{"id":574544,"date":"2020-09-14T04:12:05","date_gmt":"2020-09-14T04:12:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=574544"},"modified":"2025-12-16T09:45:44","modified_gmt":"2025-12-16T09:45:44","slug":"stc-vodafone-group-vow-to-continue-acquisition-talks-as-deadline-passes-without-agreement","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/stc-vodafone-group-vow-to-continue-acquisition-talks-as-deadline-passes-without-agreement\/","title":{"rendered":"STC, Vodafone Group vow to continue acquisition talks as deadline passes without agreement"},"content":{"rendered":"<section id=\"574546\" 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=\"574546\">\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\/09\/14\/what-were-tracking-on-14-september-2020\/\">\r\n                            What we\u2019re tracking on 14 September 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\/09\/14\/what-were-tracking-on-14-september-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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President Abdel Fattah El Sisi will appoint the remaining 100 members of the 300-seat Senate after the final results of the votes are announced.<\/p><p><strong>It\u2019s a great week for our fellow tech nerds: <\/strong>Sony will unveil today its <a href=\"https:\/\/www.mirrorlessrumors.com\/first-leaked-image-of-the-new-sony-a7c\/\">much-leaked A7C<\/a><a href=\"https:\/\/www.mirrorlessrumors.com\/first-leaked-image-of-the-new-sony-a7c\/\">full-frame camera<\/a>, Apple has an <a href=\"https:\/\/www.apple.com\/apple-events\/\">event tomorrow<\/a>, and on Wednesday you can expect Sony to <a href=\"https:\/\/www.theverge.com\/2020\/9\/12\/21433743\/sony-playstation-5-event-september-16th\">talk PS5<\/a> while Nikon takes the wraps off a 50mm prime and a 50mm f\/1.2 and a 14-24 f\/2.8, both for its new Z mount.<\/p><p><strong>MORNING MUST READ- Half a century later, the jury is still out on how well the economic <\/strong><strong>theory that led to \u201cgreed is good\u201d<\/strong><strong> has aged:<\/strong> 50 years ago yesterday, economist Milton Friedman penned <a href=\"https:\/\/www.nytimes.com\/1970\/09\/13\/archives\/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html\">an essay<\/a> for the New York Times Magazine on how businesses\u2019 main objective should be maximizing profits \u2014 and that money spent on social responsibility is money taken out of stakeholders\u2019 pockets. Now, the contemporary corporate community is split on whether the Nobel laureate\u2019s ideas are still applicable, particularly as social responsibility has become \u201cin vogue among CEOs.\u201d Read the NYT Dealbook\u2019s series on Friedman\u2019s essay, which includes commentary from Dealbook founder and CNBC host <a href=\"https:\/\/www.nytimes.com\/2020\/09\/11\/business\/dealbook\/milton-friedman-anniversary-sorkin-essay.html\">Andrew Ross Sorkin<\/a> as well as from <a href=\"https:\/\/www.nytimes.com\/2020\/09\/11\/business\/dealbook\/milton-friedman-free-markets.html\">Kurt Andersen<\/a> and <a href=\"https:\/\/www.nytimes.com\/2020\/09\/11\/business\/dealbook\/milton-friedman-doctrine-social-responsibility-of-business.html\">a poll<\/a> of big corporate CEOs on where they stand.<\/p><p><strong>It\u2019s (virtual) conference month:<\/strong><\/p><ul>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/bit.ly\/3lwijfc\">Chemical Industries Export Council<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/expolink.org\/\">Expolink<\/a><\/strong><strong> will organize a <\/strong><strong><a href=\"https:\/\/bit.ly\/3kBMjWw\">virtual conference<\/a><\/strong> to discuss export options for Egyptian chemical exporters in Kenya and Uganda that takes place today and tomorrow. Also on the agenda: Reports that Kenya is slapping a 25% duty on some Egyptian exports in violation of the Comesa trade pact.<\/li>\n<li><strong><a href=\"https:\/\/talentsarena.net\/\">Talents Arena<\/a><\/strong><strong> will host Egypt\u2019s first tech job fair<\/strong> which will be held online on 19 September under the banner <a href=\"https:\/\/bit.ly\/2YPG5sM\">JobStack<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/gafi.gov.eg\/English\/Pages\/default.aspx\">GAFI<\/a><\/strong><strong> is hosting <\/strong><strong><a href=\"https:\/\/bit.ly\/3kOkVVq\">a virtual meeting<\/a><\/strong><strong> with the <\/strong><strong><a href=\"https:\/\/aegypten.ahk.de\/en\/\">Arab-German Chamber of Commerce and Industry<\/a><\/strong> and some 120 German companies to discuss investment prospects in Egypt sometime this month.