{"id":556726,"date":"2021-10-13T13:30:19","date_gmt":"2021-10-13T13:30:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/this-evening-egypt-greece-to-build-subsea-cable-high-speed-rail-line-is-on-fast-track-also-flames-put-out-at-el-gouna-film-festival-venue\/"},"modified":"2021-10-13T13:30:19","modified_gmt":"2021-10-13T13:30:19","slug":"this-evening-egypt-greece-to-build-subsea-cable-high-speed-rail-line-is-on-fast-track-also-flames-put-out-at-el-gouna-film-festival-venue","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/this-evening-egypt-greece-to-build-subsea-cable-high-speed-rail-line-is-on-fast-track-also-flames-put-out-at-el-gouna-film-festival-venue\/","title":{"rendered":"THIS EVENING: Egypt, Greece to build subsea cable + High-speed rail line is on \u201cfast track.\u201d ALSO: Flames put out at El Gouna Film Festival Venue"},"content":{"rendered":"

\u2026and that\u2019s a wrap on what has felt like a particularly long Wednesday, ladies and <\/strong>gentlemen. <\/strong>We\u2019ll be back in your inboxes tomorrow morning to wrap up the workweek. In the meantime, the big theme here at home today is infrastructure, infrastructure and infrastructure.<\/p>\n

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

<\/a> #1- Egypt and Greece will take an important step towards linking their energy grids <\/strong>tomorrow <\/strong>when the two countries are set to sign an agreement<\/a> to build a subsea cable as part of the EuroAfrica Interconnector project.<\/p>\n

#2- The buildout of Egypt\u2019s first 660 km <\/strong>high-speed rail line<\/a><\/strong> is \u201con the fast track,\u201d<\/strong> Siemens Mobility CEO for the Middle East and Africa Leon Soulier says<\/a>.<\/p>\n

#3- The benchmark EGX30 is back in the green for 2021 YTD <\/strong>after gaining 0.9% today. The index is now up 0.3% since the start of the year, but lags regional competitors including Saudi\u2019s Tadawul (+32.8%) and both the ADX (+53.3%) and DFM (+11.9%) in the United Arab Emirates. The EGX30 has now posted gains seven straight trading sessions in a row.<\/p>\n

#4- Another day, another IMF report:<\/strong> Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal year, but will shrink at a slower pace over the next several years than previously expected, the IMF says in its latest Fiscal Monitor Report.<\/p>\n

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

<\/a> A fire that broke out in a section of the Gouna Film Festival Plaza earlier this morning is <\/strong>now <\/strong>reportedly under control<\/a><\/strong>. There were no reports of deaths by dispatch time, but 14 people were treated for smoke inhalation, including eight who were hospitalized, according to a Health Ministry statement<\/a>. The festival, which opens tomorrow, is set to proceed as planned, Orascom Development Holding Chairman Samih Sawiris said<\/a>. The fire only affected the festival\u2019s party venue, which is expected to be restored by tomorrow, according to Sawiris.<\/p>\n

Across the pond, the G20 Meeting of <\/strong>Finance Ministers and Central Bank Governors<\/a><\/strong> was <\/strong>getting<\/strong> underway<\/strong> in Washington, DC as we hit \u201csend\u201d on this afternoon\u2019s issue. On the agenda: Formally endorsing the landmark OECD international tax agreement<\/strong> ahead of the G20 leaders\u2019 summit in Rome at the end of the month. Egypt signed on to the agreement \u2014 which would see the introduction of a minimum global corporate tax rate of 15% \u2014 back in July<\/a>. The G20 sitdown comes as the IMF and World Bank annual meetings continue, also in DC.<\/p>\n

European markets are in the green afternoon \u2014 and Wall Street is now set to follow suit<\/strong> in a reversal of what the fates<\/s> futures suggested this morning. The Dow, Nasdaq and S&P are all looking to break a three-day losing streak. The DAX 30, CAC 40, Stoxx 600 and FTSE all broke into the green, clawing back losses as CNBC says a run of strong earnings report boosted sentiment<\/a>.<\/p>\n

<\/a> The question now: How will markets react to news that US inflation accelerated in <\/strong>September <\/strong>to 5.4% as both supply and labour shortages continued to drive up prices. The WSJ<\/a> suggests the inflation data, out just minutes ago, suggests that \u201cit looks like some of these supply-chain and inventory challenges are going to stick with us for a bit longer\u2014at least through the rest of this year.\u201d And that\u2019s before rising oil prices this month are thrown into the mix <\/strong>as the global energy crisis rings bells in the US.<\/p>\n

<\/a> Biden\u2019s solution to the supply-chain crisis? Get (private sector) workers to clock more <\/strong>hours. <\/strong>The White House has secured promises from Walmart, UPS and FedEx to move to a 24-hour schedule in an attempt to ease the supply-chain squeeze in the run-up to Christmas, a senior US official told the FT<\/a>. The move comes as the US government steps up pressure on the private sector to solve a growing mismatch between supply and demand that could exacerbate inflationary pressures, imperiling Biden\u2019s Democratic Party ahead of next year\u2019s midterm elections.<\/p>\n

One reason it may not work:<\/strong> Labor shortages are a major contributor to the supply squeeze, with transport industry heads warning<\/a> of a mass exodus on the back of a humanitarian crisis in conditions for workers in the sector.<\/p>\n

For the iSheep among us: Apple thinks EarPods could become health devices <\/strong>and is studying whether its earbuds could serve as \u201chearing aids and include an in-ear thermometer and posture warnings,\u201d the Wall Street Journal<\/a> reports in an exclusive.<\/p>\n

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