{"id":547840,"date":"2022-07-17T03:57:23","date_gmt":"2022-07-17T03:57:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/"},"modified":"2022-07-17T03:57:23","modified_gmt":"2022-07-17T03:57:23","slug":"this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/","title":{"rendered":"THIS MORNING: Egypt is reportedly considering a BRICS bid; Red-hot energy + food prices are easing \u2014 but it\u2019s not all good news"},"content":{"rendered":"<p><strong>Good morning, wonderful people<\/strong>. We hope you had a fantastic week off \u2014 and that those of you not sunning yourselves in Sahel are looking forward to a productive day, starting with remembering (a) where you work, (b) what you were doing before the break, and (c) what might be on your priority list this week.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>WATCH THIS SPACE #1- Do the BRICs still matter? Egypt is apparently <\/strong><strong>positioning itself for membership<\/strong>, planning to apply alongside Saudi Arabia and Turkey for membership in the loose group of major emerging economies. Bids from new countries will be discussed at next year\u2019s summit in South Africa, the organization\u2019s president told Russian outlet <a href=\"https:\/\/iz.ru\/1364550\/2022-07-14\/saudovskaia-araviia-turtciia-i-egipet-proiavili-interes-k-vstupleniiu-v-briks\">Izvestia<\/a> last week.<\/p>\n<p><strong>We\u2019re going to need a bigger acronym:<\/strong> The loose economic alliance was formed by China, Russia, India and Brazil in 2006, and added South Africa to its ranks in 2010. The news that Egypt, Saudi Arabia and Turkey are considering joining comes a few weeks after Iran and Argentina submitted membership bids.<\/p>\n<p><strong>WATCH THIS SPACE #2- <\/strong><strong>Banque du Caire pushing IPO to after 2022? <\/strong>State-owned Banque du Caire is postponing its long-awaited IPO thanks to miserable conditions in global equities markets, <a href=\"https:\/\/alborsaanews.com\/2022\/07\/16\/1558338\">Al Borsa<\/a> writes, quoting an unnamed source. The bank was set to make its EGX debut before the end of the year as part of the state\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">privatization plans<\/a>.<\/p>\n<p><strong>OTHER THEMES YOU\u2019LL WANT TO KEEP AN EYE ON <\/strong>(aside from where the hell the stock market is heading) as we enter the dog days of summer:<\/p>\n<ul>\n<li><strong>Inflation. It\u2019s not going anywhere. <\/strong>Yes, it was down (month-on-month) in June (see below). But that\u2019s likely a one-off, and concern about food prices is now firmly on the global radar, with <a href=\"https:\/\/www.ft.com\/content\/7dd4c4cc-bb2d-4725-a1de-f95c394bad93\">BlackRock\u2019s Larry Fink being the latest to beat the drum<\/a>.<\/li>\n<li><strong>The US midterm elections \u2014 and the race for the presidency in 2024. <\/strong>Americans head to the polls <a href=\"https:\/\/www.nytimes.com\/2022\/07\/16\/upshot\/poll-analysis-2022-midterms.html\">this November<\/a>, with campaign season kicking into high gear as we return from Sahel. This comes as Joe Biden faces questions <a href=\"https:\/\/www.nytimes.com\/2022\/07\/09\/us\/politics\/biden-age-democrats.html\">about his age<\/a> and <a href=\"https:\/\/fivethirtyeight.com\/features\/whats-behind-bidens-record-low-approval-rating\/\">record-low approval rating<\/a> \u2014 and as Agent Orange is reportedly debating not whether to run, but <a href=\"https:\/\/nymag.com\/intelligencer\/article\/donald-trump-2024-decision.html\">when to announce he is indeed, seeking another term<\/a>.<\/li>\n<li><strong>Chinese banks and that real estate crisis that never really went away<\/strong>, particularly after authorities \u201cheld emergency meetings with banks after growing alarmed that an increasing number of homebuyers across the country are refusing to pay mortgages on stalled projects.\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-14\/china-convenes-banks-on-mortgage-boycott-that-s-roiling-markets?s=09&sref=mmeFTDW1\">Blomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/breakingviews\/china-property-crisis-enters-dangerous-next-phase-2022-07-14\/\">Reuters<\/a> are on it.<\/li>\n<\/ul>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><strong>President Abdel Fattah El Sisi is in Berlin today and tomorrow<\/strong> for the Petersburg Climate Dialogue, the German Embassy in Cairo said in a <a href=\"https:\/\/twitter.com\/GermanEmbCairo\/status\/1547530846676127745\">statement<\/a>. The president will also hold meetings with German officials including Chancellor Olaf Scholz and President Frank-Walter Steinmeier.<\/p>\n<p><strong>HAPPENING THIS WEEK-<\/strong><\/p>\n<p><strong>An agreement to unlock Ukrainian wheat via the Black Sea could be signed this <\/strong><strong>week<\/strong>, Russian news agency <a href=\"https:\/\/tass.com\/world\/1480679\">Tass<\/a> reported on Friday. Turkey said Thursday that it reached an agreement with Ukraine, Russia and the UN to establish a naval corridor in the Black Sea, which would pave the way for Ukraine\u2019s Black Sea ports to reopen and wheat exports to resume.