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2RppKa4\">reported<\/a><\/strong><strong> 153 new covid-19 infections yesterday<\/strong>, up from 148 the day before. Egypt has now disclosed a total of 101,009 confirmed cases of covid-19. The ministry also reported 21 new deaths, bringing the country\u2019s total death toll to 5,648. We now have a total of 84,161 confirmed cases that have fully recovered.<\/p><p><strong>International visitors to Luxor arriving on charter flights will now be able to take PCR <\/strong><strong>tests on <\/strong><strong>arrival<\/strong>, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=13092020&amp;id=8c8888f1-80c9-4595-9097-f1c92cd07576\">Al Shorouk<\/a> reports. It joins Hurghada, Sharm El Sheikh, Marsa Alam and Taba as the only airports offering tests on arrival.<\/p><p><strong>Are wedding parties about to make a comeback?<\/strong> The government is considering allowing the resumption of wedding parties at hotels, <a href=\"https:\/\/www.elwatannews.com\/news\/details\/4978372\">El Watan<\/a> reports, citing a Tourism Ministry official. Prime Minister Moustafa Madbouly is expected to issue the decision later this week, which would see hotels able to host weddings provided they do not exceed 50% capacity. Public wedding celebrations have been banned since the government first introduced lockdown measures at the end of March. Head of the Federation of Tourism Chambers Hossam El Shaer told El Hekaya\u2019s Amr Adib that the move would be seen favorably by the industry, which has suffered drastic covid-induced drops in hotel occupancy rates <a href=\"https:\/\/www.youtube.com\/watch?v=MOZEGm9jgxk\">(watch, runtime: 5:34)<\/a>..<\/p><p><strong>Covid news from the region:<\/strong><\/p><p><strong>Saudi Arabia will lift restrictions on some international flights starting tomorrow <\/strong>to allow travel for \u201cexceptional categories\u201d of people to travel, such as public and military sector employees, diplomats, patients who require treatment abroad, overseas students and sports teams, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-saudi-travel\/saudi-arabia-to-lift-some-international-flight-restrictions-on-september-15-idUSKBN2640OS\">Reuters<\/a> reports. The kingdom will lift all travel restrictions for all citizens on 1 January 2021.<\/p><p><strong>Israel is heading into its second lockdown<\/strong> after a botched reopening caused a new surge in covid cases, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-13\/israel-to-enter-second-virus-lockdown-after-bungled-reopen?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/4f06079a-b229-47e4-bf51-0fa1799b8ed8\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/US-listings_Sept2020_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Next week is set to be the biggest for US software listings since Uber\u2019s offering last year. <\/strong>Cloud software company Snowflake is set to rake in USD 2.2 bn, video game software company Unity will raise USD 950 mn, and Sumo Logic, another data software platform, will raise USD 281 mn, the <a href=\"https:\/\/www.ft.com\/content\/4f06079a-b229-47e4-bf51-0fa1799b8ed8\">Financial Times<\/a> reports, citing data provider Refinitiv. The companies are among a dozen IPOs set to raise a total of USD 6.8 bn, as companies capitalize on the market\u2019s insatiable appetite for tech stocks.<\/p><p><strong>TikTok owner ByteDance and US tech company Oracle have come up with a fudge that <\/strong><strong>just might save the Chinese social media firm from being banned in the US.<\/strong> ByteDance has reportedly given up on the idea of selling its US arm and is instead gunning for an agreement with Oracle that would see the US tech firm take over the management of its user data and acquire a stake in its US unit in a bid to assuage authorities that it does not pose a security threat, <a href=\"https:\/\/www.reuters.com\/article\/us-china-bytedance-tiktok-oracle\/bytedance-drops-tiktoks-u-s-sale-to-partner-with-oracle-sources-idUSKBN265000\">Reuters<\/a> reports, citing people familiar with the matter. An agreement with Microsoft seemed to be in the cards after the Trump administration forced the Chinese company to exit the country, but retaliatory export controls from Beijing effectively killed the possibility of a sale.<\/p><p><strong>Those two blockbuster M&amp;As we mentioned yesterday are now sealed:<\/strong><\/p><ul>\n<li>Japanese tech conglomerate SoftBank has <strong>sold UK chip designer Arm Holdings<\/strong> to US chip manufacturer Nvidia for USD 40 bn, <a href=\"https:\/\/www.ft.com\/content\/070f4781-0c9c-4d50-8589-77fde85aae4e\">the Financial Times<\/a> reports.