{"id":571273,"date":"2020-05-06T04:02:18","date_gmt":"2020-05-06T04:02:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=571273"},"modified":"2025-12-16T07:55:09","modified_gmt":"2025-12-16T07:55:09","slug":"pmi-plunges-to-record-low-plus-what-ceos-expect-next","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/pmi-plunges-to-record-low-plus-what-ceos-expect-next\/","title":{"rendered":"PMI plunges to record low. Plus: What CEOs expect next."},"content":{"rendered":"<section id=\"571275\" 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=\"571275\">\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\/05\/06\/what-were-tracking-on-6-may-2020\/\">\r\n                            What we\u2019re tracking on 6 May 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\/05\/06\/what-were-tracking-on-6-may-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 have the full story in this morning\u2019s Speed Round, below.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Still, we offer a sliver of sunshine on a (metaphorically) cloudy day: CEOs in Egypt are<\/strong><strong> increasingly <\/strong><strong>optimistic about the pace at which business could recover <\/strong>this year as the Madbouly government eases restrictions in place to slow the spread of covid-19. Here\u2019s what we\u2019re hearing after speaking with nearly a dozen CEOs and other top execs in the past week:<\/p><p><strong>It was all doom and gloom from mid-March until mid-April <\/strong>when measures were first imposed. Sales slowed sharply across industries and execs were in full-on crisis mode managing staff safety, bankers, investors, supply chains and distribution while re-working budgets and strategy for 2020.<\/p><p><strong>We\u2019re looking at a slow Ramadan. <\/strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/368673\/Egypt\/Politics-\/Egyptians-consuming--less-desserts-this-Ramadan-Ch.aspx\">Dessert sales coming in 30-40% lower<\/a> this year compared to last? That\u2019s the canary in the coal mine \u2014 but much better than the picture looked in the first two weeks of April.<\/p><p><strong>Things have stabilized in the past two weeks <\/strong>as restrictions have eased somewhat. Execs have adapted to a \u201ccoexisting with covid\u201d way of life \u2014 and their customers have, too. CEOs say their customers are slowly starting to spend again. Consumer appetite is coming back faster than is appetite from other businesses, but there\u2019s a modest, across-the-board pickup (with all of the variation by industry that you\u2019d expect).<\/p><p><strong>Most CEOs we spoke with now expect 2Q to be their worst quarter this year. <\/strong>Only the last two weeks of the first quarter were hit when the state imposed covid-control measures in mid-March. April was hit from start to finish, and things have only started (slowly) stabilizing in the past 10-14 days.<\/p><p><strong>They see business conditions improving in 3Q <\/strong>\u2014 and a handful of the most optimistic corporate bosses expect they may be able to start making up lost ground in the fourth quarter.<\/p><p><strong>With the outlook for the rest of 2020 now seeming (a bit) clearer, execs should be asking<\/strong><strong> what <\/strong><strong>trends are going to (re?)shape their industries. <\/strong>We\u2019ve previously argued that the pandemic will accelerate pre-existing trends in most industries, including the drive toward digital. With their businesses stabilizing, <strong>CEOs need to raise their heads and look to 2021 and beyond.<\/strong><\/p><hr class=\"grey-line\"><p><strong>News triggers to keep your eye on<\/strong> over the coming days:<\/p><ul>\n<li><strong>Foreign reserves figures<\/strong> for April should be released sometime this week;<\/li>\n<li><strong>Inflation figures<\/strong> for April are out on Sunday, 10 May.<\/li>\n<li><strong>The CBE\u2019s Monetary Policy Committee<\/strong> meets next Thursday, 14 May, to review interest rates.<\/li>\n<\/ul><p><strong>The markets today:<\/strong> Asian shares are mixed in early trading this morning with the Nikkei and Shanghai Composite both down and shares up in Seoul and Hong Kong. Futures suggest US equities could open down this morning after posting a second straight day of gains yesterday, while Europe appears set to open cautiously in the green. <strong>The EGX30 fell for a third day in a row yesterday<\/strong>, easing 1.1% during a relatively light session that saw EGP 689 mn of shares change hands. The benchmark index is now down 27% since the start of the year.<\/p><p><strong>So, when do we eat? <\/strong>Maghrib prayers are at 6:36pm and you\u2019ll have until 3:31am to finish caffeinating. Fajr is coming one minute earlier every day through the end of the Holy Month.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/Covid-graph-5-May_2-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Egypt has now disclosed a total of 7,201 confirmed cases of covid-19<\/strong> after the Health Ministry reported 388 new infections yesterday. The ministry also said that another 16 people had died from the virus, taking the death toll to 452. We now have a total of 2,224 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 1,730 have fully recovered.