{"id":547985,"date":"2022-07-21T04:00:24","date_gmt":"2022-07-21T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/this-morning-privatization-consultations-continue-today-mcdonalds-just-jacked-up-its-prices-by-50\/"},"modified":"2022-07-21T04:00:24","modified_gmt":"2022-07-21T04:00:24","slug":"this-morning-privatization-consultations-continue-today-mcdonalds-just-jacked-up-its-prices-by-50","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/this-morning-privatization-consultations-continue-today-mcdonalds-just-jacked-up-its-prices-by-50\/","title":{"rendered":"THIS MORNING: Privatization consultations continue today + McDonalds just jacked up its prices by 50%"},"content":{"rendered":"<p><strong>Well, friends, we\u2019ve nearly made it through another (M&A-heavy) workweek together. <\/strong>We hope the week has been good to you \u2014 and that if you\u2019re sneaking off early to Sahel, that you\u2019re able to do it early enough to sidestep congestion at the bawabet.<\/p>\n<p><strong>PSA #1- It\u2019s not just you \u2014 Microsoft Teams is down for plenty of users worldwide <\/strong>as of dispatch time this morning. Enterprise has always run on Slack, but our sister company uses Teams and has been unable to connect since about 3:20am CLT. Microsoft acknowledged the issue <a href=\"https:\/\/twitter.com\/MSFT365Status\/status\/1549934141738651648\">here<\/a> and you can use <a href=\"https:\/\/downdetector.com\/status\/teams\/\">Down Detector<\/a> to see how other users are faring if you\u2019re still unable to log in. <strong>Maybe that\u2019s your cue to head to the coast early? \u201cSorry, dude, I can\u2019t get into Teams to join our meeting.\u201d<\/strong><\/p>\n<p><strong>PSA #2- Teens might have to get their ID cards a year earlier<\/strong> under a draft law approved by the cabinet yesterday that would lower the legal age to 15 from 16, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02CwbLzKZNfrEqtfquYKADrQ48ArcTK8Wa4qRzudzuEv3dSrUaXW18ANAjkiarCgc6l\">a cabinet statement<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #1- An Egyptian-foreign consortium has been awarded the <\/strong><strong>Cairo Transport Authority development project<\/strong>, which includes adding 100 electric buses to its fleet, a senior government official told Enterprise. This comes as part of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cc2419e-b95a-4513-a27e-ed1db1ab9d0f\">USD 200 mn World Bank loan<\/a> to fight air pollution we got last year and it marks the beginning of transforming our transport system to rely on natural gas and electricity instead of diesel. <strong>Look for an announcement as early as the end of next week<\/strong>, the source tells us.<\/p>\n<p><strong>WATCH THIS SPACE #2- Paints company Pachin should announce today whether its <\/strong><strong>board has approved a takeover bid from Saybad. <\/strong>We have more in this morning\u2019s news well, below.<\/p>\n<p><strong>CORRECTION- Islamic New Year falls this year on <\/strong><strong><a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2644863\">Saturday, 30 July<\/a><\/strong><strong>.<\/strong> We got the date wrong in yesterday\u2019s EnterpriseAM. Our expectation remains the same: Islamic New Year will fall on a weekend, and we won\u2019t have a weekday holiday to replace it, suggesting our next (and final) weekday holiday of the year will likely be Thursday, 6 October. We\u2019ll have more for you as soon as we hear from cabinet.<\/p>\n<p><strong>SIGNS OF THE TIMES-<\/strong><\/p>\n<p><strong>#1- <\/strong><strong>You\u2019re paying a lot more for your next Big Mac:<\/strong> McDonald\u2019s Egypt has hiked meal prices <a href=\"https:\/\/al-ain.com\/article\/big-jump-mcdonalds-egypt-prices-new-price\">by up to 50%<\/a> in response to rising inflation. The price of a share box has risen from EGP 40 to EGP 165, a Big Mac meal now costs EGP 78 (up from EGP 52), and even the price of a small bottle of water has gone up 33%. <strong>At the old pricing, <\/strong><strong><a href=\"https:\/\/www.economist.com\/big-mac-index\">the Economist\u2019s Big Mac Index<\/a><\/strong><strong> suggested the EGP was undervalued about 52.9% against the USD. <\/strong><\/p>\n<p><strong>#2- More US tech layoffs: <\/strong>Ride-hailing service Lyft has laid off about 60 employees from its rental division as the company struggles with rising costs, according to an employee memo seen by the <a href=\"https:\/\/www.wsj.com\/articles\/lyft-lays-off-about-60-employees-folds-its-car-rentals-for-riders-11658340622\">Wall Street Journal<\/a>.<\/p>\n<p><strong>#3- And Microsoft appears to be heading towards a hiring freeze:<\/strong> Microsoft is cutting many of its open jobs ahead of an expected economic slowdown, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-20\/microsoft-cuts-many-open-job-listings-in-weakening-economy?