891d8d2b-feb2-4fa6-aa86-001e581b3ee5\">under the Federation of Egyptian Banks<\/a> initiative to raise EGP 150 mn, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1862766\">according to Al Masry Al Youm<\/a>. The Export Development Bank has also donated EGP 20 mn.<\/p><p><strong>MPs are giving up a portion of their bonuses to donate EGP 20 mn<\/strong>, <a href=\"http:\/\/gate.ahram.org.eg\/News\/2393214.aspx\">according to Ahram Gate<\/a>.<\/p><p><strong>South Korea has allocated USD 200k in emergency aid to Egypt<\/strong> to help it tackle the virus, South Korean Ambassador to Egypt Yoon Yeocheol said, <a href=\"https:\/\/bit.ly\/2xYgAv2\">according to Al Masry Al Youm<\/a>.<\/p><hr class=\"grey-line\"><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>China reported no covid-19 deaths on Tuesday for the first time since the start of<\/strong> <strong>the pandemic, <\/strong>along with a fall in new cases of the virus, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-china-toll\/china-reports-no-new-coronavirus-deaths-as-cases-decline-idUSKBN21P034\">Reuters reports<\/a>. This marks the first time since late January that Wuhan, previously the epicenter of the virus, has seen no new deaths. The city <a href=\"https:\/\/edition.cnn.com\/2020\/04\/07\/asia\/coronavirus-wuhan-lockdown-lifted-intl-hnk\/index.html\">will allow residents to leave the city today<\/a> for the first time since going into lockdown in January.<\/p><p><strong>Several emerging market central banks could start tapping FX reserves to protect<\/strong> <strong>their currencies<\/strong> as investors continue to buy USD to hedge against covid-19, <a href=\"https:\/\/www.bloombergquint.com\/global-economics\/emerging-currencies-under-threat-as-reserve-drawdown-predicted\">says Bloomberg Quint<\/a>, quoting expectations from head of Asia research at Australia &amp; New Zealand Banking Group Khoon Goh.<\/p><p><strong>Covid-19 is only adding to Lebanon\u2019s FX crisis<\/strong> where banks have limited withdrawals in USD, stopped dispensing foreign currencies, and forced customers to accept LBP instead of USD at an official exchange rate that is almost half of the \u201cmarket rate,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-06\/dollar-squeeze-worsens-in-lebanon-as-banks-restrict-withdrawals?srnd=premium-middle-east&amp;sref=mmeFTDW1\">according to Bloomberg<\/a>.<\/p><p><strong>March saw USD 90 bn of corporate bonds downgraded to junk<\/strong>, including \u201cfallen angels\u201d Ford, Occidental Petroleum, and American department store chain Macy\u2019s, <a href=\"https:\/\/www.ft.com\/content\/72641a3f-5c11-40b1-923a-7aeefbb89d7f\">the Financial Times reports<\/a>. Bank of America strategist Hans Mikkelsen says the rapid downgrades are \u201cshocking,\u201d seeing as they usually take months rather than a few short weeks.<\/p><p><strong>\u2026but the continued ability of troubled companies to raise equity and debt marks a big <\/strong><strong>difference between this the \u201ccovid recession\u201d and the last financial crisis<\/strong>, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/07\/cramer-the-coronavirus-recession-is-unlike-the-great-recession.html\">CNBC screamer Jim Cramer noted yesterday<\/a>. \u201cThis time the companies that really need money can actually get it. This time there\u2019s no financial crisis, at least not yet,\u201d the Mad Money host said. \u201cEven genuinely troubled companies can raise capital here, a good sign for the economy, at least for now.\u201d<\/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\/4\/Diving-Web.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Using coronabonds to fund stimulus programs is gaining<\/strong><strong> traction:<\/strong> The White House could soon issue covid-19 treasury bonds to raise funds to help the country fight the pandemic, White House economic adviser Larry Kudlow said, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-usa-bond\/white-house-considering-us-treasury-coronavirus-bond-kudlow-idUSKBN21O1XR\">according to Reuters<\/a>. The US is not alone \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b415ab07-c5f7-4878-8540-32d3b411da07\">at least nine eurozone countries<\/a> have been mulling the idea and the African Development Bank has already issued USD 3 bn-worth of three-year coronabonds.<\/p><p><strong>Dubai is considering bond issuances and loans to help shore up its<\/strong> <strong>economy:<\/strong> The emirate is in early talks with banks to issue its first eurobond since 2016 and acquire multi-bn USD loans for its troubled flag carrier, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-06\/dubai-said-in-talks-to-raise-funds-as-shutdown-weighs-on-economy\">according to Bloomberg<\/a> who cite a source familiar with the matter.