{"id":552831,"date":"2022-10-03T13:20:39","date_gmt":"2022-10-03T13:20:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/03\/this-evening-kuwaits-agility-logistics-to-invest-usd-60-mn-in-customs-logistics-hubs-uk-govt-makes-about-face-on-income-tax-cut-amid-market-turmoil\/"},"modified":"2022-10-03T13:20:39","modified_gmt":"2022-10-03T13:20:39","slug":"this-evening-kuwaits-agility-logistics-to-invest-usd-60-mn-in-customs-logistics-hubs-uk-govt-makes-about-face-on-income-tax-cut-amid-market-turmoil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/03\/this-evening-kuwaits-agility-logistics-to-invest-usd-60-mn-in-customs-logistics-hubs-uk-govt-makes-about-face-on-income-tax-cut-amid-market-turmoil\/","title":{"rendered":"THIS EVENING: Kuwait\u2019s Agility Logistics to invest USD 60 mn in customs, logistics hubs + UK gov\u2019t makes about-face on income tax cut amid market turmoil"},"content":{"rendered":"

Good afternoon, friends.<\/strong> There are some interesting moves on logistics and infrastructure investments happening here on the home front, while the UK is still capturing the imagination of the international business press as PM Liz Truss\u2019 government flip-flops on some very controversial policies. Oh, and it\u2019s Nobel Prize week.<\/p>\n

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

<\/a> Kuwait\u2019s Agility Logistics plans to set up and operate two customs and logistics services<\/strong> hubs worth a combined USD 60 mn<\/strong>, as per an agreement the Boursa Kuwait-listed company signed with the Suez Canal Economic Zone (SCZone) today, according to an SCZone statement<\/a>. Work on the hubs is expected to begin by 2H 2023, the statement says. The agreement was signed on the sidelines of the Egyptian-Kuwaiti Economic Forum, where Trade and Industry Minister Ahmed Samir is meeting with a delegation of Kuwaiti investors, according to a cabinet statement<\/a>. The Kuwaiti<\/a> delegation includes 48 investors interested in investing in several sectors of the Egyptian economy including real estate and telecoms.<\/p>\n

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

<\/a> There are a few big stories vying for attention in the international business press this<\/strong> afternoon, but the turmoil in UK financial markets continues to take the lead.<\/strong> The UK is u-turning on its decision to slash the top rate of income tax for individuals earning over GBP 150k per year, Chancellor Kwasi Kwarteng said earlier today<\/a>. The rollback of the decision comes after the GBP has tanked over the past couple of days and caused deep volatility in the UK\u2019s bond markets (which we break down in further detail in this afternoon\u2019s Macro Picture, below). The story is getting plenty of coverage from the Associated Press<\/a>, BBC<\/a>, NBC<\/a>, CBS<\/a>, The Guardian<\/a>, and Bloomberg<\/a>, among others.<\/p>\n

ALSO GETTING INK- Ukrainian forces have recaptured several villages in the country\u2019s<\/strong> south<\/strong>, Reuters<\/a> reports citing Russian state television. Russian sources acknowledged a Ukrainian tank offensive had advanced dozens of kilometers along the Dnipro River, securing one of the fastest advances and the most rapid breakthrough in the south.<\/p>\n

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

Pre-COP27 is underway:<\/strong> Foreign Minister Sameh Shoukry is in Congo attending COP27\u2019s preparatory conference along with climate ministers from around the world for a last consultative meeting ahead of next month\u2019s COP27 in Sharm El Sheikh, according to a ministry statement<\/a>.<\/p>\n

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