<\/p><p><strong>We\u2019re running a logarithmic graph of total covid-19 infections in Egypt <\/strong>(above). It\u2019s one of a number of ways to understand how the pace of infections is growing and illustrates what we suggested last week \u2014 the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/b9089f60-0a65-4576-8de3-b9fa434ad740\">rate of doubling of new infections has slowed somewhat<\/a> in the past month. Check out <a href=\"https:\/\/theconversation.com\/the-bar-necessities-5-ways-to-understand-coronavirus-graphs-135537\">The Conversation<\/a> for other ways of using graphs to understand covid-19.<\/p><p><strong>Two Egyptian banks have landed USD 100 mn each from EBRD<\/strong> in the form of senior unsecured loans. The institution said yesterday that <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/52023.html\">National Bank of Kuwait-Egypt<\/a> and <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/52008.html\">QNB Al Ahli<\/a> had each landed tunding as part of the EBRD\u2019s covid-19 response, noting that, \u201cProceeds of the proposed loan will be on-lent to local private small and medium enterprises and to corporates to cover liquidity needs that may arise as a result of covid-19.\u201d The EBRD\u2019s deputy chief in Egypt, Khalid Hamza, confirmed to <a href=\"https:\/\/alborsaanews.com\/2020\/05\/05\/1337083\">the domestic press<\/a> yesterday that <strong>the bank has earmarked EUR 850 mn in fresh credit to Egyptian banks<\/strong> for onlending to clients hit by covid.<\/p><p><strong>Egypt is one of 13 African countries petitioning the IMF and World Bank for <\/strong><strong>debt relief and restructuring<\/strong>, Finance Minister Mohamed Maait told the House Planning and Budgeting Committee yesterday, <a href=\"https:\/\/bit.ly\/2WoLB3G\">according to Al Mal<\/a>. Maait and other <a href=\"https:\/\/uk.reuters.com\/article\/us-health-coronavirus-africa-finmins\/africa-seeks-imf-world-bank-eu-backing-on-debt-relief-idUKKBN21J4YT\">African finance ministers last month called<\/a><a href=\"https:\/\/uk.reuters.com\/article\/us-health-coronavirus-africa-finmins\/africa-seeks-imf-world-bank-eu-backing-on-debt-relief-idUKKBN21J4YT\">for international lenders to<\/a>forgive and restructure debt. G20 countries <a href=\"https:\/\/www.bbc.co.uk\/news\/business-52292249\">agreed to freeze repayments<\/a> for six months for low-income countries but have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2f1d260-e322-4c4b-9764-8043d5cc2720\">struggled to persuade private creditors<\/a> to do the same.<\/p><p><strong>Mass repatriation of Egyptians stranded aborad gets underway: <\/strong>The government is sending planes all over the region to bring back Egyptian expats stranded abroad. Press reports throughout the day yesterday (<a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=05052020&amp;id=13b36d47-d843-4980-95fc-29661be6be1f\">here<\/a>, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=05052020&amp;id=0cd7107a-9007-42b6-ac91-24d5b022449e\">here<\/a>, <a href=\"https:\/\/bit.ly\/2SGCudz\">here<\/a>, <a href=\"https:\/\/bit.ly\/2YOiCcz\">here<\/a>, and <a href=\"https:\/\/bit.ly\/3fnY28v\">here<\/a>) talked about the flights a day <a href=\"https:\/\/www.kuna.net.kw\/ArticleDetails.aspx?id=2891050&amp;language=ar\">Egyptians workers marooned in Kuwait<\/a> protested and demanded to be allowed to return home.<\/p><p><strong>What\u2019s going on here? <\/strong>An increasing number of expats now want to return home, including those who had lost their jobs in the Gulf and some with health conditions, Emigration Minister Nabila Makram told talk show host Sherif Amer yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=Lv2n5CAfy2o\">watch, runtime: 6:18<\/a>). As we noted yesterday, the Sisi administration is now running repatriation flights for Egyptians who were deemed resident in other countries; earlier flights focused on citizens who had been stranded while abroad for tourism or business visits.<\/p><p><strong>Work on the Dabaa nuclear power plant hasn\u2019t been slowed by covid-19<\/strong>, project director Grigory Sosnin <a href=\"https:\/\/aawsat.com\/english\/home\/article\/2268716\/egypt%E2%80%99s-nuclear-plant-project-continues-despite-virus-restrictions\">tells Asharq Al Awsat<\/a>. The first of four reactors is still on track to be operational within seven years.<\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>Jordan has reached a USD 400 mn loan agreement with IMF<\/strong> to support the country\u2019s liquidity position as it struggles with declining tourism revenues and exports, central bank governor Ziad Fariz said, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-05\/jordan-has-agreed-400-million-loan-with-imf-central-bank-says?srnd=premium-middle-east\">according to Bloomberg<\/a>.