<\/p>\n<p><strong>UN Secretary-General Antonio Guterres is (very cautiously) optimistic that an agreement is in reach<\/strong>, noting that it will take \u201ca lot of goodwill and commitment,\u201d according to the <a href=\"https:\/\/www.ft.com\/content\/13ee2c98-74f0-4bed-b78f-36c5070a5083\">Financial Times<\/a>.<\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>Biden\u2019s trip to the Middle East has pride of place on the international front pages this <\/strong><strong>morning<\/strong> with global media commenting on everything from what it means for global oil prices and US policy in the region to Saudi-Israel rapprochement and THAT fist-bump. We have all the details on the president\u2019s visit to the region in this morning\u2019s Diplomacy section, below. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/biden-ends-trip-with-us-saudi-relations-mend-few-other-wins-2022-07-16\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-biden-africa-israel-iran-ba943ceaceb78d17cf50c64511ba6db4\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-16\/biden-left-waiting-for-benefits-after-fist-bump-in-saudi-arabia?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/a4dfa202-2f25-49f1-9635-25f737f4f227\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/biden-rebuilds-ties-with-saudi-visit-but-lacks-commitment-on-oil-production-11657992248?mod=hp_lead_pos4\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/16\/world\/middleeast\/biden-saudi-arabia-china-russia.html\">NYT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/15\/watch-biden-speaks-after-meeting-mbs-in-saudi-arabia.html\">CNBC<\/a>)<\/p>\n<p><strong>The Russia-Ukraine conflict is making global front pages once more<\/strong> after Moscow said yesterday that it would step up its attacks against Ukrainian positions in \u201call operational areas.\u201d The Russian military has bombed several targets outside of the east of the Donbas in recent days, launching strikes against Kyiv and towns in the central Dnipro and eastern Kharkiv regions. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/warning-sirens-sound-ukraines-capital-russia-steps-up-bombardment-2022-07-16\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-16\/ukraine-latest-russia-continues-to-strike-far-from-front-lines?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-government-and-politics-9adeb7820eefbcc9ed466a89f01a13b9\">AP<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/16\/russia-pounds-ukrainian-cities-says-it-is-stepping-up-operations.html\">CNBC<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/renewed-russian-attacks-strike-several-areas-of-ukraine\/2022\/07\/16\/20610c3e-04f0-11ed-8beb-2b4e481b1500_story.html\">Washington Post<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>We could be finally catching a break from the commodities crunch \u2014 but it\u2019s not all good <\/strong><strong>news:<\/strong> Wheat and oil prices both fell below pre-war lows last week as optimism builds that the global wheat shortage is easing \u2014 and pessimism increases that the global economy is about to fall into recession.<\/p>\n<p><strong>Wheat prices are coming back down to earth: <\/strong>Chicago wheat futures had their worst week since March 2011 last week, falling around 15% to close the week at USD 781 a bushel. That\u2019s the lowest price since before Russia invaded Ukraine in late February and down almost 40% from the recent peak. News that grain exports from Crimea are surging and optimism over a pact to reopen Ukrainian ports caused futures to slide again on Friday, extending a sharp descent partly triggered by a spate of good news suggesting that <a href=\"https:\/\/fortune.com\/2022\/06\/27\/food-prices-inflation-wheat-corn-production-commodities-fuel-prices\/\">global wheat supply is improving<\/a>.<\/p>\n<p><strong>Oil prices (briefly) fell to pre-war levels for the first time:<\/strong> Brent crude on Thursday fell below USD 95 a barrel for the first time since Russia invaded Ukraine, easing pressure on oil importers (like Egypt) which have seen their import bills balloon since the war broke out. US crude also fell to a pre-war low of USD 90.45 on Thursday. A late-in-the-week rally took Brent back into triple figures, rising 1.3% to USD 101 \/ bbl on Friday, while WTI climbed to USD 97.6.<\/p>\n<p><strong>The bad news: Recession fears are driving a sell-off in commodities. <\/strong>Energy, metals and food commodities have all gone into reverse in recent weeks as investors bet that an oncoming economic downturn will curb global demand, and temper the impact of the supply shock that sent them to record highs earlier this year. \u201cFear of recession is what is driving the market today,\u201d one economist told the <a href=\"https:\/\/www.ft.com\/content\/424fd3ff-28e2-448e-ab38-535a282526be\">Financial Times<\/a>.