{"id":557299,"date":"2021-09-14T04:00:55","date_gmt":"2021-09-14T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/this-morning-last-chance-for-ek-holding-shareholders-uk-reviews-it-red-list-this-week-brace-yourselves-isheep\/"},"modified":"2021-09-14T04:00:55","modified_gmt":"2021-09-14T04:00:55","slug":"this-morning-last-chance-for-ek-holding-shareholders-uk-reviews-it-red-list-this-week-brace-yourselves-isheep","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/this-morning-last-chance-for-ek-holding-shareholders-uk-reviews-it-red-list-this-week-brace-yourselves-isheep\/","title":{"rendered":"THIS MORNING: Last chance for EK Holding shareholders; UK reviews it \u201cRed List\u201d this week; Brace yourselves, iSheep."},"content":{"rendered":"

Good morning, wonderful people, and happy hump day. <\/strong>And what a busy one it is, as we mull SPACs on the EGX, another blockbuster Egyptian fintech round and the expected unveiling this evening of Apple\u2019s iPhone 13.<\/p>\n

Dominating coverage of Egypt in the international press today: <\/strong>President Abdel Fattah El Sisi\u2019s meeting with Israeli PM Naftali Bennett yesterday in Sharm, the first such sitdown of its type in the post-Mubarak era.<\/p>\n

We have chapter and verse on all of this and more, below.<\/p>\n

There\u2019s no \u201cbig\u201d story abroad this morning<\/strong> on what is so far a quiet day for international business news. The Wall Street Journal<\/a> reports that Facebook has a program that allows mns of VIP users to sidestep the platform\u2019s rules, effectively protecting \u201cpublic figures whose posts contain harassment or incitement to violence, violations that would typically lead to sanctions for regular users.\u201d The Financial Times<\/a> is worried about an app in China that authorities are using to monitor users\u2019 visits to overseas financial news websites, while Reuters<\/a> is leading with a push by House Democrats to roll back Trump-era tax breaks for corporations and the rich.<\/p>\n

WATCH THIS SPACE- Could Egypt be taken off the UK\u2019s \u201cred list\u201d this week?<\/strong> The UK government is expected to review its \u201cred list\u201d of countries considered to pose the highest risk of covid variants later this week, and the Telegraph<\/a> quotes an industry official speculating whether Egypt could be among the lucky few to be promoted to amber. Egypt was placed on the red list in June<\/a>, a decision that has all but barred visits from British tourists, who currently have to pay GBP 2,285<\/a> for a mandatory 10-day quarantine when returning home.<\/p>\n

Customs outlets do not need Egyptian embassies and chambers of commerce to <\/strong>authenticate<\/strong> certificates of origin<\/strong> before allowing goods to enter Egypt, according to a circular issued by the Customs Authority carried by Al Mal<\/a>. The requirement was first suspended last year to speed up customs clearance through the pandemic, a decision made permanent by the Trade Ministry earlier this year.<\/p>\n

Why are we covering this now, then?<\/strong> Apparently some customs outlets have continued to require authenticated certificates of origin despite the Trade Ministry\u2019s decision, prompting the Customs Authority to issue the circular this week.<\/p>\n

PSA- The mercury will dip to 36\u00b0C today <\/strong>before falling to a more seasonable 32-33\u00b0C from tomorrow through early next week.<\/p>\n

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

<\/a> It\u2019s the final day that shareholders in EK Holding can apply to convert the <\/strong>trading currency of their shares from USD to EGP<\/strong>. Since 15 June, shareholders have been able to apply through their custodians to switch the currency of their shares to EGP<\/a> \u2014 but will still be able to collect their dividends in USD. The EGX will announce after 14 September the EGP rate at which the shares will be converted.<\/p>\n

The <\/strong>UN General Assembly<\/a><\/strong> starts today in New York and runs through to 30 <\/strong>September<\/strong>. The general debate will take place from 20-28 September. Leaders from at least 83 countries are expected to attend in person<\/a> \u2014 in contrast to last year, when the meeting was almost 100% virtual. There\u2019s no word yet on whether President Abdel Fattah El Sisi will attend in person or virtually.<\/p>\n

It\u2019s a big day for iSheep: Apple is holding a virtual event at 7pm CLT <\/strong>where we can expect a new iPhone, new AirPods and probably a new watch. The event will run for two hours, and you can stream it here<\/a>. You\u2019ll probably need to wait for one or more virtual events later this fall to see a new iPad, iPad Mini and, most interestingly, the hotly anticipated new MacBook Pros running on souped-up Apple silicon.<\/p>\n

Canon will officially unveil its EOS R3 mirrorless camera <\/strong>aimed at news, wildlife and sports photographers. The company is also expected to announce today an affordable 100-400mm variable aperture zoom, according to Canon Rumors<\/a>..<\/p>\n

ALSO- EFG Hermes\u2019 fourth Virtual Investor Conference continues today, <\/strong>running through to 21 September with the theme of \u201cAfter Reflation \u2014 FEMs in 2022.\u201d<\/p>\n

It\u2019s day five of the <\/strong>CIB Egyptian Squash Open<\/a><\/strong> today:<\/strong> There are four matches on today between 6:15 and 8:30 PM CLT, with the final set to be played on Friday 17 September. You can find the schedule here<\/a>.<\/p>\n

Sahara Expo<\/a><\/strong>: <\/strong>The five-day agricultural conference continues at the Egypt International Exhibition Center through Wednesday.<\/p>\n

LATER THIS WEEK- <\/strong>It\u2019s interest rate week and all 10 analysts <\/strong>we polled<\/a><\/strong> expect the central bank to leave rates <\/strong>on hold<\/strong> for a seventh consecutive meeting when the Monetary Policy Committee meets on Thursday. Analysts pointed to the uptick in inflation<\/a> and the pressure to maintain foreign inflows into Egyptian debt.<\/p>\n

All 19 analysts surveyed by<\/strong> Reuters<\/a><\/strong> a<\/strong>lso expected the MPC to leave rates <\/strong>unchanged<\/strong>. \"Eyes still remain on global inflationary risks and potential global monetary tightening, leaving the CBE likely to keep its course of action thereby leaving rates on hold,\" said EFG Hermes\u2019 Mohamed Abu Basha.<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

** IN CASE YOU MISSED IT-<\/strong><\/p>\n