{"id":572692,"date":"2020-07-06T03:57:31","date_gmt":"2020-07-06T03:57:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=572692"},"modified":"2025-12-16T08:43:08","modified_gmt":"2025-12-16T08:43:08","slug":"the-1-covid-19-salary-tax-is-one-step-closer-to-becoming-reality","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-1-covid-19-salary-tax-is-one-step-closer-to-becoming-reality\/","title":{"rendered":"The 1% covid-19 salary tax is one step closer to becoming reality"},"content":{"rendered":"<section id=\"572694\" 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=\"572694\">\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\/07\/06\/what-were-tracking-on-6-july-2020\/\">\r\n                            What we\u2019re tracking on 6 July 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\/07\/06\/what-were-tracking-on-6-july-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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At the top of the list yesterday: <strong>A 1% surtax on all gross salaries of more than EGP 2k per month<\/strong> that should go into effect this month. House Speaker Ali Abdel Aal has yet to declare when summer vacation starts, so look for a busy week ahead.<\/p><p><strong>It\u2019s PMI day<\/strong>, with the gauge <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases\">due out here<\/a> at 6:15am, a few minutes after our traditional dispatch time. The contraction in Egypt\u2019s non-oil private sector was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01aa96e1-9ef6-430b-93ef-9e3d81050632\">slightly less catastrophic in May<\/a>, recovering somewhat from the all-time lows seen in April \u2014 the first full month under lockdown restrictions. The hope is that the contraction will have eased further in June as the government started to unwind the lockdown.<\/p><p><strong>The Saudi and Emirati PMIs were out yesterday, and the news was mixed. <\/strong><a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/72514895286442a4acd35e95cd4ae98b\">Business activity<\/a><a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/72514895286442a4acd35e95cd4ae98b\">in KSA (pdf)<\/a> fell at a faster pace in June than it did the month before amid a \u201csustained lack of customer demand.\u201d In the <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/975eb8c670c04f7cae963732ac9bccd0\">Emirates (pdf)<\/a>, business activity \u201crose solidly\u201d in June as demand came back after the lockdown. The one warning sign in the UAE: Cost-cutting is spurring more job cuts.<\/p><p><strong>News triggers coming up <\/strong>over the next few days include <strong>foreign reserves figures<\/strong> for June, which should be out sometime this week, and <strong>inflation data<\/strong> for last month, which is due on Thursday.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2Bwa1SA\">confirmed<\/a><\/strong><strong> 63 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 3,343. Egypt has now disclosed a total of 75,253 confirmed cases of covid-19, after the ministry reported <strong>1,218 new infections<\/strong>. We now have a total of 20,726 cases who have fully recovered.<\/p><p><strong>It\u2019s too early to call this a trend<\/strong>, but both the death and new infection figures are the lowest the nation has seen in weeks.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/ac25-MAY-Ragaa-Al-Giddawy-2-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Famed actress Ragaa El Gedawy passed away yesterday<\/strong> after complications linked to covid-19, her daughter <a href=\"https:\/\/bit.ly\/3gnZ0kI\">confirmed<\/a>. The 82-year-old was receiving medical treatment for over a month. She was an icon of the small screen whose long, storied career also saw her take turns on the catwalk, the theatre, film \u2014 and as a frequent co-host with late night screamer Amr Adib. A one-time model and former Miss Egypt contestant, El Gedawy made her big-screen debut in 1958 with a turn in Ghariba. Adib lauded his friend in a segment last night (<a href=\"https:\/\/www.youtube.com\/watch?v=oybaaHWbs6M\">watch, runtime: 9:12<\/a>).<\/p><p><strong>Information Minister Osama Heikal and his family have fully recovered from <\/strong><strong>covid-19<\/strong>, according to <a href=\"https:\/\/bit.ly\/3gtOLvr\">Al Shorouk<\/a>. Heikal went back to work yesterday after self-isolating at home for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49c27beb-28c8-4d7c-bd05-b2113f428a5d\">two weeks<\/a>. The minister had previously said he was isolating as a precaution, but confirmed yesterday in a talk with Sayed Aly that he had contracted the virus (<a href=\"https:\/\/www.youtube.com\/watch?v=D4zi8VozCN8\">watch, runtime: 1:04:08<\/a>).