{"id":554613,"date":"2021-12-21T13:57:25","date_gmt":"2021-12-21T13:57:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/this-evening-thousands-of-firms-get-temporary-minimum-wage-exemption-omicron-to-hit-global-growth-try-rollercoaster\/"},"modified":"2021-12-21T13:57:25","modified_gmt":"2021-12-21T13:57:25","slug":"this-evening-thousands-of-firms-get-temporary-minimum-wage-exemption-omicron-to-hit-global-growth-try-rollercoaster","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/this-evening-thousands-of-firms-get-temporary-minimum-wage-exemption-omicron-to-hit-global-growth-try-rollercoaster\/","title":{"rendered":"THIS EVENING: Thousands of firms get temporary minimum wage exemption + Omicron to hit global growth + TRY rollercoaster."},"content":{"rendered":"

Good afternoon, friends, and welcome to the calm after the storm. <\/strong>The snow has melted, the winds have died down, our ports have reopened after the windy weather forced their closure, and the global markets are stabilizing as dip-buyers reemerge following yesterday\u2019s Omicron-induced selloff.<\/p>\n

That said, the news cycle continues to churn at pace<\/strong>, as we hear that some 6k private companies will be given a (brief) reprieve from complying with new minimum wage requirements, and the SCZone signs off on a USD 2.6 bn methanol plant in Ain Sokhna. Elsewhere, your Nutella supply is getting caught in the crossfire in Erdogan\u2019s war on economics, and scientists are hoping to soon unlock the mysteries of the early universe with one extremely large, extremely powerful telescope.<\/p>\n

The eight ports forced to close amid yesterday\u2019s stormy weather are <\/strong>back in business<\/strong>:<\/strong> Ain Sokhna, Adabiya, Port Said West, Port Said East, and Al Arish were reopened today, while Port Tawfiq, El Zayteyat and Sharm El Sheikh were back up and running by last night, Reuters<\/a> reports.<\/p>\n

***<\/p>\n

<\/a> WANT TO HAVE BREAKFAST WITH US?<\/strong> Every year, we ask our readers to weigh in on what you expect for the year ahead in our Enterprise Reader Poll<\/a>. Take a few minutes to give us your take on the outlook for your business and industry, whether you\u2019re planning fresh investments and new hires, and how your business fared in the year past. We\u2019ll share the results with the entire community in early January to help you shape your view of the year.<\/p>\n

We\u2019ll be inviting eight readers who take the poll to breakfast in 2022<\/strong> and another dozen of you will get your very own Enterprise mug in which to enjoy your morning beverage of choice.<\/p>\n

***<\/p>\n

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

<\/a> #1 Some 6k pr<\/strong>ivate sector companies<\/strong> will be given a six-week reprieve from<\/strong> new minimum wage requirements while they are considered for exemptions<\/strong>, the National Council for Wages decided today, according to a cabinet statement<\/a>. Companies who submitted exemption requests will not have to comply with the requirement before mid-February, while the council assesses the validity of any extension to their requests.<\/p>\n

#2 SCZone signs off on Ain Sokhna\u2019s USD 2.6 bn methanol plant: <\/strong>The General Authority for the Suez Canal Economic Zone (SCZone) has signed a land use contract with a company jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding, to establish a methanol plant at Egypt's Ain Sokhna port and industrial complex, according to a cabinet statement<\/a>. First announced over the summer<\/a>, the plant aims to produce 1 mn tonnes of methanol and 400k tons of ammonia annually, a portion of which will be exported. Its first phase is expected to be completed in 2025.<\/p>\n

#3- Remittances were up 1.5% y-o-y to record USD 8.1 bn in the first quarter of the <\/strong>FY2021-2022<\/strong> fiscal year <\/strong>(July-September 2021), the central bank announced in a statement (pdf)<\/a>. The figures tally with a recent World Bank estimate<\/a> that remittances inflows are on course to hit a record high this year, continuing a trend that saw inflows shrug off the pandemic to register fresh highs<\/a> last fiscal year.<\/p>\n

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

Swvl and Magalix are holding a virtual fireside chat<\/strong> titled Stories of Women in the Tech Field tonight at 7pm. Connect to the event here<\/a>.<\/p>\n

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