{"id":555669,"date":"2021-11-23T04:00:06","date_gmt":"2021-11-23T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/this-morning-powell-stays-on-for-second-term-as-fed-chair-schools-closed-in-alex-again-abiy-ahmed-marches-into-battle\/"},"modified":"2021-11-23T04:00:06","modified_gmt":"2021-11-23T04:00:06","slug":"this-morning-powell-stays-on-for-second-term-as-fed-chair-schools-closed-in-alex-again-abiy-ahmed-marches-into-battle","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/this-morning-powell-stays-on-for-second-term-as-fed-chair-schools-closed-in-alex-again-abiy-ahmed-marches-into-battle\/","title":{"rendered":"THIS MORNING: Powell stays on for second term as Fed chair; Schools closed in Alex again; Abiy Ahmed marches into battle."},"content":{"rendered":"

Good morning, everyone, and happy hump day. <\/strong>It\u2019s a great day for capital markets after the FRA gave its long-awaited blessing to the UAE\u2019s Aldar and ADQ to go ahead with their bid to acquire upmarket developer SODIC. Also a must-read this morning is our Going Green piece on the future of Egypt\u2019s plans to roll out electric vehicles nationwide after the breakup with China\u2019s Dongfeng \u2014 see it as a chance to bring in a more compelling partner. Oh, and did we mention your next iPhone is going to cost a bit more?<\/p>\n

Further afield:<\/strong> The leader of Ethiopia says he\u2019s literally going to the front lines to take on rebels who are advancing on his capital \u2014 and Elon Musk has fired a broadside at JPMorgan\u2019s Jamie Dimon \u2026 likely from his toilet.<\/p>\n

All of this and more below.<\/p>\n

PSA: School\u2019s off again in Alexandria.<\/strong> Alexandria has given public and private schools the<\/a>day off today<\/a> and has told non-essential public sector workers to stay home as authorities work to clear the streets following the deluge of rain yesterday. We have more in Last Night\u2019s Talk Shows, below.<\/p>\n

<\/a> THE BIG STORY IN THE GLOBAL BUSINESS PRESS- Jay Powell looks set<\/strong> to stay on at the helm of <\/strong>the Federal Reserve for another four years<\/strong> after President Joe Biden opted for continuity and nominated him for a second term yesterday. Lael Brainard, Powell\u2019s main rival for the top spot at the central bank, has been appointed vice-chair and will replace Richard Clarida when the new term starts in February.<\/p>\n

A safer pair of hands?<\/strong> The decision to stick with Powell sends a message to the market that a) the Biden administration recognizes the importance of policy continuity in uncertain times and b) the world\u2019s most powerful central bank will remain unafraid to confront inflation and tighten policy if necessary. Powell has overseen a historic monetary policy response to the pandemic and guided the economy through one of the swiftest and deepest recessions on record. He was the market\u2019s preferred candidate to steer the ship as inflation reaches multi-decade highs and supply chain snarls show no sign of ending. Under his leadership, the central bank has begun to do just that, reducing its huge asset-purchase programme this month and signalling that more could be done if the problems persist.<\/p>\n

The new vice-chair:<\/strong> Brainard, the pick of liberals and progressives in the Democratic Party, is to the left of Powell on issues including regulation and climate change, and though she talked of the importance of reining in inflation, market sentiment had her as a dove: more tolerant of higher inflation and more hesitant to dial back monetary stimulus.<\/p>\n

There was a positive reception from the markets<\/strong>, with US stocks rising following the announcement and Wall Street execs praising the decision. \u201cOf course everybody was relieved,\u201d bn\u2019aire hedge fund manager Marc Lasry said<\/a>. \u201cThe markets believe that he will do what is necessary to keep the markets calm and have them move forward.\u201d<\/p>\n

But there was still time for a late-day reversal:<\/strong> While US stocks rose initially after the announcement, indexes turned negative in the final hour of trading and bonds sold off. The Nasdaq fell more than 1% while the S&P 500 dropped 0.3%. The yield on 10-year treasuries climbed seven basis points and the greenback strengthened.<\/p>\n

