{"id":554841,"date":"2021-11-16T13:49:30","date_gmt":"2021-11-16T13:49:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/tonight-tanmeyah-is-now-wholly-owned-by-efg-unemployment-inches-up-in-3q2021\/"},"modified":"2021-11-16T13:49:30","modified_gmt":"2021-11-16T13:49:30","slug":"tonight-tanmeyah-is-now-wholly-owned-by-efg-unemployment-inches-up-in-3q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/tonight-tanmeyah-is-now-wholly-owned-by-efg-unemployment-inches-up-in-3q2021\/","title":{"rendered":"TONIGHT: Tanmeyah is now wholly owned by EFG + unemployment inches up in 3Q2021"},"content":{"rendered":"

It\u2019s an energy-focused hump day, ladies and gentlemen<\/strong>, with a flurry of energy news coming out of various global oil, gas and commodities summits today, some of which looks like it could pose upsides on the domestic front.<\/p>\n

<\/a> This includes Tel Aviv <\/strong>reportedly<\/a><\/strong>wanting to back out of the UAE pipeline agreement over \u201cenvironmental risks<\/strong>,\u201d and Europe having to diversify<\/a> its gas imports away from Russia as it reportedly<\/a>risks more rolling outages this year.<\/p>\n

Domestic carbon capture projects on the horizon? <\/strong>Italian energy firm Eni is in talks with the oil ministry on joint projects in carbon capture, the details of which are set to be announced at next year\u2019s COP27 climate summit in Sharm El Sheikh, according to a ministry statement<\/a>.<\/p>\n

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

<\/a> #1- Unemployment rate inched back up in 3Q2021:<\/strong> Egypt\u2019s unemployment rate rose for the first time since returning<\/a> to pre-pandemic levels in 3Q2020, inching up to 7.5%, marginally up from 7.3% last quarter, according to figures (pdf)<\/a> released by Capmas. The state statistics bureau put the jump down to the entry of fresh graduates into the job market in August and September, which it says widened the size of the workforce and led to a subsequent rise in unemployment levels.<\/p>\n

#2- EFG Hermes now has full ownership of Tanmeyah: <\/strong>EFG Hermes has acquired the remaining 6.5% stake held by retail investors in its microfinance firm Tanmeyah<\/a> for EGP 415 mn, a company official confirmed to Enterprise. The microfinance player has issued EGP 18 bn in loans to some 1.5 mn clients since it was founded in 2009, according to Al Mal<\/a>, and recently became the first microfinance firm to offer<\/a> pre-paid meeza<\/a> cards in Egypt.<\/p>\n

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

<\/a> HAPPENING NOW-<\/strong> The Prime Minister will be given expanded powers <\/strong>during pandemic and other health crises<\/strong> after the House of Representatives approved the measures today, Youm7<\/a> reports. The PM would have the authority to impose restrictions on movement and public gatherings, suspend schools and universities, and set opening and closing times for retail stores, among other powers.<\/p>\n

The 25 powers granted to the Prime Minister also include setting price caps on key goods and services.<\/strong> These powers can also be expanded at a later date depending on the circumstances. The powers were put forward as part of a draft bill outlining procedures to combat pandemics, which just received a preliminary sign off from the House, the newspaper reports<\/a>.<\/p>\n

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The first day of the<\/strong><\/a><\/strong>Africa Fintech summit<\/a><\/strong> is currently underway.<\/strong> The summit looks at innovation in the fintech ecosystem, venture capital and other forms of investing, and will also discuss the rise of healthtech.<\/p>\n

CORRECTION-<\/strong> A story we picked up from Amwal Al Ghad earlier this week incorrectly claimed that Tatweer Misr is borrowing EGP 3.5 bn from the National Bank of Egypt and AAIB. Representatives from Tatweer told Enterprise it is not borrowing the sum from these banks. We have updated the story<\/a> on our website to reflect this information.<\/p>\n

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