{"id":547700,"date":"2022-07-04T04:19:13","date_gmt":"2022-07-04T04:19:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/this-morning-happy-4-july-the-second-half-of-the-year-probably-isnt-going-to-be-any-better-for-global-markets-than-the-first\/"},"modified":"2022-07-04T04:19:13","modified_gmt":"2022-07-04T04:19:13","slug":"this-morning-happy-4-july-the-second-half-of-the-year-probably-isnt-going-to-be-any-better-for-global-markets-than-the-first","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/this-morning-happy-4-july-the-second-half-of-the-year-probably-isnt-going-to-be-any-better-for-global-markets-than-the-first\/","title":{"rendered":"THIS MORNING: Happy 4 July; The second half of the year probably isn\u2019t going to be any better for global markets than the first"},"content":{"rendered":"

We\u2019re thankful for a relatively quiet Monday, <\/strong>ladies and gentlemen, that is being punctuated with interesting M&A news and other positive highlights coming out of the business community.<\/p>\n

We want to give a special shout out to NBFS players<\/strong>, who seem to be picking up the slack left by banks when it comes to education financing. We have more on that in today\u2019s Blackboard.<\/p>\n

Eid, which is coming up next week.<\/strong> We\u2019re still waiting for the usual official announcements on how many days to expect off for Eid Al Adha, which runs from this Saturday, 9 July to Wednesday, 13 July.<\/p>\n

Speaking of national holidays, Happy 4 July<\/strong>, for those of you who like your fireworks, barbecues, and American independence. PS: Expect fewer fireworks at the celebrations in the US this year, thanks to a shortage of supplies and pyrotechnicians, the Wall Street Journal<\/a> reports. US financial markets will remain closed today for the holiday.<\/p>\n

THE BIG STORIES HERE AT HOME-<\/strong> Expedition Investments\u2019 bid to take a chunk of Domty has taken a step forward, with the Financial Regulatory Authority announcing yesterday that it has received an official offer from the offshore company to acquire 34% of the EGX-listed cheesemaker. Meanwhile, the local office of Canada-based investment banking outfit Intercap Inc. is planning a new USD 30 mn fund that will invest primarily in Egyptian tech startups.<\/p>\n

Transportation was also a big newsmaker yesterday, as President Abdel Fattah El Sisi <\/strong>inaugurated the first phase of the light rail transit system<\/strong> connecting Cairo, the New Administrative capital and 10th of Ramadan in a ceremony today at the Adly Mansour station. We have more on this in Last Night\u2019s Talk Shows.<\/p>\n

In attendance was European Investment Bank Vice President Gelsomina Vigliotti, <\/strong>who continues her four-day visit to Egypt today. In her first high-level visit since the covid-19 pandemic, Vigliotti is meeting with officials to discuss the bank\u2019s support for Egypt\u2019s energy and food security, as well as green projects ahead of the COP27 summit in November.<\/p>\n

Could cement supply quotas stick around for another year?<\/strong> Over the past year, 23 local cement companies slashed production by more than 10%, in a bid to rescue the ailing sector from a supply glut. Now, these companies are lobbying for an extension of the cuts and seem likely to get it. In t<\/a>his we<\/a>ek\u2019s<\/a>edition of Inside Industry<\/a> \u2014 our weekly briefing on all things industrial in Egypt \u2014 we look at why local cement players are lobbying the government to extend the cuts, and ask how the quotas have impacted the industry in the past year.<\/p>\n

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

House plenary sessions are expected to continue today and Tuesday<\/strong> as the current legislative cycle draws to a close. Speculation<\/a> is growing among MPs that recess could begin later this week though there\u2019s still a chance that our elected representatives will have to postpone their annual Sahel getaways until after Eid.<\/p>\n

Still o<\/strong>n the legislative agenda:<\/strong><\/p>\n