{"id":550536,"date":"2022-04-05T13:18:59","date_gmt":"2022-04-05T13:18:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/this-evening-pmi-reading-sees-sharpest-decline-in-21-months-russian-coal-could-be-the-next-target-of-eu-sanctions\/"},"modified":"2022-04-05T13:18:59","modified_gmt":"2022-04-05T13:18:59","slug":"this-evening-pmi-reading-sees-sharpest-decline-in-21-months-russian-coal-could-be-the-next-target-of-eu-sanctions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/this-evening-pmi-reading-sees-sharpest-decline-in-21-months-russian-coal-could-be-the-next-target-of-eu-sanctions\/","title":{"rendered":"THIS EVENING: PMI reading sees sharpest decline in 21 months + Russian coal could be the next target of EU sanctions"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gentlemen. <\/strong>We\u2019ve successfully made it through half of our first Ramadan workweek, so give yourself a pat on the back.<\/p>\n<p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:16pm CLT this evening in the capital city, and fajr prayers are at 4:10am.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Non-oil business activity saw its sharpest decline in 21 months in March<\/strong> as the effects of the Russia-Ukraine war began to take their toll on business confidence and demand, according to S&P Global\u2019s <a href=\"https:\/\/ent.news\/2022\/4\/PMI-March-2022.pdf\">purchasing managers\u2019 index (PMI) survey (pdf)<\/a>. Cost burdens and suppressed demand pushed the gauge down to 46.5 in March from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/124abd35-26de-4a5e-a7bc-32ac6905fc1f\">48.1 in February<\/a>, falling for the sixteenth consecutive month further below the 50.0 mark that separates expansion from contraction.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Giza Systems board nods to STC takeover:<\/strong> A subsidiary of Saudi Telecom (STC) is on course to take an 89.5% stake in Giza Systems, after the board of the Egyptian systems integrator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47c3ee87-0c02-4dfb-ba4c-1d3c529a1de9\">accepted its bid<\/a>.<\/li>\n<li><strong>Our strategic wheat reserves have taken a dip:<\/strong> Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">currently has enough wheat<\/a> to cover the next 2.6 months\u2019 worth of consumption, down from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">four-month<\/a> figure announced by the government in early March.<\/li>\n<li><strong>Arab League wants to mediate a ceasefire in Russia-Ukraine war:<\/strong> An Arab League delegation including Foreign Minister Shoukry has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15aa12b7-e166-43be-af4d-0b5d674bdd98\">offered to mediate<\/a> ceasefire talks between Russia and Ukraine and work out a number of confidence-building measures.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>EU sanctions against Russia are about to hit coal<\/strong>, with the bloc expected to announce a \u201cmandatory phaseout\u201d of Russian coal imports in response to allegations that Moscow has committed war crimes in Ukraine, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/eu-to-propose-banning-coal-imports-from-russia-after-atrocities?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports, citing people it says have knowledge of the matter. Germany, which has been resisting imposing sanctions on Russian energy as Europe grapples with energy shortages, is now \u201cready to consider the move,\u201d the business information service reports.<\/p>\n<p><strong>The announcement (expectedly) pushed up coal prices, with futures hitting a three-week<\/strong><strong> high<\/strong>, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/european-coal-jumps-as-eu-eyes-sanctions-on-russian-coal?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Coal markets are already tight without eliminating supplies from Russia, which is the world\u2019s third-largest thermal coal exporter.<\/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>Expect movement on fuel prices this week or the next:<\/strong> The government\u2019s fuel pricing committee is due to have its quarterly meeting at the beginning of this month, when it will likely opt to hike prices in 2Q for the fifth time in less than a year. The committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">increased prices<\/a> of 80, 92 and 95-octane by EGP 0.25 when it last met in February in response to rising international prices, and since then, the war in Ukraine has sent Brent up another 15% past USD 107 a barrel. Prices at the pump have risen by up to 16% since April last year.<\/p>\n<p><strong>ALSO THIS WEEK AND NEXT-<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves: <\/strong>March\u2019s foreign reserves figures will be announced some time this week;<\/li>\n<li><strong>Inflation figures<\/strong> for March are expected on Sunday, 10 April.