{"id":545917,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/planet-finance-standard-chartered-is-pulling-back-from-mea-but-still-wants-to-enter-egypt\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"planet-finance-standard-chartered-is-pulling-back-from-mea-but-still-wants-to-enter-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/planet-finance-standard-chartered-is-pulling-back-from-mea-but-still-wants-to-enter-egypt\/","title":{"rendered":"Planet Finance: Standard Chartered is pulling back from MEA, but still wants to enter Egypt"},"content":{"rendered":"

<\/a> Standard Chartered plans major exit in MEA markets \u2014 but still wants to enter <\/strong>Egypt:<\/strong> Standard Chartered is completely shutting its business in seven countries in Africa and the Middle East in efforts to redirect resources to countries \u201cwhere it can have the greatest scale and growth potential,\u201d it said in a press release<\/a>. The bank will fully exit Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone, and Zimbabwe, and reduce its operations in Tanzania and Cote d\u2019Ivoire. The bank is still planning to enter Egypt<\/strong>, having had its license application approved<\/a> on a preliminary basis by the central bank earlier this year \u2014 and it has opened its first branch in KSA.<\/p>\n

Is the era of negative-yielding debt at an end? <\/strong>Central bank moves to raise interest rates have seen global bond prices plummet while yields soar \u2014 a shift that could put paid to the phenomenon of negative yields in the debt markets, the Financial Times<\/a> reports. Negative yields \u2014 where prices are so high and yields so low that investors would lose money if they held their bonds to term \u2014 have been a firm feature of European and Japanese bond markets in recent years. But with central banks almost everywhere turning hawkish amid sustained price pressures, the value of bonds with yields below zero has plunged from more than USD 14 tn in December to under USD 3 tn, the salmon-colored paper reports citing Bloomberg data.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,680<\/p>\n<\/td>\n

\n

-1.6% (YTD: -10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.34<\/p>\n<\/td>\n

\n

Sell 18.44<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.34<\/p>\n<\/td>\n

\n

Sell 18.44<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

13,621<\/p>\n<\/td>\n

\n

+0.6% (YTD: +20.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,970<\/p>\n<\/td>\n

\n

0.0% (YTD: +17.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,602<\/p>\n<\/td>\n

\n

+0.5% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,393<\/p>\n<\/td>\n

\n

-1.2% (YTD: -7.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,616<\/p>\n<\/td>\n

\n

+0.5% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,849<\/p>\n<\/td>\n

\n

+0.5% (YTD: -10.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 111.70<\/p>\n<\/td>\n

\n

+2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 7.30<\/p>\n<\/td>\n

\n

+4.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,974.90<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 40,514.00<\/p>\n<\/td>\n

\n

+0.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 1.6% at Thursday\u2019s close<\/strong> on turnover of EGP 996 mn (4.6% above the 90-day average). Regional investors were net buyers. The index is down 10.6% YTD.<\/p>\n

In the green: <\/strong>CIRA (+10.3%), Fawry (+2.7%) and Cleopatra Hospital (+2.4%).<\/p>\n

In the red: <\/strong>EFG Hermes (-20.0%), AMOC (-9.1%) and Sidi Kerir Petrochem (-6.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard Chartered plans major exit in MEA markets \u2014 but still wants to enter Egypt: Standard Chartered is completely shutting its business in seven countries in Africa and the Middle East in efforts to redirect resources to countries \u201cwhere it can have the greatest scale and growth potential,\u201d it said in a press release. The […]<\/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":[7210],"tags":[204,102,344,380,7106,1453,72,119,8565,182,78,122,219,492,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545917","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-banking","tag-capital-markets","tag-cryptocurrency","tag-currencies","tag-debt","tag-dewa","tag-enterpriseam","tag-financial-markets","tag-fitch","tag-inflation","tag-ipo-watch","tag-planet-finance","tag-saudi-arabia","tag-standard-chartered","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"4a6c6b72-107c-4bef-9136-a66d22dbc43a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545895],"teaser":"","voice_url":""},"yoast_head":"\nPlanet Finance: Standard Chartered is pulling back from MEA, but still wants to enter 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\/04\/17\/planet-finance-standard-chartered-is-pulling-back-from-mea-but-still-wants-to-enter-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planet Finance: Standard Chartered is pulling back from MEA, but still wants to enter Egypt\" \/>\n<meta property=\"og:description\" content=\"Standard Chartered plans major exit in MEA markets \u2014 but still wants to enter Egypt: Standard Chartered is completely shutting its business in seven countries in Africa and the Middle East in efforts to redirect resources to countries \u201cwhere it can have the greatest scale and growth potential,\u201d it said in a press release. 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BTC\u2019s value sat\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542920,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/standard-chartered-to-open-first-branch-in-egypt\/","url_meta":{"origin":545917,"position":2},"title":"Standard Chartered to open first branch in Egypt","author":"enterpriseam admin","date":"24 January 2022","format":false,"excerpt":"Standard Chartered to open in Egypt: Kelma Akhira\u2019s Lamees El Hadidi dropped the big business news of the night last night, reporting during her show that British bank Standard Chartered has received preliminary approval from the Central Bank of Egypt to open its first branch in Egypt in the next\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":[]},{"id":599734,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/09\/egypt-to-be-among-worlds-top-10-economies-by-2030\/","url_meta":{"origin":545917,"position":3},"title":"Egypt to be among world\u2019s top 10 economies by 2030","author":"enterpriseam admin","date":"9 January 2019","format":false,"excerpt":"Standard Chartered sees Egypt as one of world\u2019s top 10 economies in 2030: Egypt will be one of the world\u2019s top 10 economies by 2030, Standard Chartered said, according to Bloomberg (watch, runtime 01:07). The long-term forecast by Standard Chartered, which uses purchasing power parity exchange rates and nominal GDP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587340,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/orascom-construction-metito-to-build-usd-2-4-bn-desalination-plant-in-abu-dhabi-plus-standard-chartered-eyes-egypt-fx-crisis-hits-arab-alloys-industrial-complex\/","url_meta":{"origin":545917,"position":4},"title":"Orascom Construction, Metito to build USD 2.4 bn desalination plant in Abu Dhabi. PLUS: Standard Chartered eyes Egypt, FX crisis hits Arab Alloys industrial complex","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"The project will process more than 500k cbm of seawater per day","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568072,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-the-markets-are-doing-on-16-december-2020\/","url_meta":{"origin":545917,"position":5},"title":"What the markets are doing on 16 December 2020","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The EGX30 rose 0.1% yesterday on turnover of EGP 1.6 bn (15.4% above the 90-day average). Foreign investors were net sellers The index is down -20.8% YTD.In the green: Cleopatra Hospital (+3.9%), Ezz Steel (3.7%) and Sidi Kerir Petrochemicals (+3.5%).In the red: Dice (-7.4%), Egyptian Iron & Steel (-3.3%) and\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"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\/545917","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=545917"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545917\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545895"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545917"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545917"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}