{"id":544435,"date":"2022-03-03T04:08:30","date_gmt":"2022-03-03T04:08:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/this-morningun-general-assembly-says-no-to-russias-war-its-pmi-day\/"},"modified":"2022-03-03T04:08:30","modified_gmt":"2022-03-03T04:08:30","slug":"this-morningun-general-assembly-says-no-to-russias-war-its-pmi-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/this-morningun-general-assembly-says-no-to-russias-war-its-pmi-day\/","title":{"rendered":"THIS MORNING:UN General Assembly says no to Russia\u2019s war + It\u2019s PMI day"},"content":{"rendered":"

Well, friends, we\u2019ve nearly made it through another workweek together<\/strong> \u2014 just a few more hours left. We hope your calendar of meetings is kind to you today and that traffic is bearable for folks who have external meetings.<\/p>\n

THE BIG STORY here at home on this fine Thursday morning intersects with the BIG <\/strong>STORY ABROAD: Egypt sided with Ukraine <\/strong>at a rare emergency session of the UN General Assembly, where diplomats voted 141-5 to call on Russia to end fighting in Ukraine. Some 35 countries abstained, but Egypt and the GCC joined the vast majority of the international community in censuring Moscow despite traditionally good relations with Russia.<\/p>\n

Two stories we love this morning: Gulf Capital said yesterday it will invest more in Egypt <\/strong>and open an office in Cairo<\/strong> from which to explore Africa. With a deep talent pool, unbeatable cost structure relative to the Gulf, and traffic perhaps set to get better as major infrastructure work wraps up (please, God), more countries need to look at Omm El Donia as a regional hub.<\/p>\n

Meanwhile, Homzmart pulled a baller move<\/strong> and acquired a German studio \u2014 not in a bid for market share, but to add new functionality to its platform. It\u2019s a foray reminiscent of Apple\u2019s approach to M&A.<\/p>\n

^^ We have more on all three stories in the news well, below.<\/p>\n

PSA- The mercury plunged overnight<\/strong>, so you can look forward to a high today of 19\u00b0C and then 20\u00b0C tomorrow, according to our favourite weather app.<\/p>\n

MUST-WATCH VIDEO OF THE MORNING- A couple of you were outraged yesterday that <\/strong>we suggested (by <\/strong>quoting<\/a><\/strong> Kareem Faheem) shatafa was a mark of an advanced civilization. <\/strong>We\u2019re doubling down on that claim this morning and STRONGLY suggest that watching this quick, hilarious advertisement for the brilliant technology<\/a> is the ultimate way to start your morning. Big love to director Mohamed El Zayat.<\/p>\n

(Editor\u2019s Note: <\/strong>The video is totally suitable for work and for little ears, but if you don\u2019t like our potty humour, don\u2019t tap \/ click.)<\/p>\n

And to our underlying point <\/strong>in quoting Faheem yesterday: What\u2019s happening in Ukraine is tragic. But there is unquestionably a double standard<\/s> racism in the dichotomy between how Europe is embracing Ukrainians fleeing war and how it reacted when Arabs did the same<\/a>.<\/p>\n

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HAPPENING TODAY-<\/strong> It\u2019s PMI day:<\/strong> Purchasing managers\u2019 index figures for February for Egypt, Saudi Arabia, the UAE, and Qatar will be released<\/a> today at 6:15am CLT \u2014 you can find them all here<\/a> when they\u2019re out. Non-oil business activity in Egypt contracted for the fourteenth consecutive month in January<\/a> on the back of weaker demand and inflationary pressure, recording the lowest reading since April 2021 and falling below the series average.<\/p>\n

SMART POLICY-<\/strong> The interior and planning ministries have launched tech-equipped <\/strong>mobile traffic vans to issue licenses and inspect vehicles <\/strong>(watch, runtime: 4:57)<\/a>. Renewing your license costs EGP 400 at the units. Dial 15558 hotline to book an appointment to have them come to you. (Disclosure: We haven\u2019t tried it yet). The service is rolling out in Cairo, Giza, Alexandria, Aswan and Matrouh in phase one.<\/p>\n

ITIDA and the <\/strong>Software Engineering Competence Center<\/a><\/strong> are hosting a webinar on <\/strong>intellectual property management for entrepreneurs at 11am this morning. <\/strong>The event will look at the importance of patent mining for startups and talk attendees through how to file a patent. You can register to attend here<\/a>.<\/p>\n

SOME GOOD NEWS IN DARK DAYS- \u201cHistoric\u201d plastic pollution treaty gets UN <\/strong>green light: <\/strong>Nearly 200 international leaders have agreed to create a legally binding treaty to end plastic pollution, in a UN resolution adopted yesterday, Reuters<\/a> reports. The framework \u2014 due to be finalized by 2024 \u2014 is scant on details but could place restrictions on plastics production.<\/p>\n

ATTENTION iSHEEP- A new, cheaper iPhone could be dropping next week: <\/strong>Apple announced an 8 March launch event promising only \u201cPeek<\/a>Performance<\/a>,\u201d but iSheep across the board are expecting<\/a> new products including the new \u201cmore affordable\u201d iPhone SE, a mid-range iPad Air, and possibly new Macs. You can catch the event at here at 8pm CLT<\/a>.<\/p>\n

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MARKET WATCH-<\/strong><\/p>\n

US markets rebound as Fed head Powell says rate hikes will proceed with caution: <\/strong>Wall Street stocks gained on Wednesday, after US Federal Reserve chief Jay Powell signaled that he is not in favor of a drastic half-point rate hike when the central bank meets later this month<\/a>. Powell said a \u201cseries\u201d of more typical quarter-point hikes would likely be in order to get a handle on US prices, which are running at their highest in four decades, the Financial Times<\/a> reports. \u201cThe bottom line is that we will proceed, but we will proceed carefully as we learn more about the implications of the Ukraine war for the economy,\u201d Powell told Congress. US markets rose on Powell\u2019s remarks<\/strong>, Bloomberg<\/a> reports.<\/p>\n

MEANWHILE, IN EUROPE- Eurozone inflation hit a record high in February, <\/strong>rising to 5.8% y-o-y, up from 5.1% in January and 0.4 percentage points higher than analysts had expected, according to the European Central Bank (ECB)<\/a>. The forecast adds to worries that war in Ukraine will pressure prices in the bloc still further \u2014 and may further entrench a split between hawkish and dovish ECB members on how best to proceed, the Financial Times<\/a> reports. Some members are calling for the bank to hold its nerve and start tightening policy this year to bring inflation down, while others want to wait and see how badly the war impacts growth before making a move that could cause unintended damage.<\/p>\n

OPEC+ is trying to look the other way as a war started by one of its leading <\/strong>members rages on, <\/strong>Bloomberg<\/a> reports. Officials from the oil producing nations agreed yesterday to stick to their plans for a modest production increase of 400k barrels per day in April, ignoring the Ukraine crisis and wrapping up their meeting in just 13 minutes. Also not addressed: the soaring price of oil, which passed USD 112 per barrel yesterday as Russia\u2019s invasion of Ukraine rattles the markets.<\/p>\n

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

Key news triggers to keep your eye on<\/strong> over the next few weeks:<\/p>\n