{"id":545667,"date":"2022-04-07T04:00:32","date_gmt":"2022-04-07T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/"},"modified":"2022-04-07T04:00:32","modified_gmt":"2022-04-07T04:00:32","slug":"this-morning-all-about-startups-look-out-for-our-podcast-on-sunday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/","title":{"rendered":"THIS MORNING: All about startups + Look out for our podcast on Sunday"},"content":{"rendered":"

Good morning, wonderful people, and HAPPY THURSDAY. <\/strong>We have plenty of news with which to send you off into the first full weekend of Ramadan.<\/p>\n

THE BIG STORY THIS MORNING- It\u2019s all about Planet Startup today<\/strong>, starting with news that key regulators have agreed to work together on regulatory changes that could make it much more attractive for venture capital (and private equity) to invest directly here. The regulations could formally allow for things like founder-control clauses, drag- and tag-along rights and the like. We have an initial rundown on what\u2019s happening (below, in the news well) and will bring you more next week.<\/p>\n

Also this morning, we\u2019re happy to have exclusive news about Shift EV<\/strong> closing a landmark funding round. Shift is a startup that aims to change the physical world around us \u2014 and it is exiting \u201cstealth mode\u201d this morning. The company retrofits delivery fleets, converting them into electric vehicles here in Cairo using proprietary, home-grown battery tech. Shift has global ambitions, as you\u2019ll find when you read this morning\u2019s Coffee With\u2026 column.<\/p>\n

Last, but not least, all of you fintech folks out there will want to check out our weekly <\/strong>What\u2019s Next vertical on Sunday. <\/strong>That\u2019s when you\u2019ll be able to read or listen to our podcast interview with the founders of hot startups Khazna<\/strong> and Kashat<\/strong>, two of the VCs that have backed them (our friends at Cairo Angels<\/strong> and Accion<\/strong>), along with special guest Dr. Rasha Negm, who leads on fintech and innovation at the Central Bank of Egypt<\/strong>.<\/p>\n

OH, AND SPEAKING OF RAMADAN<\/strong>, consider this a gentle reminder that you have 24 days left until Sunday, 1 May, when it will (a) still be Ramadan but also (b) be a national holiday in observance of Labour Day. 2 May looks set to be a workday, while 3-5 May is likely to be Eid Al Fitr.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:17pm CLT this evening in the capital city. Fajr prayers are at 4:08am tomorrow morning.<\/p>\n

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THE BIG STORY ABROAD- The business press is indulging in more Fed talk this <\/strong>morning. <\/strong>Minutes (pdf)<\/a> from the US Fed\u2019s last get-together in March, released yesterday, confirmed that the US central bank plans to take drastic measures to curb inflation at its upcoming May meeting. The bank\u2019s plan is to slash its USD 9 tn balance sheet by about USD 95 bn\/month starting in May, while \u201cmany\u201d officials back one or several steeper-than-usual 0.5-point rate hikes in tandem. The markets weren\u2019t especially rattled by the news, given that they\u2019ve already priced in up to 2.5 points worth of hikes this year. The Financial Times<\/a> and Reuters<\/a> have more.<\/p>\n

SMART POLICY-<\/strong> Abu Dhabi will ban single-use plastic bags starting June<\/strong>, the Emirate announced<\/a> yesterday. The Abu Dhabi Environment Agency plans to implement measures to slash demand for about 16 single-use plastic products that include cups, stirrers, lids and cutlery. Dubai<\/a> had said in February that it would outlaw their use within two years; it also plans to phase out single-use styrofoam cups, plates and food containers by 2024.<\/p>\n

We did something similar a few years back:<\/strong> The Red Sea governorate banned single-use plastic products<\/a> back in 2019 in a step designed to protect marine life and the coastal environment.<\/p>\n

Now, the attention turns to the rest of the country:<\/strong> The new Waste Management Act<\/a> contains provisions to restrict the distribution of single-use plastics nationwide but stops short of laying out a roadmap to ban their use entirely.<\/p>\n

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

Last chance for brokerages to join the new securities federation: <\/strong>The Financial Regulatory Authority is again extending the deadline for brokerage firms, asset managers and financial advisors to sign up to the Egyptian Securities Federation<\/a><\/strong> to 18 September<\/strong>, ahead of the convening of its first general assembly, according to Al Borsa<\/a>. The regulator said this would be the last time the deadline is extended. The federation has struggled to attract members<\/a> since it was launched in 2019. Membership is mandatory only for new firms.<\/p>\n

Expect movement on fuel prices this week or the next:<\/strong> The government\u2019s fuel pricing committee is due to have its quarterly meeting at the beginning of this month, when it will likely opt to hike prices in 2Q. If it does so, it would be the fifth time in less than a year. The committee increased prices<\/a> of 80, 92 and 95-octane by EGP 0.25 when it last met in February in response to rising international prices, and since then, the war in Ukraine has sent Brent up yet again, with a barrel of the stuff going for almost USD 103 at dispatch time this morning. Prices at the pump have risen by up to 16% since April last year.<\/p>\n

ALSO THIS WEEK AND NEXT-<\/strong><\/p>\n