{"id":543058,"date":"2022-01-04T13:44:40","date_gmt":"2022-01-04T13:44:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/"},"modified":"2022-01-04T13:44:40","modified_gmt":"2022-01-04T13:44:40","slug":"this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/","title":{"rendered":"THIS EVENING: PMI is still in contraction + EGX says Thursday is off. ALSO: House gives Unified Planning Act green light"},"content":{"rendered":"<p><strong>Happy hump day, ladies and gentlemen.<\/strong> It\u2019s a relatively calm afternoon on the local news front (thank you, shortened workweek), but with the House of Representatives back in session, that might soon change.<\/p>\n<p><strong>Bankers and finance folks are officially off this Thursday<\/strong>, as the <a href=\"https:\/\/ent.news\/2022\/1\/EGX-Thursday-off.jpg\">EGX confirmed<\/a> earlier today the bourse will be closed in observance of Coptic Christmas, which falls on Friday. Cabinet and the Central Bank of Egypt announced earlier that the public sector and banks will also be getting a holiday. All that\u2019s left is the Manpower Ministry to confirm the same goes for the private sector.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Our PMI is still in contraction \u2014 but there\u2019s hope of better days ahead:<\/strong> Activity in Egypt\u2019s non-oil private sector contracted for a 13th consecutive month in December, albeit at a slower rate, as inflationary pressures eased, export revenues increased, and an uptick in tourism supported new business, according to IHS Markit\u2019s Purchasing Managers\u2019 Index (PMI) <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/df070b8b83f04701a98983180b349def\">survey (pdf)<\/a>. Our PMI reading inched up to 49, from 48.7 in November, remaining below the 50.0 mark that separates expansion from contraction, but rising above its decade average of 48.2 as business activity moved closer to stabilization.<\/p>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The House of Representatives just gave its preliminary approval to the <\/strong><strong>Unified Planning Act<\/strong><strong> in a plenary session<\/strong>, according to <a href=\"https:\/\/gate.ahram.org.eg\/News\/3238374.aspx\">Ahram Gate<\/a>. The legislation would, if passed, dictate how governorate-level economic, social, and urban development plans are implemented.<\/p>\n<p><strong>OPEC+ is currently in a virtual meeting to decide on whether to up oil production<\/strong><strong> next month. <\/strong>Since December, the oil cartel had plans to add another 400k barrels per day to the market in February. However, the spread of the omicron variant and the potential dent in demand have put question markets on whether they\u2019ll move forward with the decision. Nonetheless, sources have signaled that we\u2019ll likely see a ramp up in production despite the variant, with <a href=\"https:\/\/www.cnbc.com\/2022\/01\/04\/opec-meeting-to-decide-on-oil-supply-as-omicron-covid-cases-soar.html\">CNBC<\/a> and the <a href=\"https:\/\/apnews.com\/article\/coronavirus-pandemic-business-health-opec-6b04726186bf9abd0f6e1c488d5bd649\">Associated Press<\/a> echoing Bloomberg\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/302c496e-db54-406d-b51f-dff3fee6e499\">predictions yesterday<\/a>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Edita isn\u2019t acquiring assets of Ole bakeries manufacturer:<\/strong> Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c24329e-129f-4903-9d36-040e2ffded2d\">has fallen through<\/a> after the two companies were unable to agree on a valuation.<\/li>\n<li><strong>Oil Ministry awards eight oil + gas exploration licenses:<\/strong> Seven international companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5f11f01-49af-4e27-a91e-3410f499133d\">were awarded<\/a> eight of the 24 oil and gas exploration blocks included in the government\u2019s bid round held last year.<\/li>\n<li><strong>Fashion marketplace Gahez <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99481550-e41d-4f4c-99da-b025b97de39a\">has raised<\/a><\/strong><strong> USD 2 mn in a pre-seed funding round<\/strong> led by Disruptech Ventures, with participation from Egypt Ventures, EFG Hermes\u2019 Tanmeyah, LoftyInc Capital\u2019s Afropreneurs fund, and other angel investors.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>The global business press is still leading its front pages this afternoon with Theranos<\/strong><strong> founder Elizabeth Holmes\u2019 conviction<\/strong> on four charges, including defrauding investors. Holmes faced charges related to misleading investors and patients over the accuracy of her firm\u2019s blood-testing technology, which she claimed could perform dozens of tests using exceptionally small quantities of blood. (<a href=\"https:\/\/www.ft.com\/content\/8bde19f6-e8a5-4800-8882-fd799f0caac0\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/the-elizabeth-holmes-verdict-theranos-founder-is-guilty-on-four-of-11-charges-in-fraud-trial-11641255705?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-03\/holmes-jurors-say-struggling-to-reach-verdict-on-3-of-11-counts?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/us-jury-theranos-trial-cannot-agree-verdicts-all-charges-2022-01-03\/\">Reuters<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/technology\/2022\/01\/03\/elizabeth-holmes-trial-verdict\/\">WaPo<\/a>)<\/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>Key news triggers to keep your eye on:<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves:<\/strong> December\u2019s foreign reserves figures will be announced before the week is out.