{"id":551118,"date":"2022-05-26T13:25:51","date_gmt":"2022-05-26T13:25:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/this-evening-we-have-more-clarity-on-consumer-refunds-on-car-payments-monetary-policy-is-top-of-mind-for-the-global-business-press\/"},"modified":"2022-05-26T13:25:51","modified_gmt":"2022-05-26T13:25:51","slug":"this-evening-we-have-more-clarity-on-consumer-refunds-on-car-payments-monetary-policy-is-top-of-mind-for-the-global-business-press","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/this-evening-we-have-more-clarity-on-consumer-refunds-on-car-payments-monetary-policy-is-top-of-mind-for-the-global-business-press\/","title":{"rendered":"THIS EVENING: We have more clarity on consumer refunds on car payments + monetary policy is top of mind for the global business press"},"content":{"rendered":"<p><strong>Give yourselves a pat on the back for making it to this very well-earned THURSDAY<\/strong><strong> afternoon<\/strong>, friends. It\u2019s been a marathon week, and today is no exception.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>We have more clarity on consumer refunds on car payments:<\/strong> Customers who made a down payment or paid partial installments on a car before 12 April but have yet to receive their cars are entitled to receive a full refund of their payments plus 18% annual interest, according to a Consumer Protection Agency (CPA) decision published in the Official Gazette today. The decision gives consumers the upper hand in providing them with the option to decide whether to take the refund and interest, or reach a \u201cbetter\u201d agreement with their car dealer. Dealers will have a maximum period of five weeks \u2014 including a two-week deadline on notifying the CPA of why they are unable to deliver cars to consumers and another three-week period to actually dole out the refunds \u2014 to comply with the decision.<\/p>\n<p><strong>^^We\u2019ll have more details<\/strong> on this story in Sunday\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Monetary policy across different markets is broadly driving the conversation in the<\/strong><strong> international press this afternoon.<\/strong> The <a href=\"https:\/\/www.ft.com\/content\/5639bf4a-43dd-4565-a0bd-fd71c732d4d3\">Financial Times<\/a>\u2019 front-page story is the possibility of the US Fed adopting a more hawkish position and enacting more aggressive interest rate hikes in a bid to tamp down inflation, which some officials at this month\u2019s Federal Open Market Committee said \u201cmay well become appropriate.\u201d Elsewhere, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/russian-central-bank-slashes-rates-flags-more-cuts-2022-05-26\/\">Reuters<\/a> takes note of the Russia Central Bank\u2019s <a href=\"https:\/\/www.cbr.ru\/eng\/press\/pr\/?file=26052022_103000key_eng.htm\">decision to enact<\/a> a 300 bps interest rate cut at an extraordinary meeting today as inflationary pressures are beginning to ease, while the Turkish central bank\u2019s <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/en\/tcmb+en\/main+menu\/announcements\/press+releases\/2022\/ano2022-26\">decision<\/a> to maintain its interest rates unchanged despite currency pressure and inflation risk is the big story for <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-26\/turkey-keeps-rates-on-hold-again-despite-lira-inflation-risks?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The Madbouly government is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f147bd4-6ff2-4fcd-b3a7-2eb786e619c7\">looking to attract<\/a><\/strong><strong> foreign investors with major new projects:<\/strong> In a meeting with US and Egyptian CEOs yesterday, Prime Minister Moustafa Madbouly said his government will launch a string of major new projects in the coming months and pledged fresh incentives to draw foreign investors into the country.<\/li>\n<li><strong>Construction of the pipeline connecting Cyprus\u2019 Aphrodite natural gas field to Egypt <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">will begin<\/a><\/strong><strong> by the end of the year<\/strong>, Oil Minister Tarek El Molla said.<\/li>\n<li><strong>Gov\u2019t responds to MP reservations about budget allocations:<\/strong> MPs now reviewing the draft FY 2022-2023 state budget <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ceb2979-5a6e-4103-99b7-c45f12a9b4be\">should view the spending plan as \u201ctentative\u201d<\/a> as global conditions continue to shift the goalposts, Madbouly told House committee heads this week.