{"id":555445,"date":"2021-11-15T04:01:09","date_gmt":"2021-11-15T04:01:09","guid":{"rendered":"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\/"},"modified":"2021-11-15T04:01:09","modified_gmt":"2021-11-15T04:01:09","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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."},"content":{"rendered":"<p><strong>Good morning, wonderful people, and happy Monday. <\/strong>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 bit more palatable. The tax \u2014 payable only by investors who are tax resident in Egypt \u2014 comes into effect in January 2020, and analysts have welcomed the incentives, even as they suggest they may not go far enough.<\/p>\n<p><strong>And while we\u2019re on the subject, a confirmation:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc92b9f8-5427-446f-a7dc-2960cc4d17a4\">10% capital gains tax<\/a>on EGX trades coming into effect in January will be calculated on annual net portfolio earnings, not on a per transaction basis, Finance Ministry spokesperson Ragab Mahrous confirmed to us. The basis of calculation was vague in the announcement last week.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORIES ABROAD- There\u2019s no single story driving the agenda in the foreign <\/strong><strong>press this morning:<\/strong><\/p>\n<ul>\n<li><strong>COP criticism:<\/strong> Some business groups have joined the chorus of criticism directed at the world\u2019s politicians for their inaction at this month\u2019s COP26 conference. (<a href=\"https:\/\/www.ft.com\/content\/a0c01a33-fda3-4918-bead-dba61265ec48\">FT<\/a>)<\/li>\n<li><strong>Yield hunger:<\/strong> Inflation fears are pushing investors into riskier assets as real yields on treasuries turn negative. (<a href=\"https:\/\/www.wsj.com\/articles\/inflation-surge-whips-up-market-froth-11636817049?mod=hp_lead_pos3\">WSJ<\/a>)<\/li>\n<li><strong>Red Tesla:<\/strong> Elon Musk and Bernie Sanders are going at it on Twitter over the leftist senator\u2019s call for a wealth tax. (<a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/elon-musk-spars-with-bernie-sanders-offers-sell-more-tesla-stock-2021-11-14\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Central bank orders board shake-up:<\/strong> Egyptian banks will be prohibited from appointing the same person to act as chairman and CEO under <a href=\"https:\/\/ent.news\/2021\/11\/Circular-dated-11-Nov-2021-regarding-amending-some-governance-articles-concerning-BOD-composition.pdf\">amendments to board formation<\/a><a href=\"https:\/\/ent.news\/2021\/11\/Circular-dated-11-Nov-2021-regarding-amending-some-governance-articles-concerning-BOD-composition.pdf\">rules (pdf)<\/a> designed to promote \u201cappropriate diversity\u201d in boardrooms published by the Central bank of Egypt yesterday.<\/p>\n<p><strong>Under the changes, banks must:<\/strong><\/p>\n<ul>\n<li>Appoint a maximum of two executive directors; the rest of the board must be non-executives, including at least two independent non-execs;<\/li>\n<li>Appoint at least two women;<\/li>\n<li>Ensure board representation for minority shareholders (if they hold more than 5% of the bank\u2019s shares).<\/li>\n<\/ul>\n<p><strong>Non-executive members are barred from staying on for more than two terms<\/strong> (or a maximum of six years), though a third term may be possible in exceptional circumstances if the central bank gives its blessing.<\/p>\n<p><strong>There won\u2019t be any immediate reshuffles:<\/strong> Banks don\u2019t need to start complying with the changes until their current board terms end.<\/p>\n<p><strong>PSA- <\/strong><strong>The next time you buy a major home appliance, don\u2019t pay any fees the retailer tacks <\/strong><strong>on to install and \u201cactivate\u201d the warranty.<\/strong> These costs should already be included in the sticker price for white goods, so the services should be provided to consumers without charge, the Consumer Protection Agency said in a notice blasted out by text message yesterday.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>All unvaccinated public sector workers <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/547cee89-6af8-4e07-8bb2-777f71b1a861\">will be prohibited from going to the office today<\/a><\/strong> unless they submit to a weekly PCR test at their own expense. University students will also be unable to access campuses without proof of vaccination.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>As of today, auto dealerships have to comply with new consumer protection rules<\/strong> requiring price stickers to be displayed on vehicles. Companies that could be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f34f15f-1e1b-4dd8-9850-83d0ebc9dfe1\">fined up to EGP 2 mn<\/a> if they don\u2019t comply with the rules.<\/p>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>The two-day <\/strong><strong><a href=\"https:\/\/africafintechsummit.com\">Africa Fintech summit<\/a><\/strong><strong> kicks off tomorrow:<\/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<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>The International Finance Corporation <\/strong>is hosting an invite-only forum in Cairo on Wednesday with a focus on <strong>sustainable finance in Africa<\/strong>. Egyptian speakers include Central Bank of Egypt First Sub-Governor <a href=\"https:\/\/www.linkedin.com\/in\/may-abulnaga-b93b354\/?originalSubdomain=eg\">May Abulnaga<\/a>, the Financial Regulatory Authority\u2019s <a href=\"https:\/\/www.linkedin.com\/in\/sina-hbous-2202103\/?originalSubdomain=eg\">Sina Hbous<\/a> and CIB\u2019s <a href=\"https:\/\/www.linkedin.com\/in\/dr-dalia-abdel-kader-755296111\/?originalSubdomain=eg\">Dalia Abdel Kader<\/a>.<\/p>\n<p><strong>Prince Charles and the <\/strong><strong>Duchess of Cornwall <\/strong><strong><a href=\"https:\/\/www.princeofwales.gov.uk\/press-release\/prince-wales-and-duchess-cornwall-will-visit-hashemite-kingdom-jordan-and-arab\">will be in Cairo on Thursday and Friday (18-19 November)<\/a><\/strong><strong>.<\/strong> Charles will meet with President Abdel Fattah El Sisi and Al Azhar\u2019s Grand Imam, Ahmed El Tayyeb, among other government officials. Expect climate change to be high on the prince\u2019s agenda given his personal interest in the topic and Egypt\u2019s selection as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a925d015-f57e-4886-9f6d-db7a15c76bd3\">host of COP27<\/a> next year.