{"id":548838,"date":"2022-08-24T04:00:15","date_gmt":"2022-08-24T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay\/"},"modified":"2022-08-24T04:00:15","modified_gmt":"2022-08-24T04:00:15","slug":"this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay\/","title":{"rendered":"THIS MORNING: New CBE chief to meet senior bankers today + High inflation across the world could be with us to stay"},"content":{"rendered":"<p><strong>Good morning, everyone, and happy Wednesday. <\/strong>We bring you a busy issue this morning with no single theme running through it \u2014 and far more good news than bad. Not a bad way to start looking toward the weekend\u2026<\/p>\n<p><strong>WATCH THIS SPACE- CBE Governor Hassan Abdalla will reportedly meet with senior <\/strong><strong>bankers today<\/strong>, his first such meeting since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">being appointed acting chief last week<\/a>. Abdalla, a veteran banker and former chief of AAIB, was tapped last Thursday to run the bank after Tarek Amer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">stepped down unexpectedly<\/a> the day before.<\/p>\n<p><strong>The two-day regional summit in New Alamein came to an end yesterday:<\/strong> We\u2019re not going to pretend we know much about what was discussed, given the lack of public messaging post-meeting. We have (a bit) more in Last Night\u2019s Talk Shows, below.<\/p>\n<p><strong>HAPPENING TOMORROW-<\/strong><\/p>\n<p><strong>The second Egypt- and UN-led <\/strong><strong><a href=\"https:\/\/climatechampions.unfccc.int\/uns-global-climate-investor-roadshow-kicks-off-in-africa\/\">regional climate roundtable<\/a><\/strong><strong> takes place in Bangkok <\/strong><strong>tomorrow:<\/strong> The <a href=\"https:\/\/www.unescap.org\/events\/2022\/asia-pacific-forum-catalyzing-climate-finance-and-investment-flows-ramp-climate-action\">one-day event<\/a> will see climate negotiators from the Asia-Pacific region discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November. This is the second of five regional roundtables being organized by Egypt and the UN. The first took place in Ethiopia last month.<\/p>\n<p><strong>The big central bank meet at Jackson Hole starts tomorrow: <\/strong>Fed chairman Jerome Powell will deliver a speech on Friday and investors will be keeping a close eye for hints about how far the central bank could raise rates when it next meets in September.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p><strong>EGP WATCH- The EGP slipped another <\/strong><strong>0.1%<\/strong><strong> to 19.22 against the USD yesterday<\/strong>, leaving it down 21.8% since the devaluation in March. The currency has edged closer to record lows against the greenback this month as speculation increases that policymakers could choose to further devalue the currency. Tarek Amer\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">sudden resignation<\/a> added to the uncertainty in the markets, which are currently pricing in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">another 22% decline<\/a> over the next year.<\/p>\n<p><strong>FOOD SECURITY- Ukrainian grain exports could reach two-thirds of their pre-war levels <\/strong><strong>in August: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN-brokered safe corridor<\/a> to export grain through Ukraine\u2019s Black Sea ports could boost the country\u2019s agricultural exports to 4 mn tons in August, up from 3 mn tons in July \u2014 though still short of the 6 mn tons it was shipping abroad before Russia\u2019s invasion, <a href=\"https:\/\/reut.rs\/3pE1cLP\">Reuters<\/a> reports, citing a Ukrainian agricultural official. The partial return of Ukrainian grain to the markets this month has helped loosen tight global commodities markets, easing inflationary pressures and assuaging some of the concern over brewing grain shortages across Africa and the Middle East. <strong>Ukraine and Russia accounted for the vast majority of grain exports to Egypt <\/strong>prior to Moscow\u2019s invasion.<\/p>\n<p><strong>Our wheat stocks seem to be rising \u2014 and we\u2019re buying direct from Russia. <\/strong>The state had a <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypts-strategic-wheat-reserves-sufficient-until-end-this-year-supply-ministry-2022-06-08\/\">six-month<\/a> strategic reserve of wheat on hand in June, a figure that earlier this month had risen to <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/472993\/Egypt\/Society\/Egypt%E2%80%99s-strategic-wheat-reserves-cover--months-Cab.aspx\">7.2 months<\/a>. We have <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypts-gasc-directly-buys-240000-t-russian-wheat-ministry-2022-08-23\/\">reportedly added an order<\/a> for 240k tons of Russian wheat this past Monday outside the usual tender system (more on that in the news well, below).<\/p>\n<p><strong>PSA #1- Only e-invoices will be accepted as proof companies have paid VAT on <\/strong><strong>goods and services starting in April 2023<\/strong>, according to a FinMin <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Qi4mHTuDCKZzDK3KXJUBw78Btp4FTYDJpMDbTW2GsFrscttBDrQpeAi5inZ169jFl?