<\/li>\n<li>Gilead Sciences has reached a final agreement to <strong>acquire biotech firm Immunomedics<\/strong> for USD 21 bn, <a href=\"https:\/\/www.wsj.com\/articles\/gilead-nears-deal-to-buy-immunomedics-for-more-than-20-billion-11599936777\">the Wall Street Journal<\/a> reports.<\/li>\n<\/ul><p><strong>Jordan's Capital Bank has begun due diligence to acquire Bank Audi's Iraq and <\/strong><strong>Jordan arms<\/strong>, <a href=\"https:\/\/reut.rs\/3mkWUpR\">Reuters<\/a>reports. Lebanese banks have sought to scale back their overseas operations since the country\u2019s financial crisis, and First Abu Dhabi Bank is reportedly planning to re-enter talks to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23918bcf-5e12-4ca5-b57e-940723993ef5\">acquire Bank Audi\u2019s Egypt assets<\/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\/9\/SOMA-ENTERPRISE-September-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>OPEC and its allies will have a lot to think about when they meet on Thursday<\/strong>, as the recent rebound in oil demand shows signs of faltering. Prices fell beneath USD 40\/bbl for the first time since June last week as covid-19 continues to hit demand for fuel and concerns about a weak economic recovery rise. This may mean that the Saudi-led cartel and its Russian allies have to reconsider their decision to begin to reverse the huge supply cuts agreed earlier this year in order to put a floor underneath the market, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-12\/opec-bid-to-rescue-oil-market-falters-as-demand-recovery-stalls?sref=mmeFTDW1\">Bloomberg<\/a> says.<\/p><p><strong>Tensions in the Eastern Mediterranean are starting to cool<\/strong> after Turkey withdrew its survey vessel from contested waters on Sunday, according to <a href=\"https:\/\/www.reuters.com\/article\/us-greece-turkey-pm\/greek-pm-welcomes-return-of-turkish-vessel-to-base-calls-it-positive-first-step-idUSKBN2640D4?il=0\">Reuters<\/a>. Greek Prime Minister Kyriakos Mitsotakis called the move a \u201cpositive first step\u201d and raised the prospect that Athens may now be willing to resume diplomatic talks.<\/p><hr class=\"grey-line\"><p><strong>Egyptian businessman Ahmed El Zayat \u2014 the owner of the Triple Crown-winning horse <\/strong><strong>American Pharoah \u2014 has filed for Chapter 7 bankruptcy in the US <\/strong>to pay off some USD 19 mn in debts to hundreds of creditors, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-09\/american-pharoah-s-owner-zayat-files-for-personal-bankruptcy?sref=mmeFTDW1\">Bloomberg<\/a> reports. The creditors include horse trainers and breeders that provided services in the run-up to American Pharoah laying claim to the Triple Crown in 2015, whom he owes some USD 600k. Court filings show that Zayat\u2019s USD 4 mn New Jersey stables have been declared insolvent and are now being liquidated to compensate lenders. El Zayat rose to fame in Egypt as he acquired, turned around and sold Ahram Beverages to Heineken in the early 2000s.<\/p><hr class=\"grey-line\"><p><strong>US ELECTION WATCH- The Biden campaign is about to receive a healthy financial injection <\/strong><strong>that could swing one of the most important battleground states:<\/strong> Bn\u2019aire and former presidential candidate Michael Bloomberg will pump USD 100 mn into the Biden campaign\u2019s push to win Florida, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-13\/michael-bloomberg-to-spend-100-million-in-florida-to-help-biden?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a>reports. The money will be spent on efforts to boost voter turnout and increase Biden\u2019s popularity among Hispanics, while allowing the Democratic Party to divert funds to other states.<\/p><p><strong>Meanwhile, the Donald takes his campaign trail to California today<\/strong> amid devastating wildfires that show no signs of abating, <a href=\"https:\/\/www.ft.com\/content\/3b4930bf-7ea5-46b0-9b76-e7229e7dd246\">the Financial Times<\/a> reports.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We speak with Amira Kazem, senior operations officer at the World Bank, about how the bank has responded to the covid crisis and how it will affect Egypt\u2019s education system over the long term.