{"id":543891,"date":"2022-02-23T03:52:07","date_gmt":"2022-02-23T03:52:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/this-morning-war-inches-closer-in-ukraine-a-call-from-the-cbe-and-visa-for-fintech-startups-seeking-funding\/"},"modified":"2022-02-23T03:52:07","modified_gmt":"2022-02-23T03:52:07","slug":"this-morning-war-inches-closer-in-ukraine-a-call-from-the-cbe-and-visa-for-fintech-startups-seeking-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/this-morning-war-inches-closer-in-ukraine-a-call-from-the-cbe-and-visa-for-fintech-startups-seeking-funding\/","title":{"rendered":"THIS MORNING: War inches closer in Ukraine + A call from the CBE and Visa for fintech startups seeking funding"},"content":{"rendered":"

Good morning, friends. <\/strong>We\u2019re smiling here this morning after news that the official count of new covid-19 infections fell below the 2k mark yesterday<\/a>. It\u2019s the first time in four weeks that the gauge has dipped below that mark, suggesting we\u2019re now past the peak of this wave.<\/p>\n

Don\u2019t be fooled by this morning\u2019s unseasonably warm weather \u2014 <\/strong>temperatures are expected to plunge to 10\u00b0 tonight across Egypt, with stormy weather expected to hit the North Coast and a slight chance of rain expected in Cairo, according to the national weather service<\/a>. We\u2019re looking forward to a high today of 26\u00b0C before temps fall back to 18-20\u00b0C Thursday through Saturday.<\/p>\n

THE BIG STORY here at home is courtesy our elected representatives<\/strong>, who passed yesterday a raft of bills that will give us future flow securitization and a simpler real estate registry \u2014 and close the door on a Nasserist legacy that has left property owners unable to evict businesses and government agencies leasing space under the so-called Old Rent Law. We have chapter and verse on this and more in this morning\u2019s news well, below.<\/p>\n

YOUR MANDATORY (NOT YET) WAR DISPATCH-<\/strong> Western nations are slapping Russia <\/strong>with sanctions over Ukraine<\/strong>. <\/strong>The US, United Kingdom, Canada and many European Union countries announced separate packages of sanctions against Russia on Tuesday, hours after Russian President Vladimir Putin said he would send troops into two separatist regions of Ukraine. The Western nations\u2019 sanctions largely target the international dealings of Russian banks and high net-worth individuals, though Germany went a step further, as it put on hold the Nord Stream 2 gas pipeline with Russia.<\/p>\n

Analysts are saying the moves are unlikely to have a major impact on Russia\u2019s \u201cfortress\u201d <\/strong>economy.<\/strong> Most Western nations held off on implementing the most severe sanctions in the hopes that they can still persuade Putin to call off a wider invasion. The Russian leader is sitting on more than USD 600 bn worth of foreign currency and gold reserves<\/strong> (handily one of the top five stockpiles in the world), giving him plenty of time to withstand sanctions.<\/p>\n

Russian lawmakers gave Putin the greenlight to advance: <\/strong>The country\u2019s legislators voted unanimously to allow the use of military force abroad yesterday.<\/p>\n

But it\u2019s still not clear just how far Putin plans to take this: Russian boots are not yet on <\/strong>the ground in Ukraine<\/strong>, though satellite imagery shows increased military build-up on the border and in Belarus. \u201cI haven\u2019t said that the troops will go there right now,\u201d Putin said.<\/p>\n

Putin is keeping Kyiv on high alert as it peruses a laundry list of demands<\/strong> that the Russian president says would be needed to end the crisis. He wants Ukraine to recognize the 2014 annexation of Crimea, promise never to join NATO, and partially demilitarize. (Chances of any of those wishes being granted are slim to none.)<\/p>\n

The US is adamant that an invasion is coming:<\/strong> \u201cTo put it simply, Russia just announced that it is carving out a big chunk of Ukraine,\u201d US President Joe Biden said yesterday, \u201cThis is the beginning of a Russian invasion of Ukraine.\u201d<\/p>\n

Ukraine is still trying to project calm: <\/strong>Kyiv has called up reservists but isn\u2019t yet calling for a general mobilization.<\/p>\n

Markets, naturally enough, don\u2019t like any of this one bit: <\/strong>The S&P 500 slipped into correction territory on the back of yesterday\u2019s news, falling 1% \u2014 putting it down 10.3% from its January peak. The last time that happened was in March 2020 at the outbreak of a pandemic, when the benchmark index went on to fall more than 30% in the space of a month. Other US markets posted similar losses, but European indices largely closed out flat after dipping earlier in the day.<\/p>\n

Markets also have the collective attention span of a three-month-old puppy: <\/strong>Asian markets are in the green this morning (with the exception of the Nikkei), and futures at dispatch time suggest that most major European and Wall Street benchmarks will follow suit later today.<\/p>\n

And the crisis is pushing oil ever-closer to the USD-100 mark: <\/strong>Brent crude hit a seven-year high of more than USD 99 during trading, before falling back to close at just under USD 97.<\/p>\n

Need more coverage? <\/strong>Bloomberg<\/a>, Reuters<\/a>, the Associated Press<\/a>, the Washington Post<\/a>, the Wall Street Journal<\/a>, the Financial Times<\/a>, and the New York Times<\/a> are all following events in Ukraine as they unfold.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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LOOKING AHEAD- <\/strong><\/p>\n

Expect a final decision on the Iran nuclear accord this week<\/strong>, according to Twitter statements by the French<\/a>, Russian<\/a> and UK<\/a> negotiators in Vienna. The negotiators are gearing up to finalize resolutions during a Joint Commission meeting later in the week, according to an unidentified European official cited by Bloomberg<\/a>.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

