{"id":554652,"date":"2021-11-02T13:23:02","date_gmt":"2021-11-02T13:23:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/tonight-kids-are-getting-pfizer-shots-in-egypt-we-have-appetite-for-spacs-already-the-unified-budget-act-is-on-the-docket-for-parliament\/"},"modified":"2021-11-02T13:23:02","modified_gmt":"2021-11-02T13:23:02","slug":"tonight-kids-are-getting-pfizer-shots-in-egypt-we-have-appetite-for-spacs-already-the-unified-budget-act-is-on-the-docket-for-parliament","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/tonight-kids-are-getting-pfizer-shots-in-egypt-we-have-appetite-for-spacs-already-the-unified-budget-act-is-on-the-docket-for-parliament\/","title":{"rendered":"TONIGHT: Kids are getting Pfizer shots in Egypt + we have appetite for SPACs already + the Unified Budget Act is on the docket for parliament"},"content":{"rendered":"<p><strong>It\u2019s another news dump day on hump day, <\/strong>ladies and gentlemen. And if you\u2019re like some of us here and lost interest in yet another day of our world leaders disappointing us on the environment, we have teenagers getting approved for vaccinations here at home, interest for SPACs on the EGX, Fed day kicking off and more Black Mirror-type shenanigans from world tech giants.<\/p>\n<p><strong>THE BIG STORIES TODAY- <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THIS JUST IN- Children aged 15-18 will be offered Pfizer vaccines in Egypt<\/strong>, acting Health Minister Khaled Abdel Ghaffar said in a cabinet meeting today, according to a Madbouly cabinet <a href=\"https:\/\/bit.ly\/3CGaGuG\">statement<\/a>. Details of the rollout for the age group will be announced within hours, the minister said, adding that unvaccinated university students will not be allowed on campuses as of 15 November.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>SPACs already gaining traction in Egypt? <\/strong>Two companies are already poking into setting up SPACs to acquire and list fintech players in Egypt, according to Zulficar & Partners founding partner Anwar Zeidan. The two unnamed companies are in the non-banking financial services space and are currently in talks with the Financial Regulatory Authority about the necessary steps they need to take in order to list, as the authority works on setting up regulations to govern the blank-check companies. The announcement comes a day after the FRA yesterday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">greenlit<\/a> the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee5aece4-2567-475a-b5a5-26426d104938\">proposal<\/a> to allow SPACs in Egypt.<\/p>\n<p><strong>Could Egypt be getting a slice of a USD <\/strong><strong>673 <\/strong><strong>mn BlackRock climate-focused infrastructure<\/strong><strong> fund?<\/strong> BlackRock's Alternative Investments\u2019 global head of renewable powers David Giordano named Egypt as an \u201cattractive investment\u201d among emerging markets, as its climate-focused fund plans to invest in renewables and other green projects, according to <a href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/exclusive-blackrock-raises-673-mln-climate-focused-infrastructure-fund-2021-11-02\/\">Reuters<\/a>.<\/p>\n<p><strong>^^ We\u2019ll cover these stories in greater detail in tomorrow\u2019s EnterpriseAM. <\/strong><\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s<strong> EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>Wheat prices rise again:<\/strong> State grain buyer GASC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a35f9a9-0b98-4727-bc26-f8c381a40f4e\">paid 1.5% more<\/a> for Russian wheat purchased in the latest international tender as reduced crop production in some of the world\u2019s biggest producers and higher shipping costs are pushing up global prices.<\/li>\n<li><strong>Chip shortage weighs on car sales:<\/strong> Passenger car sales <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee958b6-769f-4ccd-bdb1-bb87e9e9e5ee\">dipped slightly<\/a> in September, falling more than 2% y-o-y from the same month last year, with industry leaders reporting that the culprit remains shortages of the chips used in modern vehicles.<\/li>\n<li><strong>Edita\u2019s first production line in Morocco will be up and running within days,<\/strong> IR director Menna Shams El Din confirmed to Enterprise yesterday.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>HAPPENING NOW- The House of Representatives has adjourned discussions on the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">Unified Budget Act<\/a><\/strong><strong> until 14 November<\/strong>, according to <a href=\"https:\/\/bit.ly\/3q4KM0x\">Youm7<\/a>. The House wants the input and testimony of Finance Minister Mohamed Maait on a number of articles of the bill, but has given its preliminary approval on all other articles.