The story is everywhere this morning:<\/strong> Bloomberg<\/a> | FT<\/a> | Reuters<\/a> | CNBC<\/a> | Washington Post<\/a> | New York Times<\/a>.<\/p>\n

MEANWHILE- The 2019 Nobel Prize winner is going full Braveheart:<\/strong> Ethiopian Prime Minister Abiy Ahmed is apparently heading to the battlefront, pledging yesterday to lead his troops into battle against Tigray rebels that have in recent weeks advanced closer to the nation\u2019s capital and threatened to plunge the country into all-out civil war. \u201cStarting tomorrow, I will mobilize to the front to lead the defence forces,\u201d he wrote in a statement<\/a> on social media. \u201cThis is a time when leading a country with martyrdom is needed.\u201d<\/p>\n

Ethiopian government forces have been fighting a year-long war against rebels in the Tigray region<\/strong>, which has sharply escalated in recent weeks. The government declared a six-month state of emergency earlier this month and urged people living in the capital to arm themselves and protect their neighborhoods. \u201cThis is so extraordinary and unprecedented, shows how desperate the situation is,\u201d Awol Allo \u2014 the man who nominated Ahmed for the Nobel prize \u2014 wrote in a tweet<\/a>. (AFP<\/a> | Washington Post<\/a> | The Guardian<\/a>)<\/p>\n

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SIGN OF THE TIMES #1- The SAT \u2014 and standardized testing in general \u2014 just got dealt <\/strong>another body blow<\/strong>, as the University of California said that they would not look at any alternative \u201cstandardized test\u201d to help it make admission decisions. No other exam \u201cwould avoid the biased results\u201d that led the school to dump the SAT last year. The UofC system\u2019s adoption of the SAT a half-century ago helped turn it into a \u201cmust-take\u201d for generations of kids seeking college admission in the US. The Los Angeles Times<\/a> has the story.<\/p>\n

SIGN OF THE TIMES #2- Elon Musk is literally threatening to give JPMorgan a one-star <\/strong>review on Yelp<\/strong> as his feud with JPM boss Jamie Dimon continues. The edge lord \u2014 who said overnight that he tweets at least 50% of the time from his \u201cporcelain throne\u201d<\/a> \u2014 made the threat in an exclusive with the Wall Street Journal<\/a>.<\/p>\n

MORNING MUST-READ- <\/strong>Where did all the workers go?<\/a><\/strong> in the Financial Times, wherein the salmon-coloured paper looks at how immigration, retirement and poor pay and working conditions are reshaping the labor market around the world. It\u2019s the first in a series and worth keeping an eye on.<\/p>\n

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

BOOK LAUNCH- <\/strong>Up and Doing<\/a><\/strong>, a memoir penned by Egyptian-American Ent<\/strong>erprise Fund <\/strong>Chairman James Harmon<\/strong> (Morning Routine<\/a>), will be published today. The memoir recounts Harmon\u2019s career as a banker and discusses \u201chow markets can move the world forward by creating stable, growing economies and sound [transactions] that promote economic development.\u201d<\/p>\n

The new administrative capital plays host to a Comesa summit<\/strong> today, while ITIDA and the Software Engineering Competence Center are hosting a webinar on fintech in Egypt<\/a><\/strong>.<\/p>\n

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

The Home Appliances and Table Show (<\/strong>HATS Egypt<\/a><\/strong>)<\/strong> kicked off yesterday and wraps up on Wednesday. The event is organized by the Engineering Export Council of Egypt and brings together companies working in the home appliances sector.<\/p>\n

Startup gathering RiseUp<\/a><\/strong> starts on Thursday and runs through Saturday.<\/p>\n

The Cairo International Film Festival<\/a><\/strong> kicks off its weeklong run this coming Friday.<\/p>\n