<\/p><p><strong>Forecast predicts US death toll <\/strong><strong>could double by August with lockdown rollbacks:<\/strong> Scientists are warning that the US could be looking down the barrel of a second surge of covid-19 as a growing number of states begin to relax lockdown restrictions, <a href=\"https:\/\/www.wsj.com\/articles\/coronavirus-latest-news-05-05-2020-11588669450?mod=hp_lead_pos1\">according to the Wall Street Journal<\/a>. The University of Washington\u2019s Institute for Health Metrics and Evaluation projects the death toll hitting 135k \u2014 double the current number of deaths \u2014 by the end of the summer as a result of the relaxed measures. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66028c4c-fbd4-418f-8b5e-11d1387f0619\">A leaked government document seen by the New York Times<\/a> this week suggests that the Trump administration is planning for around 3k daily deaths by 1 June.<\/p><p><strong>The US, Russia, and China are flying solo in their bids to develop a covid0-19 vaccine<\/strong>, deciding against contributing to an EU-led fundraiser that has so far raised USD 8 bn, the <a href=\"https:\/\/www.nytimes.com\/2020\/05\/05\/world\/coronavirus-news.html?type=styln-live-updates&amp;label=global&amp;index=1&amp;action=click&amp;module=Spotlight&amp;pgtype=Homepage#link-4eff8309\">New York Times reports<\/a>. The EU and Norway made the largest pledges of EUR 1 bn each, with <a href=\"https:\/\/pm.gc.ca\/en\/news\/news-releases\/2020\/05\/04\/canada-and-international-partners-launch-coronavirus-global-response\">Canada having chipped in CAD 850 mn<\/a> as the US, China and Russia each contributed USD 0.00.<\/p><p><strong>We\u2019re not out of the woods yet (<\/strong><strong><a href=\"https:\/\/edition.cnn.com\/2020\/05\/05\/business\/wendys-beef-shortage\/index.html\">with one in five Wendy\u2019s in the US<\/a><\/strong><strong><a href=\"https:\/\/edition.cnn.com\/2020\/05\/05\/business\/wendys-beef-shortage\/index.html\">being out of beef<\/a><\/strong><strong>), but f<\/strong><strong>ood hoarding and curbs on exports <\/strong><strong>are easing<\/strong> as worries about food security ease, according to a study of 17 countries by the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-04\/food-export-bans-are-being-rolled-back-as-shortage-fears-ease?sref=mmeFTDW1\">International Food Policy Research Institute<\/a>. Romania \u2014 a key supplier of wheat to Egypt \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2f1d260-e322-4c4b-9764-8043d5cc2720\">reversed last month<\/a> a ban on grain exports outside the EU, but Russia is still refusing to rule out future quotas, waiting to see its harvest yield before determining whether it will reinstate curbs.<\/p><p><strong>Egypt is expected to harvest 9 mn tonnes of wheat this year<\/strong>, Agriculture Ministry Spokesman Mohamed El Kersh said on eXtra News (<a href=\"https:\/\/www.youtube.com\/watch?v=xXriD9lI_IE\">watch, runtime: 04:44<\/a>).<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>Covid-19 continues to ravage corporates on both sides of the Atlantic:<\/strong><\/p><p><strong>Disney has done the right thing and scrapped its dividend <\/strong>after reporting that covid-19 had erased as much as USD 1.4 bn from its bottom line in 1Q2020. <a href=\"https:\/\/finance.yahoo.com\/news\/walt-disney-company-board-decides-210300103.html\">Quarterly profit was down 90%<\/a>, and there is probably <a href=\"https:\/\/www.nytimes.com\/2020\/05\/05\/business\/media\/coronavirus-disney-earnings.html\">much worse to come<\/a> in 2Q.<\/p><p><strong>More layoffs in the global travel industry: <\/strong>AirBnb and Virgin Atlantic have joined the growing list of companies linked to the travel business to announce staff cutbacks as the pandemic grinds the industry to a halt. The home rental unicorn <a href=\"https:\/\/www.reuters.com\/article\/us-airbnb-layoffs\/airbnb-to-lay-off-1900-employees-sources-idUSKBN22H2PG?il=0\">is preparing<\/a> to let go 25% of its workforce, or almost 1.9k employees, while Richard Branson\u2019s airline <a href=\"https:\/\/www.cnbc.com\/2020\/05\/05\/virgin-atlantic-to-cut-more-than-3000-jobs-as-coronavirus-hits.html\">said yesterday<\/a> it\u2019s getting ready to cut more than 3.1k jobs after its pleas for a state bailout were rejected by the UK government.<\/p><p><strong>M&amp;A fights: <\/strong>Reuters wonders <a href=\"https:\/\/uk.reuters.com\/article\/us-otc-sycamore\/who-won-the-victorias-secret-ma-case-idUKKBN22H2YI\">who really won<\/a> the M&amp;A battle as private equity outfit Sycamore gets to <a href=\"https:\/\/uk.reuters.com\/article\/uk-victoria-s-secret-m-a-sycamore-partne\/l-brands-sycamore-agree-to-call-off-victorias-secret-deal-idUKKBN22G2TS\">walk away from its bid<\/a> to acquire Victoria\u2019s Secret<\/p><p><strong>How much are flights going to cost when they eventually return?