{"id":551364,"date":"2022-06-13T13:29:59","date_gmt":"2022-06-13T13:29:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/this-evening-egypt-postpones-phasing-out-of-electricity-subsidies-the-world-sees-a-massive-crypto-sell-off\/"},"modified":"2022-06-13T13:29:59","modified_gmt":"2022-06-13T13:29:59","slug":"this-evening-egypt-postpones-phasing-out-of-electricity-subsidies-the-world-sees-a-massive-crypto-sell-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/this-evening-egypt-postpones-phasing-out-of-electricity-subsidies-the-world-sees-a-massive-crypto-sell-off\/","title":{"rendered":"THIS EVENING: Egypt postpones phasing out of electricity subsidies + The world sees a massive crypto sell-off"},"content":{"rendered":"<p><strong>What an interesting afternoon, ladies and gentlemen. <\/strong>We got everything from DJ bn\u2019aire\u2019s to Google covering up a sentient algorithm and the continued crash of crypto and global VC funding.<\/p>\n<p><strong>THE BIG STORY TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Don\u2019t panic about rising electricity prices just yet: <\/strong>The state will once again postpone phasing out electricity subsidies to ease financial pressure on citizens already coping with high inflation, President Abdel Fattah El Sisi said on the sidelines of the inauguration of the livestock and dairy complex in Sadat City today (<a href=\"https:\/\/www.youtube.com\/watch?v=f96K8sdROPk\">watch, runtime: 3:41<\/a>). Residential electricity bills <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdb7b4e0-c53f-4127-bb0f-94a9afa6ec30\">were set to rise<\/a> at the start of the new fiscal year on 1 July as per the Sisi administration\u2019s plan to restructure electricity prices by 2025.<\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>The international business press is broadly focused this afternoon on a crypto sell-off<\/strong> pushing BTC prices to their lowest levels since December 2020, while ethereum hit a 17-month low. The sell-off, which has picked up steam in recent weeks on concerns over rising interest rates in the US as the Federal Reserve tightens its monetary policy, was exacerbated by major crypto lending company Celsius Network freezing withdrawals and transfers today. The story is on the front pages of <a href=\"https:\/\/www.reuters.com\/technology\/crypto-firm-celsius-pauses-all-transfers-withdrawals-between-accounts-2022-06-13\/\">Reuters<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/bitcoin-revisits-late-2020-levels-as-it-suffers-fresh-selloff-11655096332?mod=hp_lead_pos3\">Wall Street Journal<\/a>, and <a href=\"https:\/\/www.cnbc.com\/2022\/06\/13\/bitcoin-btc-falls-as-market-focuses-on-celsius-issue-fed-rate-hike.html\">CNBC<\/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>Egypt will need an additional USD 10 bn next fiscal year for wheat + oil: <\/strong>Egypt could face an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ac17049-0088-4ed8-a391-d2e876d5d91b\">extra USD 10.2 bn<\/a> burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait said.<\/li>\n<li><strong>UAE\u2019s Chimera puts in an offer for Beltone: <\/strong>Our friends at Abu-Dhabi based investment firm Chimera Investments have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54f13234-9150-43b7-a812-a475d9cb8d89\">submitted a non-binding offer<\/a> to acquire a controlling stake in Beltone Financial.<\/li>\n<li><strong>First Abu Dhabi Bank (FAB) has completed the merger of Bank Audi Egypt and rebranded its Egypt operations as FABMisr<\/strong>, a year after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">it acquired 100%<\/a> of the Lebanese bank\u2019s local unit.<\/li>\n<\/ul>\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>HAPPENING THIS WEEK- <\/strong><\/p>\n<p><strong>It could be a big week for our gas export ambitions:<\/strong> Hopes are high that Egypt can ink an agreement to increase exports to the EU when EU Commission President Ursula von der Leyen lands in Cairo for talks with President Abdel Fattah El Sisi. According to a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-03\/eu-egypt-near-gas-supply-deal-in-shift-away-from-russia?sref=mmeFTDW1\">draft document seen by Bloomberg<\/a> earlier this month, the EU is expected to sign an MoU with Egypt and Israel that will see more Israeli gas shipped to Egypt\u2019s LNG facilities where it will be exported across the Mediterranean.<\/p>\n<p><strong>Meanwhile, the US Federal Reserve will meet tomorrow and Wednesday to decide on interest rates<\/strong> amid US inflation accelerating to a fresh 40-year high in May. This has raised fears among traders that the Federal Reserve will turn even more hawkish when it meets this week.<\/p>\n<p><strong>Egypt is the guest of honor at this year\u2019s <\/strong><strong><a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum (SPIEF)<\/a><\/strong>, which takes place on 15-18 June in the Russian city. Trade Minister Nevine Gamea will participate in several panels on Thursday, including a session on Egyptian-Russian relations where she\u2019ll be joined by SCZone VP Waleid Gamaleldien, the head of the Egyptian Exporters Associated Mohamed Kassem, and Tourism Ministry undersecretary Ahmed Youssef.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>El Sisi, Amer attending Afreximbank annual meetings: <\/strong>The African Export-Import Bank\u2019s (Afreximbank) <a href=\"https:\/\/2022.afreximbankevents.com\/en-home\/\">annual meetings<\/a> start Wednesday at the new capital\u2019s St. Regis Almasa Hotel. President Abdel Fattah El Sisi, Central Bank of Egypt Governor Tarek Amer, and Afreximbank President Benedict Oramah will give keynote speeches at the event, which will focus primarily on implementing the Africa freetrade agreement that came into force in 2021.<\/p>\n<p><strong>There\u2019s a handful of conferences coming up:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/ent.news\/2022\/5\/ER2FOOD-Event-Agenda-240522.pdf\">The EU-Egypt Sustainable Food Value Chain<\/a><\/strong><strong> conference<\/strong>, which will take place at Grand Nile Tower Hotel this Thursday.<\/li>\n<li><strong><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">The Aswan Forum for Sustainable Peace and Development<\/a><\/strong> will take place in Cairo later this month on 21-22 June (Tuesday-Wednesday).<\/li>\n<li><strong>The<\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/Press-Release-The-Big-5-Construct-Egypt-exhibition-returns-in-June-with-the-participation-of-the-Egyptian-Armed-Forces-Engineering-Authority.pdf\">Big 5 Construct Egypt (pdf)<\/a><\/strong><strong> construction industry exhibition<\/strong> runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.