{"id":545096,"date":"2022-03-03T14:03:20","date_gmt":"2022-03-03T14:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/this-evening-non-oil-business-activity-contraction-slows-down-despite-inflation-concerns-cbe-issues-updates-to-l-cs-faq-sheet-20k-ukrainian-tourists-stranded-in-egypt\/"},"modified":"2022-03-03T14:03:20","modified_gmt":"2022-03-03T14:03:20","slug":"this-evening-non-oil-business-activity-contraction-slows-down-despite-inflation-concerns-cbe-issues-updates-to-l-cs-faq-sheet-20k-ukrainian-tourists-stranded-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/this-evening-non-oil-business-activity-contraction-slows-down-despite-inflation-concerns-cbe-issues-updates-to-l-cs-faq-sheet-20k-ukrainian-tourists-stranded-in-egypt\/","title":{"rendered":"THIS EVENING: Non-oil business activity contraction slows down despite inflation concerns + CBE issues updates to L\/Cs FAQ sheet + 20k Ukrainian tourists stranded in Egypt"},"content":{"rendered":"<p><strong>We\u2019ve got a pretty hefty day of news to close out a very busy week, ladies and gentlemen. <\/strong>And while Ukraine continues to dominate headlines globally (more on that below), here at home, our tourism sector is beginning to feel the direct impact of the conflict\u2026<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Some 20,000 Ukrainian tourists are stranded in Egypt<\/strong>, with arrangements currently underway to fly them to Europe, <a href=\"https:\/\/www.reuters.com\/world\/up-20000-ukrainian-tourists-egypt-await-return-europe-2022-03-03\/\">Reuters<\/a> reported, quoting Ukrainian embassy officials in Cairo. Most of the tourists are staying at three-star hotels at no charge at Red Sea resorts Sharm El Sheikh and Hurghada, while a few others are in Marsa Alam, embassy deputy chief Yevhen Zhupeyev said. The embassy is working with authorities in Egypt and tourism companies for returns to third countries in Europe, he said.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY-<\/strong><\/p>\n<p><strong>#1- Non-oil business activity contraction slows down despite inflation concerns: <\/strong>Egypt\u2019s non-oil business activity continued to decline for the fifteenth consecutive month in February but at a slower pace than the previous month, <a href=\"https:\/\/ent.news\/2022\/3\/PMI-Feb-2022.pdf\">according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) survey (pdf)<\/a>. The gauge inched up to 48.1 in February from 47.9 in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a533fba9-e013-44ee-8bd9-ad967da1c1e5\">January<\/a> but remained below the 50.0 mark that separates expansion from contraction. Putting a damper on the slowdown was inflation, with price pressures weighing on business confidence and consumer demand and spending. This drove output sentiment down to its weakest in the guage\u2019s history, IHS Markit says.<\/p>\n<p><strong>#2- CBE issues updates to its L\/Cs FAQ sheet:<\/strong> The central bank issued this morning <a href=\"https:\/\/ent.news\/2022\/3\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-2-%D9%85%D8%A7%D8%B1%D8%B3-2022-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B1%D8%AF-%D8%B9%D9%84%D9%8A-%D8%A7%D8%B3%D8%AA%D9%81%D8%B3%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A8%D8%AE%D8%B5%D9%88%D8%B5-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9.pdf\">updates<\/a><a href=\"https:\/\/ent.news\/2022\/3\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-2-%D9%85%D8%A7%D8%B1%D8%B3-2022-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B1%D8%AF-%D8%B9%D9%84%D9%8A-%D8%A7%D8%B3%D8%AA%D9%81%D8%B3%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A8%D8%AE%D8%B5%D9%88%D8%B5-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9.pdf\">(pdf)<\/a> to its response to importers\u2019 inquiries on its rules requiring them to get letters of credit (L\/Cs) for their purchases. The updates appear to allow banks to transfer down payments for imported goods to foreign sellers while the importer awaits their L\/Cs. The updates also clarify rules regarding buying and transacting from freezones and special economic zones.<\/p>\n<p><strong>^^We\u2019ll have more <\/strong>on these stories and others in Sunday\u2019s <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>Diplo settings on neutral: <\/strong>Egypt was among 141 nations <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da91b238-26b0-42fa-aedb-6942067f5c94\">who called for<\/a> a Russian withdrawal from Ukraine at a UN General Assembly meeting yesterday, but released a statement rejecting some forms of economic sanctions.