<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/christine-lagarde\/\">Christine Lagarde<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/house-elections-covid-19-vaccine-trials-and-nile-flooding-top-stories-on-talk-shows\/\">\r\n                            House elections, covid-19 vaccine trials and Nile flooding top stories on talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <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\/09\/14\/house-elections-covid-19-vaccine-trials-and-nile-flooding-top-stories-on-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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                               <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574548\" class=\"content-area-description single-story post-574548 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-building-code tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-house-of-representatives tag-politics tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a mixed bag of nuts on the talk shows last night:<\/strong> The talking heads gave us more coverage of the government\u2019s move to reduce fines for building violations and the upcoming covid vaccine trials, as well as info on the upcoming parliamentary elections and the plans to prevent Nile flooding.<\/p>\n<p><strong>National List for Egypt convenes ahead of House elections: <\/strong>Al Hayah Al Youm\u2019s Lobna Assal highlighted the meeting of the National List for Egypt, which consists of around 12 parties that ran in the Senate election under one list, headed by the pro-government Mostaqbal Watan Party. They convened yesterday to discuss forming another unified list to run in the House of Representatives elections next month <a href=\"https:\/\/www.youtube.com\/watch?v=jXgafCqQmUw&t=83s\">(watch, runtime: 2:52)<\/a>. Masaa DMC\u2019s Eman El Hosary also covered the gathering, speaking with member Mahmoud El Qott, who talked up the breadth of views and ideologies within the organization and its influence on regular citizens <a href=\"https:\/\/www.youtube.com\/watch?v=sk7AqBKiHO4&t=75s\">(watch, runtime: 2:34)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=-JX48uSx8nk&t=26s\">(watch, runtime: 3:07)<\/a>.<\/p>\n<p><strong>Covid-19 vaccine trials: <\/strong>El Hosary phoned Ihab Kamal, the director-general of the Health Ministry\u2019s fever department, who discussed conditions to volunteer for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e856c0fd-6727-4e9c-b5f0-e4881dc73660\">covid-19 vaccine trials<\/a>. Participants must be over 18 years-old and must not have any chronic conditions or have previously contracted covid-19 <a href=\"https:\/\/www.youtube.com\/watch?v=ppPJAa_doyI\">(watch, runtime: 8:00)<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Gov\u2019t cuts fines for illegal construction in new cities: <\/strong>El Hekaya\u2019s Amr Adib spoke with Nafisa Hashem, who heads the Reconciliation Law Inquiries Committee, to discuss fines for illegal construction in new cities, which the Housing Ministry <a href=\"https:\/\/bit.ly\/2FxI3Hw\">yesterday reduced<\/a> by 15-25% to encourage citizens to reconcile with the state <a href=\"https:\/\/www.youtube.com\/watch?v=kjZkr3wQfuM\">(watch, runtime: 5:20)<\/a>. People settling violations in New Cairo and Sheikh Zayed will see their fines cut by 15%, El Shorouk and Sixth of October will be reduced by 20%, and buildings in another 24 new cities will receive a 25% discount. This comes a day after the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c963a495-4348-4831-bbd5-bf4438719893\">slashed fines<\/a> by up to 70% in 23 governorates, and cut them to EGP 50 \/ sqm for buildings in rural areas.<\/p>\n<p><strong>Preparations ahead of Nile flooding: <\/strong>Adib spoke with Irrigation Ministry spokesperson Mohamed El Sebaei, who discussed the ministry\u2019s efforts to get ahead of any possible Nile flooding which at this stage is limited to monitoring water levels. El Sebaei also mentioned that Egypt has submitted its statement on the latest Grand Ethiopian Renaissance Dam talks to the African Union ahead of the next round of negotiations <a href=\"https:\/\/www.youtube.com\/watch?v=zFVebpKakfE\">(watch, runtime: 4:16)<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/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\/vaccines\/\">vaccines<\/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=\"574549\" 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=\"574549\">\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\/09\/14\/stc-vodafone-group-vow-to-continue-acquisition-talks-after-deadline-expires-without-agreement\/\">\r\n                            STC, Vodafone Group vow to continue acquisition talks after deadline expires without agreement                        <\/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        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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/154.