{"id":556628,"date":"2021-10-05T13:15:21","date_gmt":"2021-10-05T13:15:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/this-evening-senate-back-in-session-today-georgieva-faces-imf-on-corruption-allegations-bad-day-for-fb-nobel-physics-prize-winners-announced\/"},"modified":"2021-10-05T13:15:21","modified_gmt":"2021-10-05T13:15:21","slug":"this-evening-senate-back-in-session-today-georgieva-faces-imf-on-corruption-allegations-bad-day-for-fb-nobel-physics-prize-winners-announced","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/this-evening-senate-back-in-session-today-georgieva-faces-imf-on-corruption-allegations-bad-day-for-fb-nobel-physics-prize-winners-announced\/","title":{"rendered":"THIS EVENING: Senate back in session today; Georgieva faces IMF on corruption allegations; Bad day for FB; Nobel Physics prize winners announced."},"content":{"rendered":"

It\u2019s been a busy day, ladies and gentlemen, as we approach the end of the short work week.<\/strong> We have everything from key macro indicators and updates on long awaited projects on the local front. As for globally, let\u2019s just say it\u2019s a day of reckoning if you head up Facebook or the IMF.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1- <\/strong>Egypt\u2019s non-oil private sector activity hit a four-month low last month: <\/strong>The non-oil private sector\u2019s activity continued its contraction for the tenth consecutive month in September, according to the latest reading of IHS Markit\u2019s Purchasing Managers\u2019 Index (<\/a>pdf<\/a><\/sup>)<\/a>. The index dropped to 48.9 in September from 49.8 in August<\/a> \u2014 a four-month low from 48.6 in May<\/a>.<\/p>\n

That said, <\/strong>Egyptian non-oil private sector firms reported a record <\/strong>level of confidence in <\/strong>upcoming business activity<\/strong>, with about 71% of the panellists giving a positive forecast indicating that firms are growing hopeful that the Egyptian economy is on route to recover from the pandemic over the coming 12 months.<\/p>\n

<\/a> #2- OC-led consortium signs contract for electricity grid connection with <\/strong>KSA: <\/strong>An Orascom Construction-led consortium signed a contract with the Egyptian Electricity Transmission Company (EETC) to connect the national power grids of Egypt and Saudi Arabia, according to an OC<\/a>press release (pdf)<\/a> out today. The long-awaited project \u2014 the first inter-continent high-voltage direct current (HDVC) project in the world, according to OC \u2014 had been on hold since 2018 when the Saudi\u2019s began work on the Neom project.<\/p>\n

#3- EFG Hermes\u2019 leasing and factoring arm has signed an EGP 750 mn <\/strong>sale <\/strong>and <\/strong>leaseback agreement with Misr Italia Properties<\/strong> to refinance its Garden 8 Mall in New Cairo, EFG Hermes Corp Lease said in a statement today (pdf)<\/a>.<\/p>\n

^^ We\u2019ll have more details on those stories and more in tomorrow\u2019s EnterpriseAM.<\/strong><\/p>\n

CLARIFICATION-<\/strong> Sorry to disappoint, but commuters cannot in fact buy metro passes <\/strong>online<\/strong> through operator RATP Dev as we reported in this morning\u2019s EnterpriseAM. What you can do is fill out the application form for seasonal, student and senior tickets through this website<\/a>, before taking a copy with you to a physical station where you pay for and pick up the pass.<\/p>\n

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