{"id":551545,"date":"2022-06-26T13:14:08","date_gmt":"2022-06-26T13:14:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/this-evening-govt-wants-to-extract-more-flour-from-wheat-g7-bans-russian-gold-imports-and-wants-price-caps-on-russian-oil\/"},"modified":"2022-06-26T13:14:08","modified_gmt":"2022-06-26T13:14:08","slug":"this-evening-govt-wants-to-extract-more-flour-from-wheat-g7-bans-russian-gold-imports-and-wants-price-caps-on-russian-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/this-evening-govt-wants-to-extract-more-flour-from-wheat-g7-bans-russian-gold-imports-and-wants-price-caps-on-russian-oil\/","title":{"rendered":"THIS EVENING: Gov\u2019t wants to extract more flour from wheat + G7 bans Russian gold imports and wants price caps on Russian oil"},"content":{"rendered":"<p><strong>Happy Sunday, ladies and gentlemen.<\/strong> We have another relatively busy afternoon for you today, with some commodities news leading the pack so far.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Ramping up flour extraction from wheat to trim imports:<\/strong> The Madbouly government plans to trim wheat imports by 500k tons in FY 2022-2023 by extracting more flour from the grain to use for subsidized bread production, Supply Minister Ali El Moselhy said at a presser today, according to <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-studies-raising-flour-extraction-875-82-used-subsidized-bread-2022-06-26\/\">Reuters<\/a>. The government is now looking to import some 5-5.5 mn tons of wheat for the upcoming fiscal year.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>The international press is awash with headlines related to Russia and the G7 this<\/strong><strong> afternoon.<\/strong> The two biggest stories leading the conversation so far are Russia launching missile strikes in the Ukrainian capital, Kyiv, which reportedly targeted an apartment building and a kindergarten, while G7 leaders are working on a package of new measures targeting Russia\u2019s economy. The Group of Seven is discussing a potential price cap on Russian oil, after agreeing to ban imports of Russian gold. The stories are getting ink in <a href=\"https:\/\/www.reuters.com\/world\/ukraine-suffers-major-setback-after-fall-sievierodonetsk-2022-06-26\/\">Reuters<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/ee090a48-5407-496f-b0e4-1fe78f37495d\">Financial Times<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-25\/g-7-negotiators-put-russia-oil-price-cap-on-agenda-for-leaders?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>HAPPENING NOW- <\/strong><\/p>\n<p><strong>Etisalat Egypt has just unveiled its new brand identity, etisalat by e&<\/strong>, at an event Enterprise is currently attending. The launch of the new brand comes \u201cin line with the e& Group\u2019s recent positioning as the global technology and investment conglomerate that digitally empowers societies,\u201d Etisalat Egypt said in <a href=\"https:\/\/ent.news\/2022\/6\/Etisalat-egypt-by-e-English-PRL-26thof-June.docx.pdf\">a statement (pdf)<\/a>.<\/p>\n<p><strong>We\u2019ll have more details on this in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/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 Central Bank of Egypt (CBE) <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83535286-8c60-4f96-abff-99018cbc0303\">kept interest rates unchanged<\/a><\/strong><strong> in its meeting last Thursday<\/strong>, breaking a run of rate hikes in its two previous meetings to tackle high inflation.<\/li>\n<li><strong>Thales, Orascom Construction and Colas Rail <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a14b5c42-4bce-480f-bd7a-765dbad6731c\">have landed<\/a><\/strong><strong> a USD 659 mn contract<\/strong> for construction work on the first phase of Cairo\u2019s fourth metro line.<\/li>\n<li><strong>GB Auto\u2019s car finance arm Drive Finance <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/135091b7-9840-40c6-a0bb-9a0f58ac8de0\">has closed<\/a><\/strong><strong> its first EGP 700 mn corporate bond issuance<\/strong> as part of a wider EGP 2 bn program.<\/li>\n<\/ul>\n<p class='web-image-inner'><img data-recalc-dims=\"1\" style='display: block' src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Inside Industry day \u2014<\/strong> <strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> As public consultations continue over the state\u2019s privatization plans, we talked to FMCG business leaders about what they think of the discussions and what else needs to happen in the food sector for the privatization push to play out well. From pricing to strategy to changing policies and regulations in the sector, the executives we talked to see positive potential for the move but think there are many necessary steps ahead before the initiative can really take off.<\/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> <strong>Amcham AGM:<\/strong> Our friends over at Amcham will hold their annual general meeting tomorrow at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.<\/p>\n<p><strong>President Abdel Fattah El Sisi heads to Oman tomorrow: <\/strong>El Sisi will hold talks with Omani officials over a two-day visit to the country that kicks off Monday, according to the state-run <a href=\"http:\/\/omannews.gov.om\/topics\/ar\/3\/show\/404056\/ona\">Oman News Agency (ONA<\/a>, which cites a statement from Oman\u2019s Diwan of Royal Court.