{"id":551771,"date":"2022-07-20T13:23:19","date_gmt":"2022-07-20T13:23:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/this-evening-beltone-has-two-weeks-to-decide-on-chimeras-acquisition-bid-putin-says-gazprom-is-keeping-the-taps-on\/"},"modified":"2022-07-20T13:23:19","modified_gmt":"2022-07-20T13:23:19","slug":"this-evening-beltone-has-two-weeks-to-decide-on-chimeras-acquisition-bid-putin-says-gazprom-is-keeping-the-taps-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/this-evening-beltone-has-two-weeks-to-decide-on-chimeras-acquisition-bid-putin-says-gazprom-is-keeping-the-taps-on\/","title":{"rendered":"THIS EVENING: Beltone has two weeks to decide on Chimera\u2019s acquisition bid + Putin says Gazprom is keeping the taps on."},"content":{"rendered":"

Good afternoon, wonderful people, and a very happy almost-THURSDAY to us all.<\/strong> It\u2019s a relatively calm day on the news front here in Omm El Donia as we push through to the weekend.<\/p>\n

The private sector will be off on Saturday in observance of the 23 July Revolution<\/strong>, according to a Manpower Ministry statement<\/a>. This follows an announcement<\/a>frp, Cabinet yesterday on Saturday being a national holiday for both the public and private sector. The announcements mean that the government will not be pushing the holiday to a weekday, as has been usually the case since 2020 with most mid-week holidays.<\/p>\n

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

<\/a> We\u2019ll know the fate of Chimera\u2019s bid for Beltone within two weeks:<\/strong> Beltone Financial has until Wednesday, 3 August to come to a decision on Chimera Investments\u2019 bid to acquire up to 90% of its shares, according to an EGX announcement (pdf)<\/a> today. This comes a day after the Financial Regulatory Authority greenlit<\/a> Chimera\u2019s offer, which will trigger an MTO.<\/p>\n

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

<\/a> It\u2019s a whole lot of Russia and energy in the international business<\/strong> press this afternoon:<\/strong> Russian President Vladimir Putin said Moscow would stick to its commitments on natural gas deliveries to Europe yet warned that Russian supplies sent through the biggest pipeline to Europe, Nord Stream, could dwindle further, the Wall Street Journal<\/a>reported him as saying. Despite the reassurance, Putin said that deliveries might be slashed by around 20% by next week if a pipeline turbine undergoing maintenance in Canada isn\u2019t returned soon. Gazprom had already slashed gas exports through the pipeline to 40% capacity last month, blaming sanctions imposed by Canada on the failure to return a turbine Siemens Energy was repairing there.<\/p>\n

The EU already has a contingency plan in mind: <\/strong>The EU Commission is suggesting that member states (voluntarily) slash their gas use by 15% over the coming months to accommodate for a Russian natural gas cutoff, AP<\/a> reports. The Commision could move to impose mandatory cuts when there is a substantial risk of a severe gas shortage or exceptionally high demand.<\/p>\n

Also getting lots of play abroad: UK inflation jumped to a new 40-year high of 9.4% in<\/strong> June<\/strong>, with the accelerating pace driven by rising global food and energy prices, data by the UK Office for National Statistics<\/a> showed. New inflation figures are expected to give room for a rare 50 bps interest rate hike by the Bank of England next month, according to Reuters<\/a>.<\/p>\n

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

Egypt-Serbia Business Council gets down to business:<\/strong> Ramping up investments and trade relations between Egypt and Serbia were the top agenda priorities President Abdel Fattah El Sisi touched on during the inaugural meeting of the Egypt-Serbia Business Council, according to an Ittihadiya statement<\/a>. The two countries are also finalizing a double taxation treaty, Serbian President Aleksandar Vucic said.<\/p>\n

El Sisi and Vucic also discussed the ongoing war in Ukraine and its impact on food and<\/strong> energy security<\/strong>, according to a separate Ittihadiya statement<\/a>.<\/p>\n

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