<\/strong> While Bloomberg is highlighting forecasts for <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-05\/-12-to-fly-one-of-world-s-busiest-routes-shows-cost-of-recovery?srnd=premium-middle-east&amp;sref=mmeFTDW1\">USD 12 flights between Sydney and Melbourne<\/a>, it\u2019s unlikely that most of us are going to be enjoying super-cheap air travel when the aviation industry finally gets off its knees. In normal times low fuel prices and weak demand would be enough to knock a few bucks off your flight ticket, but as <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-05\/-12-to-fly-one-of-world-s-busiest-routes-shows-cost-of-recovery?srnd=premium-middle-east&amp;sref=mmeFTDW1\">the International Air Transport Association (IATA) points out (pdf)<\/a> the near-certainty of social distancing on airplanes will leave most carriers struggling to break even. Assuming planes have a 62% capacity limit, <strong>the IATA calculates that fares would need to rise by 43-54% to keep companies in profit<\/strong>, possibly making air travel more expensive than in pre-covid times.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and even social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Our follow up to last month\u2019s surprising revelations on how little the global trade slowdown has impacted ship activity on Egypt\u2019s ports. This time, we look at how things have panned out for the shipping companies, who have been suffering greatly during the covid-19 crisis. Why are shipping companies suffering during covid-19, despite traffic remaining stable at Egypt\u2019s ports?<\/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\/african-union\/\">African Union<\/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\/dabaa-nuclear-plant\/\">Dabaa nuclear plant<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"571277\">\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\/05\/06\/last-nights-talk-shows-for-wednesday-6-may-2020\/\">\r\n                            Last night\u2019s talk shows for Wednesday, 6 May 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\" 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          \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/last-nights-talk-shows-for-wednesday-6-may-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571277\" class=\"content-area-description single-story post-571277 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-health wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>With power couple Lamees El Hadidi and Amr Adib off yesterday, <\/strong>the airwaves gave us little to work with. The only segment worth noting was a phone call between host Ahmed Moussa and Damietta Governor Manal Awad about the covid-19 situation in the governorate.<\/p>\n<p><strong>Damietta records zero new cases -governor: <\/strong>The governorate reported zero new covid-19 infections yesterday and now accounts for only 1% of the country\u2019s total, after having made up close to 11% earlier in the outbreak, Awad tells Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=UvdtpIvq76o\">watch, runtime: 5:13<\/a>). This was a result of successfully implementing a Health Ministry plan to confront the virus, she said.<\/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\/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\/health\/\">health<\/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=\"571278\" 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=\"571278\">\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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\">\r\n                            Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite                        <\/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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\" 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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/')\">\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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\">\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=Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\">\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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/&title=Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite\">\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=Non-oil+business+activity+plummets+to+all-time+low+in+April+as+lockdown+measures+begin+to+bite+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F06%2Fnon-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite%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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/46.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"571279\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/46-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/46.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"46.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/46.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/46.