{"id":542905,"date":"2022-01-24T03:53:29","date_gmt":"2022-01-24T03:53:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-morning-algerian-prez-in-town-today-esg-investing-isnt-always-esg-tensions-continue-to-rise-over-ukraine-asia-shares-fall-ahead-of-fed-meeting\/"},"modified":"2022-01-24T03:53:29","modified_gmt":"2022-01-24T03:53:29","slug":"this-morning-algerian-prez-in-town-today-esg-investing-isnt-always-esg-tensions-continue-to-rise-over-ukraine-asia-shares-fall-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-morning-algerian-prez-in-town-today-esg-investing-isnt-always-esg-tensions-continue-to-rise-over-ukraine-asia-shares-fall-ahead-of-fed-meeting\/","title":{"rendered":"THIS MORNING: Algerian prez in town today; ESG investing isn\u2019t always ESG; Tensions continue to rise over Ukraine; Asia shares fall ahead of Fed meeting"},"content":{"rendered":"<p><strong>It\u2019s a crazy morning for capital markets nerds <\/strong>\u2014 in the best possible way. We have two IPOs inching toward the finish line, the EGX looks about to get its first SPAC, and the folks at Fawry and Misr Capital are doing a fintech-based money market fund. Coming on the heels of Fawry\u2019s announcement about a capital increase and possible US share listing? We can\u2019t remember a January this exciting in years.<\/p>\n<p><strong>Wait, what\u2019s a fintech-based MMF? <\/strong>Think of it as Fawry doing distribution (retail investors can buy in at any of the company\u2019s PoSes or branches) while Misr Capital handles management. <strong>We have chapter and verse on all of that <\/strong>in this morning\u2019s news well.<\/p>\n<p><strong>PSA- It\u2019s a four-day workweek for banks:<\/strong> The Central Bank of Egypt confirmed yesterday that the nation\u2019s banks will be closed on Thursday in observance of Police \/ Revolution Day, which falls on this Tuesday, 25 January. Prime Minister Moustafa Madbouly <a href=\"https:\/\/www.facebook.com\/photo.php?fbid=322297706607323&set=a.144073987763030&type=3\">confirmed<\/a>over the weekend that public sector workers will take the day off. Expect the EGX to follow suit shortly with its own announcement \u2014 if banks are closed, the stock market cannot trade.<\/p>\n<p><strong>THE BIG STORY ABROAD- The information war between the US \/ UK and Russi<\/strong><strong>a over Ukraine is continuing this morning<\/strong>, as the two sides continue to trade accusations of coup-plotting and disinformation while Washington mulls pouring more military hardware into eastern Europe. The story dominates the world\u2019s front pages this morning. In brief:<\/p>\n<ul>\n<li><strong>Washington considers deploying military to Europe:<\/strong> The Biden administration is considering sending thousands of troops, naval ships and aircraft to Eastern Europe (<a href=\"https:\/\/www.nytimes.com\/2022\/01\/23\/us\/politics\/biden-troops-nato-ukraine.html\">New York Times<\/a>)<\/li>\n<li><strong>US evacuates families of diplomatic staff:<\/strong> The US has ominously ordered the families of diplomats serving in Ukraine to evacuate the country. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-antony-blinken-europe-evacuations-45d1a477929caefe1f0626a5ca42afd0\">Associated Press<\/a>)<\/li>\n<li><strong>UK coup accusations branded \u201cstupid\u201d:<\/strong> The Ukrainian ex-MP <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6372f851-60c5-4b67-a204-ce32e2924634\">accused by the UK yesterday<\/a> of being groomed by Putin to head a puppet government in Kiev called the allegations \u201cstupid\u201d and is considering legal action. (<a href=\"https:\/\/www.reuters.com\/article\/us-ukraine-crisis-britain-russia-intervi\/ukrainian-politician-mocks-stupid-uk-claims-he-could-lead-kremlin-puppet-government-idUSKBN2JX0J5\">Reuters<\/a>)<\/li>\n<li><strong>Still, the UK is threatening sanctions:<\/strong> Russia will face \u201cserious consequences\u201d if it installs a \u201cpuppet regime\u201d in Ukraine, deputy PM Dominic Raab said yesterday. (<a href=\"https:\/\/www.reuters.com\/article\/us-ukraine-crisis-britain-russia\/uk-warns-russia-will-face-severe-sanctions-if-it-puts-puppet-regime-in-ukraine-idUSKBN2JX07F\">Reuters<\/a>)<\/li>\n<\/ul>\n<p><strong>Meanwhile, a senior French embassy official reached out yesterday <\/strong>to say that it is \u201cincorrect\u201d that France is \u201csomehow advocating for a separate dialogue on Russia.\u201d The official pointed to an <a href=\"https:\/\/www.npr.org\/2022\/01\/21\/1074872933\/french-diplomat-talks-about-the-stakes-of-the-ongoing-ukraine-conflict?utm_campaign=storyshare&utm_source=twitter.com&utm_medium=social&t=1642922148400\">NPR interview of Emmanuel Bonne<\/a>, the top diplomatic advisor to French President Emmanuel Macron. Bonne was recently in Washington for talks with his US counterpart, Jake Sullivan, on the crisis in Ukraine.