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"154.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/154.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/154.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574549\" class=\"content-area-description single-story post-574549 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-cit tag-covid-19 tag-enterpriseam tag-investment-watch tag-ma-watch tag-saudi-telecom-company tag-speed-round tag-vodafone-group 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>M&A WATCH- STC, Vodafone Group vow to continue acquisition talks after deadline e<\/strong><strong>xpires without agreement:<\/strong> Saudi Telecom Company (STC) has failed to reach an agreement with Vodafone Group to acquire its 55% stake in Vodafone Egypt after the deadline set by an MoU signed in January expired yesterday, STC said in <a href=\"https:\/\/bit.ly\/3bXjKiy\">a statement<\/a> to the Saudi stock exchange. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba1a2dd4-f3e5-4b3b-b5ed-e1e0b0962179\">Local press reports<\/a> last week suggested that the two companies had reached a preliminary agreement on a reduced valuation, but STC yesterday said that negotiations failed to find a breakthrough \u201cdue to misalignment with relevant parties.\u201d Vodafone initially received a USD 2.39 bn non-binding offer for the majority stake, valuing the company at USD 4.4 bn. Cash-strapped Vodafone Plc was reportedly open to fielding a lower offer after STC came under pressure amid slumping oil prices and the covid-19 pandemic.<\/p>\n<p><strong>This isn\u2019t the first time proceedings have been delayed: <\/strong>The two companies twice extended the MoU signed in January: a 90-day extension was agreed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/028d38e3-22fe-4223-98b6-7b964d0ec588\">in April<\/a> and a further 60-day postponement occurred <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55185faa-76f8-436d-8e6e-b77835956f33\">in mid-July<\/a> due to \u201clogistical challenges\u201d resulting from the pandemic. The Financial Regulatory Authority has also said it could compel STC to submit a mandatory tender offer for the remaining 45% of the company should the acquisition be completed. This would nearly double the cost of the acquisition, and had caused STC to return to the drawing board and reassess its calculations, <a href=\"https:\/\/bit.ly\/33nEj3H\">Youm7<\/a> reports, citing an unnamed source.<\/p>\n<p><strong>This isn\u2019t over:<\/strong> Both companies said that talks will continue, despite the expiry of the MoU. Vodafone \u201cremains in discussions with STC to finalize the transaction in the near future\u201d and \u201clooks to STC and Telecom Egypt (TE) to find a suitable agreement to enable the transaction to close,\u201d Vodafone said in a statement picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-13\/saudi-telecom-ends-mou-to-buy-vodafone-egypt-stake-without-deal?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d273baa8-ff58-4fd9-ad79-4d3c46089dac\">Reports suggested<\/a> last week that STC could move to finalize the transaction at the end of the year, giving it enough time to submit the offer and get regulatory approval.<\/p>\n<p><strong>TE is in \u201cwait and see\u201d mode:<\/strong> Telecom Egypt holds a remaining 44.8% stake in Vodafone Egypt and has the right to exercise its right of first refusal and lodge a bid for the 55% stake held by the UK company. The state-owned firm said it had not been approached by either company and is still considering its options in a <a href=\"http:\/\/ir.te.eg\/en\/CorporateNews\/PressRelease\/130\/Telecom-Egypt-s-position-in-relation-to-the-expiration-of-the-MoU-between-Vodafone-Group-STC\">statement<\/a>. Vodafone sources have said that the company doesn\u2019t believe TE will move forward with a counter offer and is in fact more likely to sell its stake given its current debt position. TE\u2019s share price slid by 5.85% during trading yesterday following news that the MoU between STC and Vodafone had expired without a sale.