{"id":556607,"date":"2021-10-04T13:34:53","date_gmt":"2021-10-04T13:34:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/tonight-oil-rises-ahead-of-opec-meeting-pandora-papers-leaks-lead-foreign-press-coverage-brinksmanship-on-capitol-hill-sense-scientists-win-nobel-prize\/"},"modified":"2021-10-04T13:34:53","modified_gmt":"2021-10-04T13:34:53","slug":"tonight-oil-rises-ahead-of-opec-meeting-pandora-papers-leaks-lead-foreign-press-coverage-brinksmanship-on-capitol-hill-sense-scientists-win-nobel-prize","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/tonight-oil-rises-ahead-of-opec-meeting-pandora-papers-leaks-lead-foreign-press-coverage-brinksmanship-on-capitol-hill-sense-scientists-win-nobel-prize\/","title":{"rendered":"TONIGHT: Oil rises ahead of OPEC+ meeting; Pandora Papers leaks lead foreign press coverage; Brinksmanship on Capitol Hill; Sense scientists win Nobel Prize."},"content":{"rendered":"

Good afternoon, everyone, and welcome to a crazy-busy news day<\/strong>, with plenty of investment, M&A and taxation news. There\u2019s a lot, so let\u2019s jump right in:<\/p>\n

<\/a> THE BIG STORY OF THE DAY: We\u2019re getting another 6.4 mn doses of mRNA vaccines <\/strong>against covid-19 this month thanks to our friends in the United States. <\/strong>The 1.6 mn doses of the Pfizer \/ BioNTech covid-19 vaccine we received last week as a gift from the US was the first of a total of 8 mn doses of mRNA vaccines inbound from the United States. Health Minister Hala Zayed and American Ambassador to Egypt Jonathan Cohen made the announcement at a joint presser today<\/a>. The US will be sending the shipments of both Pfizer and Moderna\u2019s jabs our way this month. Cohen and Zayed both said the donation underscores the strong, decades-long partnership between the two countries.<\/p>\n

THE OTHER BIG STORIES OF THE DAY so far-<\/strong><\/p>\n

<\/a> #1<\/strong>- DPI\u2019s USD 900 mn PE fund is the biggest ever in Africa: <\/strong>Including an additional USD 250 mn in dedicated co-investment capital, the Africa-focused private equity firm\u2019s third fund is set to hit a final close with USD 1.15 bn to invest across the continent<\/a>. Some of that capital has already been deployed in Egypt as part of fintech player MNT-Halan\u2019s record-breaking USD 120 mn round and the acquisition of pharma firm Adwia. The success of DPI\u2019s existing Egyptian investments was among the keys to fundraising in the latest round, a senior exec at the fund told Enterprise.<\/p>\n

<\/a> #2- EFG announces Ignis Energia investment:<\/strong> EFG Hermes\u2019 energy investment platform Vortex Energy has acquired an undisclosed stake in Spanish solar firm Ignis Energia for EUR 625 mn, it announced in a statement (pdf)<\/a><\/sup> this morning.<\/p>\n

<\/a> #3- Capital gains tax won\u2019t affect privatization program -Tawfik: <\/strong>The state privatization program won\u2019t be delayed by the introduction of the 10% capital gains tax on EGX transactions<\/a> in January, Public Enterprise Minister Hisham Tawfik told CNBC Arabia<\/a>. Tawfik downplayed concerns held by many in the finance industry that the tax could impact trading volumes and derail the EGX\u2019s recovery, suggesting that new listings will bolster the EGX\u2019s performance and boost trading.<\/p>\n

<\/a> #4- Is the<\/strong> state stepping up regulatory scrutiny of healthcare M&A<\/strong>?<\/strong> The government has set up a committee consisting of officials from a number of ministries, the EGX, the Financial Regulatory Authority, the Egyptian Competition Authority and GAFI to regulate merger and acquisition activity in the nation\u2019s red-hot healthcare industry, Al Mal<\/a> reports, citing unnamed sources. The body will reportedly decide the requirements for investment in the sector and will have the authority to approve acquisition bids.<\/p>\n

^^ We\u2019ll have the full rundown on all of these stories and more in tomorrow's edition of EnterpriseAM. <\/strong><\/p>\n

\n

HAPPENING NOW-<\/strong><\/p>\n

Oil hits new three-year high as OPEC+ meets:<\/strong> Oil prices are hitting highs not seen since September 2018 this afternoon as the OPEC+ alliance of oil producers meets to discuss whether to further increase production amid fears of a global energy crisis. Having held steady for much of the day, the price of Brent crude rose 1.7% to USD 80.6 per barrel at the time of dispatch, though there remained no news coming out of the meeting. Three sources told Reuters<\/a> earlier that the cartel will likely maintain the current agreement to add another 400k barrels per day to the market in November, rather than increase output as some reports have suggested.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n