{"id":549193,"date":"2022-09-07T04:00:36","date_gmt":"2022-09-07T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/this-morning-john-kerry-ebrd-chief-in-town-for-climate-talks\/"},"modified":"2022-09-07T04:00:36","modified_gmt":"2022-09-07T04:00:36","slug":"this-morning-john-kerry-ebrd-chief-in-town-for-climate-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/this-morning-john-kerry-ebrd-chief-in-town-for-climate-talks\/","title":{"rendered":"THIS MORNING: John Kerry, EBRD chief in town for climate talks"},"content":{"rendered":"

Hello, wonderful people.<\/strong><\/p>\n

Although we have tons of business news for you this morning, the government is still driving THE BIG STORY HERE AT HOME. <\/strong>Planning Minister Hala El Said became the first member of cabinet to publicly confirm the government backs exchange-rate flexibility<\/strong>, a key condition for both an IMF facility (whatever its size) and to get us through the current FX crunch. Separately, Prime Minister Moustafa Madbouly said his government will offer new tax breaks for high value industries<\/strong> \u2014 and added that the state isn\u2019t about to pull back from big infrastructure projects, saying they\u2019ll only cost more to execute further down the line.<\/p>\n

^^ We have all of this and more in this morning\u2019s news well and Last Night\u2019s Talk Shows<\/strong>, both below.<\/p>\n

*** You have just two days to tell us how you\u2019re feeling about your business<\/strong> and the wider economy. We\u2019ll have the results for mid-month \u2014 just in time to give you a sense of what everyone else is thinking heading into budget season. Make your voice heard in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete.<\/p>\n

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

<\/a> US climate envoy John Kerry will be in town <\/strong>for the Egypt-International Cooperation<\/a>Forum<\/a>(Egypt-ICF)<\/a>, which runs today through Friday at Almasa Convention Center in the new administrative capital. The three-day event will bring together global policymakers, ministers, development partners and other participants ahead of COP27 to discuss climate action and green transition, food security, and others with a focus on Africa. Check the full agenda here (pdf)<\/a>.<\/p>\n

Also in town to talk turkey: Odile Renaud-Basso, head of the European Bank for <\/strong>Reconstruction and Development (EBRD)<\/strong>, who will meet with President Abdel Fattah El Sisi, Finance Minister Mohamed Maait and International Cooperation Minister Rania Al Mashat. Look for climate finance to be at the top of the agenda for the meetings alongside the practicalities of COP27.<\/p>\n

Speaking of climate: <\/strong>A two-day symposium on water solutions<\/a><\/strong>, wraps today in Alexandria. The event is being organized by AUC and our friends at USAID, and Alexandria University. You can check out the agenda here (pdf)<\/a>.<\/p>\n

The four-day <\/strong>Gate travel expo 2022<\/a><\/strong> kicks off today at El Qubba Palace.<\/p>\n

The US Federal Reserve will open its so-called <\/strong>Beige Book<\/a><\/strong> today<\/strong>, giving us insight into how the world\u2019s most important central bank is feeling about current economic conditions. Expect everyone and their mothers to be reading the tea leaves for what it means for interest rates when the Fed meets later this month.<\/p>\n

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Your high-end smokes are getting expensive:<\/strong> Philip Morris brands Marlboro, Merit and L&M will cost EGP 1.00-3.00 more per pack starting today, according to a document seen by Enterprise. Packs of Merit will now sell for EGP 52.00, while all Marlboro will cost EGP 48.00. Packs of L&M will rise to EGP 35.00.<\/p>\n

The hikes come a few days after Eastern Company <\/strong>raised prices of key brands<\/a><\/strong> by up to EGP 2.00 per pack, citing rising raw material prices and the weakening EGP.<\/p>\n

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Apple will unveil its new iPhone, a new watch and probably new AirPods Pro <\/strong>at an event tonight. You can watch it on Apple\u2019s website<\/a> or stream it on Youtube<\/a> today at 7pm CLT.<\/p>\n

KUDOS- AUC instructor <\/strong>Noor Naga<\/a><\/strong> is a finalist for Canada\u2019s most prestigious literary <\/strong>award. <\/strong>Naga made the Giller Prize long-list for If an Egyptian Cannot Speak English<\/a> (Amazon<\/a>). Set in the wake of the Arab Spring, the novel \u201ctraces the relationship between two people \u2014 a wealthy Egyptian American woman and an unemployed man from the village of Shobrakheit \u2014 who meet in a cafe in Cairo,\u201d writes Canada\u2019s CBC<\/a>.<\/p>\n

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THE BIG STORY ABROAD- It\u2019s a mixed bag in the global front pages this morning:<\/strong><\/p>\n

#1- Europe is scrambling to avoid its \u201c<\/strong>energy-industry Lehman Brothers<\/a><\/strong>\u201d moment<\/strong> ahead of a possible USD 2 tn increase<\/a> in energy bills. The EU is pushing for caps on wholesale gas prices<\/a> and national windfall taxes<\/a>, Italy is set to start rationing gas<\/a>, and reports suggest that new UK PM Liz Truss is reading a GBP 130 bn bailout<\/a> for households and businesses.<\/p>\n

#2- The coronation of Truss as the UK\u2019s new prime minister<\/strong> is getting coverage from: Reuters<\/a> | AP<\/a> | FT<\/a>.<\/p>\n

#3- In the US:<\/strong> The Washington Post<\/a> reports that among the classified documents the FBI seized from Trump\u2019s Florida estate was information on the nuclear capabilities of foreign powers. Topping the front page of the New York Times<\/a>: California\u2019s electricity grid is coming under pressure from soaring temperatures, leading officials to warn of blackouts if people don\u2019t turn down their ACs.<\/p>\n

ROAD TO COP27-<\/strong><\/p>\n

Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham for a luncheon next Monday<\/strong>, 12 September, from 1-4pm CLT. Dr. Mahmoud will by speaking in his capacity as UN climate change high-level champion for Egypt<\/a>. The special luncheon meeting at the Nile Ritz Carlton is open to AmCham members and their guests.<\/p>\n

The Gas Exporting Countries Forum (GECF) will hold a virtual <\/strong>meeting next Thursday<\/strong>, 15 September, it said in a statement<\/a>. The meeting will see all 19 members talk about climate change ahead of COP27.<\/p>\n

PSA- Green projects looking to secure investor funding have until 18 September <\/strong>to apply for the Planning Ministry\u2019s <\/strong>Smart Green Governorates<\/a><\/strong>, which will map green projects nationwide, giving them a platform to raise investments at COP27, according to a ministry statement<\/a>. The ministry has so far received over 2k applications. An executive committee that includes Egypt climate czar Mahmoud Mohieldin will whittle the applicants down to a final list of 18 projects to be presented for funding at the November climate summit. You can apply to make the cut here<\/a>.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Consoleya and Cairo Angels will host a business meet-up on Monday, 12 September<\/strong> focusing on Nigeria\u2019s tech ecosystem and how it compares with Egypt\u2019s startup scene. Tarek Shahin (CI Capital<\/strong>\u2019s chief investment officer), Biola Alabi Media<\/strong> CEO Biola Alabi, and Ibrahim Sagna (Afreximbank<\/strong>\u2019s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund<\/strong>.<\/p>\n

Our monthly list of data points<\/strong> to keep your eye on over the next few days and weeks:<\/p>\n