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>The government\u2019s public consultations on its state ownership policy continue today<\/strong> with representatives from manufacturers of medical devices having their say. The wholesale and retail sectors took part in discussions on Tuesday this week. Every Sunday, Tuesday and Thursday sees workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings <a href=\"https:\/\/bit.ly\/3noxSrm\">here<\/a>.<\/p>\n<p><strong>It\u2019s going to be an interesting day in the European bond markets:<\/strong> The European Central Bank (ECB) will likely exit negative interest rates for the first time since 2016 when it meets for its policy meeting today. Policymakers are considering a larger-than-expected 50-bps hike, according to <a href=\"https:\/\/www.ft.com\/content\/160e24da-946e-4652-a69c-369fa3b68172\">the Financial Times<\/a>, which if true, would lift rates in the euro area to zero. The Bank of Japan also meets today, and is expected to remain one of the only central banks to leave its monetary policy on easy mode.<\/p>\n<p><strong>But on the day of the meeting, the sick man of Europe is about to get sicker:<\/strong> Italy\u2019s government is close to collapse after Prime Minister (and ex-ECB chief) Mario Draghi failed to secure the backing of his coalition partners in a parliamentary vote on his future. <a href=\"https:\/\/www.politico.eu\/article\/latest-mario-draghi-brink-italy-prime-minister-government-collapse-crisis\/\">Politico<\/a> has more.<\/p>\n<p><strong>Asian markets are mixed ahead of the central bank meetings:<\/strong> Shares in China, Hong Kong and Japan are comfortably in the red, while the Kospi is seeing slight gains. Shares in the US and Europe are poised to fall later today, while Italy is on course for a major sell-off.<\/p>\n<p><strong>THE BIG STORIES ABROAD- <\/strong><\/p>\n<p><strong>Tesla earnings are dominating the business front pages this morning:<\/strong> The EV-maker witnessed its first quarterly fall in profits in over a year in 2Q but still managed to beat estimates as price hikes helped it overcome production and supply chain disruptions caused by the covid lockdowns in China, according to its <a href=\"https:\/\/ent.news\/2022\/7\/tsla-q2-22-update.pdf\">earnings release (pdf)<\/a> out yesterday.<\/p>\n<p><strong>Turns out Musk isn\u2019t the diamond-handed crypto bro we thought he was:<\/strong> A year after becoming one of the biggest cheerleaders for DeFi, Musks\u2019s company reacted to the ongoing crypto winter by dumping around 75% of its BTC holdings, netting it USD 936 mn in cash. (<a href=\"https:\/\/www.ft.com\/content\/a58cd8ae-d4d8-4e31-9001-507580d10cda\">FT<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/tesla-misses-quarterly-revenue-estimates-production-challenges-2022-07-20\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/tesla-earnings-tsla-q2-2022-11658287416\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-20\/tesla-converts-most-bitcoin-adds-936-million-to-balance-sheet?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/20\/tesla-converted-75percent-of-bitcoin-purchases-to-fiat-currency-in-q2-2022.html\">CNBC<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/technology\/2022\/07\/20\/tesla-earnings-elon-musk\/\">Washington Post<\/a>)<\/p>\n<p><strong>*** THE LOCAL ANGLE- People who are definitely not crypto bros are the folks over at the Financial <\/strong><strong>Regulatory Authority<\/strong>, who yesterday <a href=\"https:\/\/ent.news\/2022\/7\/FRA-crypto-warning.pdf\">issued a warning (pdf)<\/a> to investors and NBFS players not to participate in initial coin offerings (ICOs). Referring to crypto as a form of gambling, the regulator said that investors risk being scammed or losing their money due to its highly-volatile nature. Though crypto trading is illegal under banking and Islamic law, the asset class <a href=\"https:\/\/www.coindesk.com\/business\/2021\/03\/05\/egyptians-are-buying-bitcoin-despite-prohibitive-new-banking-laws\/\">became more popular<\/a> in Egypt last year as people sought to get a piece of the BTC bubble.