{"id":554670,"date":"2021-11-03T13:19:05","date_gmt":"2021-11-03T13:19:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/tonight-a-new-corporate-green-bond-sale-in-the-works-whats-up-with-ubers-gps-plus-supply-chain-woes-arent-doing-egypts-private-sector-any-favors\/"},"modified":"2021-11-03T13:19:05","modified_gmt":"2021-11-03T13:19:05","slug":"tonight-a-new-corporate-green-bond-sale-in-the-works-whats-up-with-ubers-gps-plus-supply-chain-woes-arent-doing-egypts-private-sector-any-favors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/tonight-a-new-corporate-green-bond-sale-in-the-works-whats-up-with-ubers-gps-plus-supply-chain-woes-arent-doing-egypts-private-sector-any-favors\/","title":{"rendered":"TONIGHT: A new corporate green bond sale in the works + what\u2019s up with Uber\u2019s GPS? Plus: Supply chain woes aren\u2019t doing Egypt\u2019s private sector any favors"},"content":{"rendered":"

Good afternoon, ladies and gents, and welcome to a busy second-to-last day of the<\/strong> workweek.<\/strong> A relatively calm news cycle this morning was pierced by news that Egypt has a fresh corporate green bond sale in the works, and indications that the state privatization program is really roaring back to life.<\/p>\n

BUT FIRST- <\/strong>What\u2019s<\/strong> been going on with Uber\u2019s GPS?<\/strong> A number of us here at Enterprise and a handful of our friends have noticed that Uber\u2019s GPS system has been glitching over the past several days, instructing drivers to take longer or more time-consuming routes and consequently driving up fares. The app does allow riders to dispute a fare difference once the ride is complete and request a refund on the fare increase. Enterprise has reached out to Uber and is waiting on an official comment.<\/p>\n

This might be related \u2014 or similar to \u2014 a new feature Google Maps <\/strong>has rolled out<\/a><\/strong> to opt for the route with the lowest level of emissions<\/strong> if the time difference between routes isn\u2019t significant. The changes are also meant to optimize your route for lower fuel consumption, lowering gas costs for users.<\/p>\n

Have you experienced something similar?<\/strong> Drop us a line at editorial@enterprise.press.<\/p>\n

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

#1- The Great Global Supply Chain Snarl is weighing on Egypt\u2019s non-oil private sector<\/strong> activity<\/strong>, which contracted for the 11th consecutive month in October, inching down to a five-month low as inputs fall and prices soar at the sharpest rate in over three years, the IHS Markit\u2019s Purchasing Managers\u2019 Index (PMI) (pdf)<\/a> showed. The PMI dipped to 48.7 from 48.9 in September amid shipment delays and price surges.<\/p>\n

#2- <\/strong>A fresh sale of corporate green bonds is in the works<\/strong>, with unnamed private sector players planning to issue USD 120-200 mn-worth of the climate-friendly securities, Planning Minister Hala El Said said today<\/a>, giving no further details. CIB issued Egypt\u2019s first-ever corporate green bonds last summer, selling USD 100 mn of the securities<\/a> in July.<\/p>\n

#3- <\/strong>More proof e-Finance\u2019s IPO breathed new life into the state<\/strong> privatization program:<\/strong> HHD is back to eyeing a secondary stake sale.<\/strong> The company is eyeing the sale of an additional stake of an undisclosed size to EGX investors by mid-2022, as part of the state privatization program, Public Enterprise Minister Hisham Tawfik told Masrawy<\/a>. The plans are part of a shift in company strategy<\/a> that will see it pursue partnerships with private developers in hopes of boosting interest in its shares, Tawfik said.<\/p>\n

^^ We\u2019ll have the full rundown of these stories and more in tomorrow morning\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

ALSO WORTH NOTING- The government will officially begin its move to the new capital in December<\/strong> for a trial period of six months, Ittihadiya announced in a statement<\/a>. No further details on which departments, agencies, or ministries would lead the move had been announced as of dispatch time.<\/p>\n

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

It\u2019s decision day at the Fed:<\/strong> The US Federal Reserve\u2019s Open Market Committee will announce later today the outcome of its two-day meeting. The emerging consensus is that the Fed will announce it is winding down its USD 120 bn a month asset purchase program instituted at the start of the pandemic to cushion the economy. The central bank is facing somewhat of a catch-22 in coping with stagflation: Keeping rates low would allow the recovery to continue, but prices could spiral \u2014 while tightening would quell inflation but stifle demand and provoke market volatility.<\/p>\n

Emerging markets including Egypt will be watching the Fed\u2019s meeting closely <\/strong>\u2014 rising US rates will put pressure on inflows into EM debt.<\/p>\n

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