{"id":555099,"date":"2021-11-02T03:50:20","date_gmt":"2021-11-02T03:50:20","guid":{"rendered":"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\/"},"modified":"2021-11-02T03:50:20","modified_gmt":"2021-11-02T03:50:20","slug":"this-morning-cop26-has-started-its-fed-day-and-soon-we-wont-even-be-able-to-smoke-in-schools-and-hospitals","status":"publish","type":"post","link":"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\/","title":{"rendered":"THIS MORNING: COP26 has started + It\u2019s Fed day \u2014 and soon we won\u2019t even be able to smoke in schools and hospitals."},"content":{"rendered":"

Good morning, nice people<\/strong>, 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.<\/p>\n

SMART POLICY- <\/strong>Lawmakers are studying a bill they say would help reduce cigarette consumption. If passed, it would, ban smoking<\/strong> on public transport, in education, health and government facilities and sports clubs \u2014 and raise cigarette prices. Masaa DMC had the details (watch, runtime: 2:15<\/a>) on the airwaves last night. No lighting up in hospitals or schools. Imagine that.<\/p>\n

THE BIG STORY INTERNATIONALLY- The COP26 climate summit is dominating the front <\/strong>pages of the foreign press this morning<\/strong> after representatives from more than 100 countries gathered in Glasgow yesterday for the event\u2019s opening ceremony.<\/p>\n

Egypt calls on rich nations to stick to their word:<\/strong> President Abdel Fattah El Sisi urged developed countries to deliver on previous pledges to provide USD 100 bn a year in climate finance to developing countries. We have more on this in Last Night\u2019s Talk Shows, below.<\/p>\n

India brought a new commitment to the table, pledging to reach net-zero by \u2026 <\/strong>2070<\/a><\/strong>.<\/strong> That\u2019s 20 years later than climate scientists are advocating and a decade later than China\u2019s 2060 pledge. Still, it\u2019s something.<\/p>\n

Domestic politics are raising doubts about the US\u2019 ability to deliver on its pledge:<\/strong> President Joe Biden insisted that he will honour his climate pledges<\/a> as rogue Democratic senator Joe Manchin refused to back the White House\u2019s legislative plans, which will be key if the US is to slash emissions by 50-52% by the end of the decade.<\/p>\n

Boris Johnson went all-in on the apocalyptic rhetoric<\/strong>, warning it\u2019s \u201cone minute to midnight<\/a>\u201d and conjuring images of \u201cdoomsday devices.\u201d<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

Tourism Minister Khaled El Anani is at the <\/strong>Travel & Tourism Expo<\/a><\/strong> in London<\/strong>, which is running 1-3 November. The minister 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

It\u2019s 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 previously said<\/a> could happen in November.<\/p>\n

The Fed has mostly been saying that inflation in the US is \u201ctransitory,\u201d<\/strong> but warned in September<\/a> that the unexpected persistence of supply-side disruptions amid strong demand across several sectors is driving up prices.<\/p>\n

Inflation who? <\/strong>The Fed meets a week after fears of sustained inflation took a back seat in the European Central Bank<\/a> and the Central Bank of Egypt<\/a>\u2019s decisions to keep rates on hold. The CBE\u2019s move to leave rates unchanged was partially grounded in the importance of protecting Egypt\u2019s portfolio inflows by maintaining Egypt\u2019s position as the provider of one of the world\u2019s highest real interest rates. Portfolio inflows will be all the more important should the Fed decide to raise rates or if local inflation rises again \u2014 each of which could translate into volatility here at home. Rising US rates could spell challenges for emerging markets as investors are tempted to sell-down riskier assets in favor of higher-yielding US treasuries.<\/p>\n

It\u2019s day two of the <\/strong>Egypt Energy exhibition<\/a><\/strong>:<\/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

\n
\n
\n
\n

\n Get Enterprise<\/b> daily
\n <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Here are dates for some key news triggers in November:<\/strong><\/p>\n