<\/p>\n<p><strong>ALSO- Coming off of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6372f851-60c5-4b67-a204-ce32e2924634\">a week-to-forget<\/a><\/strong><strong>, where next for financial markets?<\/strong> Down, if Asian markets this morning are of any indication. Shares in China, Hong Kong and South Korea are in the red in trading today, though the Nikkei and Australia\u2019s ASX are the outliers and have seen early gains.<\/p>\n<p><strong>European shares look set to follow suit later today:<\/strong> Stock futures are down across the board this morning. US futures are currently pointing to early gains but if volatility continues in Europe, you can expect that to change.<\/p>\n<p><strong>On everybody's minds: <\/strong>The US Federal Reserve will have its first policy meeting of 2022 on Tuesday and Wednesday, where it is widely expected to confirm that March will see the first in a series of 0.25-percentage-point interest rate hikes in a bid to curb rising inflation, the <a href=\"https:\/\/www.ft.com\/content\/c5f0e71f-e153-47ac-acc8-c31c2fa2a9b0\">Financial Times<\/a> reports. The Fed has penciled in three rate hikes in 2022 and an end to its asset purchase program in March, but some have suggested that the central bank could lay the groundwork to hike rates more aggressively and end asset-buying immediately at this week\u2019s meeting.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Algerian President and Defense Minister Abdelmadjid Tebboune is in <\/strong><strong>Egypt for a two-day visit starting today<\/strong>, the Algerian presidency <a href=\"https:\/\/www.facebook.com\/AlgerianPresidency\/posts\/298366895658378\">said last night<\/a>. The statement didn\u2019t provide any information about the president\u2019s schedule.<\/p>\n<p><strong>Lebanon will begin virtual talks today with the IMF<\/strong> over a potential USD 69 bn financial rescue package, official sources told <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/lebanon-start-virtual-talks-with-imf-next-week-2022-01-22\/\">Reuters<\/a>, as the country seeks to secure funding sometime in January or February to help claw its way out of a deep economic crisis that has been compounded by political instability and corruption scandals.<\/p>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Nahr Elkhair Development and Investment\u2019s shares <\/strong><strong><a href=\"https:\/\/alborsaanews.com\/2022\/01\/22\/1501547\">will reportedly start<\/a><\/strong><strong> trading on the <\/strong><strong>EGX tomorrow.<\/strong> The company will directly list its shares on the bourse, without offering shares to investors via subscription, according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22012022&id=65cd81cb-4ab8-4a37-8790-46e01a5a2ddd\">Al Shorouk<\/a>.<\/p>\n<p><strong>MORNING MUST READ- <\/strong><\/p>\n<p><strong>So you\u2019re an ESG investor, huh? You\u2019re still helping to pollute the planet<\/strong>, James Mackintosh tells us in a piece in the <a href=\"https:\/\/www.wsj.com\/articles\/why-the-sustainable-investment-craze-is-flawed-11642865789\">Wall Street Journal<\/a> that highlights the tension between shareholder value and the normative economics of ESG investing.<\/p>\n<p><strong>This isn\u2019t a signpost to go all-in cynical on ESG: <\/strong>Mackintosh makes a point of telling us straight up that ESG isn\u2019t a <em>complete<\/em> waste of time. The trouble, he says, is that ESG investors want to have their cake and eat it: they want to stop environmental degradation, improve working conditions and treat suppliers fairly \u2014 <strong>as long as it doesn\u2019t hurt their bottom lines<\/strong>. And even when successful \u2014 like when they force the sale of a dirty power plant or mine? Well, the point is that \u201cselling off assets or shares by itself does nothing to save the planet, because someone else bought them. Just as much oil and coal is dug up and burned as before, under different ownership.\u201d<\/p>\n<p><strong>While shareholder value continues to take priority<\/strong>, ESG will remain an investment trend that\u2019s better for making investors feel good about themselves than it is for the planet, Mackintosh argues.<\/p>\n<p><strong>But Enterprise, don\u2019t you like ESG investing? <\/strong>We think it\u2019s very possible to make a buck and do good for the planet (and all of us who dwell on it) at the same time. But there are critiques that need to be heard and considered, and the WSJ is beating the drum loudly on this one: It sent out an alert to subscribers that Mackintosh\u2019s column is the \u201cfirst in a series\u201d of pieces that will look critically at ESG.