{"id":552359,"date":"2022-08-30T13:23:33","date_gmt":"2022-08-30T13:23:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/this-evening-emergency-measures-to-unblock-egypts-ports-al-sadr-tells-supporters-to-stand-down-amid-clashes-in-baghdad\/"},"modified":"2022-08-30T13:23:33","modified_gmt":"2022-08-30T13:23:33","slug":"this-evening-emergency-measures-to-unblock-egypts-ports-al-sadr-tells-supporters-to-stand-down-amid-clashes-in-baghdad","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/this-evening-emergency-measures-to-unblock-egypts-ports-al-sadr-tells-supporters-to-stand-down-amid-clashes-in-baghdad\/","title":{"rendered":"THIS EVENING: Emergency measures to unblock Egypt\u2019s ports + Al Sadr tells supporters to stand down amid clashes in Baghdad"},"content":{"rendered":"

Happy hump day, wonderful people.<\/strong> We have another relatively big news day here at home, courtesy of the government throwing out a lifeline to importers. We have our customary afternoon brief on the story below, but first:<\/p>\n

***<\/p>\n

<\/a> Take our <\/strong>Fall Reader Survey<\/a><\/strong> today and we\u2019ll have the results for you in a <\/strong>couple of weeks <\/strong>\u2014 just in time to give you a sense of what everyone else is thinking heading into budget season.<\/p>\n

How has 2022 been for your business? And how do you feel about what\u2019s left of the year? <\/strong>Are you investing? Do you plan to hire new staff (or make cuts to your existing staff) now or in 2023? What\u2019s the USD \/ EGP rate you expect to use for your 2023 budget? Where do you see your industry as a whole heading?<\/p>\n

Let us know in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete \u2014 and we\u2019ll be sharing the results with the entire community.<\/p>\n

***<\/strong><\/p>\n

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

#1- The Madbouly government just announced measures to clear the logjam in <\/strong>Egypt\u2019s ports:<\/strong> A package of emergency measures to release goods amassing at Egypt\u2019s ports will be introduced in the \u201ccoming days\u201d, Finance Minister Mohamed Maait said<\/a> this morning.<\/p>\n

Among the changes:<\/strong> Goods awaiting the Form 4 customs document will be released and customs fines for late filing have been suspended.<\/p>\n

Fighting fire: <\/strong>The measures are aimed at mitigating problems caused by the new requirement for importers to use letters of credit (L\/C) which have made it almost impossible for them to get most goods into the country. Speculation has risen in recent days that the Central Bank of Egypt and the government are preparing to ease the restrictions and allow importers to use documentary collection for some types of goods.<\/p>\n

#2- Is the chase for<\/strong> Alex Medical entering the end game?<\/strong> The Financial Regulation Authority has approved (pdf)<\/a> a mandatory tender offer<\/a> submitted by Tawasol Holdings and LimeVest to purchase 74% of Alexandria Medical Services. The consortium yesterday offered to pay EGP 47.67 a share for the stake, a bid that values Alex Medical at EGP 742.4 mn.<\/p>\n

^^ We\u2019ll have more on both of these stories in tomorrow\u2019s EnterpriseAM.<\/strong><\/p>\n

MAKING HEADLINES IN THE REGION-<\/strong><\/p>\n

<\/a> Iraq, where the death toll from yesterday\u2019s clashes has grown to at least 23.<\/strong> Shia cleric Moqtada Al Sadr has called on his supporters to stand down after they stormed the presidential palace<\/a> on Monday, sparking clashes with security forces that left at least 23 dead and 380 injured. In response to the violence, the UAE has suspended flights to and from Baghdad today, Iran closed its land borders and Kuwait advised its citizens to evacuate the country. Protests were sparked yesterday after Al Sadr unexpectedly resigned from politics following months of deadlocked negotiations to form a government with rival Iran-backed parties. (BBC<\/a> | AP<\/a> | Sky News<\/a> | Reuters<\/a>| Khaleej Times<\/a>)<\/p>\n

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

#1- The Musk-Twitter soap opera continues to get clicks: <\/strong>Tech b\u2019naire Elon Musk has added fresh accusations by a whistleblower<\/a> on Twitter\u2019s failure to protect user data and security problems as a new reason to terminate a USD 44 bn bid to take over the company. The latest efforts by Musk to call out Twitter saw his legal team filing another notice that includes Twitter\u2019s former chief of security, Peiter Zatko, allegations of \u201cegregious deficiencies\u201d by Twitter on privacy and security issues. (Bloomberg<\/a> | CNBC<\/a> | Wall Street Journal<\/a>).<\/p>\n

#2- The latest from Ukraine:<\/strong> The conflict is back on the global front pages as Ukrainian forces mount a counteroffensive to retake the country\u2019s southern Kherson region seized by Russian forces. (NYT<\/a> | Washington Post<\/a> | Financial Times<\/a>)<\/p>\n

#3- Good news \/ bad news on Europe\u2019s energy c<\/strong>risis:<\/strong><\/p>\n

The good news: <\/strong>Europe is nearing its gas storage goal two months ahead of its target, despite limited Russian gas supplies and surging gas prices, Bloomberg<\/a>reported, citing inventory data. Gas reserves were up to 79.94% as of 27 August, compared with a 80% target by 1 November .<\/p>\n

The bad news:<\/strong> Gazprom is tightening the screws on France\u2019s gas supplies, announcing today that it will immediately reduce deliveries to French supplier Engie due to contractual disagreements, prompting a French minister to accuse Moscow of using energy as a \u201cweapon of war.\u201d The Russian gas giant will tomorrow cut flows through the vital Nordstream pipeline<\/a> that supplies to Germany to zero for three days for what it said was unscheduled maintenance. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

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

The Madbouly government is holding consultations on its privatization strategy with representatives from the food <\/strong>and hospitality sector.<\/strong> The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings here<\/a>.<\/p>\n

PSA- It\u2019s deadline day for:<\/strong><\/p>\n