{"id":551690,"date":"2022-07-07T13:57:57","date_gmt":"2022-07-07T13:57:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/tonight-boris-is-out-and-inflation-inflation-dropped-a-last-pre-eid-ma-announcement-also-egypt-jordan-uae-talks-for-industrial-partnership-after-break\/"},"modified":"2022-07-07T13:57:57","modified_gmt":"2022-07-07T13:57:57","slug":"tonight-boris-is-out-and-inflation-inflation-dropped-a-last-pre-eid-ma-announcement-also-egypt-jordan-uae-talks-for-industrial-partnership-after-break","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/tonight-boris-is-out-and-inflation-inflation-dropped-a-last-pre-eid-ma-announcement-also-egypt-jordan-uae-talks-for-industrial-partnership-after-break\/","title":{"rendered":"TONIGHT: Boris is out and inflation inflation dropped + a last pre-Eid M&A announcement. ALSO- Egypt, Jordan, UAE talks for industrial partnership after break"},"content":{"rendered":"

Eid Mubarak, ladies and gentlemen.<\/strong> And after the year we all just had, We wish you and your loved ones a restful and enjoyable break. We\u2019ll be back in your inboxes at the appointed hour on Sunday, 17 July.<\/p>\n

And the news wants to send us off with a warm goodbye,<\/strong> with very positive plot twists in major talking points at home and abroad\u2026<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1- Annual urban inflation slowed for the first time since November 2021<\/strong>, recording 13.2% y-o-y in June, down from 13.5% the previous month<\/a>, according todata<\/a>(pdf)<\/a> released this morning from state statistics agency Capmas. The drop was attributed to a decline in food and beverage prices.<\/p>\n

Has inflation peaked? <\/strong>Analysts, including from Beltone, CI Capital, and Arqaam had all expected inflation to peak in summer, but had predicted we won\u2019t see a decline until August, with estimates ranging from c.15-18%. That said, the inflation remains well above the Central Bank of Egypt\u2019s target of 7% (\u00b12%).<\/p>\n

#2- A last pre-Eid M&A announcement:<\/strong> EGX-listed Paint and Chemical Industries Company (Pachin) received a non-binding acquisition offer from Saybad Industrial Investment for 100% of the company, according to a disclosure to the EGX (pdf)<\/a>. Saybad\u2019s offer prices Pachin\u2019s shares between EGP 16 and EGP 16.5 apiece, valuing the company at EGP 396 mn. The Pachin share rose 3.53% at the end of trading today.<\/p>\n

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

<\/a> Boris Johnson a<\/strong>dmits defeat<\/strong> and resigns: <\/strong>UK Prime Minister Boris Johnson has finally stepped down, ending a political crisis over his future that had paralyzed the British government over the past 48 hours. In a televised speech (watch, runtime 6:27<\/a>) Johnson said that it is \"clearly now the will\" of the Conservative party for there to be a new leader. This comes after a string of scandals plagued his tenure in office, prompting an unprecedented mass resignation of at least 50 members of his government, including Health Secretary Sajid Javid and Treasury chief Rishi Sunak. A delegation of ministers gathered at 10 Downing Street this morning to tell Johnson he has to go. The embattled leader said he will continue to serve as prime minister until a replacement is chosen.<\/p>\n

And the markets rejoiced: <\/strong>Investors welcomed Johnson\u2019s resignation, with the FTSE 100 stock index trading around 1.2% higher immediately following his speech. 10-year UK government bond yields went up, and the GBP inched up 0.37% against the USD, CNBC<\/a>reported.<\/p>\n

The story is front page news everywhere, <\/strong>including: Reuters<\/a> | <\/strong>Financial Times<\/a> | Wall Street<\/a>Journal<\/a> | Washington Post<\/a><\/p>\n

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