<\/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\/cit\/\">CIT<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-telecom-company\/\">Saudi Telecom Company<\/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\/vodafone-group\/\">Vodafone Group<\/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=\"574564\" 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=\"574564\">\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\/09\/14\/egypt-in-the-news-on-14-september-2020\/\">\r\n                            Egypt in the News on 14 September 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\/09\/14\/egypt-in-the-news-on-14-september-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\/09\/14\/egypt-in-the-news-on-14-september-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\/09\/14\/egypt-in-the-news-on-14-september-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 14 September 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/egypt-in-the-news-on-14-september-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\/09\/14\/egypt-in-the-news-on-14-september-2020\/&title=Egypt in the News on 14 September 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+14+September+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F14%2Fegypt-in-the-news-on-14-september-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\/09\/14\/egypt-in-the-news-on-14-september-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574564\" class=\"content-area-description single-story post-574564 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning in the pages of the foreign press:<\/strong> Four policemen have been detained pending investigations into the death of a 26-year-old man in custody earlier this month, <a href=\"https:\/\/apnews.com\/a3674dfa8495c037be9405377db9292c\">the Associated Press<\/a> reports. The man was pronounced dead due to heart failure a day after his arrest. Prosecutors have ordered a forensic examination to confirm the cause of death. A journalist for a local news site who reported on the death was separately <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4be050a-28f1-4fd3-9bf3-2c60abb8d301\">arrested on charges of spreading false news<\/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\/human-rights\/\">human rights<\/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=\"574565\" 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=\"574565\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/diplomacy-foreign-trade-on-14-september-2020\/\">\r\n                            Diplomacy + Foreign Trade on 14 September 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\/09\/14\/diplomacy-foreign-trade-on-14-september-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\/09\/14\/diplomacy-foreign-trade-on-14-september-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\/09\/14\/diplomacy-foreign-trade-on-14-september-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=Diplomacy + Foreign Trade on 14 September 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/diplomacy-foreign-trade-on-14-september-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\/09\/14\/diplomacy-foreign-trade-on-14-september-2020\/&title=Diplomacy + Foreign Trade on 14 September 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=Diplomacy+%2B+Foreign+Trade+on+14+September+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F14%2Fdiplomacy-foreign-trade-on-14-september-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\/09\/14\/diplomacy-foreign-trade-on-14-september-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574565\" class=\"content-area-description single-story post-574565 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-comesa tag-diplomacy-foreign-trade tag-egyptian-food-bank tag-enterpriseam tag-faragalla-group tag-federation-of-egyptian-industries tag-kenya tag-mostafa-mahmoud-foundation tag-sudan tag-trade-and-industry-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Topping diplomatic coverage this morning:<\/strong> The Kenyan government will move to impose a 25% customs duty on some Egyptian exports in violation of the Comesa trade agreement, which it says it will no longer abide by, <a href=\"https:\/\/bit.ly\/3hnAvUT\">Hapi Journal<\/a> reports, citing unnamed sources familiar with the matter. Egypt\u2019s Trade and Industry Ministry is asking the prime minister\u2019s office to send a delegation to Kenya to address the issue. The ministry will also be holding an emergency session with the Federation of Egyptian Industries to discuss the matter.<\/p>\n<p><strong>Egypt could impose retaliatory measures on Kenya<\/strong>, which would only serve to harm the two countries\u2019 trade relations, House Industry Committee chief and Faragalla Group head Rep. Mohamed Farag Amer told <a href=\"https:\/\/bit.ly\/3mkwpR6\">Hapi Journal<\/a>. Amer \u2014 who has business interests in Kenya \u2014 urged the government to pursue negotiations instead.