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571278\" class=\"content-area-description single-story post-571278 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-activity tag-covid-19 tag-economy tag-employment tag-enterpriseam tag-inventory tag-pmi tag-saudi-arabia tag-speed-round tag-uae 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-01\"><\/a> <strong>Non-oil business activity plummets to all-time low in April as lockdown measures <\/strong><strong>bite:<\/strong> Egypt\u2019s non-oil business activity fell at an \u201cunprecedented rate\u201d in April as government measures to stem the covid-19 outbreak caused a \u201csevere decline\u201d in business conditions, <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/5153218e11474aa8bc089cd30f061d20\">according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) (pdf)<\/a>. The PMI gauge fell to a record low of 29.7 in April, down from 44.2 in March as output, new orders and exports plunged due to muted demand. PMI readings above 50.0 indicate expansionary activity, while a reading below means it is contracting.<\/p>\n<p><strong>New orders collapsed at a record rate: <\/strong>An evaporation of client demand caused new orders to fall at the fastest pace since the survey began in 2011. This was attributed to the Sisi administration\u2019s anti-covid measures, which were in place through the month and included restrictions on working hours, the shuttering of the hospitality and tourism sectors, and the night-time curfew.<\/p>\n<p><strong>Businesses are cutting back:<\/strong> Lacklustre demand and falling output is forcing businesses to make cutbacks, including reducing input spending and labor costs. The month saw an acceleration of layoffs, causing <strong>employment to decline at the fastest rate in over three years<\/strong> and extending a trend that began in November. The cutbacks resulted in input costs rising at the slowest pace since the survey began.<\/p>\n<p><strong>\u201cBusinesses lucky enough to remain open scaled back activity on a massive scale<\/strong>, as many highlighted sharp falls in domestic sales and foreign demand. Firms forced to close unsurprisingly recorded an even steeper decline in output,\u201d said David Owen, economist at IHS Markit.<\/p>\n<p><strong>Supplier delivery time has continued to increase,<\/strong> marking the second month in a row it has gone up since April and the longest wait times seen since October 2017. The slowdown has mostly been attributed to held up stocks at ports.<\/p>\n<p><strong>Raw material shortages<\/strong> have caused an uptick in some raw material prices, despite weak cost increases recorded by IHS but have done little to affect input costs on firms generally. <strong>Inventory levels were \u201cdrastically reduced\u201d<\/strong> for many firms as uncertainty over future demand prevails.<\/p>\n<p><strong>Falling foreign sales and tourism<\/strong> due to airport shutdowns and global travel restrictions contributed to a \u201cmarked decrease\u201d in purchasing activity at the start of the second quarter, spelling trouble for local vendors.<\/p>\n<p><strong>Improving sentiment may limit job losses:<\/strong> Despite the record blow to overall activity, sentiment improved slightly in anticipation of a reopening of the economy and heightened activity in the coming year. \u201cBusiness expectations remain strong \u2026 which may suggest firms will look to retain workforces for when the economy reopens,\u201d said Owen. \u201cThe outlook may darken through should the crisis worsen and measures are extended.\u201d<\/p>\n<p><strong>Saudi Arabia\u2019s economic activity also contracted, albeit at a slower rate in April.<\/strong> The <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/f89a8c6f0ab643838611f22e5a381cd2\">kingdom\u2019s PMI reading (pdf)<\/a> came in at 44.4, inching up modestly from 42.4 in March. Private sector output is still suffering record declines while new orders and employment are struggling to grow.<\/p>\n<p><strong>The UAE\u2019s reading continued to fall for the sixth consecutive month<\/strong>, recording <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/1a94777b0390493d90f848604056e4b9\">a PMI of 44.1 (pdf)<\/a>, down from 45.2 in March. The country has been ailing from significantly reduced business activity since preventive measures against covid-19 have been instituted and optimism over future recovery has reached its most grim in months.<\/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\/activity\/\">Activity<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inventory\/\">inventory<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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\/uae\/\">UAE<\/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=\"571291\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"571292\" 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=\"571292\">\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\/05\/06\/egypt-in-the-news-on-6-may-2020\/\">\r\n                            Egypt in the News on 6 May 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\/05\/06\/egypt-in-the-news-on-6-may-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\/05\/06\/egypt-in-the-news-on-6-may-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\/05\/06\/egypt-in-the-news-on-6-may-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 6 May 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/egypt-in-the-news-on-6-may-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\/05\/06\/egypt-in-the-news-on-6-may-2020\/&title=Egypt