<\/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\" 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-zwevlun\" data-v=\"4\" data-block-id=\"zwevlun\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-zwevlun-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-zwevlun-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" 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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=\"570624\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/business-and-economics-finally-reign-supreme-on-egypts-talk-shows\/\">\r\n                            Business and economics finally reign supreme on Egypt\u2019s talk shows                        <\/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 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<\/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\/04\/08\/business-and-economics-finally-reign-supreme-on-egypts-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570624\" class=\"content-area-description single-story post-570624 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-ahmed-heikal tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-finance-ministry tag-mohamed-maait tag-qalaa-holdings tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Business and economics were the topic du jour<\/strong> (albeit with covid-19 undertones) on the airwaves for the first time in as long as we can remember. Finance Minister Mohamed Maait phoned in to several talk shows to discuss President Abdel Fattah El Sisi\u2019s decree earlier this week to extend tax payment deadlines and support key industries.<\/p>\n<p><strong>The Finance Ministry is working on getting its ducks in a row to cover the expenses from the state\u2019s economic support packages<\/strong>, including a three-month stipend for irregular workers and providing loans for the aviation industry, Maait told Yahduth fi Masr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=Lnw7-3kLtCs\">watch, runtime: 5:19<\/a>).<\/p>\n<p><strong>Egypt is committed to meeting its foreign debt obligations<\/strong>, Maait added.<\/p>\n<p><strong>EGP 2 bn payout for export subsidies on the way:<\/strong> The government has already earmarked EGP 2 bn it will dole out in export subsidy arrears to exporters, Maait said on Al Tasea Masa\u2019an (<a href=\"https:\/\/youtu.be\/wivVWeEBi_0?t=356\">watch, runtime: 20:08<\/a>). El Sisi had ordered the Export Subsidy Fund to dole out at least 30% of the arrears it owes to exporters, with each company receiving at least EGP 5 mn apiece.<\/p>\n<p><strong>Legislation for tax postponements, exemptions coming soon:<\/strong> The ministry has coordinated with the House of Representatives to approve as soon as possible a bill that would allow Cabinet to either postpone tax deadlines or exempt specific industries from tax payments, Maait told Al Hayah Al Youm\u2019s Lobna Assal.<\/p>\n<p><strong>Factories will likely get a real estate tax holiday:<\/strong> Cabinet and the House have preliminarily agreed to exempt factories from the real estate tax, Maait said, without delving into the details on how long the tax holiday would be. Tourism industry establishments will also be exempt from real estate taxes, but have yet to decide whether factories will also get the same treatment. <strong>Any tax relief will be contingent on businesses retaining all of their employees<\/strong>, Maait stressed (<a href=\"https:\/\/www.youtube.com\/watch?v=7CnVVNxnqhk\">watch, runtime: 9:53<\/a>).<\/p>\n<p>On that note: <strong>El Sisi\u2019s calls for the private sector to refrain from layoffs or salary cuts <\/strong>was a focal point for Masaa DMC\u2019s Ramy Radwan, who noted that the president promised the government will help businesses do just that (<a href=\"https:\/\/www.youtube.com\/watch?v=dq77wha40hs\">watch, runtime: 3:56<\/a>).<\/p>\n<p><strong>Qalaa Holding\u2019s investments are still going according to plan this year despite current conditions<\/strong>, Chairman Ahmed Heikal told Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=-4EMrDK_irM\">watch, runtime: 4:56<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=j3SFdgVSJNo\">watch, runtime: 5:53<\/a>). Heikal said he expects the crisis to last around a year, during which time the food and beverage and pharma industries are expected to be the best performers. The Qalaa boss also lauded the government\u2019s response to the covid-19 outbreak, saying it was measured and well-delivered.<\/p>\n<p><strong>The Health Ministry\u2019s daily report on covid-19 infections and deaths<\/strong> was also recapped by Min Masr\u2019s Reham Ibrahim (<a href=\"https:\/\/www.youtube.com\/watch?v=636wY1N_Fhc\">watch, runtime: 3:57<\/a>) and Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=rngrxIaVobI\">watch, runtime: 2:55<\/a>. We have the roundup in What We\u2019re Tracking Today, above.