<\/p>\n<p><strong>Foreign Minister Sameh Shoukry held a meeting with his Armenian counterpart <\/strong><strong>Foreign Minister Zohrab Mnatsakanyan<\/strong>, the Foreign Ministry said in a statement (<a href=\"https:\/\/www.youtube.com\/watch?v=YPxkqyzc44c&feature=youtu.be&fbclid=IwAR1BDJuJLO2dvILG02_W3A8U9L7WfHY7XxsurTlI7s1BhTnSknvVV19q5fU\">watch, runtime: 24:34<\/a>). Shoukry used the occasion to reiterate that Egypt\u2019s threat to intervene in Libya is designed to bring stability to the country and work towards a political solution.<\/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\/comesa\/\">COMESA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-food-bank\/\">Egyptian Food Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/faragalla-group\/\">Faragalla Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federation-of-egyptian-industries\/\">Federation of Egyptian Industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kenya\/\">Kenya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mostafa-mahmoud-foundation\/\">Mostafa Mahmoud Foundation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/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=\"574569\" 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=\"574569\">\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\/09\/14\/the-market-yesterday-167\/\">\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\/09\/14\/the-market-yesterday-167\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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CIB, the index\u2019s heaviest constituent, ended up 0.4%. EGX30\u2019s top performing constituents were Cleopatra Hospital up 4.3%, Ezz Steel up 3.7%, and Orascom Construction up 3.7%. Yesterday\u2019s worst performing stocks were Telecom Egypt down 5.8%, Ibnsina Pharma down 0.9% and Orascom Development Egypt down 0.9%. The market turnover was EGP 950 mn, and local investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net long | EGP +34.8 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +22.3 mn<br \/>\n <strong>Domestic<\/strong>: Net short | EGP -57.1 mn<\/p>\n<p><strong>Retail<\/strong>: 85.3% of total trades | 85.2% of buyers | 85.4% of sellers<br \/>\n <strong>Institutions<\/strong>: 14.7% of total trades | 14.8% of buyers | 14.6% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 37.33 (+0.08%)<\/p>\n<p><strong>Brent:<\/strong> USD 39.83 (-0.57%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.27 MMBtu, (-2.32%, October contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,947.90 \/ troy ounce (-0.83%)<\/p>\n<p><strong>TASI:<\/strong> 8,203 (+0.84%) (YTD: -2.21%)<br \/>\n <strong>ADX:<\/strong> 4,510 (-0.20%) (YTD: -11.15%)<br \/>\n <strong>DFM:<\/strong> 2,274 (+0.17%) (YTD: -17.74%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,854 (+0.32%)<br \/>\n <strong>QE:<\/strong> 9,878 (+1.17%) (YTD: -5.25%)<br \/>\n <strong>MSM:<\/strong> 3,691 (+0.15%) (YTD: -7.27%)<br \/>\n <strong>BB: <\/strong>1,398 (+0.63%) (YTD: -13.15%)<\/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=\"574570\" 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\/09\/14\/574570\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574570\" class=\"content-area-description single-story post-574570 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>September: <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/egypt-gets-its-first-federation-for-securities\/#:~:text=Egypt%20gets%20its%20first%20federation%20for%20securities%3A%20The%20Financial%20Regulatory,securities%2C%20according%20to%20a%20statement.\">The Egyptian Federation for Securities<\/a> will hold elections for its board of directors after they were <a href=\"https:\/\/bit.ly\/3hpX2Bp\">postponed<\/a> in March due to the lockdown.<\/p>\n<p>September: The General Authority for Investment (GAFI) <a href=\"https:\/\/bit.ly\/3kOkVVq\">will host<\/a> a virtual meeting with the Arab-German Chamber of Commerce and Industry and some 120 German companies to discuss investment prospects in Egypt.<\/p>\n<p>14 September (Monday): Postponed EU-China summit in Leipzig to be held as a video conference, <a href=\"https:\/\/www.scmp.com\/news\/china\/diplomacy\/article\/3098266\/china-eu-special-summit-have-trade-focus-us-election-looms\">focused on trade<\/a>.<\/p>\n<p>14-15 September (Monday-Tuesday): The Chemical Industries Export Council will organize a <a href=\"https:\/\/bit.ly\/3kBMjWw\">virtual conference<\/a> to discuss export options for Egyptian chemical exporters in Kenya and Uganda.<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/p>\n<p>Mid-September: Proposed time slot for UAE-Israel normalization agreement signing ceremony which will be held in Washington, US.