<\/p><p><strong>Hotels in the Red Sea governorate could bounce back to their normal occupancy <\/strong><strong>rates by March or April of next year<\/strong>, Chairman of the Egyptian Hotels Association in the Red Sea Alaa Akel told <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKBN24606M\">Reuters Arabic<\/a>. Akel expects all 252 hotels in the governorate to receive by October or November the health and safety certificates that allows them to operate under reduced capacity requirements.<\/p><p><strong>Who\u2019s visiting: <\/strong>Tourist arrivals this month will likely come largely from Ukraine, Kazakhstan and Belgium, while Italian and German tourism should pick up towards the end of the summer season, he said.<\/p><p><strong>EFA pushes premier league start date:<\/strong> The Egyptian Football Association (EFA) has <a href=\"https:\/\/bit.ly\/2YYYhRe\">decided<\/a> to push the resumption of the Egyptian Premier League by two weeks to 7 August. Sports Minister Ashraf Sobhi said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6e5a50-7888-42fd-85af-d46ceb2db0af\">last month<\/a> that professional footballers would resume league matches on 25 July. The return to the field hasn\u2019t been smooth sailing for the EFA, with several players <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1f44438-e4e5-45a2-8c0b-181d56f3f112\">getting infected<\/a> with covid-19 and Zamalek FC preemptively <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcefeb8c-dfce-4a69-a3a6-6f48f6f5c240\">pulling out<\/a> of the league. Our take here: <strong>Diehard Zamalkawi need not freak out. <\/strong>Mortada Mansour said as recently as yesterday that the club was \u201cdiscussing\u201d the situation with Sobhi. Zamalek will be on the field when the season begins.<\/p><p><strong>DONATIONS-<\/strong><\/p><p><strong>Egypt is ready to provide covid-19 medical aid, preventative supplies and technical <\/strong><strong>support to Iraq<\/strong>, Health Minister Hala Zayed <a href=\"https:\/\/bit.ly\/2VNWtZu\">said<\/a> during a meeting with the Iraqi Ambassador Ahmed Nayef yesterday.<\/p><p><strong>Tetra Pak Egypt and UNICEF <\/strong>are providing enough personal protective equipment for 1.05k frontline workers for one month, according to <a href=\"https:\/\/bit.ly\/2BHXFXj\">a Tetra Pak statement<\/a>.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/Somabay-July5-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>The UAE is drastically shrinking the size of its government<\/strong> as it looks for ways to bolster finances that have been battered by the covid-19 pandemic. Half of all federal agencies will be merged and three ministers have been appointed specifically to oversee the economy in moves designed to form a more \u201cagile\u201d government, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum announced yesterday. <a href=\"https:\/\/www.ft.com\/content\/b2d8b670-8fd3-41e7-850b-e0c74302805e\">The Financial Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/uae-restructures-government-merges-50-of-federal-agencies?sref=mmeFTDW1\">Bloomberg<\/a> both have the story.<\/p><p><strong>Spain is now resorting to local lockdowns <\/strong>in <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-53291281\">Catalonia<\/a> and <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-53299544\">Galicia<\/a> in response to a spike in cases. Almost 300k people are now back under lockdown in areas of the two provinces, a month after the government eased its draconian restrictions on movement and reopened swathes of the economy.<\/p><p><strong>Goldman downgrades US growth forecasts:<\/strong> Goldman Sachs economists now expect the US economy to shrink 4.6% this year after revising downwards 3Q growth projections, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/goldman-lowers-u-s-gdp-forecast-sees-4-6-contraction-in-2020?srnd=premium-europe&amp;sref=mmeFTDW1\">Bloomberg<\/a> says. The economists forecast the economy to grow 25% quarter-on-quarter in 3Q, down from their previous projection of 33%. This would mean that the economy contracts 4.6% this year, rather than 4.2% as previously expected.<\/p><p><strong>Germany could see its economy gradually recover from the pandemic fallout starting <\/strong><strong>October<\/strong>, making a rebound of over 5% a possibility in 2021, Economy Minister Peter Altmaier said, according to <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-germany-recovery\/german-economy-minister-sees-economic-recovery-from-october-idUSKBN246009\">Reuters<\/a>.