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

enterprise<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>Egypt\u2019s plans to locally assemble electric vehicles are moving forward, despite the recent breakdown in negotiations<\/a> between state-owned El Nasr Automotive and China\u2019s Dongfeng \u2014 which had previously agreed to partner to assemble Dongfeng\u2019s E70 vehicles here in Egypt. Today, El Nasr Managing Director Hany El Kholy talks to Enterprise about why the talks fell through.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone, and happy hump day. It\u2019s a great day for capital markets after the FRA gave its long-awaited blessing to the UAE\u2019s Aldar and ADQ to go ahead with their bid to acquire upmarket developer SODIC. 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This comes as Ethiopia is set to swear in\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626061,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/29\/shoukry-kamel-meet-ethiopias-abiy-ahmed-to-discuss-gerd-kicking-off-development-projects\/","url_meta":{"origin":555669,"position":1},"title":"Shoukry, Kamel meet Ethiopia\u2019s Abiy Ahmed to discuss GERD, kicking off development projects","author":"enterpriseam admin","date":"29 August 2018","format":false,"excerpt":"Shoukry, Kamel meet Ethiopia\u2019s Abiy Ahmed to discuss GERD, kicking off development projects: Foreign Minister Sameh Shoukry and intelligence chief Abbas Kamel met with Ethiopian Prime Minister Abiy Ahmed in Addis Ababa yesterday to discuss the latest developments in the Grand Ethiopian Renaissance Dam (GERD), according to a ministry statement.\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601312,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/25\/reform-minded-ethiopian-leader-abiy-ahmed-has-a-lot-to-live-up-to\/","url_meta":{"origin":555669,"position":2},"title":"\u201cReform-minded\u201d Ethiopian leader Abiy Ahmed has a lot to live up to","author":"enterpriseam admin","date":"25 February 2019","format":false,"excerpt":"Spotlight on our most important relationship in Africa: A look at \u201creform-minded\u201d Ethiopian leader Abiy Ahmed: Ethiopia is being touted as one of Africa\u2019s great success stories \u2014 not just economically, but politically and socially too \u2014 and many of the most glowing accolades fall at the feet of its\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629752,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/what-were-tracking-this-week-31\/","url_meta":{"origin":555669,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"1 April 2018","format":false,"excerpt":"Pharos Holdings will be holding a two-day investor conference headlined \u2018In Search of Egypt Alpha\u2019 tomorrow and Tuesday. The event, set to be attended by a number of senior government officials, is expected to host around 40 companies from a range of industries, Chairman and CEO Elwy Teymour said in\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631832,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/28\/abiy-ahmed-is-ethiopias-new-prime-minister\/","url_meta":{"origin":555669,"position":4},"title":"Abiy Ahmed is Ethiopia\u2019s new prime minister","author":"enterpriseam admin","date":"28 March 2018","format":false,"excerpt":"Ethiopia\u2019s ruling coalition elected yesterday Abiy Ahmed as the country\u2019s new prime minister and chairman of the coalition, according to the Ethiopian News Agency. Ahmed succeeds Hailemariam Desalegn, who resigned suddenly last month over anti-government violence, particularly in Ethiopia\u2019s restive Oromia region. Ahmed is the chairman of the Oromo Peoples\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555989,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/abiy-ahmed-gets-another-five-years-in-office-and-sudan-faces-shortages-of-fuel-and-wheat\/","url_meta":{"origin":555669,"position":5},"title":"Abiy Ahmed gets another five years in office \u2014 and Sudan faces shortages of fuel and wheat","author":"enterpriseam admin","date":"5 October 2021","format":false,"excerpt":"Also worth knowing this morning:Abiy Ahmed isn\u2019t going anywhere anytime soon: The Ethiopian parliament confirmed incumbent prime minister Abiy Ahmed for another five-year term, despite what Reuters is calling \u201cmounting international concern of his government's handling of the conflict in northern Ethiopia.\u201dSudan is running short of essential medicine, fuel and\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"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\/555669","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=555669"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555669\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555667"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555669"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555669"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}