<\/li>\n<\/ul>\n<p><strong>CORRECTION- The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f322b811-078e-4543-b1d1-47696be7f5f3\">Egypt Education Fund<\/a><\/strong><strong> is currently 80% owned by EFG <\/strong><strong>Hermes<\/strong>, with the remaining 20% owned by GEMS Education, Amr Sherif, communications director at the fund\u2019s manager, Egypt Education Platform, told Enterprise. We earlier this week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa6bd320-d578-4617-8e75-cafef9690dc3\">reported<\/a> that the fund is a 50\/50 JV between the two companies \u2014 as was the case when it was <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/21\/efg-gems-partner-up-on-new-k-12-education-platform-in-egypt\/\">established in 2018<\/a>. EFG has been gradually increasing its stake in EEP over the past few years, Sherif said.<\/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>FOR TOMORROW-<\/strong><\/p>\n<p><strong>The Fin Expo Egypt is kicking off tomorrow<\/strong> and will run until Thursday at the Intercontinental Citystars. The expo will feature over 25 companies exhibiting their fintech products and services with 3k visitors expected.<\/p>\n<p><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">El Gouna International Squash Open 2022<\/a><\/strong><strong> will kick off tomorrow <\/strong>and run until the following Friday, 3 June. The competition will feature some of Egypt\u2019s top seeds including world #1 Nouran Gohar and world #2 Ali Farag (who just earned the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6a4ab59-b151-4bba-bc02-43a3f541e47c\">PSA squash championship cup<\/a>). The prize pool for each of the men\u2019s and women\u2019s competitions is USD 180k.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Madbouly government will hold public consultations on its privatization plans over <\/strong><strong>three months<\/strong>, according to a <a href=\"https:\/\/bit.ly\/3LIZmC2\">cabinet statement<\/a>. \u201cWe as a government are ready to hear all opinions and approaches because our objective is the interest of the country and the advancement of the economy,\u201d PM Moustafa Madbouly said at a Cabinet meeting.<\/p>\n<p><strong>PSA- Companies have another month to bid for the government\u2019s PPP schools program:<\/strong> The Finance Ministry has extended the deadline for receiving bids from private sector companies to build and operate schools under its public-private partnership (PPP) schools program to 26 June, instead of 25 May, <a href=\"https:\/\/tinyurl.com\/2p8vu9zm\">Al Mal<\/a> quoted Ater Hanoura, head of the Finance Ministry\u2019s Private Partnership Unit, as saying.<\/p>\n<p><strong>** Amcham AGM:<\/strong> Our friends at Amcham are hosting their annual general meeting on Sunday, 29 May at the St. Regis Cairo Hotel. Transport Minister Kamel El Wazir will give a guest speech.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury is set to rise steadily from 36\u00b0C today in the capital city to 40\u00b0C by Sunday and to stay between 38-44\u00b0C as far into the future as the weather witches who run our favorite app can see.<\/p>\n<hr class=\"grey-line\">\n<p><strong>LISTEN TO OUR PODCAST ON WHAT AI CAN MEAN FOR YOUR BUSINESS.<\/strong> Last month, we explored how the government has made artificial intelligence a national priority. We spoke with the former ICT Ministry\u2019s advisor for AI Sally Radwan about the government\u2019s national AI strategy and how it is being implemented (<a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector\/\">Part 1<\/a> | <a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector-sitdown-comms-ministry-ai-advisor-sally-radwan\/\">Part 2<\/a>).<\/p>\n<p><strong>In another of our podcast roundtables, we sat down with the companies building AI systems in Egypt<\/strong> to get a bird\u2019s eye view on what\u2019s happening in the sector: Who\u2019s adopting it, how they\u2019re going about it, and what challenges they\u2019re facing.<\/p>\n<p><strong>You can catch the episode on our website here<\/strong> (<a href=\"https:\/\/enterprise.press\/podcasts\/whats-next-egypts-ai-sector\/\">listen, runtime: 44:01<\/a>), or tune in via <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Apple<\/a><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Podcasts<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1052468334\">Anghami<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M=\">Google Podcasts<\/a> | <a href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\">Spotify<\/a>). <strong>Or you can read edited excerpts<\/strong> of our conversation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49b6b5f3-07df-4316-8c04-43858fd3ce7e\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Give yourselves a pat on the back for making it to this very well-earned THURSDAY afternoon, friends. It\u2019s been a marathon week, and today is no exception. THE BIG STORY TODAY We have more clarity on consumer refunds on car payments: Customers who made a down payment or paid partial installments on a car before [&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":[144,1312,633,182,724,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551118","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-automotive","tag-consumer-protection-agency","tag-enterprisepm","tag-inflation","tag-monetary-policy","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"7c93d104-5bed-4dc9-8ab6-b3ac446a49df","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551116],"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: