{"id":544624,"date":"2022-03-14T03:55:12","date_gmt":"2022-03-14T03:55:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/this-morning-construction-lobby-worrying-about-rising-cost-of-building-materials-china-locks-down-shenzhen-a-key-manufacturing-center-for-the-global-tech-industry\/"},"modified":"2022-03-14T03:55:12","modified_gmt":"2022-03-14T03:55:12","slug":"this-morning-construction-lobby-worrying-about-rising-cost-of-building-materials-china-locks-down-shenzhen-a-key-manufacturing-center-for-the-global-tech-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/this-morning-construction-lobby-worrying-about-rising-cost-of-building-materials-china-locks-down-shenzhen-a-key-manufacturing-center-for-the-global-tech-industry\/","title":{"rendered":"THIS MORNING: Construction lobby worrying about rising cost of building materials + China locks down Shenzhen, a key manufacturing center for the global tech industry"},"content":{"rendered":"

Good morning, wonderful people. We have very good news to start the workday: Egypt <\/strong>has received two shipments of wheat <\/strong>\u2014 and more is on the way, including grain from Ukraine and Russia. The news, coupled with the government signaling that it will provide subsidized flour to private-sector bakeries for a period of time, should go a long way toward easing jitters about food security in the wake of Russia\u2019s invasion of Ukraine.<\/p>\n

We have chapter and verse on the wheat story at the top of this morning\u2019s news well, below, and get into the flour-for-bakers issue in Last Night\u2019s Talk Shows.<\/p>\n

Also this morning: It\u2019s refreshing to see a ton of interest in green manufacturing<\/strong>, with news from major international investors looking to significantly up their investments here.<\/p>\n

PSA #1- Windy weather warnings: <\/strong>It\u2019s going to be cold during the day \u2014 and you\u2019ll want to break out a heavy blanket tonight, the Egyptian Meteorological Authority (EMA) warned<\/a> yesterday. We will see highs of 16-22\u00b0C and lows of 9-11\u00b0C through Saturday, the EMA said<\/a>, adding that light to moderate rainfall is expected across the north coast today and tomorrow.<\/p>\n

PSA #2- Clocks changed in much of Canada and the United States yesterday <\/strong>as they \u201csprang forward\u201d one hour to mark the start of daylight saving time. The United Kingdom will follow suit on Sunday, 27 March. Egypt dumped daylight saving time <\/strong>back in 2016<\/a>, with the peak of DST madness having come in 2014, when clocks changed four times in one year<\/a> (forward in spring, back for Ramadan, forward again after Ramdan, and then back in fall at the end of DST).<\/p>\n

SOUND SMART #1- We probably did the right thing by ditching DST \u2014 and most EU citizens <\/strong>want to do the same. <\/strong>The time change is supposed to conserve energy, prevent traffic accidents and cut crime<\/a>. The National Geographic thinks those benefits are probably overblown<\/a>, if they exist at all \u2014 and that deadly traffic accidents may actually go up after clocks change.<\/p>\n

MEANWHILE- <\/strong>Covid is still a thing and it\u2019s causing trouble in China:<\/strong> Beijing placed the entire city of Shenzhen \u2014 home to 17.5 mn people and one of the country\u2019s most important economic centers \u2014 into lockdown yesterday following a spike in covid cases, Bloomberg<\/a> reports. Transport has been suspended, all non-essential businesses are closed, and residents are being prevented from leaving the city.<\/p>\n

SOUND SMART #2- Why this matters:<\/strong> Shenzhen has one of the country\u2019s busiest ports and is a key manufacturing hub, producing components for tech companies across the world. It hosts the headquarters of two of the country\u2019s biggest tech companies, Huawei and Tencent, as well as the main manufacturer of the iPhone. Not good news at a time when shipping costs are surging and tech supply chains continue to face bottlenecks due to the pandemic.<\/p>\n

WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n

Foreign Minister Sameh Shoukry has kicked off a tour of Asia<\/strong>, during which he will visit Malaysia, Singapore, Indonesia and Pakistan, the ministry said in a statement<\/a> yesterday. The ministry didn\u2019t provide details of his schedule but mentioned that he will be in Islamabad to attend the Organization of Islamic Cooperation summit on 22-23 March.<\/p>\n

A World Health Organization (WHO) delegation <\/strong>is in town<\/a><\/strong> visiting Egyptian Drug <\/strong>Authority (EDA) headquarters, <\/strong>to check in on the EDA\u2019s work mechanisms, offer training on standard lab procedures in accordance with WHO rules, and make sure our pharma industry is operating within WHO guidelines.<\/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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THIS WEEK-<\/strong><\/p>\n

A lobby group for the construction industry is sounding the alarm on the impact of rising <\/strong>building materials costs. <\/strong>The Egyptian Federation of Construction and Building Contractors will hold an \u201curgent\u201d meeting tomorrow, Al Mal<\/a> says, to discuss \u201cunjustified rises\u201d in the local price of steel, cement, and other materials. One union member was quoted as saying that contractors have been struggling with shortages and high prices in the steel market in recent days, potentially jeopardizing project schedules.<\/p>\n