<\/p><p><strong>The World Bank has pulled the plug on its second round of so-called \u2018pandemic\u2019 bonds<\/strong> amid criticism that it was too slow to pay out aid, <a href=\"https:\/\/www.ft.com\/content\/949adc20-5303-494b-9cf1-4eb4c8b6aa6b\">the Financial Times<\/a> reports. The bank launched the first iteration of its pandemic bond program three years ago in response to the 2014 Ebola outbreak in Africa, which aimed to channel private-sector funds to the low-income countries battling the disease. It was thought to be planning a second issuance to provide emergency assistance in response to the covid-19 pandemic, but a spokesperson told the salmon-colored paper that there are now \u201cno plans\u201d for a new round. The original program has come under criticism after paying out far too late to be of any assistance to stricken countries, with one global health expert calling it an \u201cawful scheme\u201d that the bank should \u201cdraw a line under.\u201d<\/p><p><strong>GLOBAL MACRO-<\/strong><\/p><p><strong>The global refining industry is faced with \u201ccatastrophic\u201d margins<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/lost-in-oil-s-rally-2-trillion-a-year-refining-industry-crisis?sref=mmeFTDW1\">Bloomberg<\/a> reports, as recovering oil prices have done nothing to offset slumping demand. \u201cA refinery\u2019s economics are ultimately simple: it thrives on the price difference between crude oil and fuels like gasoline, earning a profit that\u2019s known in the industry as a cracking margin,\u201d the business information service notes. Crude oil prices are back from predictions earlier in the crisis that they could hit single-digits, but demand from businesses and consumers for refined products still stinks. <strong>The outlook: Consolidation could be the name of the game<\/strong> for the industry \u2014 particularly if there\u2019s another round of covid-19 shutdowns.<\/p><p><strong><a href=\"https:\/\/www.theguardian.com\/business\/2019\/may\/29\/energy-department-molecules-freedom-fossil-fuel-rebranding\">Molecules of freedom<\/a><\/strong><strong> suffer setback after Dominion Energy bails on gas pipeline, <\/strong><strong>sells natgas assets to Berkshire Hathaway:<\/strong> Dominion Energy \u2014 one of the largest utilities in the US \u2014 announced yesterday that it will sell its entire gas pipeline and storage portfolio to Warren Buffett\u2019s Berkshire Hathaway for USD 4 bn, and cancel its Atlantic gas pipeline due to delays and \u201ccost uncertainty.\u201d Berkshire will acquire more than 7.7k miles of gas pipelines and 900 bcf of gas storage, as well as USD 5.7 bn of debt, in a transaction with an enterprise value of USD 9.7 bn. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/berkshire-hathaway-buys-dominion-gas-assets-in-9-7-billion-deal?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>, <a href=\"https:\/\/www.reuters.com\/article\/us-dominion-m-a-berkshire\/berkshires-energy-unit-to-buy-dominion-energys-gas-transmission-storage-business-idUSKBN2460TN\">Reuters<\/a> and <a href=\"https:\/\/apnews.com\/5e4dec29b0da663e6243a71aea016940\">the Associated Press<\/a> have the story.<\/p><p><strong>Low cost air travel is \u201ceconomically and ecologically irresponsible,\u201d Lufthansa <\/strong><strong>CEO <\/strong>Carsten Spohr said in response to airlines marking down ticket prices to stimulate demand, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-04\/lufthansa-ceo-finds-9-99-euro-flights-irresponsible-nzz-says?srnd=premium-middle-east\">Bloomberg<\/a> reports.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>A Libyan airbase belonging to Turkish-backed forces was yesterday struck by<\/strong> <strong>\u201cforeign jets\u201d<\/strong> allied to the eastern military commander Khalifa Haftar, <a href=\"https:\/\/apnews.com\/0b877b26d9fbc2c5c0f06ae6506f3e64\">the Associated Press<\/a> reports, citing Tripoli-based Libyan officials. The Al Watiya airbase was recently recaptured by the Tripoli-based government in May and is considered to be the most important airbase in western Libya. Haftar\u2019s forces are backed by Egypt, the UAE, Russia and France, while Turkey and Qatar support the Tripoli government.<\/p><p><strong>Rapper Kanye West <\/strong><strong><a href=\"https:\/\/twitter.com\/kanyewest\/status\/1279575273365594112?ref_src=twsrc%5Etfw\">is joining<\/a><\/strong><strong> this year\u2019s US presidential race. No, we\u2019re not joking.