<\/p>\n<p><strong>Background:<\/strong> The draft act aims to merge legislation governing the state\u2019s annual budget and fiscal governance into an updated bill. If passed, the bill would require the government to present a medium-term budgetary and fiscal strategy to the House of Representatives each year. The act would also alter how the state budget allocates funding by imposing a top-down structure that would require the government to set spending limits for each ministry, which would then divvy up the funding for the bodies and organizations under its purview.<\/p>\n<p><strong>Tourism Minister Khaled El Anani is at the <\/strong><strong><a href=\"https:\/\/www.wtm.com\/london\/en-gb.html\">Travel & Tourism Expo<\/a><\/strong><strong> in London<\/strong>, which is running 1-3 November. The minister <a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/249658590529028\">held a presser<\/a> with UK media yesterday, answering questions about Egypt\u2019s covid safety measures and the opening of the Grand Egyptian Museum next year.<\/p>\n<p><strong>It\u2019s also Fed day:<\/strong> The US Federal Reserve begins its two-day meeting today, in which it is widely expected to announce the winding down of its USD 120 bn a month asset purchase program instituted at the start of the pandemic to stimulate the economy. All eyes will be on the Fed\u2019s Open Market Committee\u2019s decision on whether it will pull the trigger on scaling back its program, which Fed chief Jay Powell has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43b8fb8c-adc9-4a5d-83c2-fba569faf89c\">previously said<\/a> could happen in November.<\/p>\n<p><strong>The Fed will no doubt have inflation on its mind: <\/strong>The knock-on effect of global supply chain delays, shortages of a range of goods, and soaring prices threatens to seriously undermine economic recoveries, according to new research by <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-11-02\/supply-chain-crisis-has-central-banks-facing-stagflation-lite?sref=mmeFTDW1\">Bloomberg Economics<\/a>. Across the world, production slowdowns and clogged distribution networks are bringing significant shortages \u2014 nearing a 20-year high in the US, UK and euro area. The Bloomberg gauges provide plenty of data \u2014 including factory gate prices, the ratio of inventory-to-sales for retailers, and the backlog of orders for service-sector firms \u2014 supporting the Fed\u2019s assessment <a href=\"https:\/\/enterprise.press\/am-edition\/\">in September<\/a> of supply-side disruptions and strong demand driving up prices and inflation.<\/p>\n<p><strong>What\u2019s it all leading to? Stagflation, but not quite as we know it, Jim.<\/strong> The current environment is best described as stagflation-lite, Bloomberg notes, as continued high inflation remains a challenge for central bankers. Keeping rates low would allow the recovery to continue, but prices could spiral \u2014 while tightening would quell inflation but stifle demand. Traders anticipate two rate hikes from the Fed in 2022, but Bloomberg Economics modelling suggests that \u201cif inflation runs strong and unemployment falls, even two hikes next year might not be enough.\u201d<\/p>\n<p><strong>Over in China, citizens have been told to stockpile food and other essentials,<\/strong> as authorities further tighten the country\u2019s strict covid-19 containment measures to suppress a small outbreak, the <a href=\"https:\/\/www.ft.com\/content\/f3f0414f-97a2-4c5a-8a7d-da9e0e91d892\">Financial Times<\/a> reports. The government hasn\u2019t directly cited covid as a reason to store essential items, but 54 new locally-transmitted cases were reported on Monday. China\u2019s food prices are generally volatile, and vegetable prices have surged in recent weeks, due to inclement weather, the salmon colored paper added.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD- <\/strong><strong>Over 100 countries have pledged to halt deforestation by 2030 at COP26: <\/strong>World leaders from some 110 countries, along with 30 financial institutions, have committed to end deforestation by 2030 at the COP26 UN climate summit in Glasgow today, <a href=\"https:\/\/www.bbc.com\/news\/science-environment-59088498\">the BBC<\/a> reports. Some USD 19.2 bn in public and private funding have been committed to the cause so far and will go, in part, towards supporting efforts in developing countries to combat forest fires, revitalize land damaged by deforestation and help indigenious communities protect forests. Details on how exactly the pledge will be enforced and whether it will follow the same fate as <a href=\"https:\/\/www.cbsnews.com\/news\/brazil-gums-up-international-agreement-to-end-deforestation\/\">a separate 2014 pledge<\/a> so far remain unclear but some set of standards for sustainable supply chains and trade agreements appear to be in the pipeline.