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Key stats from OPEC drop Tuesday: <\/strong>The oil cartel will release its annual statistical bulletin on Tuesday, 28 June, the organization announced in a <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6929.htm\">press release<\/a>. The flagship publication provides data on the global hydrocarbons industry, with a focus on the 13 OPEC member countries. Market watchers will be paying close attention to the figures this year, given rising energy prices brought on by a major supply-demand imbalance, the ongoing energy crisis in Europe, and ever-louder calls to transition away from polluting fossil fuels.<\/p>\n<p><strong>The deadline for companies to submit bids for the redevelopment of the National<\/strong> <strong>Democratic Party headquarters<\/strong> is this Thursday, 30 June.<\/p>\n<p><strong>The government\u2019s fuel pricing committee will likely meet to review fuel prices<\/strong> as part of its quarterly review sometime next week.<\/p>\n<p><strong>The national dialogue to set Egypt\u2019s political and economic roadmap will also kick off<\/strong> <strong>next week.<\/strong> President Abdel Fattah El Sisi had called for the dialogue in April. Check out our explainer on the dialogue, its agenda, participants, and targeted outcomes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">here<\/a>.<\/p>\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 temperatures to rise to 38\u00b0C during the day tomorrow before falling to 22\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Sunday, ladies and gentlemen. We have another relatively busy afternoon for you today, with some commodities news leading the pack so far. THE BIG STORY TODAY Ramping up flour extraction from wheat to trim imports: The Madbouly government plans to trim wheat imports by 500k tons in FY 2022-2023 by extracting more flour from [&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":[96,1086,633,710,1253,7265,270,98,634,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551545","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-abdel-fattah-el-sisi","tag-e","tag-enterprisepm","tag-etisalat","tag-g7","tag-oman","tag-russia","tag-subsidies","tag-what-were-tracking-tonight","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"93149ce9-349a-4e2e-81ef-e033a2b74c1a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551543],"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: Gov\u2019t wants to extract more flour from wheat + G7 bans Russian gold imports and wants price caps on Russian oil - 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\/26\/this-evening-govt-wants-to-extract-more-flour-from-wheat-g7-bans-russian-gold-imports-and-wants-price-caps-on-russian-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Gov\u2019t wants to extract more flour from wheat + G7 bans Russian gold imports and wants price caps on Russian oil\" \/>\n<meta property=\"og:description\" content=\"Happy Sunday, ladies and gentlemen. We have another relatively busy afternoon for you today, with some commodities news leading the pack so far. 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import policies in FY2022-2023, according to Reuters and Bloomberg.We were hoping\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550099,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/gasc-will-let-private-mills-buy-its-wheat-to-help-ease-imports-squeeze\/","url_meta":{"origin":551545,"position":1},"title":"GASC will let private mills buy its wheat to help ease imports squeeze","author":"enterpriseam admin","date":"13 October 2022","format":false,"excerpt":"GASC to sell wheat to struggling private sector: State grain buyer GASC will on Saturday start selling wheat to mills producing 72% extraction wheat flour, which is used to make unsubsidized bread, pasta, and other foods. The move will last for one month and comes to prevent a rise in\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/218.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544982,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/our-wheat-imports-could-hit-a-nine-year-low-because-of-russia-ukraine\/","url_meta":{"origin":551545,"position":2},"title":"Our wheat imports could hit a nine-year low because of Russia + Ukraine","author":"enterpriseam admin","date":"30 March 2022","format":false,"excerpt":"Egypt\u2019s wheat imports in marketing year (MY) 2022-2023 are expected to drop to their lowest in nine years as the Russia-Ukraine war cuts two of our biggest suppliers off from the export market, the US Foreign Agricultural Service (FAS) said in a report (pdf). Wheat imports are expected to drop\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/699.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546380,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/india-bans-wheat-exports-to-all-except-vulnerable-countries\/","url_meta":{"origin":551545,"position":3},"title":"India bans wheat exports to all except \u201cvulnerable countries\u201d","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"India has joined the growing wave of food protectionism and banned wheat exports amid surging local prices and a severe heatwave that is threatening to hit production. 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