<\/strong> If he goes through with it, West\u2019s last-minute bid would require him to qualify for ballot access across 50 states and the District of Columbia, and form an independent political organization in a matter of months, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/kanye-west-says-he-s-running-for-president-and-twitter-explodes?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. West also wouldn\u2019t be on the ballot in a number of key states whose filing deadlines for independent candidates have already passed, such as Texas, New York and North Carolina. <strong>A cynic might draw a link<\/strong> between the announcement and the expectation that the pop culture fixture has a new album due out this year.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue: <\/strong><strong><a href=\"https:\/\/enterprise.press\/blackboards\/really-think-e-learning\/\">You told us what you thought about e-learning<\/a><\/strong><strong>. We took that feedback to schools<\/strong> \u2014 specifically to <strong>CIRA<\/strong> CEO Mohamed El Kalla, <strong>American International School<\/strong> Director Kapono Ciotti, and <strong>GEMS Egypt<\/strong> CEO Ahmed Wahby. They spoke with us on what they are doing to develop their online learning systems for the 2020-21 academic year and how much of your feedback will be taken into account. Spoiler: That will not include tuition cuts or refunds.<\/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\/alaa-akel\/\">Alaa Akel<\/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\/egyptian-drug-authority\/\">Egyptian Drug Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/film\/\">film<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gavi\/\">GAVI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-minister-hala-zayed\/\">Health Minister Hala Zayed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-abdel-ghaffar\/\">Khaled Abdel Ghaffar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/prime-minister-moustafa-madbouly\/\">Prime Minister Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n           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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572696\" 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=\"572696\">\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\/07\/06\/the-death-of-egyptian-actress-ragaa-el-gedawy-tops-talk-show-coverage\/\">\r\n                            The death of Egyptian actress Ragaa El Gedawy tops talk show coverage                        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href=\"https:\/\/api.whatsapp.com\/send?text=The+death+of+Egyptian+actress+Ragaa+El+Gedawy+tops+talk+show+coverage+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F06%2Fthe-death-of-egyptian-actress-ragaa-el-gedawy-tops-talk-show-coverage%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\/07\/06\/the-death-of-egyptian-actress-ragaa-el-gedawy-tops-talk-show-coverage\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572696\" class=\"content-area-description single-story post-572696 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-culture tag-diplomacy tag-energy tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-ethiopia tag-film tag-gerd tag-libya tag-media tag-oil-and-gas tag-politics tag-war 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>The death of Egyptian actress Ragaa El Gedawy dominated the airwaves last night.<\/strong> El Gedawy died in hospital yesterday, 40 days after testing positive for the coronavirus. Ala Mas\u2019ouleety\u2019s Ahmed Moussa <a href=\"https:\/\/www.youtube.com\/watch?v=JpW6P5MpfLE\">(watch, runtime: 3:18)<\/a>, Masaa DMC\u2019s Eman El Hosary <a href=\"https:\/\/www.youtube.com\/watch?v=H9AXaaKeGLs\">( watch, runtime: 2:32)<\/a>, AlKahera Alaan\u2019s Lamees El Hadidi <a href=\"https:\/\/www.youtube.com\/watch?v=HPB7Q-QtCnE\">(watch, runtime: 1:34:00)<\/a>, and El Hekaya\u2019s Amr Adib <a href=\"https:\/\/www.youtube.com\/watch?v=oH8jBPgqXBs\">(watch, runtime: 8:13)<\/a> all featured segments paying homage to the veteran actress.<\/p>\n<p><strong>GERD talks continue to bear little fruit:<\/strong> After three days of emergency talks Egypt and Ethiopia continue to disagrees on 90% of issues relating to the Grand Ethiopian Renaissance Dam (GERD), Irrigation Ministry spokesperson Mohamed El Sebaei told Ala Mas\u2019ouleety\u2019s Ahmed Moussa <a href=\"https:\/\/www.youtube.com\/watch?v=VjzYZ69acXA&feature=youtu.be&t=962\">(watch, runtime: 19:26)<\/a>. Each country held bilateral talks on the critical legal and technical issues blocking a resolution to the dispute during the first two days of the talks, and will continue negotiations in the coming days, El Sebaei said. Masaa DMC\u2019s Eman El Hosary also covered the GERD negotiations <a href=\"https:\/\/www.youtube.com\/watch?v=RYuQnKwH8nM\">(watch, runtime: 2:08)<\/a>.