<\/p>\n<p><strong>Comesa summit next week in Sharm:<\/strong> Egypt will host the 2021 Common Market for Eastern and Southern Africa (Comesa) summit on 23 November in Sharm El Sheikh.<\/p>\n<p><strong>KfW is launching a call for green projects:<\/strong> Companies and public bodies working on projects related to the green economy transformation will be able to submit proposals to the KfW Development Bank\u2019s Investing for Employment facility, which will see co-financing grants ranging from 1 mn to 10 mn EUR awarded to to each project, the German development bank said in <a href=\"https:\/\/ent.news\/2021\/11\/2021-11-08_FINAL_EGY-ONLY-announcement-en.pdf\">a press release (pdf)<\/a>. The facility will award grants to projects that contribute towards job creation. You can find out more about the facility and the application process <a href=\"https:\/\/invest-for-jobs.com\/en\/investing-for-employment#top\">here<\/a>.<\/p>\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> Scholarships are rarely offered by Egypt\u2019s K-12 private schools, as we reported last week. While most offer some financial aid to existing students under a charitable model, very few provide academic or non-academic scholarships designed to increase access overall. Today, sources comment on why this might be \u2014 with one suggestion being that scholarships offer few direct cost benefits to the private school for-profit business model. But beyond that, expanding access to top private schools isn\u2019t seen as a priority for the broader market, several sources note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 bit more palatable. The tax [&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":[144,204,271,107,73,68,72,235,343,69,113,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555445","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-automotive","tag-banking","tag-central-bank-of-egypt","tag-covid-19","tag-education","tag-egx","tag-enterpriseam","tag-labor","tag-regulation","tag-tax","tag-vaccines","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a22a3044-a303-4e45-85fb-80e9b65fbe1b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[555443],"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: 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. - 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\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"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.\" \/>\n<meta property=\"og:description\" content=\"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 bit more palatable. 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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 bit more palatable. 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COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"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\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":560713,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/what-were-tracking-on-10-march-2021\/","url_meta":{"origin":555445,"position":1},"title":"What we\u2019re tracking on 10 March 2021","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a very busy newsday. M&A is again the big story here at home, this time in the country\u2019s red-hot non-bank consumer finance sector as the National Bank of Egypt begins what looks to be an aggressive push into the sector that will include\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":542513,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/02\/this-morning-the-inaugural-enterpriseam-of-2022-private-sector-minimum-wage-egx-capital-gains-tax-in-effect-more-schools-close-due-to-bad-weather\/","url_meta":{"origin":555445,"position":2},"title":"THIS MORNING: The inaugural EnterpriseAM of 2022; Private sector minimum wage, EGX capital gains tax in effect; More schools close due to bad weather;","author":"enterpriseam admin","date":"2 January 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to our first EnterpriseAM of 2022. We hope you had a fantastic New Year\u2019s weekend and are looking forward to the new year as much as we are.PSA #1- We\u2019re waiting for word from on high about whether or not this Thursday, 6 January,\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":676849,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/07\/finance-ministry-readies-tax-and-other-incentives-to-boost-trading-and-listing-activity-on-the-egx\/","url_meta":{"origin":555445,"position":3},"title":"Finance Ministry readies tax and other incentives to boost trading and listing activity on the EGX","author":"enterpriseam admin","date":"7 December 2025","format":false,"excerpt":"Good afternoon, friends, and welcome to the start of a fresh new workweek. We\u2019re seeing a calm start to the news cycle this week, matching pace with our last run of issues.THE BIG STORY TODAY-? Newly listed companies could soon enjoy a three-year exemption from taxes on income from IPOing\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\/2025\/4\/622.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641327,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/19\/what-were-tracking-on-19-september-2017\/","url_meta":{"origin":555445,"position":4},"title":"What we\u2019re tracking on 19 September 2017","author":"enterpriseam admin","date":"19 September 2017","format":false,"excerpt":"From bad reporting to good policy: Last week, Al Masry Al Youm inaccurately reported that central bank governor Tarek Amer had said he reached an agreement to give SMEs tax-exempt status. Turns out, what Amer was really suggesting a form of tax amnesty for SMEs owing back-taxes. Good idea. But\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":556075,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/this-morning-theres-growing-pushback-against-the-cgt-look-for-the-energy-crisis-and-imf-world-bank-meetings-to-dominate-headlines-this-week\/","url_meta":{"origin":555445,"position":5},"title":"THIS MORNING: There\u2019s growing pushback against the CGT + look for the energy crisis and IMF \/ World Bank meetings to dominate headlines this week","author":"enterpriseam admin","date":"11 October 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome a busy Monday morning on which we have plenty to digest as inflation hits a 20-month high, the World Bank bumps up our post-covid growth forecast, and opposition to a tax on the gains of domestic EGX investors seems to be gaining steam. 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