<\/p>\n<p><strong>Russia wants to expand the borders of Novorossiya: <\/strong>Russia is now eying Ukraine\u2019s south, extending its objectives beyond the eastern Donbas region, Russian Foreign Minister Sergei Lavrov told Russian news agency <a href=\"https:\/\/ria.ru\/20220720\/spetsoperatsiya-1803701411.html\">RIA Novosti<\/a>. \u201cIt is far from being only DPR (Donetsk People's Republic) and LPR (Luhansk People's Republic), it is also Kherson region, Zaporizhzhya region and a number of other territories, and this process continues, it continues steadily and persistently,\u201d he said. The US said this week that Moscow is preparing to stage referendums in territories outside of the Donbas region and annex them. (<a href=\"https:\/\/www.ft.com\/content\/84c4beae-fbd6-4d1e-aeb5-5d147b9621a4\">FT<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/07\/20\/europe\/russia-ukraine-military-objective-east-donbas-intl\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/lavrov-says-russias-objectives-ukraine-now-go-beyond-donbas-2022-07-20\/\">Reuters<\/a> | <a href=\"https:\/\/www.politico.eu\/article\/sergey-lavrov-russia-expand-ukraine-war-goal\/\">Politico<\/a>)<\/p>\n<p><strong>No breakthrough yet on wheat blockade as Putin visits Tehran: <\/strong>Russian President Vladimir Putin thanked his Turkish counterpart Recep Tayyip Erdogan for trying to broker an agreement to get Ukrainian grain past Russia\u2019s blockade of its Black Sea ports, but said \u201cnot all the issues have been resolved,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-19\/putin-to-meet-iranian-and-turkish-leaders-with-war-center-stage?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. Sources close to the talks have reported progress in the negotiations but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c431b2e5-7bad-4fc0-8498-ea3b8c68db17\">earlier this week said<\/a> that Ukraine remains wary of Moscow\u2019s intentions and has not agreed to demine Odessa port and release the grain. There had been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21ab2964-2247-49c5-9382-21eb9d2a5620\">murmurs<\/a> that an agreement could be announced sometime this week.<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The national dialogue board is set to meet again before the end of the month<\/strong>, marking its third meeting since the board convened earlier in July. The session will see the board decide on heads and members of the three political subcommittees it agreed on during a meeting earlier this.<\/p>\n<p><strong>IDG to host cultural festival with sustainable waste in focus at Alamein:<\/strong> Our friends at Industrial Development Group (IDG) are hosting a cultural festival at their eco-sustainable industrial park, e2 Alamein, on the North Coast, according to <a href=\"https:\/\/ent.news\/2022\/7\/IDG-PR-Alamein-Industrial-Park-E-V1.docx-1.pdf\">a statement (pdf)<\/a>. The \u201cLocale\u201d festival, which IDG is hosting in partnership with Art d\u2019Egypte, will showcase nine art installations made with recycled materials to raise \u201cawareness around waste management and encouraging waste prevention, reuse, and recycling behavior.\u201d The event launches this Thursday, 21 July and runs through the summer.<\/p>\n<p><strong>Calling tech startups:<\/strong> Universities of Canada in Egypt-based incubator DMZ Cairo has opened applications for its second eight-month incubation program for tech startups, which begins in November, according to <a href=\"https:\/\/ent.news\/2022\/7\/PR-1-DMZ-Cairo-Cycle-2.pdf\">a statement (pdf)<\/a>. The incubator \u2014 which is backed by the Academy of Scientific Research and Technology and the National Technological Incubators Program \u2014 is accepting applications for the cycle until 29 September.<\/p>\n<p><strong>Further afield, leaders from across Africa are scheduled to convene in Washington for <\/strong><strong>the US-Africa Leaders Summit from 13-15 December.<\/strong> The summit will bring together leaders to discuss pressing matters including food security and climate change, according to a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/07\/20\/statement-by-president-biden-on-the-u-s-africa-leaders-summit\/\">White House statement<\/a>.<\/p>\n<p><strong>Thirty fashion scholarships are up for grabs:<\/strong> City Centre Almaza and fashion school <a href=\"https:\/\/www.esmod.com\/en\/ecole\/beirut\/\">ESMOD Beirut<\/a> are joining forces to offer 30 local designers one-month scholarships, which will include courses in fashion design, pattern making and styling and image consulting, according to a <a href=\"https:\/\/ent.news\/2022\/7\/MAF-CC-Almaza-Partners-with-ESMOD-Press-Release-English-20.7.22.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/7\/MAF-CC-Almaza-Partners-with-ESMOD-Press-Release-English-20.7.22.pdf\">(pdf)<\/a>. You can register for the scholarship <a href=\"https:\/\/ccalmaza-fashionflair.com\/\">here<\/a> and the chosen candidates will be announced on 15 August.