<\/p>\n<p><strong>US ambassador on Libya, GERD: <\/strong>El Kahera Alaan\u2019s Lamees El Hadidi sat down for a wide-ranging interview with US ambassador to Egypt Jonathan Cohen <a href=\"https:\/\/www.youtube.com\/watch?v=Qq3B3AVqiA8\">(watch, runtime: 43:06)<\/a>. Among the highlights:<\/p>\n<p><strong>On military intervention in Libya:<\/strong> Cohen said the US is against any form of foreign interference in Libya, but understands Egypt\u2019s security concerns about recent developments in the conflict. The US is calling for a ceasefire, compliance with the UN arms embargo and a return to UN-led negotiations. \u201cThe US and Egypt are in absolute agreement that there is no military solution to the Libya crisis,\u201d said Cohen.<\/p>\n<p><strong>On the current state of GERD negotiations:<\/strong> Cohen praised Egypt for taking the dispute to the UN Security Council and came out against any moves by Ethiopia to unilaterally begin filling the dam. Although he cautioned that there remains weeks of hard work still to do to reach an agreement, he sounded a note of optimism that there is enough international support to break the deadlock.<\/p>\n<p><strong>Egypt\u2019s potential as a regional energy hub: <\/strong>Egypt shows great potential for becoming a regional player in the energy sector, which has drawn interest from major US companies. During his time as ambassador, he has witnessed the agreement between Egypt and Israel for the gas pipeline run by Noble Energy, and the USD 6 bn agreement Bechtel secured for refining oil near the Suez Canal.<\/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\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/film\/\">film<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/media\/\">media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/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=\"572697\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        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               <\/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\/07\/06\/house-gives-initial-nod-to-covid-19-salary-tax-aims-to-have-it-in-effect-this-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/29.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572698\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/house-gives-initial-nod-to-covid-19-salary-tax-aims-to-have-it-in-effect-this-month\/29-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/29.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"29.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/29.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/29.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572697\" class=\"content-area-description single-story post-572697 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-1-covid-19-tax tag-abdel-sadeq-el-shorbagi tag-account-for-the-repercussions-of-epidemics-and-natural-disasters tag-anti-cheating-bill tag-armed-forces-officers tag-constitutional-oath tag-cyprus tag-dual-taxation-agreement tag-enterpriseam tag-financial-regulatory-authority tag-higher-media-organisation tag-higher-press-organisation tag-house-of-representatives tag-hussein-zein tag-karam-gabr tag-legislation tag-overdraft-for-state-budget tag-public-contracts-act tag-short-term-loans tag-social-welfare tag-speed-round tag-supreme-council-of-the-armed-forces tag-tax 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>LEGISLATION WATCH- House gives initial nod to covid-19 salary tax, aims to have it in effect this month: <\/strong>The House of Representatives has given a preliminary nod to a law that will require companies to deduct 1% from all employees\u2019 monthly salaries and 0.5% from all pensions during FY2020-2021 to help fund the state\u2019s efforts to contain the economic fallout from covid-19, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1994715\">Al Masry Al Youm<\/a> reports. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e8865f7-5cd2-4c12-9ce9-ed5dcdbd6d18\">Announced in May<\/a>, <strong>the temporary, 12-month tax<\/strong> is being put in place by the government to shore up public finances that have been hit by the pandemic and fund its emergency fiscal measures to prop up the economy, which include a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba42bd4-d549-431b-a40b-39e8aa227619\">EGP 100 bn stimulus package<\/a>.