<\/li>\n<li><strong>Gulf Capital knows how to make an entrance: <\/strong>UAE\u2019s Gulf Capital plans <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3cb9dcd5-4441-41d6-a4ba-61b91d8c7d5d\">to invest some USD 250 mn<\/a> in Egypt over the next five years, targeting companies in the tech, fintech, e-commerce and healthcare sectors.<\/li>\n<li><strong>Homzmart ups its design game: <\/strong>Homzmart <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a44b2156-5a18-4ffb-9aea-e3e1438a2aa3\">has acquired<\/a> Berlin-based MockUp Studio, a tech-enabled interior design startup, for an undisclosed sum as the Egyptian company aims to add core technology to its business.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>THE BIG STORY ABROAD-<\/strong> <strong>Day 8 of the Russian invasion of Ukraine<\/strong> <strong>sees <\/strong><strong>the conflict shift to the key Ukrainian port city Mariupol<\/strong> after Russian forces seized the southern city of Khreston yesterday amid a slow progress to Kyiv. Shelling against Mariupol stretched overnight in what the city\u2019s deputy mayor <a href=\"https:\/\/www.bbc.com\/news\/world-europe-60585603\">told BBC<\/a> was \"near to a humanitarian catastrophe\". The city located on the Azov Sea coast might see more attacks, as pro-Russian forces said \u201ctargeted strikes'' were possible, Russian <a href=\"https:\/\/interfax.com\/newsroom\/top-stories\/75195\/?sphrase_id=70721\">Interfax<\/a>news agency reported, quoting Donetsk separatist commander Eduard Basurin.<\/p>\n<p><strong>Next stop for the Russians appears to be Odessa:<\/strong> Russia was sending four amphibious assault ships to land troops near the Southern port city of Odessa, Ukraine\u2019s military headquarters said on Thursday, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-02\/odesa-in-russia-s-sights-amid-faster-progress-in-ukraine-s-south?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p>\n<p><strong>Meanwhile, a large Russian military convoy<\/strong> <strong>advancing on capital Kyiv appears to still be stalled<\/strong>, the British defense ministry said in an <a href=\"https:\/\/twitter.com\/DefenceHQ\/status\/1499278184407314437\/photo\/1\">intelligence update<\/a>, adding that the column \u201chas made little discernible progress in over three days\u201d as it remains over 30km from the center of the city. It credits Ukrainian resistance for slowing it down.<\/p>\n<p><strong>THE CASUALTIES- At least 34 citizens were killed and 285 injured<\/strong> in eastern Kharkiv in the past 24 hours, Ukraine\u2019s emergency services said in a <a href=\"https:\/\/www.facebook.com\/MNS.GOV.UA\/posts\/325237332977496\">statement<\/a> on Facebook. Officials have put its civilian death toll at around 2k yesterday since the beginning of the invasion. The UN Human rights office <a href=\"https:\/\/twitter.com\/UNHumanRightsUA\/status\/1499126009085497345?cxt=HHwWgsC40bPK-80pAAAA\">confirms<\/a>a death toll of 227 and injuries of 525 since the start of the crisis, yet acknowledging that the the \u201creal toll is higher\u201d<\/p>\n<p><strong>More people are fleeing Ukraine<\/strong>, with the tally topping 1 mn since the beginning of the invasion, the UN High Commissioner for Refugees Filippo Grandi said, according to a <a href=\"https:\/\/www.unhcr.org\/news\/press\/2022\/3\/62206a824\/news-comment-1-million-refugees-fled-ukraine-week.html\">press release<\/a>by the UN Refugee Agency.<\/p>\n<p><strong>On military casualties<\/strong>, Ukrainian President Volodymyr Zelensky said in a video address (<a href=\"https:\/\/twitter.com\/Quicktake\/status\/1499303944002150403\">watch, runtime: 1:41<\/a>) on Thursday that 9,000 Russian soldiers were killed as he warned them that \u201cwherever they go, they will be destroyed\u201d. The same number is reported too by the Ukrainian General Staff of the Armed Forces in a <a href=\"https:\/\/www.facebook.com\/GeneralStaff.ua\/posts\/263658902613862\">statement<\/a> on Facebook. But Russia downplays the casualties, despite acknowledging losses for the first time with 498 of its paratroopers killed and around 1.6k injured since the start of the war. Moscow claims it killed 2.9k Ukrainian soldiers, with Ukraine remaining tight-lipped on its military casualties.