<\/li>\n<li><strong>Interest rates:<\/strong> Further afield, the Central Bank of Egypt (CBE) will hold its first policy meeting of 2022 on Thursday, 3 February.<\/li>\n<\/ul>\n<p><strong>The 2021 Africa Cup of Nations gets underway in Cameroon next Sunday, 9 January.<\/strong> The championship will run until Sunday, 6 February.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/wyfegypt.com\/\">World Youth Forum<\/a><\/strong><strong> kicks off in Sharm El Sheikh next Monday, 10 January<\/strong> and runs until Thursday, 13 January.<\/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>\u2601\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 19\u00b0C and a nighttime low of 10\u00b0C tomorrow, our favorite weather app forecasts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, ladies and gentlemen. It\u2019s a relatively calm afternoon on the local news front (thank you, shortened workweek), but with the House of Representatives back in session, that might soon change. Bankers and finance folks are officially off this Thursday, as the EGX confirmed earlier today the bourse will be closed in observance [&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":[7213],"tags":[189,633,274,187,91,128,185,188,588,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543058","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-elizabeth-holmes","tag-enterprisepm","tag-house-of-representatives","tag-legislation-watch","tag-oil-and-gas","tag-opec","tag-pmi","tag-theranos","tag-unified-planning-act","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"b72f1dfa-8a14-4232-a972-e47d96f6dd13","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543056],"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 EVENING: PMI is still in contraction + EGX says Thursday is off. ALSO: House gives Unified Planning Act green light - 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\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: PMI is still in contraction + EGX says Thursday is off. ALSO: House gives Unified Planning Act green light\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, ladies and gentlemen. It\u2019s a relatively calm afternoon on the local news front (thank you, shortened workweek), but with the House of Representatives back in session, that might soon change. Bankers and finance folks are officially off this Thursday, as the EGX confirmed earlier today the bourse will be closed in observance [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-04T13:44:40+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/this-evening-pmi-is-still-in-contraction-egx-says-thursday-is-off-also-house-gives-unified-planning-act-green-light\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: PMI is still in contraction + EGX says Thursday is off. 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ALSO: House gives Unified Planning Act green light"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":551629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/tonight-public-sector-workers-take-a-week-off-for-eid-egx-avalanche-and-house-sprints-to-the-summer-recess\/","url_meta":{"origin":543058,"position":0},"title":"TONIGHT: Public sector workers take a week off for Eid + EGX avalanche and House sprints to the summer recess.","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"We can hear the screams of joy of every public sector worker, ladies and gentlemen, as the Madbouly cabinet announced that all of next week will be a holiday in observance of Eid El Adha. In a statement released right on dispatch, the government announced that state bureaucrats will take\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631522,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/20\/cabinet-refers-unified-planning-act-to-parliament-for-approval\/","url_meta":{"origin":543058,"position":1},"title":"Cabinet refers Unified Planning Act to Parliament for approval","author":"enterpriseam admin","date":"20 March 2018","format":false,"excerpt":"The Ismail Cabinet has referred the Unified Planning Act to the House of Representatives for discussion and approval, Al Mal reports. The bill sets a framework for the state to regulate the planning and execution of national projects based on their merit, costs, and sources of funding. Cabinet had signed\u2026","rel":"","context":"In &quot;Legislation + Policy&quot;","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":664283,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/27\/the-property-id-act-is-on-its-way\/","url_meta":{"origin":543058,"position":2},"title":"The Property ID Act is on its way","author":"enterpriseam admin","date":"27 April 2025","format":false,"excerpt":"Good afternoon, friends, and welcome to the start of another workweek. This issue starts out with hard-hitting news that a decree to place properties in a centralized federal database has been given precursory approval by the House of Representatives. In other news, Uber CEO Dara Khosrowshahi believes corporate culture could\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1857.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551649,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/tonight-sodic-wants-mnhd-cbe-gives-banks-a-week-off-and-issues-new-egp-10-note-also-el-sisi-ratifies-budget\/","url_meta":{"origin":543058,"position":3},"title":"TONIGHT: SODIC wants MNHD + CBE gives banks a week off and issues new EGP 10 note. 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