{"id":555059,"date":"2021-11-01T03:50:19","date_gmt":"2021-11-01T03:50:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/"},"modified":"2021-11-01T03:50:19","modified_gmt":"2021-11-01T03:50:19","slug":"this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/","title":{"rendered":"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax."},"content":{"rendered":"<p><strong>Good morning, wonderful people<\/strong>, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback program at education outfit Taaleem.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>THE BIG STORY ABROAD- COP26 begins today \u2014 and if the Rome G20<\/strong> <strong>Summit is anything to go by, we face an uphill battle to reach a global consensus.<\/strong> The two-day summit in Rome finished yesterday with little agreement among the 20 largest economies about how to limit global warming to <a href=\"https:\/\/www.ipcc.ch\/sr15\/\">1.5\u00b0C<\/a>, a target which scientists say is vital if we are to prevent serious ecological damage and fundamental changes to the planet\u2019s climate. G20 nations are trying to find consensus over how best to achieve the 2015 Paris climate goals, which aims to reach net-zero emissions by the middle of the century, but beyond agreeing to end funding for new coal-fired power stations leaders offered little in the way of concrete pledges.<\/p>\n<p><strong>Higher stakes as COP26 begins:<\/strong> The disappointing conference in Rome raises the pressure on world leaders to find a breakthrough at the COP26 summit, which begins today in Glasgow. Representatives from more than 100 countries are attending the two-week conference, which is being billed by some as a crucial moment that could determine whether or not we\u2019re able to achieve the Paris climate goals.<\/p>\n<p><strong>President Abdel Fattah El Sisi yesterday arrived in Scotland for the summit<\/strong>, according to <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\">a statement<\/a> from Ittihadiya.<\/p>\n<p><strong>There isn\u2019t a news organization out there that doesn\u2019t have the summit on its front page this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/business\/environment\/g20-leaders-face-tough-climate-talks-second-day-summit-2021-10-30\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/coronavirus-pandemic-joe-biden-g-20-summit-business-prices-697032bd40b02a101d3b424bc3a86a9c\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-31\/boris-johnson-warns-one-minute-to-midnight-as-cop-kicks-off?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/europe\/biden-g20-reverse-trump\/2021\/10\/31\/068409b2-38ed-11ec-9662-399cfa75efee_story.html\">Washington Post<\/a> | <a href=\"https:\/\/www.nytimes.com\/2021\/10\/31\/world\/biden-g20-covid-climate.html\">NYT<\/a> | <a href=\"https:\/\/www.ft.com\/content\/92839b0d-dba1-41a7-923b-d3361bb19b9a\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/g-20-nations-wrangle-over-climate-change-goals-ahead-of-cop26-11635680984?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/10\/31\/biden-calls-on-g-20-to-help-address-global-supply-chain-issues.html\">CNBC<\/a>.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><strong>It\u2019s the start of a new month today.<\/strong> Here are dates for some key news triggers as we enter November:<\/p>\n<ul>\n<li><strong>PMI:<\/strong> November\u2019s purchasing managers\u2019 indexes for Egypt, Saudi Arabia and the UAE will land on Wednesday, November 3;<\/li>\n<li><strong>Foreign reserves:<\/strong> October\u2019s foreign reserves figures will be out sometime during the first week of November;<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for October will be released on 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<p><strong>Gov\u2019t stipulated minimum charges at the nation\u2019s hotels come into effect today: <\/strong>All five-star hotels must now charge a minimum of USD 40 per night, while four-star establishments must charge at least USD 28 per night, according to minimum rates set by the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38a0aa7e-6bfb-4d8a-b4a6-fa2b37a2301b\">in April<\/a>. Putting a floor under pricing has been on policymakers\u2019 agendas since 2017.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy exhibition<\/a><\/strong><strong> on power and renewable energy gets underway <\/strong><strong>today.<\/strong> The three-day event will include speeches and discussions on the global energy outlook, the future of clean energy, financing green economy projects, and the future of connectivity with network management capabilities.<\/p>\n<p><strong>Egypt will take over the chairmanship of the African Union\u2019s Peace and Security <\/strong><strong>Council today<\/strong>, succeeding Mozambique, the Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/189582790018242\">said<\/a> yesterday. Egypt will chair the committee for the month of November and will focus on the fight against extremism and terrorism, the statement said.<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Will the Fed announce a taper this week?<\/strong> All eyes are on the Fed ahead of its two day meeting starting tomorrow, 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. Fed chief Jay Powell had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43b8fb8c-adc9-4a5d-83c2-fba569faf89c\">previously said<\/a> the central bank could begin scale back its program in November, while policymakers signalled that they could move to raise interest rates next year. Rising US rates could spell challenges for emerging market assets \u2014 including Egypt\u2019s \u2014 as investors are tempted to sell-down riskier debt in favor of higher-yielding US treasuries.<\/p>\n<hr class=\"grey-line\">\n<p><strong>TAX WATCH- Senate to weigh in on EGX capital gains tax:<\/strong> The Senate will meet in the coming two weeks to discuss the capital gains tax on stock market transactions, which will be introduced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc92b9f8-5427-446f-a7dc-2960cc4d17a4\">at the beginning of 2022<\/a> to the chagrin of the securities industry. <a href=\"https:\/\/alborsaanews.com\/2021\/10\/31\/1476957\">Al Borsa<\/a> reported last night that a committee in the upper house of parliament will convene to discuss the 10% tax, which has attracted criticism from fund managers and figures in the financial sector.<\/p>\n<p><strong>We\u2019re still waiting to hear from the House:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f448a03-0764-4c16-a6b8-f08b9a5643e9\">Lawmakers discussed the tax<\/a> in the House of Representatives yesterday in a session attended by Finance Minister Mohamed Maait and representatives from the EGX, the Financial Regulatory Authority and GAFI. Until now, there has been radio silence on what was said.