{"id":551442,"date":"2022-06-19T13:18:19","date_gmt":"2022-06-19T13:18:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/this-evening-fy-2022-2023-budget-amendments-to-the-competition-act-currently-under-discussion-el-sisi-meets-with-leaders-of-bahrain-and-jordan\/"},"modified":"2022-06-19T13:18:19","modified_gmt":"2022-06-19T13:18:19","slug":"this-evening-fy-2022-2023-budget-amendments-to-the-competition-act-currently-under-discussion-el-sisi-meets-with-leaders-of-bahrain-and-jordan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/this-evening-fy-2022-2023-budget-amendments-to-the-competition-act-currently-under-discussion-el-sisi-meets-with-leaders-of-bahrain-and-jordan\/","title":{"rendered":"THIS EVENING: FY 2022-2023 budget, amendments to the Competition Act currently under discussion + El Sisi meets with leaders of Bahrain and Jordan"},"content":{"rendered":"

Good afternoon, ladies and gentlemen.<\/strong> It\u2019s a rather slow start to the week on the home front today as we shake off the weekend cobwebs.<\/p>\n

It\u2019s also Father\u2019s Day today.<\/strong> Although it\u2019s not as widely recognized or celebrated here in Omm El Donia, we hope all the Dads out there get some love and recognition today.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> BUDGET DEBATE-<\/strong> MPs are now discussing the draft FY 2022-2023 budget and the development plan<\/a> in a plenary session at the House of Representatives. Representatives will likely put the budget to a final vote likely on Tuesday, House Budget and Planning Committee Chairman Fakhri El Fiqi said last week<\/a>.<\/p>\n

REFRESHER-<\/strong> The proposed budget, which Finance Minister Mohamed Maait and Planning Minister Hala El Said presented to parliament last month<\/a>, is a crisis spending plan the government revised as the global price of key commodities including oil and wheat started rising even faster than before thanks to Russia\u2019s invasion of Ukraine.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

It\u2019s a thoroughly mixed bag of nuts in the international press this afternoon.<\/strong> Whispers of a potential recession in the US are beginning to be heard, with economists now forecasting a 44% chance of recession in the next year, according to the Wall Street Journal<\/a>. Recession fears are leading companies to pull the brakes<\/a> on stock market debuts, while consumers are shifting their spending habits amid soaring inflation, piling pressure onto some industries such as real estate, CNBC<\/a> reports.<\/p>\n

HAPPENING NOW- <\/strong><\/p>\n

The House Economic Committee will begin discussing proposed amendments to the<\/strong> Competition Act.<\/strong> The proposed amendments<\/a>, which have been in limbo since last year, would require companies to notify the Egyptian Competition Authority (ECA) of mergers and acquisitions they plan to undertake, and grant the ECA the power to reject these transactions before they go through.<\/p>\n

A<\/strong> tripartite summit between Egypt, Jordan, and Bahrain is ongoing in Sharm El Sheikh<\/strong>, with President Abdel Fattah El Sisi meeting with Jordan\u2019s King Abdullah and Bahrain\u2019s King Hamad bin Isa Al Khalifa, according to an Ittihadiya statement<\/a>. Bahrain\u2019s leader arrived in Sharm yesterday<\/a> where he held talks with El Sisi.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n