<\/li>\n<\/ul>\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>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect the mercury to rise to 39\u00b0C during the day tomorrow before falling to 19\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen. We\u2019ve successfully made it through half of our first Ramadan workweek, so give yourself a pat on the back. SO, WHEN DO WE EAT? You\u2019ll be breaking your fast at 6:16pm CLT this evening in the capital city, and fajr prayers are at 4:10am. THE BIG STORY TODAY Non-oil business [&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":[7213],"tags":[1141,93,633,185,1095,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550536","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-coal","tag-energy","tag-enterprisepm","tag-pmi","tag-russia-ukraine-war","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"ce020dc6-d324-4520-bc47-c6f6fbd1f2f5","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[550534],"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 EVENING: PMI reading sees sharpest decline in 21 months + Russian coal could be the next target of EU sanctions - 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\/04\/05\/this-evening-pmi-reading-sees-sharpest-decline-in-21-months-russian-coal-could-be-the-next-target-of-eu-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: PMI reading sees sharpest decline in 21 months + Russian coal could be the next target of EU sanctions\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen. We\u2019ve successfully made it through half of our first Ramadan workweek, so give yourself a pat on the back. SO, WHEN DO WE EAT? You\u2019ll be breaking your fast at 6:16pm CLT this evening in the capital city, and fajr prayers are at 4:10am. 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Rising inflation and slowing demand caused activity\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/136.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/","url_meta":{"origin":550536,"position":1},"title":"Dubai utilities firm makes USD 6 bn debut + Surprise: War in Europe is bad for global trade","author":"enterpriseam admin","date":"7 April 2022","format":false,"excerpt":"DEWA pulls off one of the biggest IPOs since Aramco: Dubai\u2019s main utilities firm DEWA has raised USD 6.1 bn in its stock market debut, making it the biggest IPO in Europe, the Middle East and Africa since Saudi Aramco in 2019, Bloomberg reported. The state-owned company sold 9 bn\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-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":588045,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/this-evening-pmi-rises-for-the-second-consecutive-month\/","url_meta":{"origin":550536,"position":2},"title":"THIS EVENING: PMI rises for the second consecutive month","author":"enterpriseam admin","date":"5 June 2023","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s another brisk day here at home, with the news cycle picking up steam ahead of the true onset of the summer season.THE BIG STORY TODAY Non-oil private sector contracts at softest pace in 15 months: The contraction in Egypt\u2019s non-oil private sector slowed to its\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\/8\/98.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552852,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/this-evening-pmi-is-still-in-contraction-but-didnt-change-from-august-global-equity-rally-continues\/","url_meta":{"origin":550536,"position":3},"title":"THIS EVENING: PMI is still in contraction, but didn\u2019t change from August + Global equity rally continues","author":"enterpriseam admin","date":"4 October 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s a short workweek, so we\u2019re glad it\u2019s almost-WEDNESDAY \u2014 meaning the long weekend is just around the corner. We have what we like to call a Goldilocks news day, where it\u2019s not a torrential downpour but we can\u2019t say it\u2019s all quiet, either. *** Before\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":568836,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egypts-non-oil-business-activity-sinks-to-three-year-low\/","url_meta":{"origin":550536,"position":4},"title":"Egypt\u2019s non-oil business activity sinks to three-year low","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"Non-oil business activity sinks to three-year low: The contraction of activity in the non-oil private sector accelerated in January to a rate not seen since January 2017, according to the IHS Markit purchasing managers\u2019 index (PMI) (pdf). The PMI gauge dropped to a three-year low of 46.0, down from 48.2\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/69.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546224,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/inflation-continues-to-dampen-business-activity-in-april\/","url_meta":{"origin":550536,"position":5},"title":"Inflation continues to dampen business activity in April","author":"enterpriseam admin","date":"9 May 2022","format":false,"excerpt":"Egypt\u2019s non-oil private sector continued to contract in April, buffeted by inflation that has been turbocharged by the war in Ukraine as well as by falling demand, according to the S&P Global purchasing managers\u2019 indexsurvey(pdf). Business activity contracted at a slightly slower pace during the month, with the index inching\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/99.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\/550536","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=550536"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550536\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/550534"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550536"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550536"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}