We have more clarity on consumer refunds on car payments + monetary policy is top of mind for the global business press - 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\/05\/26\/this-evening-we-have-more-clarity-on-consumer-refunds-on-car-payments-monetary-policy-is-top-of-mind-for-the-global-business-press\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: We have more clarity on consumer refunds on car payments + monetary policy is top of mind for the global business press\" \/>\n<meta property=\"og:description\" content=\"Give yourselves a pat on the back for making it to this very well-earned THURSDAY afternoon, friends. 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It\u2019s been a marathon week, and today is no exception. 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Here\u2019s what you can do: Customers who made a down payment or paid partial installments on a car before 12 April but have yet to receive their cars are entitled to receive a full refund plus 18% annual interest, according to\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/378.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546648,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/are-international-car-brands-cutting-egypt-out-of-their-short-term-export-plans\/","url_meta":{"origin":551118,"position":1},"title":"Are international car brands cutting Egypt out of their short-term export plans?","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"WATCH THIS SPACE- Are international car brands cutting Egypt out of short-term production plans in response to a slowdown in finance available for imports? Both Al Borsa and Al Mal are reporting that as many as eight international auto companies have stopped exporting cars to Egypt on the back of\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546604,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/this-morning-car-price-cap-raised-new-refund-rules-shoukry-at-davos\/","url_meta":{"origin":551118,"position":2},"title":"THIS MORNING: Car price cap raised + new refund rules; Shoukry at Davos","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to a morning packed with M&A news. Two of the three transactions involve inbound foreign (Saudi) investment, as this morning\u2019s tl;dr stack suggests. Unsurprisingly, food, healthcare and finance are all in play. We also have two IPO stories this morning: Fawry is putting on\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":591965,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/23\/what-were-tracking-on-monday-23-december-2019\/","url_meta":{"origin":551118,"position":3},"title":"What we\u2019re tracking on Monday, 23 December 2019","author":"enterpriseam admin","date":"23 December 2019","format":false,"excerpt":"The long-awaited cabinet shuffle materialized yesterday, bringing six new faces to the cabinet table and a handful of surprises, including Prime Minister Moustafa Madbouly being tapped to drum up investment in all of its flavors. We have chapter and verse in this morning\u2019s Speed Round, below. We also have a\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":563946,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/e-payments-confidence-has-grown-sevenfold-since-the-covid-19-outbreak-says-visa\/","url_meta":{"origin":551118,"position":4},"title":"E-payments confidence has grown sevenfold since the covid-19 outbreak, says Visa","author":"enterpriseam admin","date":"29 July 2021","format":false,"excerpt":"Confidence in e-payments is rising, says Visa study: E-payments have increased sevenfold in Egypt since the start of the pandemic as more Egyptians sidestep cash, according to a new Visa study (pdf) tracking consumer behavior. Some 88% of consumers surveyed said they had high confidence in e-payments, with those who\u2026","rel":"","context":"In &quot;Fintech&quot;","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580147,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/this-evening-chimera-snaps-up-7-5-stake-in-mnt-from-gb-auto\/","url_meta":{"origin":551118,"position":5},"title":"THIS EVENING: Chimera snaps up 7.5% stake in MNT from GB Auto +","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"Good afternoon, ladies and gents, and welcome to the start of a new week. It\u2019s a relatively calm news day so far today, but we expect things to kick into high gear in the days ahead.THE BIG STORY TODAY It\u2019s official- GB Auto has sold a 7.5% stake in MNT\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\/12\/674.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\/551118","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=551118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551116"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}