<\/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\/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\/ahmed-heikal\/\">Ahmed Heikal<\/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\/finance-ministry\/\">Finance Ministry<\/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\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"570625\" class=\"issue-section inside-industry-identity\">\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=\"570625\">\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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/\">\r\n                            FinMin working on specifics of corporate income tax relief program                        <\/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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/\" 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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/')\">\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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/\">\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=FinMin working on specifics of corporate income tax relief program&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/\">\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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/&title=FinMin working on specifics of corporate income tax relief program\">\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=FinMin+working+on+specifics+of+corporate+income+tax+relief+program+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F08%2Ffinmin-working-on-specifics-of-corporate-income-tax-relief-program%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\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/74.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570626\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/74-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/74.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"74.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/74.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/74.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570625\" class=\"content-area-description single-story post-570625 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-covid-19 tag-enterpriseam tag-income-tax tag-legislation tag-policy tag-speed-round tag-tax tag-vat 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-03\"><\/a> <strong>EXCLUSIVE- FinMin working on specifics of corporate income tax relief program<\/strong><strong>:<\/strong> Businesses looking to pay their income taxes in installments under a tax relief program ordered by President Abdel Fattah El Sisi earlier this week will most likely be required to make three equal payments by set dates, with the final installment due by the extended deadline of 30 June, two senior government officials tell us. According to the sources, the first payment will be due on 30 April, the second on 30 May, and the third and final installment must be made on or before 30 June.<\/p>\n<p><strong>There will be no interest, fines, or late fees <\/strong>for anyone choosing to pay their taxes in installments by the extended deadline, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27ec0299-b9cb-4e38-b0ac-85fe8a128122\">as we reported yesterday<\/a>. The move is a form of stimulus that will provide support to cashflows of businesses affected by the economic impact of covid-19, which so far includes a 7pm-6am curfew and the full shutdown of retail businesses on weekends.<\/p>\n<p><strong>You\u2019re going to have to remit VAT, wage taxes and withholding taxes <\/strong>on time \u2014 there is no plan to extend deadlines for payments here, the sources said. <\/p>\n<p><strong>Details are still in the works:<\/strong> The Finance Ministry is currently drawing up regulations outlining the fine print of the directives to give businesses a helping hand amid the covid-19 fallout, the sources tell us. The regulations will determine criteria that would make businesses ineligible for the deadline extension and installment system, but it is expected that all businesses will be eligible since the slowdown has touched most industries, one source says.<\/p>\n<p><strong>Finance Minister Mohamed Maait has already finished drafting a bill that will allow <\/strong><strong>Cabinet to implement El Sisi\u2019s directives<\/strong> and economic support measures, <a href=\"https:\/\/bit.ly\/2wm3YNE\">according to a cabinet statement<\/a>.<\/p>\n<p><strong>The state isn\u2019t going to collect less in corporate income tax, it\u2019s just going to have <\/strong><strong>lumpier cashflow through June<\/strong>, the sources noted. The open question is how much the state\u2019s take from the VAT will be depressed. Companies today are paying VAT for their sales in January and February \u2014 the authority will only be able to gauge the effect of the crisis once they begin collecting VAT on March and April sales starting next month.