<\/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 a daytime high of 36\u00b0C tomorrow in the capital city before the mercury falls to 22\u00b0C at night, our favorite weather app tells us.<\/p>\n<p><strong><\/p>\n<div class=\"stand-out\">***<\/p>\n<p>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things.<\/strong> Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications.<\/strong> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: <strong>To create value for our growing community of >199k readers by telling stories that matter.<\/strong><\/p>\n<p><strong>We\u2019re looking for editors who want to run publications and teams, editors to help reporters craft stories and talented reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention Patrick in your subject line. <\/strong><\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a><\/strong> It\u2019s worth it \u2014 trust us.<\/p>\n<p><strong>***<\/div>\n<p><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What an interesting afternoon, ladies and gentlemen. We got everything from DJ bn\u2019aire\u2019s to Google covering up a sentient algorithm and the continued crash of crypto and global VC funding. THE BIG STORY TODAY- Don\u2019t panic about rising electricity prices just yet: The state will once again postpone phasing out electricity subsidies to ease financial [&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":[344,2802,633,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551364","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-cryptocurrency","tag-electricity-subsidies","tag-enterprisepm","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"235a98fc-47fa-451e-80e6-b73214c38a68","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551362],"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: Egypt postpones phasing out of electricity subsidies + The world sees a massive crypto sell-off - 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\/06\/13\/this-evening-egypt-postpones-phasing-out-of-electricity-subsidies-the-world-sees-a-massive-crypto-sell-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt postpones phasing out of electricity subsidies + The world sees a massive crypto sell-off\" \/>\n<meta property=\"og:description\" content=\"What an interesting afternoon, ladies and gentlemen. 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Electricity subsidies haven\u2019t been phased out. Electricity is and will continue to be subsidized by the state until the planned phase-out in 2025, Electricity Minister Mohamed Shaker was quoted as saying by Al Borsa yesterday. His comments came after Bloomberg Asharq reported that the government\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/358.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547231,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/not-shocking\/","url_meta":{"origin":551364,"position":1},"title":"Not shocking","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"No electricity price hikes coming this July, after all: The Madbouly government will freeze electricity prices to ease financial pressure on the public, which is already coping with high inflation, President Abdel Fattah El Sisi said yesterday (watch, runtime: 3:41).Residential electricity bills were set to rise by as much as\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/sisi-electricity-1600x.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598342,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/electricity-prices-to-rise-an-average-of-15-in-fy2019-2020\/","url_meta":{"origin":551364,"position":2},"title":"Electricity prices to rise an average of 15% in FY2019-2020","author":"enterpriseam admin","date":"22 May 2019","format":false,"excerpt":"Electricity prices to rise an average of 15% in FY2019-2020: Average electricity prices will rise by 15% from 1 July, Electricity Minister Mohamed Shaker told reporters yesterday. Prices for ultra-high voltage electricity used by steel and iron factories will increase by 10% on average in the coming fiscal year, while\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\/2019\/5\/4.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572071,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/10\/electricity-prices-to-rise-16-30-july-but-subsidies-are-with-us-until-2025\/","url_meta":{"origin":551364,"position":3},"title":"Electricity prices to rise 16-30% July, but subsidies are with us until 2025","author":"enterpriseam admin","date":"10 June 2020","format":false,"excerpt":"Your electricity bill will rise by as much as a third in July \u2014 but subsidies won\u2019t be fully lifted for another five years: Average rates for electricity sold to residential consumers will increase between 16-30% from 1 July as the government has fully lifted subsidies on the uppermost consumption\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\/6\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572033,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/egypt-what-to-expect-with-the-electricity-price-hikes-coming-in-july\/","url_meta":{"origin":551364,"position":4},"title":"Egypt: What to expect with the electricity price hikes coming in July","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"What to expect from the electricity price hikes to be announced today: Electricity Minister Mohamed Shaker has floated two different proposals to the Egyptian Electric Utility and Consumer Protection Agency\u2019s (Egyptera) board of directors for a hike in electricity prices expected to take effect on 1 July, the local press\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\/6\/94.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566483,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/your-electricity-bill-is-going-up\/","url_meta":{"origin":551364,"position":5},"title":"Your electricity bill is going up","author":"enterpriseam admin","date":"22 June 2021","format":false,"excerpt":"Your electricity bill is going up on 1 July \u2014 here\u2019s how much you can expect to pay: Residential electricity bills are going up by as much as 26% at the start of the state\u2019s new fiscal year on 1 July as the Sisi administration pushes ahead with its plan\u2026","rel":"","context":"In &quot;SPEED ROUND: ENERGY&quot;","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/556.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\/551364","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=551364"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551364\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551362"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551364"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551364"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}