<\/p>\n<p><strong>State coffers could take in as much as EGP 8-10 bn <\/strong>from the levy, Finance Minister Mohamed Maait has reportedly said.<\/p>\n<p><strong>All public and private-sector employees will see 1% docked from their salaries as of this month<\/strong> and pensioners will be charged a 0.5% tax on their state pensions. The only people exempt from the charge are those earning a salary or receiving a pension of less than 2k a month or individuals or employees of companies that receive a special dispensation from the cabinet.<\/p>\n<p><strong>Cabinet has wide discretion over the use of the funds<\/strong>, which are to be placed in a special \u201cepidemics and natural disasters\u201d account at the CBE. Funds will be dispensed to support the economy, provide subsidies to impacted workers, offer financial aid to individuals and families specified by the president, develop and maintain the healthcare system, conduct research for preventative and curative care, alongside any other allocations determined by the cabinet.<\/p>\n<p><strong>House approves law to waive late fees on taxes:<\/strong> The House of Representatives has given preliminary approval to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddb3ee90-21ad-4399-b893-acd41317dd44\">bill that waives interest and late penalties on income, value-added and real estate taxes<\/a>, according to <a href=\"https:\/\/bit.ly\/3dYKRJ9\">Al Shorouk<\/a>. The bill waives 90% of the fees if the taxes are paid within two months after it becomes law, 70% if paid within four months, and 50% within six months. Late taxpayers that were able to clear their dues before the temporary law passed received a 100% exemption, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08bafaf5-eb7c-43b6-82cd-9def4ab9ecbb\">cabinet said in May<\/a>.<\/p>\n<p><strong>Amendments to the Public Contracts Act also go preliminary approval yesterday <\/strong>as the House approved in principle changes that would allow the government to make payments it owes to contractors through FRA-licensed non-banking financial service providers, alongside the existing option of paying through banks, <a href=\"https:\/\/bit.ly\/2NWUzBp\">Al Shorouk<\/a> also reported. The changes were approved by the cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32e4b6a5-fdfd-4fa6-8c0d-47d4178a0fae\">earlier this year<\/a>.<\/p>\n<p><strong>Background: <\/strong>The Public Contracts Act (previously known as Auctions and Tenders Act) <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/31\/govt-to-issue-public-contracts-act-executive-regulations-in-six-months\/\">was passed in 2018<\/a>, and had its <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/03\/govt-issues-public-contracts-act-executive-regulation\/\">executive regulations published<\/a> late last year. The act outlines the general framework which governs any contract to which a government entity is party. You can find the full text of <a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/PDF\/Low182_2018.pdf\">the 2018 law here<\/a>.<\/p>\n<p>Also receiving preliminary approval by the House during Sunday\u2019s session:<\/p>\n<ul>\n<li><strong>A <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab47ffc7-cf30-4217-9fe6-5901becb4301\">dual taxation agreement<\/a><\/strong><strong> with Cyprus <\/strong>that includes income and real estate tax in Egypt and covers income tax for individuals and companies and capital gains tax in Cyprus, the <a href=\"https:\/\/www.alborsaanews.com\/2020\/07\/05\/1363552\">local press<\/a> reports.<\/li>\n<li>A draft law to regulate and facilitate access to<strong> short-term loans offered by corporations and civil society groups<\/strong> under the supervision of the Financial Regulatory Authority, <a href=\"https:\/\/bit.ly\/2VO5gua\">Al Mal<\/a>reports.<\/li>\n<li><strong>An \u0650\u0650EGP 80 bn overdraft for the FY2019-2020 state budget, <\/strong>the <a href=\"https:\/\/www.alborsaanews.com\/2020\/07\/05\/1363523\">local press<\/a> reports. It was<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7dd8f2b6-06b5-4500-a5ee-a79006acca53\">required to pay off dues owed by the Electricity Ministry<\/a> to the Oil Ministry and the state pension fund.