{"id":554802,"date":"2021-11-14T13:38:37","date_gmt":"2021-11-14T13:38:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/tonight-earnings-season-lands-with-a-thud-travelers-still-need-a-hard-copy-of-their-qr-passport-eamco-signs-new-agreement-for-ev-component-production\/"},"modified":"2021-11-14T13:38:37","modified_gmt":"2021-11-14T13:38:37","slug":"tonight-earnings-season-lands-with-a-thud-travelers-still-need-a-hard-copy-of-their-qr-passport-eamco-signs-new-agreement-for-ev-component-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/tonight-earnings-season-lands-with-a-thud-travelers-still-need-a-hard-copy-of-their-qr-passport-eamco-signs-new-agreement-for-ev-component-production\/","title":{"rendered":"TONIGHT: Earnings season lands with a thud + travelers still need a hard copy of their QR passport + EAMCO signs new agreement for EV component production"},"content":{"rendered":"

It isn\u2019t an altogether slow Sunday, <\/strong>ladies and gentlemen, but it is looking kind of dry when compared to last week\u2019s flurry of news. We have the FRA communicating further on their capital gains tax incentives, updates on our EV plans and the House is working on some laws today. But before we dive into the top stories today\u2026<\/strong><\/p>\n

It\u2019s that time of year: 3Q2021 earnings season here at home is in full swing<\/strong> \u2014 and is making its presence known with a torrent of releases out today. We have a rundown in this afternoon\u2019s Go With the Flow, below.<\/p>\n

<\/a> PSA- <\/strong>If you\u2019re traveling outside the country, you may have to still get a hard <\/strong>copy of your QR passport:<\/strong> Make sure to get a paper copy of your QR code-bearing vaccination certificate before you head to the airport, as the QR code available from the Health Ministry\u2019s covid passport app<\/a> is not yet being accepted as proof of vaccination at Cairo International Airport, according to EgyptAir customer service representatives Enterprise spoke with. In our experience, the paper certificates are straightforward to get from the ministry\u2019s vaccination centers and shouldn\u2019t take too long. We are currently still reaching out to the Civil Aviation Ministry for information on when the app QR passport will be accepted at airports. <\/strong><\/p>\n

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

<\/a> #1- <\/strong>POLL- The market is, by and large, reacting positively to the planned <\/strong>EGX incentive package<\/a><\/strong> the Madbouly government announced last week. Analysts we\u2019ve spoken to are signaling that the incentives package will be good for the market, but point out that the less-obvious message behind the package is that the capital gains tax<\/a> is going to be our new reality come January: no ifs, no buts, and no more delays.<\/p>\n

FACT CHECK- No, there isn\u2019t an official decision on the exact percentages of <\/strong>cuts to EGX trading costs yet. <\/strong>Local press<\/a> reports were out today claiming to have the exact percentages of the tax and fee cuts investors would be getting as part of the incentives structure being rolled out with the capital gains tax. A Financial Regulatory Authority (FRA) official we spoke with under condition of anonymity tells us that these were figures suggested by stakeholders and were not necessarily the numbers the FRA plans to make official.<\/p>\n

#2-<\/strong> BrightSkies<\/a><\/strong> joins state automaker to manufacture EVs domestically:<\/strong> State-owned Engineering Automotive Manufacturing Company has signed a cooperation agreement with private Egyptian tech firm BrightSkies that will see the two firms manufacture key components for Egypt\u2019s first locally-assembled electric microbuses, according to a Public Enterprise Ministry statement (pdf).<\/a> The plan is to supply the control systems, power units and engines for the 80% locally sourced microbuses, which are set to be prototyped within a year.<\/p>\n

The news comes days after <\/strong>the wheels came off<\/a><\/strong> a plan for El Nasr Automotive to locally assemble Chinese firm Dongfeng\u2019s E70 electric vehicles. <\/strong>Talks came to a halt due to an import pricing dispute with the automaker\u2014the kind of problem you just don\u2019t have if you can make your own EVs from scratch here at home.<\/p>\n

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

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