<\/p>\n<p><strong>Meanwhile, in Brussels: The European Commission could face a lawsuit over its <\/strong><strong>designation of nuclear power and natural<\/strong><strong> gas as \u201cgreen investments,\u201d<\/strong> the <a href=\"https:\/\/www.ft.com\/content\/48d44c9a-298e-4203-a160-772a032d1c36\">Financial Times<\/a> reports. Austria and Luxembourg are threatening to pursue a lawsuit if the EU\u2019s controversial <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L:2021:442:FULL&from=EN\">green taxonomy<\/a> is approved in its current form, while Spain could opt for its own framework that excludes nuclear and gas. Designed to reduce greenwashing in the financing industry, the rules have been received with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/310e24da-2b97-4c31-9d4b-2ffef0bce2aa\">controversy<\/a> since coming out earlier this month. The <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L:2021:442:FULL&from=EN\">taxonomy<\/a> is currently under review and could become law by the summer unless a supermajority of EU countries or the bloc\u2019s parliament moves to block it.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Startups have until next Sunday, 30 January to apply for the spring 2022 cycle of <\/strong><strong>EGBank\u2019s Mint Incubator.<\/strong> The incubator offers two tracks: A sector-agnostic track for startups at the MVP stage, and a fintech track that accepts early-stage startups both at the ideation and MVP stages. Main founders must be between 16-35 years old. You can apply <a href=\"https:\/\/mint.eg-bank.com\/Home\/Incubator\/Applynow\">here<\/a>.<\/p>\n<p><strong>The Cairo International Book Fair starts on Thursday at the Egypt International Exhibition <\/strong><strong>Center.<\/strong> Members of the public will be allowed to enter without providing proof of vaccination, the Culture Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/322236086613485\">said<\/a> last week. The two-week event runs through to 7 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<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>\n<p><strong>In today\u2019s issue:<\/strong> We talk with British Council Egypt Country Director, Elizabeth White, British Council Egypt Head of Science, Shaimaa ElBanna, and British Council CEO, Scott McDonald, about the new climate change grants being awarded by British Council Egypt to promote partnerships between universities and higher education institutions in Egypt and the UK. 11 grants are being awarded, each worth GBP 35k. Applications are currently under review, with successful applicants due to be notified during the week beginning 13 February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a crazy morning for capital markets nerds \u2014 in the best possible way. We have two IPOs inching toward the finish line, the EGX looks about to get its first SPAC, and the folks at Fawry and Misr Capital are doing a fintech-based money market fund. Coming on the heels of Fawry\u2019s announcement about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[539,535,536,168,72,7229,7192,119,491,538,349,125,78,75,127,270,537,112,304,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542905","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdelmadjid-tebboune","tag-algeria","tag-austria","tag-diplomacy","tag-enterpriseam","tag-esg","tag-eu","tag-financial-markets","tag-france","tag-greenwashing","tag-interest-rates","tag-investment-watch","tag-ipo-watch","tag-nahr-elkhair-development-and-investment","tag-politics","tag-russia","tag-spain","tag-uk","tag-ukraine","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"11054dab-4422-43de-886a-0b7c5620b27b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[542903],"teaser":"","voice_url":""},"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>THIS MORNING: Algerian prez in town today; ESG investing isn\u2019t always ESG; Tensions continue to rise over Ukraine; Asia shares fall ahead of Fed meeting - 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\/2022\/01\/24\/this-morning-algerian-prez-in-town-today-esg-investing-isnt-always-esg-tensions-continue-to-rise-over-ukraine-asia-shares-fall-ahead-of-fed-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Algerian prez in town today; ESG investing isn\u2019t always ESG; Tensions continue to rise over Ukraine; Asia shares fall ahead of Fed meeting\" \/>\n<meta property=\"og:description\" content=\"It\u2019s a crazy morning for capital markets nerds \u2014 in the best possible way. We have two IPOs inching toward the finish line, the EGX looks about to get its first SPAC, and the folks at Fawry and Misr Capital are doing a fintech-based money market fund. 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