__cft__[0]=AZX2HyPnE1Fy2-TE7uqo8h67c5VsM5lzgky5DK0qfbIR_Whq6xOYLt3C-yYa2yx-HOSbEeTD2vEmTemTRcmfFfJ4aHb0yXPpPexOANu7fADf0j8I9fLUwPe2Yr-o4yNqvqb2smQ6mpsdn4SNron9g-ci8HKWXxzLhQZSzTg1-WXEpw&__tn__=%2CO%2CP-R\">statement<\/a> out yesterday. All businesses will have joined the system by December this year, paving the way for the Tax Authority to fully phase out use of paper invoices, according to the statement.<\/p>\n<p><strong>What e-invoicing system?<\/strong> The government is working to digitize all B2B and B2C invoices, a move designed to give the government greater oversight over tax and reduce the size of the informal economy. The Tax Authority launched a pilot in late 2020 and has been gradually extending the system since then. All B2B and B2C invoices across the country are expected to be fully automated by December.<\/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>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>This is exactly what Twitter didn\u2019t want to happen as it prepares for its court showdown <\/strong><strong>with Elon Musk:<\/strong> Twitter made headlines yesterday after its former security chief accused it of lying about its security problems and failing to protect user data. The whistleblower is the service\u2019s former chief of security (and prominent hacker), Peiter Zatko. He filed an 84-page complaint detailing the company\u2019s issues with privacy, digital and physical security, content moderation and bots \u2014 one of the key question marks raised by Tesla CEO Elon Musk before he tried to walk back from his USD 44 bn bid to take over the company. Twitter CEO Parag Agrawal responded to the accusations in an email to employees, saying that it is a \u201cfalse narrative that is riddled with inconsistencies and inaccuracies.\u201d The story is everywhere from <a href=\"https:\/\/www.reuters.com\/markets\/deals\/twitters-former-security-head-alleges-company-misled-regulators-about-security-2022-08-23\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/read-twitter-ceo-agrawal-s-email-to-staff-about-whistle-blower?srnd=premium-middle-east\">Bloomberg<\/a> to the <a href=\"https:\/\/www.wsj.com\/articles\/twitters-ex-security-head-files-whistleblower-complaint-11661263009\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.cnn.com\/2022\/08\/23\/tech\/twitter-whistleblower-peiter-zatko-security\/index.html\">CNN<\/a>, the <a href=\"https:\/\/www.bbc.com\/news\/technology-62633191\">BBC<\/a> and beyond.<\/p>\n<p><strong>Also everywhere in the business press: The passing of famed b\u2019naire hedge fund manager Julia<\/strong><strong>n Robertson<\/strong> at age 90 due to heart complications. The American investor was known for his years at the helm of Tiger Management, which was ranked among the world\u2019s top hedge funds before it closed in 2000. He is also remembered by his legacy \u201cTiger Cubs\u201d \u2014 a string of prominent hedge fund managers who had earlier worked under his leadership. (<a href=\"https:\/\/www.reuters.com\/markets\/us\/billionaire-hedge-fund-manager-julian-robertson-dies-90-spokesman-2022-08-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/92b8ba60-131e-4adf-8b06-e5f52262f0e4\">Financial Times<\/a> | <a href=\"https:\/\/www.cnn.com\/2022\/08\/23\/investing\/julian-robertson-death\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/08\/23\/billionaire-hedge-fund-manager-julian-robertson-dies-at-90.html\">CNBC<\/a>)<\/p>\n<hr class=\"grey-line\">\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/zuckinthemetaverse-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>Are Facebook developers building the Metaverse on Windows 95?<\/strong> USD 10 bn spent and all it took was a selfie for some to start writing off Mark Zuckerberg\u2019s Metaverse pivot. The consensus among the tech Twitterati: Metaverse graphics make the 20-year-old Second Life look cutting edge. <a href=\"https:\/\/twitter.com\/MNateShyamalan\/status\/1560441724366995456\">Cue memes<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE LONG VIEW- <\/strong><\/p>\n<p><strong>Is the era of low inflation well and truly behind us? <\/strong>Big-time bond investors think high inflation is here to stay no matter what central banks do as globalization goes into reverse, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-22\/pimco-capital-group-say-era-of-low-inflation-is-gone-for-good?srnd=premium-middle-east\">Bloomberg<\/a> writes. Rising interest rates around the world will help put a ceiling over soaring inflation rates but widening geopolitical fault lines, weakening global supply chains and rising wages will put the good old days of 2% inflation out of reach, they tell the business newswire. \u201cThe last 20 years of <a href=\"https:\/\/www.investopedia.com\/terms\/g\/great-moderation.asp\">the great moderation<\/a> \u2014 that\u2019s fully behind us now,\u201d said an economist at Pimco, one of the world\u2019s biggest bond traders.<\/p>\n<p><strong>This means that the Fed could be raising rates for longer than the markets expect: <\/strong>\u201cThe view in the market that central banks will be in a position to cut rates in a number of countries will be challenged in due course,\u201d said Ivailo Vesselinov, chief strategist at Emso Asset Management.