<\/p>\n<p><strong>ON THE DIPLO FRONT- Russia remains defiant: <\/strong>Russia will continue with the operation until \u201cthe end,\u201d Russian foreign minister Sergei Lavrov said, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/russias-lavrov-no-doubt-that-solution-ukraine-crisis-will-be-found-2022-03-03\/\">Reuters<\/a>, accusing the West of preparing for war against his country. Lavrov<a href=\"https:\/\/twitter.com\/SkyNews?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1499318904858222595%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fnews.sky.com%2Fstory%2Fukraine-russia-war-latest-news-putin-kherson-kyiv-kharkiv-invasion-live-updates-12541713\">compared<\/a> the US to Hitler and Napoleon, accusing the US of \u201ctrying to impose their own view of the future of Europe on us\u201d, <a href=\"https:\/\/news.sky.com\/story\/ukraine-russia-war-latest-news-putin-nuclear-nato-peace-talks-live-updates-12541713\">Sky News<\/a> reported.<\/p>\n<p><strong>Lavrov downplays nuclear fears:<\/strong> He further lashed on statements by US President Joe Biden and British foreign minister Liz Truss, who he said echoed statements on nuclear war, which \u201care not in the heads of Russians\u201d despite President Vladimir Putin ordering nuclear deterrence forces on high alert.<\/p>\n<p><strong>\u2026And sees a path for diplomacy:<\/strong> Lavrov also said that there was no doubt that a solution of the crisis would be found, saying that a second round of talks were to begin between his country and Ukrainian officials, without specifying a time.<\/p>\n<p><strong>Meanwhile, Georgia and Moldova joined Ukraine in pressing for European Union membership<\/strong>,<a href=\"https:\/\/www.reuters.com\/world\/europe\/eu-set-receive-membership-bids-georgia-moldova-eu-official-2022-03-03\/\">Reuters<\/a>reported, quoting an EU official that said that the bloc is set to receive membership applications from the two countries. The applications were due \u201cimminently\u201d, the official said.<\/p>\n<p><strong>Moscow was slapped by more sanctions from the UK<\/strong>, which announced in a <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-to-bring-in-further-sanctions-targeting-provision-of-insurance\">press release<\/a> that Russian aviation and space industry firms will be barred from access with any UK-based insurance services. The additional sanctions \u201cwill limit the benefits Russian entities receive from their access to the global insurance and reinsurance market,\u201d the government said.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>THE MARKETS- Russian stocks will be cut from emerging markets indexes,<\/strong> with the MSCI and FTSE Russell removing Russians stocks from widely-tracked emerging markets indexes effective March 9. The MSCI ruled that the Russian equity market was currently \u201cuninvestable and that Russian securities should be removed from the MSCI Emerging Markets Indexes\u201d, according to a <a href=\"https:\/\/www.msci.com\/eqb\/pressreleases\/archive\/PR_Russia_Classification.pdf\">press release<\/a>. FTSE Russell will remove Russia constituents listed on the Moscow Exchange at a zero value on March 7, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-02\/msci-pulls-russian-equities-out-of-its-key-emerging-market-index\">Bloomberg<\/a> reported. Meanwhile, the London Stock Exchange (LSE) suspended trading in 28 depositary receipts for Russian companies, the stock exchange\u2019s CEO David Schwimmer told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-02\/msci-pulls-russian-equities-out-of-its-key-emerging-market-index\">Bloomberg Television<\/a> on Thursday.<\/p>\n<p><strong>Oil prices continued to surge as Russia sanctions bite<\/strong>, with Brent crude futures rising 2.3% to USD 115.5\/bbl as of dispatch. This comes after prices jumped over 5% towards USD 120\/bbl earlier in the day, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/global-markets-wrapup-1-pix-2022-03-03\/\">Reuters<\/a>reports. The price is up nearly 20% over the week, while U.S. West Texas Intermediate crude soared to a high of USD 116.57, the highest since September 2008.