{"id":546004,"date":"2022-04-20T03:56:11","date_gmt":"2022-04-20T03:56:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/this-morning-enjoy-the-long-weekend-well-be-back-next-tuesday\/"},"modified":"2022-04-20T03:56:11","modified_gmt":"2022-04-20T03:56:11","slug":"this-morning-enjoy-the-long-weekend-well-be-back-next-tuesday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/this-morning-enjoy-the-long-weekend-well-be-back-next-tuesday\/","title":{"rendered":"THIS MORNING: Enjoy the long weekend \u2014 we\u2019ll be back next Tuesday"},"content":{"rendered":"

Good morning, friends, and welcome to a brisk news day. <\/strong><\/p>\n

PSA #1- Hello, four-day weekend:<\/strong> The Central Bank of Egypt confirmed (pdf)<\/a> yesterday that next Sunday, 24 April, will be a bank holiday in observance of Coptic Easter. Add that to the national holiday on Monday for Sinai Liberation Day and Sham El Nessim and we have ourselves a nice four-day weekend.<\/p>\n

The private sector won\u2019t be taking the entire week off for Eid<\/strong>, unlike the public sector<\/a>. The private sector will officially get Labor Day<\/a> (that\u2019s 1 May) and the first two days of Eid<\/a> as paid vacation days, the Manpower Ministry said yesterday. Now it\u2019s up to you (or your bosses) to decide if your company will bridge the entire week.<\/p>\n

PSA #2- This is our last edition of EnterpriseAM this week. <\/strong>We\u2019re taking a publication holiday tomorrow (we do this each year so we can gather as a team for iftar) in addition to the bank holiday on Sunday and Monday\u2019s national day off. Look out this afternoon for EnterprisePM. Our AM and PM editions will be back in your inboxes at the appointed hour on Tuesday.<\/p>\n

PSA #3- Today is the deadline to file your ESG report:<\/strong> EGX-listed companies and all non-bank financial services outfits regardless of listing status need to submit their first quarterly ESG questionnaire by the end of today. The regulator is making it mandatory for companies to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:25pm CLT this evening in the capital city, and fajr prayers are at 3:51am.<\/p>\n

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The Madbouly gov\u2019t has formed a committee \u201cto study the file of foreign <\/strong>borrowing and restrict it to very narrow limits,\u201d<\/strong> after MPs voiced concern over the rise in the external debt during a House plenary session, Ahram Online<\/a> reports. Planning Minister Hala El Said is heading up the committee. Our external debt balance rose nearly 6% q-o-q to c. USD 145.5 bn at the end of the second quarter of the current fiscal year, the domestic press reports, citing what it says is central bank data. Masrawy<\/a> and Hapi Journal<\/a> have the story.<\/p>\n

ALSO-<\/strong> MPs yesterday gave final approval to part of the FY 2021-2022 budget, Ahram Online reports.<\/p>\n

DATA POINT- 18% CDs are still being snapped up: <\/strong>Investors have now poured some EGP 577 bn into 18% CDs at Banque Misr and the National Bank of Egypt. Nearly 70% went to the NBE (here<\/a>), while the remainder went to Banque Misr (here<\/a>), Hapi Journal<\/a> and Al Mal<\/a> reported. The CDs launched last month, following the central bank\u2019s 100-bps interest rate hike.<\/p>\n

THE BIG STORY ABROAD<\/strong>- Other than a dire quarterly report from Netflix <\/strong>that could mark the beginning of the end of the streamer\u2019s golden age (see more in our Planet Finance section, below), the war in Ukraine is still topping the front pages.<\/strong> Here\u2019s what you need to know this morning:<\/p>\n