in the News on 6 May 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+6+May+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F06%2Fegypt-in-the-news-on-6-may-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\/05\/06\/egypt-in-the-news-on-6-may-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571292\" class=\"content-area-description single-story post-571292 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-gender tag-human-rights tag-ramez-galal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The release of US-Egyptian citizen Reem Dessouky from an Egyptian prison is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c499453-6fda-4b89-8c40-d3ca350388d5\">still<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c499453-6fda-4b89-8c40-d3ca350388d5\"><\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c499453-6fda-4b89-8c40-d3ca350388d5\">getting traction<\/a><\/strong><strong> in the international press: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c499453-6fda-4b89-8c40-d3ca350388d5\">The New York Times reports<\/a> the art teacher renounced her Egyptian citizenship before boarding a plane back to the US on Sunday. <a href=\"https:\/\/www.nytimes.com\/reuters\/2020\/05\/05\/technology\/05reuters-lebanon-telecom.html?searchResultPosition=3\">Al Monitor<\/a> also has the story.<\/p>\n<p><strong>New Ramez prank show beyond a joke: <\/strong>Lawmakers, including Mortada Mansour himself, are lining up calls and complaints to Prime Minister Moustafa Madbouly and the public prosecutor\u2019s office to ban full-time prankster \/ former actor Ramez Galal\u2019s Ramadan show for \u201cinciting violence against women,\u201d <a href=\"https:\/\/uk.reuters.com\/article\/egypt-women-television\/egypt-tv-show-aired-during-ramadan-under-fire-for-insulting-women-idUKL8N2CN48Z\">Reuters reports<\/a>.<\/p>\n<p><strong>Outbreak \u201cadds urgency\u201d to ending arbitrary arrests in Egypt- HRW: <\/strong>The covid-19 pandemic has made it necessary for the US to end its support for Egypt\u2019s security services as prison conditions are \u201cripe for a public health crisis,\u201d <a href=\"https:\/\/www.hrw.org\/news\/2020\/05\/05\/coronavirus-adds-urgency-ending-egypts-detention-and-torture-children\">Human Rights Watch argues<\/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\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramez-galal\/\">Ramez Galal<\/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=\"571293\" 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=\"571293\">\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\">Worth reading<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/what-is-the-r-number-and-how-will-it-determine-when-societies-can-escape-lockdown\/\">\r\n                            What is the \u2018R\u2019 number and how will it determine when societies can escape lockdown?                        <\/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\" 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<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/what-is-the-r-number-and-how-will-it-determine-when-societies-can-escape-lockdown\/\">\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=What is the \u2018R\u2019 number and how will it determine when societies can escape lockdown?&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/what-is-the-r-number-and-how-will-it-determine-when-societies-can-escape-lockdown\/\">\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\/05\/06\/what-is-the-r-number-and-how-will-it-determine-when-societies-can-escape-lockdown\/&title=What is the \u2018R\u2019 number and how will it determine when societies can escape lockdown?\">\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=What+is+the+%E2%80%98R%E2%80%99+number+and+how+will+it+determine+when+societies+can+escape+lockdown%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F06%2Fwhat-is-the-r-number-and-how-will-it-determine-when-societies-can-escape-lockdown%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" 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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"52.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/52.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/52.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571293\" class=\"content-area-description single-story post-571293 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-reading tag-covid-19 tag-enterpriseam tag-pandemic tag-worth-reading wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>What is the <\/strong><strong>\u2018R\u2019 number <\/strong><strong>and how will it determine when societies can escape lockdown?<\/strong> The reproduction \u2014 or \u2018R\u2019 \u2014 number is a measure used by epidemiologists to determine how rapidly a disease spreads through a population. It\u2019s calculated using the average number of new cases generated by an infected person. If the number is below 1, it indicates the virus is contracting while numbers exceeding 1 indicate exponential growth. Politicians are keeping a close eye on the R number and countries who have managed to push the figure below this crucial threshold have slowly begun lifting lockdowns. <a href=\"https:\/\/www.wired.co.uk\/article\/coronavirus-r-number-uk\">Wired<\/a> has the full breakdown on how health experts are using R to track the virus.