<\/p>\n<p><strong>Commodities are on course for their biggest jump<\/strong> over the Russian-Ukrainian crisis since the mid-1970s, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-03\/putin-sets-commodities-up-for-biggest-weekly-gain-since-1960\">Bloomberg<\/a> reported, with its gauge of raw materials, which have so far escaped Western sanctions, growing 8.6% as of Wednesday.<\/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>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Contemporary art and culture center <\/strong><strong><a href=\"https:\/\/www.facebook.com\/3031ArtFest\/\">Darb1718<\/a><\/strong><strong> is hosting its <\/strong><strong><a href=\"https:\/\/collardtickets.com\/event\/3031-art-festival\/?s=1\">3031 Art Festival<\/a><\/strong> from tomorrow until next Saturday, 12 March on its premises in Fustat, Old Cairo. Unique collections of multidisciplinary art will be on display along with live music, dance, theater performances, and interactive workshops. Guest speakers <a href=\"https:\/\/www.adsumart.com\/home\">Adsum Art Consultancy<\/a> will be on hand to discuss investing in art. Catch a full day of activities from 1:00pm\u20139:30pm on weekends and weekdays from 4:00pm\u201310:00pm<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Key news triggers to keep your eye on<\/strong> over the next few weeks:<\/p>\n<ul>\n<li><strong>Foreign reserves:<\/strong> February\u2019s foreign reserves figures will most likely be announced today or next week.<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for February will be released a week from today, on Thursday, 10 March.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt (CBE) will hold its <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next monetary policy meeting<\/a> on Thursday, 24 March.<\/li>\n<\/ul>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a><\/strong> kicked off last Thursday and runs through 7 March at Cairo Festival City from 10am until 10pm daily.<\/p>\n<p><strong><a href=\"http:\/\/kimfoxeportfolio.tilda.ws\/podfestcairo2022?fbclid=IwAR3V3Gm9Rlu75CxdWpY6j-SmfxI2lI-iBeyLv54ZsLQKz2t5PKtXm6kFWqA\">PodFest Cairo<\/a><\/strong><strong> kicks off on Saturday at AUC\u2019s Tahrir campus.<\/strong> The half-day podcasting conference runs from 2pm to 6pm. Admission is without charge and there\u2019s no need to register, but you\u2019ll need to show proof of vaccination.<\/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>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Friday will be a bit more of the same, with a daytime high of 20\u00b0C and nighttime low of 10\u00b0C, our favorite weather app tells us. Saturday will be warmer as the mercury rises to 24\u00b0C during the day and drops to 15\u00b0C at night.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve got a pretty hefty day of news to close out a very busy week, ladies and gentlemen. And while Ukraine continues to dominate headlines globally (more on that below), here at home, our tourism sector is beginning to feel the direct impact of the conflict\u2026 Some 20,000 Ukrainian tourists are stranded in Egypt, with [&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":[633,7192,505,1485,1487,1466,1486,185,7117,270,954,238,132,304,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545096","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-eu","tag-hurghada","tag-ikea","tag-khreston","tag-kyiv","tag-non-oil-business-activity","tag-pmi","tag-red-sea","tag-russia","tag-sharm-el-sheikh","tag-tourism","tag-trade","tag-ukraine","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"6c6565e7-5e9c-48af-9ffa-d740e453ab07","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545094],"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: Non-oil business activity contraction slows down despite inflation concerns + CBE issues updates to L\/Cs FAQ sheet + 20k Ukrainian tourists stranded in Egypt - 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\/03\/03\/this-evening-non-oil-business-activity-contraction-slows-down-despite-inflation-concerns-cbe-issues-updates-to-l-cs-faq-sheet-20k-ukrainian-tourists-stranded-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Non-oil business activity contraction slows down despite inflation concerns + CBE issues updates to L\/Cs FAQ sheet + 20k Ukrainian tourists stranded in Egypt\" \/>\n<meta property=\"og:description\" content=\"We\u2019ve got a pretty hefty day of news to close out a very busy week, ladies and gentlemen. 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