<\/p>\n<p><strong>Also from COP26: A US-led commitment to reduce global methane emissions by <\/strong><strong>30% by 2030 is in the pipeline <\/strong>through a joint US-EU pledge, with some 90 countries, including Brazil, reportedly signing on to the pledge to clamp down on methane, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-02\/biden-unveils-multipronged-assault-on-climate-warming-methane?srnd=premium\">Bloomberg<\/a> reports. The US-led effort could see <a href=\"https:\/\/www.nytimes.com\/2021\/11\/02\/climate\/biden-methane-climate.html\">limits placed on gases<\/a> coming from some 1 mn oil and gas rigs in the country and expand federal oversight to some 425k miles of pipeline that were previously unregulated. A component of the initiative also stipulates a plan to capture 70% of methane emitted from landfills in the US, but the effort will rely primarily on voluntary action.<\/p>\n<p><strong>But developing nations must step up to help less developed countries in the transition to <\/strong><strong>net zero, <\/strong>writes South African President Cyril Ramaphosa for the <a href=\"https:\/\/www.ft.com\/content\/311477e8-a57b-4602-b832-ba581b202114\">Financial Times<\/a>. \u201cThe needs of workers and communities in industries and geographies that will be hurt by such a transition must be carefully considered,\u201d calling for developed economies to provide grants, loans at concessional rates of investment to ensure the transition is \u201cjust.\u201d<\/p>\n<p><strong>ALSO GETTING COVERAGE- Yahoo has pulled its services from China, effective today<\/strong>, citing an increasingly challenging business environment, the <a href=\"https:\/\/www.wsj.com\/articles\/yahoo-pulls-out-of-china-ending-tumultuous-two-decade-relationship-11635848926?mod=hp_lead_pos2\">WSJ<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-02\/yahoo-pulls-out-of-china-amid-challenging-environment\">Bloomberg<\/a> report. This comes less than a month after Microsoft\u2019s <a href=\"https:\/\/www.wsj.com\/articles\/microsoft-abandons-linkedin-in-china-citing-challenging-operating-environment-11634220026?mod=article_inline\">LinkedIn exited Beijing<\/a>, also pointing fingers at the \u201cchallenging operating environment\u201d. While Microsoft\u2019s announcement was a big blow to China which has already been suffering from a wave of closures from foreign companies, Yahoo\u2019s move is more symbolic than anything. Yahoo has been shutting down main services such as email and news in China starting 2013 and coincided by chance with the tech crackdown in the country.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Iconic Syrian singer Sabah Fakhri passed away today in Damascus at the age of 88<\/strong>, with his son telling <a href=\"https:\/\/www.france24.com\/en\/live-news\/20211102-iconic-syrian-singer-sabah-fakhri-dies-in-damascus\">AFP<\/a> that Fakhri died a natural death. The musician\u2019s passing is a \u201chuge loss for Syrian art,\u201d Anas Fakhri added. Born in Aleppo and hailed as one of Syria's greats, Fakhri gained popularity for creating Syrian folk music that often included Arabic poetry in its lyrics, revitalising traditional Arabic music genres such as Qudud Halabiya and Muwashshah. <a href=\"https:\/\/www.thenationalnews.com\/arts-culture\/music\/2021\/11\/02\/syrian-singer-sabah-fakhri-dies-aged-88-the-light-of-music-went-out-in-the-levant\/\">The National<\/a> and <a href=\"https:\/\/bit.ly\/3mxzj7j\">Sky News<\/a> are also out with obituaries.<\/p>\n<p><strong>In his memory, here are some of our favorite songs by Fakhri:<\/strong> <a href=\"https:\/\/www.youtube.com\/watch?v=d9t4U9FdV9s\">Fouk El Nakhl<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=S2KJMiPQfM4\">Qaddok El Meyas<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=QXUAgqpCyX4\">Ebaatly Gawab<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=0Z25mwUJSY0\">Ya Mal El Sham<\/a><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>It\u2019s PMI:<\/strong> November\u2019s purchasing managers\u2019 indexes for Egypt, Saudi Arabia and the UAE will land tomorrow. Last month\u2019s PMI reading hit a four-month low as the private sector continued to contract, with weaker customer demand driving down new orders and output. On the upside, firms reported a record level of confidence in upcoming business activity, while employment rose for the third consecutive month.