<\/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>16 September (Wednesday): The last day for the final results of the senate elections to be announced.<\/p>\n<p>17 September (Thursday): OPEC and its allies <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-12\/opec-bid-to-rescue-oil-market-falters-as-demand-recovery-stalls?sref=mmeFTDW1\">will meet<\/a> to assess whether their recent vast oil production cuts have saved the market from the global glut.<\/p>\n<p>20 September (Sunday): A Cairo administrative court is due to issue a ruling in a third-party lawsuit <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26072020&id=ba514e75-6e4a-46ad-b8d1-bbc17912d90d\">demanding the government block YouTube in Egypt<\/a> for carrying an allegedly sacreligious video. The case is an infamous 2012-vintage lawsuit still wending its way through the courts.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24-25 September (Thursday-Friday): The European Union <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2FU544\">will discuss<\/a> imposing sanctions on Turkey to limit the country\u2019s ability to expand its search for oil and gas in contested eastern Mediterranean waters.<\/p>\n<p>27 September (Sunday): Former Finance Minister Youssef Boutros Ghali to be retried on charges he squandered public funds in a case related to the printing of coupons for butane canisters.<\/p>\n<p>28 September-3 October (Monday-Saturday): CIB PSA World Tour Finals, Cairo, Egypt.<\/p>\n<p>End of September: <a href=\"https:\/\/bit.ly\/2GaTjtH\">Last chance to settle building code violations<\/a> for illegal buildings.<\/p>\n<p>1 October (Thursday): House of Representatives reconvenes for its sixth and final legislative session before elections for the house later in October or November.<\/p>\n<p>4 October (Sunday): Senate convenes for its first session.<\/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>17 October (Saturday): 2020-2021 academic year <a href=\"https:\/\/egyptindependent.com\/egypts-academic-year-to-start-october-17-but-decisions-remain-to-be-made\/\">begins<\/a> for K-12 students at state schools and students in <a href=\"https:\/\/bit.ly\/3eRqo9E\">public universities<\/a>.<\/p>\n<p>21-23 October (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>23-31 October (Friday-Saturday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>24-25 October (Saturday - Sunday) Polls open for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/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>November: An Egyptian-Russian ministerial committee <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/3275672832501495\">will meet<\/a> to discuss trade and investment in Moscow.<\/p>\n<p>2 November: Former Civil Aviation Minister Ahmed Shafik faces <a href=\"https:\/\/bit.ly\/3lwPXla\">retrial<\/a> at Cairo Court of Appeals in the so-called Aviation Ministry corruption case.<\/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>4-6 November (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>4-7 November (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt Expo<\/a>, International Exhibition Center, Cairo<\/p>\n<p>7-8 November (Saturday-Sunday): Polls open for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15 November (Sunday): Egyptian Tax Authority\u2019s <a href=\"https:\/\/bit.ly\/32UQfK0\">online intro seminar<\/a> on new electronic invoice system for first tranche of companies transitioning to e-filing program.<\/p>\n<p>23-24 November (Monday-Tuesday): Reruns for Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>30 November (Monday): Final results will be announced for Parliamentary elections held in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/p>\n<p>7-8 December (Monday-Tuesday): Reruns for Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>14 December (Monday): Final results will be announced for Parliamentary elections held in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/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>13-31 January (Wednesday-Sunday): Egypt will host the 2021 <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship<\/a> at the Giza Pyramids<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia<\/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 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>31 May-2 June 2021 (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>10 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center<\/p>\n<p>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/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    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