{"id":546926,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-morning-food-shock-and-an-economic-hurricane-just-another-week-in-2022\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"this-morning-food-shock-and-an-economic-hurricane-just-another-week-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-morning-food-shock-and-an-economic-hurricane-just-another-week-in-2022\/","title":{"rendered":"THIS MORNING: \u201cFood shock\u201d and an \u201ceconomic hurricane\u201d: Just another week in 2022"},"content":{"rendered":"

Well, friends, we\u2019ve made it through another workweek together.<\/strong> We\u2019re capping the week with a pile of news covering everything from the threat of a global \u201cfood shock\u201d and a \u201ceconomic hurricane\u201d to what most expect will be a boost to inflation here at home after the Madbouly government hiked the exchange rate it uses to calculate customs duties.<\/p>\n

Want a dose of optimism <\/strong>after digesting all of that? Read this morning\u2019s Coffee With interview with Todd Wilcox, the CEO of HSBC Egypt, who sees us pulling through 2022 \u2014 and who\u2019s optimistic about the prospects for a country that his bank has declared a priority market.<\/p>\n

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

THE BIG STORY ABROAD- Jamie Dimon\u2019s doomsday warning:<\/strong> The chairman of JPMorgan is warning investors to brace for an \u201ceconomic hurricane\u201d driven by the war in Ukraine and aggressive monetary tightening by the Federal Reserve. \u201cThat hurricane is right out there down the road coming our way,\u201d Dimon said at a financial services conference yesterday. \u201cWe don\u2019t know if it\u2019s a minor one or Superstorm Sandy. You better brace yourself.\u201d<\/p>\n

His comments are everywhere in the financial press this morning: <\/strong>Bloomberg<\/a> | WSJ<\/a> | FT<\/a> | CNBC<\/a>.<\/p>\n

Sheryl Sandberg is leaving <\/strong>Facebook<\/s> Meta after 14 years of serving as Mark <\/strong>Zuckerberg\u2019s no.2: <\/strong>Becoming the company\u2019s chief operating officer when Zuck was just 23 years old, Sandberg is regarded as being the brains behind the transformation of the social media platform into a bn-USD advertising giant. Everyone\u2019s talking about it:<\/strong> AP<\/a> | Reuters<\/a> | WSJ<\/a> | FT<\/a> | Washington Post<\/a> | CNBC<\/a>.<\/p>\n

SIGN OF THE TIMES- Show up to the office or GTFO:<\/strong> That\u2019s Elon Musk\u2019s message to Tesla workers. In an email to executive staff, the tech bn\u2019aire said that employees will have to spend a minimum of 40 hours a week at the office \u2014 and if people fail to show their faces, the company \u201cwill assume you have resigned.\u201d (FT<\/a> | WSJ<\/a> | CNBC<\/a> | Reuters<\/a>)<\/p>\n

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

Countdown to Ghazl El Mahalla IPO:<\/strong> Ghazl El Mahalla FC will publish its public<\/a>subscription notice<\/a> (PSN) for its upcoming IPO in the local press today. The small, EGP 98 mn retail offering has been approved by the Financial Regulatory Authority, paving the way for the football club to go ahead with the sale later this month. The club has already completed the private placement component of the offering, raising EGP 37 mn<\/a> from institutional investors back in November. It\u2019s tiny, but as we\u2019ve previously noted, the offering could set a precedent that allows Al Ahly to follow suit \u2014 and that could be very interesting indeed.<\/p>\n

The Islamic Development Bank\u2019s <\/strong>2022 annual meetings<\/a><\/strong> are continuing today in Sharm El <\/strong>Sheikh<\/strong> and wrap on Saturday. Enterprise is attending the annual meetings and will bring you the details next week.<\/p>\n

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MARKET WATCH-<\/strong><\/p>\n

\u201cFood shock\u201d: Prepare for more downgrades in emerging markets, S&P warns:<\/strong> The economic and political fallout of the \u201cglobal food shock\u201d will spell trouble for a raft of countries in the developing world, which could see fresh downgrades in the coming months, ratings agency S&P Global said in a report picked up by the Financial Times<\/a>. \u201cRising energy and food prices represent yet further balance-of-payments, fiscal, and growth shocks to the majority of emerging markets. This intensifies strains on their public finances and ratings, which are already impacted negatively by the global pandemic,\u201d said Frank Gill, sovereign specialist for Europe, Middle East and Africa at the firm.<\/p>\n

Commodity traders are finding ways to circumvent sanctions on Russian oil:<\/strong> Russian oil is continuing to find its way to Europe and the US thanks to traders who are blending it in refined petroleum such as gasoline, diesel and chemicals, according to the Wall Street Journal<\/a>. This is despite the US and UK embargoing Russian energy earlier this year, and the EU announcing a partial ban this week.<\/p>\n

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

NEWS TRIGGERS you\u2019ll want to keep an eye on as the new month gets underway:<\/strong><\/p>\n