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>B Investments has just under a week to respond to Adnoc\u2019s bid for TotalEnergies Egypt:<\/strong> Private equity outfit B Investments has until next Monday, 29 August, to decide <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90e11ce3-4b65-4ebd-acea-5404f9a60c86\">whether or not it wants to preempt<\/a> Adnoc Distribution\u2019s bid to acquire 50% of TotalEnergies Egypt. Adnoc <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">agreed last month<\/a> to buy the stake in a USD 203 mn transaction, which would see it acquire the entirety of B Investments\u2019 c.15.4% stake in the fuel distributor and a 34.6% stake from Total Energies Marketing Afrique.<\/p>\n<p><strong>PSA <\/strong><strong>#2<\/strong><strong>- Climate tech entrepreneurs have one month to apply to the global <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">ClimaTech Run<\/a><\/strong><strong> competition: <\/strong>Tech startups that address climate and environmental issues have until 22 September to <a href=\"https:\/\/climatechrun.com\/?fbclid=IwAR0fnMqC5PY-a7GTlm7SsFZoBXUiNGMTSRu7vkGJuUL_e8WUo-dyOJdIxZk\">apply for the competition<\/a>, which offers startups a top award of USD 100k and the chance to present their product at COP27, according to a<a href=\"https:\/\/bit.ly\/3ADjN0O\">cabinet statement<\/a>. The competition is hosted by USAID-backed <a href=\"https:\/\/www.usaid.gov\/egypt\/economic-growth-and-trade\">Business Egypt<\/a> and backed by the international cooperation, environment and communication ministries.<\/p>\n<p><strong>PSA <\/strong><strong>#3<\/strong><strong>- Your deadline to catch a 65% break off late payment fines for your taxes is coming <\/strong><strong>up on 31 August<\/strong>. The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.<\/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'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>As Egypt looks to capitalize on and regulate a burgeoning yacht tourism industry in the country, the Madbouly government greenlit the regulations managing yacht activity in domestic ports earlier this month. These regulations, coupled with a digitization push and our already-favorable geographic positioning, could help bring in a steady source of FX income by positioning Egypt as a global yacht tourism destination.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, everyone, and happy Wednesday. We bring you a busy issue this morning with no single theme running through it \u2014 and far more good news than bad. Not a bad way to start looking toward the weekend\u2026 WATCH THIS SPACE- CBE Governor Hassan Abdalla will reportedly meet with senior bankers today, his first [&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":[271,317,1419,72,2276,182,1010,304,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548838","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-central-bank-of-egypt","tag-commodities","tag-egp","tag-enterpriseam","tag-hassan-abdalla","tag-inflation","tag-twitter","tag-ukraine","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"d5b465e7-378c-434e-a608-58596263888a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[548836],"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: New CBE chief to meet senior bankers today + High inflation across the world could be with us to stay - 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\/08\/24\/this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: New CBE chief to meet senior bankers today + High inflation across the world could be with us to stay\" \/>\n<meta property=\"og:description\" content=\"Good morning, everyone, and happy Wednesday. We bring you a busy issue this morning with no single theme running through it \u2014 and far more good news than bad. 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It\u2019s been quite a week for us all, with an uncharacteristic flood of news over the past few days \u2014 and it\u2019s not over yet. THE BIG STORY TODAY It\u2019s official: Hassan Abdalla is taking over as acting governor of CBE:\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549128,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/this-morning-its-pmi-day-abdalla-cabinet-are-working-on-monetary-and-fiscal-policy-as-imf-talks-continue\/","url_meta":{"origin":548838,"position":1},"title":"THIS MORNING: It\u2019s PMI day + Abdalla, cabinet are working on monetary and fiscal policy as IMF talks continue","author":"enterpriseam admin","date":"5 September 2022","format":false,"excerpt":"Good morning, nice people. The last weekend of summer is now behind us (almost-officially in the US and Canada, where today is the labor day holiday \u2014 and just-about-officially in Egypt, if the atmosphere in Sahel is any barometer) and it shows in a very light news day today. THE\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":552280,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/this-evening-cbes-hassan-abdalla-meets-with-trade-minister-senior-bankers-plus-theres-a-whole-lot-of-energy-chatter-in-the-international-press\/","url_meta":{"origin":548838,"position":2},"title":"THIS EVENING: CBE\u2019s Hassan Abdalla meets with trade minister + senior bankers. 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