{"id":548235,"date":"2022-08-01T03:30:55","date_gmt":"2022-08-01T03:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry\/"},"modified":"2022-08-01T03:30:55","modified_gmt":"2022-08-01T03:30:55","slug":"this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry\/","title":{"rendered":"THIS MORNING: Ukrainian wheat exports could start today; \u201cNo backsliding\u201d on global climate targets, says Shoukry"},"content":{"rendered":"

Good morning, nice people, and welcome to the month of August. <\/strong>It feels a bit as if the volume of news is slowing (as is traditionalf or the first two weeks of August), but we nonetheless have a meaty issue for you this morning with plenty of FX, M&A, capital markets and investment news.<\/p>\n

<\/a> EGP WATCH-<\/strong> The EGP has broken the 19.00 barrier against the <\/strong>greenback for the first time since December 2016<\/strong>, when the currency hit an all-time low after the Central Bank of Egypt allowed the currency to move freely against the USD. The currency settled at 19.0084 against the USD during trading yesterday, leaving it down more than 20% since March when the central bank devalued the currency.<\/p>\n

Also yesterday: Remittances <\/strong>from Egyptians working abroad declined 8% y-o-y in May to USD 2.4 bn. Flows were down 23% from USD 3.1 bn in April, according to Central Bank of Egypt figures (pdf)<\/a>.<\/p>\n

FROM THE RUMOR MILL-<\/strong><\/p>\n

#1- Is EFG planning to IPO valU?<\/strong> Rumor has it that our friends at EFG Hermes are cooking up an IPO on the EGX for its consumer finance subsidiary, valU, within the next two years. That\u2019s according to Al Shorouk<\/a>, which published a piece Saturday citing an \u201cinformed source\u201d as saying that the offering will likely go ahead during 2023 and that EFG has already started preparing.<\/p>\n

#2- Has cabinet just finalized the automotive strategy? <\/strong>That\u2019s what Al Mal<\/a> is reporting, citing a source at the Trade and Industry Ministry. The strategy \u2014 which has been on the government\u2019s to-do list since 2016<\/a> \u2014 should go up for debate at the House next October. We\u2019re looking into this and will bring you more as soon as we have it.<\/p>\n

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

<\/a> The first wheat shipment could leave Ukraine today<\/strong>, Turkey\u2019s presidential spokesperson said yesterday. \u201cIf all (details) are completed by [Monday], it seems like there is a high possibility that the first ship will leave the port [Monday] \u2026 We will see ships leaving the ports the next day at the latest,\u201d Ibrahim Kalin told a Turkish broadcaster yesterday. This would be the first grain shipment to leave one of Ukraine\u2019s Black Sea ports since Russia invaded the country on 24 February, and comes less than two weeks after the UN and Turkey brokered a landmark pact<\/a> between Kyiv and Moscow to allow Ukraine to resume wheat exports via sea. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

How much is ready to go?<\/strong> Sixteen ships carrying 580k tons of grain are currently docked in the country\u2019s Black Sea ports, according to Reuters<\/a>.<\/p>\n

Ukraine is leading the international front pages this morning:<\/strong><\/p>\n