<\/li>\n<li><strong>An anti-cheating bill <\/strong>that would impose fines and jail time to those found guilty of illegally obtaining and leaking exam materials and automatically fail students caught cheating during exams, according to <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1994771\">Al Masry Al Youm<\/a>.<\/li>\n<li><strong>A draft law prohibiting army officers from seeking public office <\/strong>without approval from the Supreme Council of the Armed Forces received committee-level approval, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=05072020&id=b57e24ec-abc2-44f9-bf72-67b234cc581e\">Al Shorouk<\/a> reports.<\/li>\n<\/ul>\n<p><strong>Final votes on all of the above were postponed <\/strong>due to lack of quorum.<\/p>\n<p><strong>New press and media heads sworn in before the House: <\/strong>The newly appointed head of the Supreme Council for Media Regulation <strong><a href=\"https:\/\/www.elbalad.news\/4393431\">Karam Gabr<\/a><\/strong>, and new head of the National Press Authority <strong><a href=\"https:\/\/www.elbalad.news\/4393451\">Abdel Sadeq El Shorbagi<\/a><\/strong> were sworn in before Parliament on Sunday, Sada El Balad reports. <strong>Hussein Zein<\/strong>, the new head of the National Media Authority was also sworn in, <a href=\"https:\/\/www.elwatannews.com\/news\/details\/4888696\">El Watan<\/a> reports.<\/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\/1-covid-19-tax\/\">1% covid-19 tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n     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      <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\/07\/06\/egypt-in-the-news-on-6-july-2020\/\">\r\n                            Egypt in the News on 6 July 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\/07\/06\/egypt-in-the-news-on-6-july-2020\/\" 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tag-egypt-in-the-news tag-enterpriseam tag-gender tag-giulio-regeni tag-human-rights tag-journalism tag-politics tag-security wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Human rights are once again at the center <\/strong>of the conversation on Egypt in the international press this morning. The <a href=\"https:\/\/www.ft.com\/content\/01173f46-14cd-4b34-9497-1a0968f3a2ea\">Financial Times<\/a>\u2019 Middle East editor Andrew England and <a href=\"https:\/\/www.independent.co.uk\/independentpremium\/voices\/egypt-arrests-prison-human-rights-activists-a9602666.html\">the<\/a><a href=\"https:\/\/www.independent.co.uk\/independentpremium\/voices\/egypt-arrests-prison-human-rights-activists-a9602666.html\">Independent\u2019s<\/a> Bel Trew recap what they say is a clampdown on dissent in the time of covid.<\/p>\n<p><strong>Canadian citizen Yasser Albaz has been released from pre-trial detention<\/strong> and returned to Canada on Thursday, according to <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL1N2E9132\">Reuters<\/a>. Albaz was arrested last year at Cairo International Airport. Canada\u2019s <a href=\"https:\/\/www.cbc.ca\/news\/politics\/canadian-released-egypt-1.5635037\">CBC<\/a> and <a href=\"https:\/\/www.ctvnews.ca\/canada\/canadian-returns-home-after-nearly-500-days-in-egyptian-prison-without-charges-1.5008258\">CTV<\/a> also picked up the story.<\/p>\n<p><strong>Italy is unhappy with progress on the case of murdered Italian researcher<\/strong><strong> Giulio Regeni<\/strong>: President of the Italian Parliament Roberto Fico described the current state of affairs as a \u201cpunch in the face\u201d of Italy on Friday, according to <a href=\"https:\/\/apnews.com\/0e2bffda0c959e61acfa0e4c0e8ba565\">the Associated Press<\/a>.<\/p>\n<p><strong>The arrest of a 22-year-old man for allegedly assaulting, harassing and<\/strong><strong> blackmailing 100+ women<\/strong> over the past several years is being picked up by <a href=\"https:\/\/www.thenational.ae\/world\/mena\/egypt-arrests-alleged-serial-sexual-predator-after-online-outrage-1.1044218\">the National<\/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\/canada\/\">Canada<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giulio-regeni\/\">Giulio Regeni<\/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\/journalism\/\">journalism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/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=\"572715\" 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=\"572715\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/the-market-yesterday-122\/\">\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\/07\/06\/the-market-yesterday-122\/\" 