<\/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\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/worth-reading\/\">worth reading<\/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=\"571298\" 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=\"571298\">\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\/05\/06\/the-market-yesterday-86\/\">\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\/05\/06\/the-market-yesterday-86\/\" 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\/05\/06\/the-market-yesterday-86\/')\">\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\/05\/06\/the-market-yesterday-86\/\">\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=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/the-market-yesterday-86\/\">\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\/05\/06\/the-market-yesterday-86\/&title=The Market Yesterday\">\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=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F05%2F06%2Fthe-market-yesterday-86%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\/05\/06\/the-market-yesterday-86\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571298\" class=\"content-area-description single-story post-571298 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><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): 10,188 (+1.1%)<br \/>\n <strong>Turnover:<\/strong> EGP 689 mn (1% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -27.0%<\/p>\n<p><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session up 1.1%. CIB, the index\u2019s heaviest constituent, ended up 0.9%. EGX30\u2019s top performing constituents were GB Auto up 4.0%, Telecom Egypt up 3.0%, and Ibnsina Pharma up 2.7%. Yesterday\u2019s worst performing stocks were Dice down 6.8%, EFG Hermes down 1.4% and Credit Agricole down 0.8%. The market turnover was EGP 689 mn, and local investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Long | EGP +23.7 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +4.7 mn<br \/>\n <strong>Domestic<\/strong>: Net Short | EGP -28.3 mn<\/p>\n<p><strong>Retail<\/strong>: 65.1% of total trades | 66.2% of buyers | 63.9% of sellers<br \/>\n <strong>Institutions<\/strong>: 34.9% of total trades | 33.8% of buyers | 36.1% of sellers<\/p>\n<hr class=\"grey-line\">\n<p><span style=\"color: #299a0b; font-weight: bold;\">***<br \/>\nPHAROS VIEW<\/span><\/p>\n<\/p>\n<p>xx<\/p>\n<p><p><span style=\"color: #299a0b; font-weight: bold;\">***<\/span><\/p>\n<hr class=\"grey-line\">\n<p><strong>WTI:<\/strong> USD 24.15 (+18.44%)<br \/>\n <strong>Brent:<\/strong> USD 30.31 (+11.43%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 2.14 MMBtu, (+7.38%, Jun 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,707.60 \/ troy ounce (-0.33%)<\/p>\n<p><strong>TASI:<\/strong> 6,710.51 (+1.74%) (YTD: -20.01%)<br \/>\n <strong>ADX:<\/strong> 4,103.82 (+1.63%) (YTD: -19.15%)<br \/>\n <strong>DFM:<\/strong> 1,931.66 (+0.36%) (YTD: -30.14%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,273.81 (+1.76%)<br \/>\n <strong>QE:<\/strong> 8,799.73 (+1.52%) (YTD: -15.59%)<br \/>\n <strong>MSM:<\/strong> 3,493.16 (-0.20%) (YTD: -12.26%)<br \/>\n <strong>BB: <\/strong>1,298.37 (-0.20%) (YTD: -19.36%)<\/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=\"571299\" 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\/05\/06\/571299\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571299\" class=\"content-area-description single-story post-571299 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>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 May (Saturday): Earliest date on which suspension of international flights to \/ from Egypt expires.<\/p>\n<p>23 May (Saturday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/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>31 May (Sunday): <a href=\"https:\/\/hapijournal.com\/2020\/04\/28\/%d8%a2%d8%b1%d8%a7%d8%a8%d9%8a%d8%a7-%d8%a7%d9%86%d9%81%d8%b3%d8%aa%d9%85%d9%86%d8%aa%d8%b3-%d8%ad%d8%ac%d8%b2-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d9%82%d8%a7%d9%87%d8%b1%d8%a9-%d9%84%d9%84%d8%aa-2\/\">A postponed court session<\/a> for the lawsuit filed by Cairo Development and Auto Industry, a subsidiary of Arabia Investment Holding, against Peugeot Automotive to demand EUR 150 mn compensation.<\/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>30 June (Sunday): Anniversary of the June 2013 protests, 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":571274,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-571273","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"aa47106b-a5d2-4e71-82fb-5b37323eddc0","teaser":"","photo_url":"https:\/\/ent.news\/2020\/5\/44.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PMI plunges to record low. 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