<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax\/\">income tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vat\/\">VAT<\/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=\"570636\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570637\" 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=\"570637\">\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\">Image of the Day<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/\">\r\n                            Sharp downturn in business sentiment shows economic impact of covid-19 in MENA                        <\/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\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/\" 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\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/')\">\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\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/\">\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=Sharp downturn in business sentiment shows economic impact of covid-19 in MENA&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/\">\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\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/&title=Sharp downturn in business sentiment shows economic impact of covid-19 in MENA\">\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=Sharp+downturn+in+business+sentiment+shows+economic+impact+of+covid-19+in+MENA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F08%2Fsharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena%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\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/78.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570638\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/sharp-downturn-in-business-sentiment-shows-economic-impact-of-covid-19-in-mena\/78-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/78.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"78.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/78.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/78.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570637\" class=\"content-area-description single-story post-570637 post type-post status-publish format-standard has-post-thumbnail hentry category-image-of-the-day tag-covid-19 tag-enterpriseam tag-image-of-the-day tag-pmi 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-07\"><\/a> <strong>Sharp downturn in business sentiment shows economic impact of covid-19 in <\/strong><strong>MENA:<\/strong> IHS Markit\u2019s purchasing managers\u2019 index (PMI) for March saw a steep drop in Egypt, Saudi Arabia, the UAE, Lebanon, Turkey and Qatar, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-07\/counting-costs-of-coronavirus-contagion-in-middle-east-chart?srnd=premium-middle-east\">Bloomberg reports<\/a>, indicating that the costs of covid-19 in the region have already been heavy. Cases are still increasing, and doubled in the last week. The PMI gauge in Egypt fell to 44.2 in March from 47.1 in February, we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4568332b-f586-4c60-be86-0837d4d149b0\">reported earlier this week<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/image-of-the-day\/\">IMAGE OF THE DAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/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=\"570639\" 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=\"570639\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/egypt-in-the-news-on-8-april-2020\/\">\r\n                            Egypt in the News on 8 April 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\/04\/08\/egypt-in-the-news-on-8-april-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/egypt-in-the-news-on-8-april-2020\/')\">\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\/04\/08\/egypt-in-the-news-on-8-april-2020\/\">\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=Egypt in the News on 8 April 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/egypt-in-the-news-on-8-april-2020\/\">\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\/04\/08\/egypt-in-the-news-on-8-april-2020\/&title=Egypt in the News on 8 April 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+8+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F08%2Fegypt-in-the-news-on-8-april-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\/04\/08\/egypt-in-the-news-on-8-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570639\" class=\"content-area-description single-story post-570639 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-egypt-in-the-news tag-enterpriseam tag-health tag-social-welfare wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>We have another quiet morning for Egypt in the foreign press<\/strong>, save for a few stories on covid-19:<\/p>\n<ul>\n<li><strong>Egypt will find it harder to contain the spread of covid-19 now that it\u2019s <\/strong><strong>moved to the community transmission<\/strong> stage of the outbreak, with confirmed cases topping 1000, <a href=\"http:\/\/www.xinhuanet.com\/english\/2020-04\/07\/c_138952347.htm\">Xinhua reports<\/a>. <\/li>\n<li><strong>Many Egyptians are being hit hard by the economic fallout from the virus,<\/strong> as the vast number of people working in the informal sector cannot afford to stay home and face challenges accessing government support programs, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-economy\/coronavirus-crisis-spells-trouble-for-many-egyptian-breadwinners-idUSKBN21P1OD\">Reuters reports<\/a>.