{"id":556142,"date":"2021-10-13T04:03:08","date_gmt":"2021-10-13T04:03:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/this-morning-egypts-travel-industry-shouldnt-get-an-exemption-from-the-new-national-minimum-wage\/"},"modified":"2021-10-13T04:03:08","modified_gmt":"2021-10-13T04:03:08","slug":"this-morning-egypts-travel-industry-shouldnt-get-an-exemption-from-the-new-national-minimum-wage","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/this-morning-egypts-travel-industry-shouldnt-get-an-exemption-from-the-new-national-minimum-wage\/","title":{"rendered":"THIS MORNING: Egypt\u2019s travel industry shouldn\u2019t get an exemption from the new national minimum wage"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We have a really packed issue for you this morning, so let\u2019s jump right in:<\/p>\n

HAPPENING NOW- It\u2019s looking \u2026 mildly bleh for global markets this morning. <\/strong>US shares closed down for a third straight day<\/a> yesterday, with the Dow, S&P and Nasdaq all in the red. Shares in Tokyo and Shanghai have followed suit this morning, while Hong Kong is trading sideways, leaving Seoul\u2019s Kospi as the sole bright spot among the major Asian benchmarks. Futures suggest that US shares will open in the red again later today<\/strong>, while Europe is looking at a mixed open, with the Stoxx, FTSE 100 and CAC 40 all set to open down at the start of trading.<\/p>\n

<\/a> IT\u2019S A BIG DAY FOR CAPITAL MARKETS here at home as e-Finance has <\/strong>priced its IPO <\/strong>at EGP 13.98 per share<\/strong>, according to a statement posted on EGX screens<\/a> that has been widely picked up by the domestic press<\/a>. That\u2019s at the top end of the EGP 12.50-13.98 price range on which the company had previously guided <\/strong>\u2014 and makes the IPO of the state-owned fintech platform and payments infrastructure provider worth a bit more than EGP 5.8 bn. The company earlier this week raised the size of its offering<\/a> to 417.8 mn shares, making it one of the largest offerings in recent memory. Foregn investor interest has been stronger than expected<\/strong>, Al Ahly Pharos chief Ahmed Salem told Hapi Journal<\/a>. Al Ahly is one of the quarterbacks of the transaction alongside RenCap and CI Capital.<\/p>\n

Expect a more detailed statement from e-Finance later today <\/strong>to confirm the final specs of the transaction. You can check out e-Finance\u2019 intention to float here<\/a>.<\/p>\n

<\/a> The travel industry\u2019s top lobby group has asked the National Council for Wages for an <\/strong>exemption from <\/strong>the private sector minimum wage<\/a><\/strong>. The Egyptian Tourism Federation argues that the sector is yet to fully recover from its covid-19 setback, according to this morning\u2019s Al Borsa print edition (pdf)<\/a>. Employees of private-sector companies will for the first time receive a minimum wage of at least EGP 2.4k starting January 2022 when the minimum wage comes into effect. The decision means higher labor costs and larger contributions to the nation\u2019s Social Insurance Authority when it goes into effect. Companies have till the end of this month to submit a request to the National Wages Council if they claim they cannot afford the wage hike.<\/p>\n

LET\u2019S SAY NO? <\/strong>Or, at the absolute most, grant a very time-limited exemption. As business owners, we have a moral obligation to pay a livable wage to the people we employ \u2014 people who have futures to plan and, often, families to support. A national private-sector minimum wage was smart policy on the part of Planning Minister Hala El Said \u2014 let\u2019s not water it down by giving one of the country\u2019s largest industries a blanket exemption. There are other ways to continue extending support to the industry if policymakers think it appropriate.<\/p>\n

IN REGULATORY NEWS- Importers no longer need to get invoices stamped from <\/strong>chambers of commerce abroad to clear their goods at Egyptian ports<\/strong>, according to a decision by the Customs Authority, Al Mal<\/a> reports. They will, instead, only need to give a broken down commercial invoice that contains a detailed description of the packing list. The decision is based on the recently-issued executive regulations<\/a> of the Customs Act, which aims to expedite customs clearance.<\/p>\n

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

The International Conference on Climate Change in the Eastern Mediterranean and the<\/strong> Middle East <\/strong>kicks off in Nicosia today. The conference brings together 65 leading policymakers, scientists and diplomats from Egypt, Israel, Jordan, Iraq and Greece to advocate<\/a> for a move away from fossils toward renewables in the region. You can check out its website here<\/a>.<\/p>\n

THE BIG STORY ABROAD this morning is the IMF\u2019s warning on global growth<\/strong>, which we cover in detail below.<\/p>\n

ALSO- The US House of Representatives has approved a bill that will ward off default <\/strong>for the next seven week. <\/strong>The House approved a bill, already passed by the Senate, that raises the government\u2019s borrowing limit to USD 28.9 tn, Politico<\/a> reports. Also in Congress: Democrats could slash US President Joe Biden\u2019s USD 3.5 tn infrastructure bill<\/strong> by a <\/strong>lot<\/strong>, in a bid to push it through Congress with a narrow Democrat majority vote, House Speaker Nancy Pelosi signalled yesterday, according to CNBC<\/a>.<\/p>\n

CLOSER TO HOME- Turkey\u2019s lira extended losses to reach <\/strong>a record low<\/a><\/strong> yesterday<\/strong> after President Recep Tayyip Erdogan hinted at more military involvement in Syria.<\/p>\n

*** CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of EnterprisePM:<\/p>\n