The Russian-Ukrainian crisis has pressured global prices \u2014 and the hikes now hitting <\/strong>the Egyptian market.<\/strong> Iron ore prices have been climbing<\/a> over concerns<\/a> that the conflict could curb global supply of the key steelmaking ingredient. Ezz Steel is now selling a ton of steel for EGP 17k after raising its prices<\/a> by EGP 2k over the past month, while the Suez Steel Company hiked its prices by around EGP 1.5k.<\/p>\n

It\u2019s Fed week:<\/strong> The Federal Reserve will meet to review interest rates on Tuesday and Wednesday and is expected to kick off its long-signposted tightening cycle with a 25-bps hike. The market previously anticipated the central bank to go bigger and raise interest rates by 50 bps, but now expects the uncertainties triggered by the conflict in Ukraine to have changed its calculations.<\/p>\n

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

RESCHEDULED- US Deputy Secretary of State Wendy Sherman scrapped her trip to<\/strong> Egypt <\/strong>scheduled<\/a> for Thursday and Friday of last week \u201cdue to unforeseen logistical issues.\u201d She had been set to meet with Shoukry and \u201cother senior officials,\u201d including National Council for Human Rights chief Moushira Khattab. Sherman \u201clooks forward to rescheduling her visit,\u201d the State Department said in a brief statement<\/a>.<\/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 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

In today\u2019s issue:<\/strong> In many parts of the world proximity to reputable institutions and the high costs associated with enrollment have typically presented significant barriers to access high quality post-secondary education. Now, many of the top universities around the world offer a portion of their undergraduate and graduate course offerings online \u2014 a good chunk of which you can complete at zero cost. In this issue we map out where to find these platforms and some of the most popular (and useful) courses you can use to help you jumpstart a career shift or advance your current skill set from the comfort of your home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We have very good news to start the workday: Egypt has received two shipments of wheat \u2014 and more is on the way, including grain from Ukraine and Russia. 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protectionism amid\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547554,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/were-getting-a-third-of-the-indian-wheat-wed-hoped-for-bread-could-get-browner\/","url_meta":{"origin":544624,"position":1},"title":"We\u2019re getting a third of the Indian wheat we\u2019d hoped for + Bread could get browner","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"The Madbouly government has inked a contract to buy 180k tons of wheat from India, which should be heading our way soon, Supply Minister Ali El Moselhy said at a presser yesterday, where he spoke broadly on our wheat import policies in FY2022-2023, according to Reuters and Bloomberg.We were hoping\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544831,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/this-morning-egp-settles-in-at-egp-18-57-to-the-greenback-more-price-caps-are-coming\/","url_meta":{"origin":544624,"position":2},"title":"THIS MORNING: EGP settles in at EGP 18.57 to the greenback + more price caps are coming","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"Good morning, friends, and welcome to another exceptionally heavy news day, so as we did earlier this week, let\u2019s jump straight in:The EGP eased another 1.6% against the greenback yesterday, settling at EGP 18.57. The currency has now slid 17.7% since the devaluation on Monday. Two senior bankers we spoke\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":543859,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/this-morning-did-war-just-break-out-in-ukraine-there-are-103-mn-of-us-now\/","url_meta":{"origin":544624,"position":3},"title":"THIS MORNING: Did war just break out in Ukraine? + there are 103 mn of us now","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"A raft of good business news here at home on this fine morning \u2014 2022.02.22 for those of you keeping track \u2014 is overshadowed by news that Russia has ordered troops into Ukraine. After months of saber rattling, Russian President Vladimir Putin last night ordered troops into Ukraine\u2019s two separatist\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":579480,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/this-evening-saudi-firms-could-pour-another-usd-3-bn-into-renewables-in-egypt-russia-rejoins-wheat-export-agreement\/","url_meta":{"origin":544624,"position":4},"title":"THIS EVENING: Saudi firms could pour another USD 3 bn into renewables in Egypt + Russia rejoins wheat export agreement","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"Good afternoon, wonderful people, and happy almost-THURSDAY to us all. We have another brisk news day here at home as the lead-up to COP27 brings with it plenty of fresh energy and investment news.THE BIG STORY TODAY The Electricity Ministry is in talks with six Saudi firms over more than\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":544641,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/govt-steps-in-to-lower-flour-prices-calls-for-metal-export-ban\/","url_meta":{"origin":544624,"position":5},"title":"Gov\u2019t steps in to lower flour prices + calls for metal export ban","author":"enterpriseam admin","date":"14 March 2022","format":false,"excerpt":"Rising food price inflation continued to dominate the airwaves last night, with most of the talking heads dedicating sizable portions of their shows to discussing bread prices and what the government is doing to tackle the problem. Bringing old prices back: In an effort to hold down bread prices, the\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"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\/544624","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=544624"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544624\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544622"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544624"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544624"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}