<\/p>\n<p><strong>Other key news triggers in November:<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves:<\/strong> October\u2019s foreign reserves figures will be out sometime this week;<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for October will be released next Wednesday, 10 November;<\/li>\n<li><strong>There\u2019s no MPC meeting this month <\/strong>\u2014 the central bank will <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next meet on 16 December<\/a> to review interest rates for the final time this year. The CBE has yet to issue its MPC calendar for 2022.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>The Africa Early Stage Investors Summit kicks off tomorrow<\/strong>, starting with an investors meetup, sponsored by the Cairo Angels, at Consoleya in downtown Cairo. The summit will continue on Thursday and Friday with virtual sessions featuring speakers from angel networks, VC funds, accelerators, and the public sector, among others.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will inch back up again to 31\u00b0C during the afternoon tomorrow before falling to 19\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s another news dump day on hump day, ladies and gentlemen. And if you\u2019re like some of us here and lost interest in yet another day of our world leaders disappointing us on the environment, we have teenagers getting approved for vaccinations here at home, interest for SPACs on the EGX, Fed day kicking off [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[1077,7286,393,107,633,125,146,295,439,186,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554652","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-blackrock","tag-climate","tag-cop26","tag-covid-19","tag-enterprisepm","tag-investment-watch","tag-pfizer","tag-south-africa","tag-spacs","tag-unified-budget-act","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"944cb411-10bf-4c6c-8b1a-e530216d58f1","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[554650],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TONIGHT: Kids are getting Pfizer shots in Egypt + we have appetite for SPACs already + the Unified Budget Act is on the docket for parliament - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/tonight-kids-are-getting-pfizer-shots-in-egypt-we-have-appetite-for-spacs-already-the-unified-budget-act-is-on-the-docket-for-parliament\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: Kids are getting Pfizer shots in Egypt + we have appetite for SPACs already + the Unified Budget Act is on the docket for parliament\" \/>\n<meta property=\"og:description\" content=\"It\u2019s another news dump day on hump day, ladies and gentlemen. 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THE BIG STORY TODAY- SPAC rules are here: The Financial Regulatory Authority (FRA) issued today the rulesand regulations (pdf) for companies looking to establish blank-check firms\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635295,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/fra-amends-spac-listing-rules\/","url_meta":{"origin":554652,"position":1},"title":"FRA amends SPAC listing rules","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"SPACs must apply to list on the EGX within one month of obtaining their license from the FRA","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554234,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/this-morning-cbe-extends-pandemic-fee-cuts-tourism-support-measures-anghami-swvl-in-a-race-to-see-who-spacs-first\/","url_meta":{"origin":554652,"position":2},"title":"THIS MORNING: CBE extends pandemic fee cuts, tourism support measures + Anghami, Swvl in a race to see who SPACs first","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Good morning, friends, and welcome to the final business week of 2021. 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The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557929,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/13\/tonight-egx-seems-to-be-interested-in-spacs-too-fawry-to-launch-a-consumer-finance-company-also-read-this-satire-on-startup-culture\/","url_meta":{"origin":554652,"position":4},"title":"TONIGHT: EGX seems to be interested in SPACs too + Fawry to launch a consumer finance company ALSO: Read this satire on startup culture","author":"enterpriseam admin","date":"13 September 2021","format":false,"excerpt":"Good afternoon, ladies and gentlemen, to an uncharacteristically slow September news day that was pierced by new capital markets regulations. 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