<\/p>\n<p><strong>The tax: <\/strong>The 10% tax will be imposed on net portfolio earnings at the end of the tax year, after deducting brokerage fees. Foreign investors in the bourse won\u2019t pay a dime, as the new rules apply only to people and companies residing in Egypt.<\/p>\n<p><strong>We could soon find out this week which commodities will be traded on Egypt\u2019s <\/strong><strong>long awaited commodities exchange<\/strong> when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">launches early next year<\/a>. Supply Minister Ali El Moselhy told <a href=\"https:\/\/alborsaanews.com\/2021\/10\/28\/1476112\">Al Borsa<\/a> last week that we should expect an announcement following a meeting set for this coming week with EGX boss Mohamed Farid and head of the Internal Trade Development Authority Ibrahim Ashmawy.<\/p>\n<p><strong>Also happening this month:<\/strong><\/p>\n<ul>\n<li><strong>The French-Egyptian Business Forum<\/strong> is set to take place in the Suez Canal Economic Zone.<\/li>\n<li><strong>Egypt will <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/163314772505618\">host another round of talks<\/a><\/strong><strong> to reach a potential Egyptian-Eurasian trade agreement<\/strong>, which officials hope will make it possible for Egypt to boost its exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.<\/li>\n<\/ul>\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 class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Public-private joint venture collaborations set up to invest in large-scale education projects have seen a surge in popularity this year. The most recent partnership of this kind is the new company set to be launched by Al Ahly Capital Holding and CIRA, the companies announced last week. But what makes these partnerships so appealing for the private sector? Today, we talk to three private sector education operators, who tell us the scale, stability and long-term nature of these investments allows for the provision of high-impact and affordable education.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback program at education outfit Taaleem. [&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":[7204],"tags":[96,810,147,393,168,68,72,180,127,3182,392,69,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555059","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-african-union","tag-climate-change","tag-cop26","tag-diplomacy","tag-egx","tag-enterpriseam","tag-legislation","tag-politics","tag-scotland","tag-senate","tag-tax","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"40c1f28e-7588-4f32-9e00-4c054f19315a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[555057],"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>THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax. - 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\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback program at education outfit Taaleem. 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COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax. - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/","og_locale":"en_US","og_type":"article","og_title":"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.","og_description":"Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback program at education outfit Taaleem. 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Tomorrow is also the final day of COP26 where Egypt signed on to a number of climate change\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":556548,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/this-morning-cop26-starts-tomorrow-gcc-v-lebanon-gas-prices-in-europe-ease-facebook-is-hoping-a-rebrand-will-make-their-problems-go-away\/","url_meta":{"origin":555059,"position":2},"title":"THIS MORNING: COP26 starts tomorrow; GCC v Lebanon; Gas prices in Europe ease; Facebook is hoping a rebrand will make their problems go away.","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"Happy Halloween, boys and girls \u2014 and welcome to the final business day of October. The first week of November is shaping up to be particularly busy, with world politics driving the news agenda everywhere.HERE AT HOME, it\u2019s clear that inflation is going to continue biting. The specter of rising\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556941,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/tonight-the-capital-gains-tax-gets-its-day-in-parliamentary-court-cop26-gets-underway-in-glasgow\/","url_meta":{"origin":555059,"position":3},"title":"TONIGHT: The capital gains tax gets its day in (parliamentary) court + COP26 gets underway in Glasgow","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"It\u2019s been an atypically busy Sunday, with some good news coming out of the state privatization program, the Finance Ministry and the central bank. But since it is Halloween, we will start with something scaring fund managers here\u2026 WATCH THIS SPACE- The capital gains tax (CGT) is getting its day\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":555445,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/this-morning-bank-board-shake-up-unvaccinated-civil-servants-will-need-a-weekly-pcr-test-to-enter-the-workplace-from-today-ditto-for-uni-students-on-campus-new-auto-consumer-regs-in-effect-today\/","url_meta":{"origin":555059,"position":4},"title":"THIS MORNING: Bank board shake-up; unvaccinated civil servants will need a weekly PCR test to enter the workplace from today; Ditto for uni students on campus; new auto consumer regs in effect today.","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"Good morning, wonderful people, and happy Monday. We have an absolutely stacked issue this morning, starting with a deep dive into how the market is reacting to a basket of fee and tax incentives the government announced last week to make a new capital gains tax on EGX trades a\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555099,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/this-morning-cop26-has-started-its-fed-day-and-soon-we-wont-even-be-able-to-smoke-in-schools-and-hospitals\/","url_meta":{"origin":555059,"position":5},"title":"THIS MORNING: COP26 has started + It\u2019s Fed day \u2014 and soon we won\u2019t even be able to smoke in schools and hospitals.","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a very busy news day to get us over the midweek hump. From SPACs to startups, climate change and spiraling inflation, it\u2019s a very 2021 morning here at Enterprise World Headquarters. SMART POLICY- Lawmakers are studying a bill they say would help reduce\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555059"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555059\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555057"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555059"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555059"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}