<\/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","protected":false},"excerpt":{"rendered":"<p>Well, friends, we\u2019ve nearly made it through another (M&#038;A-heavy) workweek together. We hope the week has been good to you \u2014 and that if you\u2019re sneaking off early to Sahel, that you\u2019re able to do it early enough to sidestep congestion at the bawabet. PSA #1- It\u2019s not just you \u2014 Microsoft Teams is down [&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":[302,72,182,270,587,651,304,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547985","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-earnings","tag-enterpriseam","tag-inflation","tag-russia","tag-state-privatization-program","tag-tesla","tag-ukraine","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"492e9b9d-39c5-42a6-9c78-44f514ed32bb","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[547983],"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: Privatization consultations continue today + McDonalds just jacked up its prices by 50% - 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\/21\/this-morning-privatization-consultations-continue-today-mcdonalds-just-jacked-up-its-prices-by-50\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Privatization consultations continue today + McDonalds just jacked up its prices by 50%\" \/>\n<meta property=\"og:description\" content=\"Well, friends, we\u2019ve nearly made it through another (M&amp;A-heavy) workweek together. 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We hope the week has been good to you \u2014 and that if you\u2019re sneaking off early to Sahel, that you\u2019re able to do it early enough to sidestep congestion at the bawabet. 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It\u2019s a busy news day here in Egypt \u2014 in stark contrast to the cone of silence that seems to have dropped on the UAE and Saudi Arabia in the past 24 hours. Could the end-of-year news slowdown soon be upon us? IT\u2019S A BIG DAY\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1371.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580910,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/microsoft-services-had-a-meltdown-this-morning-but-theyre-fixed-now-ad-spending-on-twitter-plunged-last-month\/","url_meta":{"origin":547985,"position":1},"title":"Microsoft services had a meltdown this morning, but they\u2019re fixed now + Ad spending on Twitter plunged last month","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Get back to work: Microsoft has fixed networking issues that took down Microsoft Outlook and Teams for users around the world, Bloomberg reports. Microsoft experienced issues with its online services today, including Teams, Outlook, and its cloud platform Azure, which the company attributed to a networking outage. \u201cWe've rolled back\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/746.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547046,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/this-morning-privatization-privatization-privatization\/","url_meta":{"origin":547985,"position":2},"title":"THIS MORNING: Privatization, privatization, privatization","author":"enterpriseam admin","date":"7 June 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. We\u2019re counting the hours until we can enjoy Semsema and Stavolta this afternoon with the whole team on the roof of Enterprise Global Headquarters here in the People\u2019s Democratic Republic of Maadi. What are you doing today to break the midweek blues?THE BIG\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578944,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/this-morning-in-davos-el-said-talks-up-privatization-and-investor-appetite-in-egypt-plus-hurghada-solar-tender-pushed\/","url_meta":{"origin":547985,"position":3},"title":"THIS MORNING: In Davos, El Said talks up privatization and investor appetite in Egypt. PLUS: Hurghada solar tender pushed","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"Good morning, friends, and happy THURSDAY to you all. We have an absolutely packed issue for you this morning before you slide into what we hope will be a wonderful weekend.Speaking of weekends: Next Thursday, 26 January will be a paid holiday for public and private sector workers to mark\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551384,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/this-evening-egypt-was-the-second-largest-recipient-of-fdi-flows-in-africa-last-year-us-equities-seesaw-amidst-expected-rate-hikes\/","url_meta":{"origin":547985,"position":4},"title":"THIS EVENING: Egypt was the second largest recipient of FDI flows in Africa last year + US equities seesaw amidst expected rate hikes","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to the limbo issue, as all eyes are eagerly awaiting the results of the US Federal Reserve\u2019s Federal Open Market Committee\u2019s meeting to decide on interest rates. 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The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer. 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