{"id":551792,"date":"2022-07-21T14:22:33","date_gmt":"2022-07-21T14:22:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/this-evening-pachin-bod-rejects-saybad-takeover-bid-uber-raises-prices-on-higher-fuel-costs-plus-interest-rate-decisions-from-turkey-and-the-ecb\/"},"modified":"2022-07-21T14:22:33","modified_gmt":"2022-07-21T14:22:33","slug":"this-evening-pachin-bod-rejects-saybad-takeover-bid-uber-raises-prices-on-higher-fuel-costs-plus-interest-rate-decisions-from-turkey-and-the-ecb","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/this-evening-pachin-bod-rejects-saybad-takeover-bid-uber-raises-prices-on-higher-fuel-costs-plus-interest-rate-decisions-from-turkey-and-the-ecb\/","title":{"rendered":"THIS EVENING: Pachin BoD rejects Saybad takeover bid + Uber raises prices on higher fuel costs. Plus: Interest rate decisions from Turkey and the ECB"},"content":{"rendered":"

We\u2019ve officially made it to the weekend, friends.<\/strong> As you join the exodus to Sahel (or if you managed to slip out of work early, if you\u2019re luckier than us), the news flow here at home is also in weekend mode.<\/p>\n

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

<\/a> Pachin\u2019s board of directors have rejected Saybad\u2019s takeover bid<\/strong>, saying that Saybad\u2019s offer is not reflective of the real value of the company and its assets, according to a company disclosure to the bourse (pdf)<\/a>. EGX-listed Pachin will ask Saybad to revise their offer, taking into consideration the company\u2019s land portfolio, the board decided. The board will also present the question of allowing due diligence proceedings at their next general assembly meeting for a vote.<\/p>\n

^^We\u2019ll have more details<\/strong> on this story and others in Sunday\u2019s edition of EnterpriseAM<\/strong>.<\/p>\n

PSA- Your Uber ride just got slightly pricier<\/strong>, with base fares for its UberX service in Cairo rising to EGP 9 (from EGP 8.50), while the minimum fare is up EGP 1 to EGP 15, according to an email sent out to users. In Alexandria, the base fare for UberX rides is up EGP 0.40 to EGP 8.70, with the minimum fare rising to EGP 13, from EGP 12 previously. The company attributed the price increases to the government\u2019s recent decision<\/a> to raise fuel prices.<\/p>\n

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

<\/a> It\u2019s a busy Thursday afternoon in the global business press. <\/strong>On the agenda:<\/p>\n

#1- Russia resumes flow of natural gas to Europe \u2014 with a reduced volume<\/strong>, the operator of major pipeline Nord Stream 1 said<\/a>, offering some relief to the region after a 10-day maintenance period filled with fears that Moscow could choose to tighten the screws on the energy-starved continent and turn off the taps. The Nord Stream pipeline connects Russia with Germany under the Baltic Sea, and ships more than a third of Russian gas exports to the EU. The pipeline has been running at 40% capacity in recent weeks as Russia ramps up the tit-for-tat energy war with Europe.<\/p>\n

Flows are expected to remain at the pre-maintenance level of 40% of total capacity.<\/strong> \u201cUnfortunately, the political uncertainty and the 60% cut from mid-June remain,\u201d head of Germany\u2019s energy regulator Klaus M\u00fcller<\/a> said. Russia began throttling supplies in June, choking up the reduced capacity to technical issues related to Western sanctions against Russia. German officials think the levels are a deliberate move to prevent European countries from shoring up their gas reserves for next winter. Germany and other EU nations have pledged to end purchases of Russian energy by 2024. The story is getting coverage from: Wall Street Journa<\/a>l | Bloomberg<\/a> | Reuters<\/a> | Washington Post<\/a>| Financial Times<\/a>.<\/p>\n

#2- ECB says goodbye to negative interest:<\/strong> The European Central Bank just ended an eight-year run with negative interest rates after enacting a 50 bps rate hike today, according to a statement<\/a>. The bank cited rising inflation for the monetary tightening decision, signaling that it could push through another hike at its next meeting in September.<\/p>\n

Meanwhile, Turkey kept interest rates unchanged for a seventh consecutive month despite inflation being at a 24-year high<\/strong>, according to a central bank statement<\/a>. The country\u2019s monetary policy is swimming against the global current, with central banks across the world going for aggressive rate hikes to curb soaring inflation, which in Turkey has reached its highest rate since 1998, Bloomberg<\/a> notes. Turkey\u2019s borrowing costs carry the most negative real rates in the world when adjusted for prices \u2014 a big red flag for investors \u2014 and the TRY plummeted to record lows earlier this year.<\/p>\n

#3- Italian Prime Minister Mario Draghi officially stepped down this morning<\/strong> after failing to secure the backing of his coalition partners in a parliamentary vote on his future. Reuters<\/a> has the story.<\/p>\n

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

IDG kicks <\/strong>off cultural<\/strong> festival with sustainable waste in focus at Alamein:<\/strong> Our friends at Industrial Development Group (IDG) are hosting a cultural festival at their eco-sustainable industrial park, e2 Alamein, on the North Coast, according to a statement (pdf)<\/a>. The \u201cLocale\u201d festival, which IDG is hosting in partnership with Art d\u2019Egypte, will showcase nine art installations made with recycled materials to raise \u201cawareness around waste management and encouraging waste prevention, reuse, and recycling behavior.\u201d<\/p>\n

The event launches today and runs through the summer.<\/strong><\/p>\n

\n

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