{"id":546805,"date":"2022-05-30T04:00:42","date_gmt":"2022-05-30T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/this-morning-fra-opens-consultations-on-nbfs-strategy-today-more-eu-sanctions-on-russia-unlikely\/"},"modified":"2022-05-30T04:00:42","modified_gmt":"2022-05-30T04:00:42","slug":"this-morning-fra-opens-consultations-on-nbfs-strategy-today-more-eu-sanctions-on-russia-unlikely","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/this-morning-fra-opens-consultations-on-nbfs-strategy-today-more-eu-sanctions-on-russia-unlikely\/","title":{"rendered":"THIS MORNING: FRA opens consultations on NBFS strategy today; More EU sanctions on Russia unlikely"},"content":{"rendered":"

It\u2019s a great day for investment news, friends<\/strong>, with further signs that we\u2019re deepening our business and investment ties with the rest of the Arab world (through joint investment in manufacturing and the potential sale of a big stake in EgytAlum) and with Israel (through a new logistics zone on the border).<\/p>\n

It\u2019s also a bad day for gearheads<\/strong> as statistics out overnight show the total vehicle market contracted 25% last month, well more than double the rate at which it declined in March. Our reporting suggests the slump will be even worse in May.<\/p>\n

^^ We have more on all of this <\/strong>below, in this morning\u2019s news well.<\/p>\n

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

FRA kicks off public consultations on non-bank financial services today: <\/strong>Public consultations on the second phase of the Financial Regulatory Authority\u2019s (FRA) strategy to develop the non-banking financial services sector will begin today, the regulator said in a statement (pdf)<\/a>. The FRA has identified six key priorities for the four-year strategy including boosting use of fintech, accelerating digital transformation, achieving financial inclusion, and improving risk management.<\/p>\n

ON THE COURT- <\/strong>El Gouna International Squash Open 2022<\/a><\/strong> continues today<\/strong> and wraps on Friday. The competition features some of Egypt\u2019s top seeds including world #1 Nouran Gohar and world #2 Ali Farag (who just took home the PSA squash championship cup<\/a>). The prize pool for each of the men\u2019s and women\u2019s competitions is USD 180k.<\/p>\n

Further afield: US financial markets are closed today <\/strong>in observance of Memorial Day, a federal holiday.<\/p>\n

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Good news for investors: The Trade Ministry is making it easier to obtain licenses for <\/strong>industrial land.<\/strong> Getting a license for industrial land will soon take just 20 days as the Trade Ministry looks to simplify procedures for investors, Minister Nevine Gamea said on Ala Mas\u2019ouleety last night (watch, runtime: 3:04<\/a>). The ministry will take over responsibility for issuing licenses and getting approvals from different authorities, she said, contrasting this to the current system which forces companies to obtain around 14 approvals before they can get a license.<\/p>\n

THE BIG STORY ABROAD- <\/strong><\/p>\n

The EU is unlikely to announce fresh sanctions on Russia:<\/strong> A German minister has warned that the EU\u2019s unity on sanctions against Moscow is \u201cstarting to crumble\u201d after the bloc was unable to agree on a plan to ban Russian oil imports. (Bloomberg<\/a> | FT<\/a> | Reuters<\/a>)<\/p>\n

On the ground:<\/strong> Ukrainian president Volodymyr Zelenskiy described conditions in the east of the country as \u201cindescribably difficult\u201d as Russian forces continued to shell Sievierodonetsk, a key city in Luhansk province. Russian foreign minister Sergei Lavrov yesterday said that the \u201cliberation\u201d of the entire Donbas region is an \u201cunconditional priority\u201d for Moscow, indicating that Russia will continue to advance until it has total control of the two eastern provinces. (AP<\/a> | Reuters<\/a> | BBC<\/a>)<\/p>\n

MEANWHILE- China is making moves to ease its covid lockdowns:<\/strong> Shanghai will lift \u201cunreasonable\u201d restrictions on businesses from 1 June while Beijing reopened some public transport and non-essential businesses as infection rates fall, Reuters<\/a> reports. The two cities have been placed under tight lockdowns for weeks, triggering concerns that the economy could be tipped into a recession \u2014 and that the world\u2019s supply chains will be further snarled.<\/p>\n

The news is driving a rebound in the Asian markets and US futures this morning:<\/strong> The Hang Seng and the Nikkei are both up more than 2%, while Chinese shares are seeing more modest gains. Shares in Europe are also on course to rise in early trading this morning.<\/p>\n

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

PSA- Tomorrow is the last day for EGX-listed companies to file their earnings for 1Q2022<\/strong>, after the Financial Regulatory Authority granted listed companies<\/a> a two-week deadline extension.<\/p>\n

Tomorrow is also the <\/strong>application deadline<\/a><\/strong> for ITIDA\u2019s annual Export IT program.<\/strong> The program is designed to encourage local IT companies to boost exports while reducing related costs.<\/p>\n

Spring conference season is in full swing this week.<\/strong> Among the events taking place over the next few days:<\/p>\n