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\/07\/06\/the-market-yesterday-122\/')\">\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\/07\/06\/the-market-yesterday-122\/\">\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\/07\/06\/the-market-yesterday-122\/\">\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\/07\/06\/the-market-yesterday-122\/&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%2F07%2F06%2Fthe-market-yesterday-122%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\/07\/06\/the-market-yesterday-122\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572715\" class=\"content-area-description single-story post-572715 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 16.04 | Sell 16.14<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 16.09 | Sell 16.19<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 16.05 | Sell 16.15<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 10,959 (+1.8%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.1 bn (33% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -21.5%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session up 1.8%. CIB, the index\u2019s heaviest constituent, ended up 1.9%. The EGX30\u2019s top performing constituents were Porto Group up 9.9%, Sidi Kerir Petrochemicals up 6.1%, and Orascom Investment Holding up 5.9%. Yesterday\u2019s worst performing stocks were Credit Agricole down 1.3%, Ibnsina Pharma down 1.2% and CIRA down 0.2%. The market turnover was EGP 1.1 bn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -7.8 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -2.0 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP -+9.8 mn<\/p>\n<p><strong>Retail<\/strong>: 81.4% of total trades | 80.4% of buyers | 82.4% of sellers<br \/>\n <strong>Institutions<\/strong>: 18.6% of total trades | 19.6% of buyers | 17.6% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 40.32 (-0.81%)<\/p>\n<p><strong>Brent:<\/strong> USD 42.80 (-0.79%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 1.75 MMBtu, (+0.92%, August 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,787.30 \/ troy ounce (-0.15%)<\/p>\n<p><strong>TASI:<\/strong> 7,388 (+1.04%) (YTD: -11.93%)<br \/>\n <strong>ADX:<\/strong> 4,303 (-0.18%) (YTD: -15.21%)<br \/>\n <strong>DFM:<\/strong> 2,062 (+0.03%) (YTD: -25.42%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,624 (+0.44%)<br \/>\n <strong>QE:<\/strong> 9,187 (-0.27%) (YTD: -11.88%)<br \/>\n <strong>MSM:<\/strong> 3,508 (-0.09%) (YTD: -11.87%)<br \/>\n <strong>BB:<\/strong> 1,277 (+0.25%) (YTD: -20.66%)<\/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=\"572716\" 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\/07\/06\/572716\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572716\" class=\"content-area-description single-story post-572716 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>23 July (Thursday): 23 July revolution anniversary, national holiday.<\/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>11-12 August (Tuesday-Wednesday): Senate elections take place.<\/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>8 September (Tuesday): Postponed court session to decide on Raya\u2019s Chairman and CEO Medhat Khalil appeal against a EGP 110 mn fine after the Financial Regulatory Authority filed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19306c1c-9e10-41bd-9506-75dc59135ede\">lawsuit<\/a> against Khalil<\/p>\n<p>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/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>6 October (Tuesday): Armed Forces Day.<\/p>\n<p>8 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>23-31 October (Friday-Saturday): Updated dates for <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/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<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May (Monday): Sham El Nessim.<\/p>\n<p>6 May (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>10 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>22 July (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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":572693,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-572692","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"aaf00378-bef2-45be-acb7-fcdd3f15f593","teaser":"","photo_url":"https:\/\/ent.news\/2020\/7\/27.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The 1% covid-19 salary tax is one step closer to becoming reality - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-1-covid-19-salary-tax-is-one-step-closer-to-becoming-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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