ARE YOU BUILDING A FINTECH STARTUP?<\/strong> You might want to apply for Visa\u2019s global startup competition, the Visa Everywhere Initiative<\/a>, the payments firm said in a statement (pdf)<\/a> yesterday. In collaboration with the Central Bank of Egypt\u2019s new Fintech Egypt project, the local contest will see Egyptian fintech players go head-to-head for a monetary award and the chance to advance to the regional and global finals. On offer: EGP 500k for the first-place finisher and a place in the Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals in June.<\/p>\n

What you need to know:<\/strong> A full breakdown on the entry criteria, the application process, and the schedule is available online here<\/a>. The deadline for applications in Egypt is 20 March<\/strong>.<\/p>\n

MEANWHILE- Two Egyptian startups will pitch their businesses to leading tech investors <\/strong>at the pan-African <\/strong>Africa Tech Summit<\/a><\/strong> in Nairobi<\/strong>, which kicks off today. Blockchain-based communications platform Pravica<\/a> and agritech startup Visual and AI Solutions<\/a> (VAIS) are among the nine startups that have been selected for the two-day event, which will bring together African startups, VC and private equity investors, lenders, and global tech leaders.<\/p>\n

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

enterprise<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue:<\/strong> After landing contracts to design and supervise several transport and infrastructure projects in Egypt, French consulting and engineering firm Egis has plans to do more here and expand its footprint. We sat down with Egis CEO Laurent Germain, Middle East CEO Alaa AbuSiam, and Egypt Managing Director Sameh Atalla to talk about the group\u2019s goals for Egypt, including prospective projects and possible acquisitions, as well as its plans to cement its presence here.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We\u2019re smiling here this morning after news that the official count of new covid-19 infections fell below the 2k mark yesterday. It\u2019s the first time in four weeks that the gauge has dipped below that mark, suggesting we\u2019re now past the peak of this wave. Don\u2019t be fooled by this morning\u2019s unseasonably […]<\/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":[1038,72,183,716,1039,270,123,304,666,7263,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543891","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-africa-tech-summit","tag-enterpriseam","tag-fintech","tag-iran","tag-iran-nuclear-accord","tag-russia","tag-startups","tag-ukraine","tag-visa","tag-war","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"737bf6e6-d348-4db3-ab18-c8faf9d036f7","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543889],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: War inches closer in Ukraine + A call from the CBE and Visa for fintech startups seeking funding - 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\/02\/23\/this-morning-war-inches-closer-in-ukraine-a-call-from-the-cbe-and-visa-for-fintech-startups-seeking-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: War inches closer in Ukraine + A call from the CBE and Visa for fintech startups seeking funding\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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We\u2019re smiling here this morning after news that the official count of new covid-19 infections fell below the 2k mark yesterday. It\u2019s the first time in four weeks that the gauge has dipped below that mark, suggesting we\u2019re now past the peak of this wave. 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It\u2019s the kind of morning that sends you plenty of mixed signals.Lots is going well here at home: A great CBE report on fintech is out, FAB\u2019s bid for our friends at EFG Hermes is ticking along, a major UAE\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543918,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/this-morning-did-war-just-break-out-in-ukraine\/","url_meta":{"origin":543891,"position":1},"title":"THIS MORNING: Did war just break out in Ukraine?","author":"enterpriseam admin","date":"24 February 2022","format":false,"excerpt":"Good morning, friends, and welcome to THURSDAY. It\u2019s a nail-biter of a finish to the week on a morning that we\u2019d otherwise consider a \u201cslow news day\u201d \u2014 were it not for the incessant beat of war drums in the air. With the US now claiming that Russia will invade\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis\/","url_meta":{"origin":543891,"position":2},"title":"THIS MORNING: Egypt Petroleum Show rolls on as oil markets continue meteoric rise on Ukraine crisis","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to another really brisk newsday. PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and out of Cairo today, with more foggy mornings ahead as we wrap up the week, the national weather service forecasts. Keep\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-morning-russia-closes-in-on-kyiv-as-west-steps-up-financial-war\/","url_meta":{"origin":543891,"position":3},"title":"THIS MORNING: Russia closes in on Kyiv as West steps up financial war","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"The nastiest war to hit Europe since Yugoslavia disintegrated more than 30 years ago kicked off just after we hit \u201csend\u201d on Thursday\u2019s edition. We think this is going to change a lot of things for all of us \u2014 the business climate this year, how and where we do\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544463,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/","url_meta":{"origin":543891,"position":4},"title":"THIS MORNING: Goodbye Covid Watch; IMF warns of global economic impact of Ukraine war; FX reserves rise in February.","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Good morning, friends, and happy Sunday to you all. This morning\u2019s issue is a bit like drinking from a fire hose, so let\u2019s jump straight in:THE BIG STORY ABROAD THIS MORNING- The war in Ukraine and sanctions on Russia will have a \u201csevere impact\u201d on the global economy, the IMF\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561036,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/what-were-tracking-on-23-march-2021\/","url_meta":{"origin":543891,"position":5},"title":"What we\u2019re tracking on 23 March 2021","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"Good morning, friends, and welcome to Tuesday. It\u2019s a brisk news morning for you today, with news from across a wide spectrum of industries and a quiet day on the government affairs and regulation fronts. The two biggest stories of the day are out of the healthcare sector: Consumer healthcare\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543891"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543891\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543889"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543891"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543891"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}