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>State\u2019s national dialogue meetings to resume on Tuesday:<\/strong> The board overseeing the Sisi administration\u2019s national dialogue will hold its second meeting this week, during which it will set a schedule of debate, discuss the agenda and form subcommittees.<\/p>\n<p><strong>Need a refresher on the national dialogue?<\/strong> We\u2019ve <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">got you covered.<\/a><\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image' ><a href='https:\/\/whatsnext.enterprise.press\/'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue \u2014 the Enterprise Startup Watch 1H2022 report: <\/strong>With all this news about market turbulence, you would think that Egypt\u2019s startup land has been suffering from a funding drought, right? Wrong. Egypt\u2019s startups raised more USDs in 1H2022 than during the same period last year over more transactions. We break those numbers down, taking a look at what sectors prevailed and which didn\u2019t, and exploring what new trends came out of the first six months of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people. We hope you had a fantastic week off \u2014 and that those of you not sunning yourselves in Sahel are looking forward to a productive day, starting with remembering (a) where you work, (b) what you were doing before the break, and (c) what might be on your priority list this [&hellip;]<\/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":[7204],"tags":[96,317,72,498,127,219,117,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547840","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-commodities","tag-enterpriseam","tag-joe-biden","tag-politics","tag-saudi-arabia","tag-us","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"21ab2964-2247-49c5-9382-21eb9d2a5620","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[547838],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Egypt is reportedly considering a BRICS bid; Red-hot energy + food prices are easing \u2014 but it\u2019s not all good news - 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\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egypt is reportedly considering a BRICS bid; Red-hot energy + food prices are easing \u2014 but it\u2019s not all good news\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. We hope you had a fantastic week off \u2014 and that those of you not sunning yourselves in Sahel are looking forward to a productive day, starting with remembering (a) where you work, (b) what you were doing before the break, and (c) what might be on your priority list this [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-17T03:57:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-morning-egypt-is-reportedly-considering-a-brics-bid-red-hot-energy-food-prices-are-easing-but-its-not-all-good-news\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS MORNING: Egypt is reportedly considering a BRICS bid; 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Egypt is the fourth new member admitted into NDB, after Bangladesh, the UAE, and Uruguay\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-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":635400,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/04\/what-were-tracking-this-week-82\/","url_meta":{"origin":547840,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"4 December 2017","format":false,"excerpt":"Tomorrow is PMI day: The Emirates NBD \/ Markit purchasing managers\u2019 index for Egypt, the UAE and Saudi Arabia will be out on Tuesday morning at about 6:15am. Look for it here when it\u2019s released.","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":608803,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/25\/this-evening-brics-is-mulling-its-first-syndicated-loan-that-could-include-egypt\/","url_meta":{"origin":547840,"position":5},"title":"THIS EVENING: BRICS is mulling its first syndicated loan that could include Egypt","author":"enterpriseam admin","date":"25 October 2023","format":false,"excerpt":"Good afternoon and happy near-Thursday. We can see the weekend around the corner as we come to a close to this sluggish news week.THE BIG STORY TODAYBRICS eyes its first-ever syndicated loan and we may get a slice: The New Development Bank, established by the BRICS group of emerging economies,\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/217.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547840","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=547840"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547840\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547838"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547840"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547840"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}