<\/li>\n<\/ul>\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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/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=\"570643\" 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=\"570643\">\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\/04\/08\/the-market-yesterday-68\/\">\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\/04\/08\/the-market-yesterday-68\/\" target=\"_blank\">\n                    Open in new tab   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              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\/04\/08\/the-market-yesterday-68\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570643\" class=\"content-area-description single-story post-570643 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.69 | Sell 15.79<\/p>\n<p><strong>EGP \/ USD at CIB:<\/strong> Buy 15.70 | Sell 15.80<\/p>\n<p><strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Tuesday): 9,841 (+4.2%)<\/p>\n<p><strong>Turnover:<\/strong> EGP 1.2 bn (96% above the 90-day average)<\/p>\n<p><strong>EGX 30 year-to-date<\/strong>: -29.5%<\/p>\n<p><span style=\"font-weight: 400;\"><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session up 4.2%. CIB, the index\u2019s <\/span><span style=\"font-weight: 400;\">heaviest constituent, ended up 5.2%. EGX30\u2019s top performing constituents were EFG Hermes up 9.0%, Heliopolis Housing up 8.6%, and Sidi Kerir Petrochemicals up 7.1%. Yesterday\u2019s worst performing stocks were Madinet Nasr housing down 7.6% and Credit Agricole down 2.3%. The market turnover was EGP 1.2 bn, and domestic investors were the sole net buyers.<\/span><\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -155.1 mn<\/p>\n<p><strong>Regional<\/strong>: Net Short | EGP -12.8 mn<\/p>\n<p><strong>Domestic<\/strong>: Net Long | EGP +167.9 mn<\/p>\n<p><strong>Retail<\/strong>: 51.7% of total trades | 50.9% of buyers | 52.4% of sellers<\/p>\n<p><strong>Institutions<\/strong>: 48.3% of total trades | 49.1% of buyers | 47.6% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 24.89 (+5.33%)<\/p>\n<p><strong>Brent:<\/strong> USD 32.58 (+2.23%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.89 MMBtu, (+2.21%, May 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,683.40 \/ troy ounce (-0.40%)<\/p>\n<p><strong>TASI:<\/strong> 6,986.40 (+1.83%) (YTD: -16.72%)<\/p>\n<p><strong>ADX:<\/strong> 3,928.23 (+5.51%) (YTD: -22.61%)<\/p>\n<p><strong>DFM:<\/strong> 1,785.45 (+5.54%) (YTD: -35.42%)<\/p>\n<p><strong>KSE Premier Market:<\/strong> 5,093.81 (+0.35%)<\/p>\n<p><strong>QE:<\/strong> 8,979.49 (+3.13%) (YTD: -13.87%)<\/p>\n<p><strong>MSM:<\/strong> 3,397.82 (-0.09%) (YTD: -14.65%)<\/p>\n<p><strong>BB: <\/strong>1,313.33 (+0.24%) (YTD: -18.44%)<\/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\/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=\"570644\" 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\/04\/08\/570644\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570644\" class=\"content-area-description single-story post-570644 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>12 April (Sunday): House of Representatives covid-19 recess ends.<\/p>\n<p>12 April (Sunday): Western Easter Sunday.<\/p>\n<p>13 April (Monday): Earliest date on which suspension K-12 and university instruction is set to be lifted.<\/p>\n<p>15 April (Wednesday): Suspension of international flights to \/ from Egypt expires.<\/p>\n<p>15 April (Wednesday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/p>\n<p>16 April (Thursday): New deadline for individuals to file their tax returns to the Egyptian Tax Authority.<\/p>\n<p>17-19 April (Friday-Sunday): IMF, World Bank will hold virtual Spring Meetings.<\/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>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session<\/a> for a lawsuit against Amer Group and Porto Group by Syria-based Antaradous for Touristic Development.<\/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\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":570621,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570620","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c97cd656-4d9d-445c-902a-70fbf2f724da","teaser":"","photo_url":"https:\/\/ent.news\/2020\/4\/72.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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