{"id":552441,"date":"2022-09-05T13:13:38","date_gmt":"2022-09-05T13:13:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/this-evening-telecom-egypts-stake-in-vodafone-egypt-could-be-in-play-pmi-is-less-bad-liz-truss-named-as-uks-new-pm\/"},"modified":"2022-09-05T13:13:38","modified_gmt":"2022-09-05T13:13:38","slug":"this-evening-telecom-egypts-stake-in-vodafone-egypt-could-be-in-play-pmi-is-less-bad-liz-truss-named-as-uks-new-pm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/this-evening-telecom-egypts-stake-in-vodafone-egypt-could-be-in-play-pmi-is-less-bad-liz-truss-named-as-uks-new-pm\/","title":{"rendered":"THIS EVENING: Telecom Egypt\u2019s stake in Vodafone Egypt could be in play + PMI is less bad + Liz Truss named as UK\u2019s new PM"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> That shocking news drought we were complaining about this morning appears to have disappeared itself in the span of just a few hours, replaced by a healthy flow of interesting stories.<\/p>\n

*** You have just a few more days to tell us how you\u2019re feeling about your business<\/strong> and the wider economy. We\u2019ll have the results for mid-month \u2014 just in time to give you a sense of what everyone else is thinking heading into budget season. Make your voice heard in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete.<\/p>\n

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

<\/a> #1- GCC sovereign funds have their eyes on TE\u2019s stake in Vodafone Egypt:<\/strong> The Qatar Investment Authority (QIA), Saudi Arabia\u2019s Public Investment Fund, and Abu Dhabi\u2019s ADQ are all eyeing state-owned landline monopoly Telecom Egypt\u2019s stake in Vodafone Egypt, a source with knowledge of the matter told Enterprise. Bloomberg Asharq<\/a> had reported earlier today that QIA is looking to acquire as much as 25% of Vodafone Egypt. Telecom Egypt's shares were up 15.8% at market close.<\/p>\n

#2- PMI is still in contraction \u2014 but improving:<\/strong> Activity in Egypt\u2019s non-oil private sector remained in contraction territory in August, but improved on a monthly basis, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. Our PMI reading rose to 47.6 last month, up from 46.4 in July, rising for the second consecutive month on the back of stronger orders and new orders.<\/p>\n

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

<\/a> UK Foreign Minister Liz Truss is the country\u2019s next prime minister<\/strong>, after coming out on top in a Conservative Party leadership race. Truss will succeed Boris Johnson, who resigned in July<\/a> after a string of scandals plagued his tenure in office, prompting an unprecedented mass resignation of at least 50 members of his government.<\/p>\n

The story is on the front pages across the international business press this afternoon:<\/strong> The Financial Times<\/a> | Reuters<\/a> | CNBC<\/a> | Wall Street Journal<\/a><\/p>\n

HAPPENING NOW- The board overseeing the National Dialogue is currently meeting<\/strong> to choose rapporteurs for all of the committees and subcommittees of the social, political and economic tracks. It will also work on topics of discussion for the dialogue.<\/p>\n

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