{"id":557339,"date":"2021-09-15T04:00:47","date_gmt":"2021-09-15T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/this-morning-a-whole-lotta-m-interest-rate-day-tomorrow-unsc-gerd-statement-imminent-us-inflation-slows-in-august\/"},"modified":"2021-09-15T04:00:47","modified_gmt":"2021-09-15T04:00:47","slug":"this-morning-a-whole-lotta-m-interest-rate-day-tomorrow-unsc-gerd-statement-imminent-us-inflation-slows-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/this-morning-a-whole-lotta-m-interest-rate-day-tomorrow-unsc-gerd-statement-imminent-us-inflation-slows-in-august\/","title":{"rendered":"THIS MORNING: A whole lotta M&A; Interest rate day tomorrow; UNSC GERD statement imminent? US inflation slows in August."},"content":{"rendered":"

Good morning, ladies and gents-<\/strong><\/p>\n

We\u2019ve got a whole lotta M&A for you this morning<\/strong>: From Aldar and ADQ finally showing their hand with their SODIC takeover bid, to Elsewedy Electric\u2019s takeover of a local cablemaker, to ADQ finalizing its acquisition of a 75% stake in Atyab owner Ismailia Agricultural and Industrial Investments, we have an epic M&A Watch just down below.<\/p>\n

Dominating the conversation internationally:<\/strong> It looks like the Biden administration is about to confiscate some of our aid due to human rights conversation. More on this in the Politics section, below.<\/p>\n

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

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 six of the <\/strong>CIB Egyptian Squash Open<\/a><\/strong>:<\/strong> The bottom half of the women\u2019s and men\u2019s quarter-finals will be played today, before the semis kick off tomorrow. The final will be played on Friday 17 September. You can find the schedule here<\/a>.<\/p>\n

It\u2019s the final day of the Sahara Expo:<\/strong> The five-day agricultural conference is being held at the Egypt International Exhibition Center.<\/p>\n

THIS WEEK-<\/strong><\/p>\n

Tomorrow is interest rate day here in Egypt<\/strong> and all 10 analysts we polled<\/a> expect the central bank to leave rates on hold for a seventh consecutive meeting when it meets on Thursday. Analysts pointed to the uptick in inflation<\/a> and the pressure to maintain foreign inflows into Egyptian debt.<\/p>\n

The UN Security Council is preparing to issue an imminent statement<\/strong> on the dispute over<\/strong> the Grand Ethiopian Renaissance Dam (GERD)<\/strong>, Al Shorouk<\/a> reports, citing informed sources.<\/p>\n

But by the sounds of it, it won\u2019t contain anything particularly groundbreaking:<\/strong> Sources say that the statement calls on Egypt, Ethiopia and Sudan to return to African Union-led negotiations and finalize a binding agreement on the filling and operation of Ethiopia\u2019s hydropower mega-project on the Blue Nile.<\/p>\n

This is exactly what the council said in July<\/strong> when world powers took a neutral position<\/a> on the conflict and backed the AU process, despite concerted lobbying<\/a> by Egypt and Sudan for a stronger stance against Ethiopia, which recently completed the second filling<\/a> of the dam\u2019s reservoir in July. GERD talks have been gridlocked in recent months after Sudan and Egypt lost faith in the AU as a mediator and called for new players to be brought in to mediate the process. Ethiopia has refused and wants to continue with the current format.<\/p>\n

The Egyptian-Libyan Higher Committee is set to meet for the first time since 2009 on <\/strong>Thursday.<\/strong> A statement<\/a> from the Libyan ministry of economy and trade says that the committee meeting is scheduled for Thursday 16 September in Cairo. Meanwhile, Egypt\u2019s International Cooperation Ministry announced<\/a> the start of preparatory sub-committee talks ahead of the session. The committee was revived this spring<\/a> following the restoration of official ties between Egypt and Libya.<\/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

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MARKET WATCH-<\/strong><\/p>\n

<\/a> Fed gets a bre<\/strong>ather as US inflation slows: <\/strong>US consumer prices rose at a slower rate in August, fresh data from the Bureau of Labor Statistics<\/a> showed yesterday. In line with expectations, annual CPI inflation slowed to 5.3% last month from 5.4% in June and July, in an indication that the recent upward trend has peaked.<\/p>\n

Sighs of relief <\/strong>were likely heard over at the US Federal Reserve at the softest increase in CPI in seven months ahead of its September meeting. Pressure<\/a> had been building on the Fed to take a more hawkish stance to combat inflation by accelerating the taper of its bond-buying stimulus in order to start raising interest rates next year.<\/p>\n

That said, prices are still rising,<\/strong> with some analysts pointing out<\/a> that one month of cooler CPI figures will not put inflationary worries to bed. \u201cThe \u2018is it transitory debate\u2019 is far from over but at least, this more moderate gain in consumer prices will give the Fed some breathing room next week,\u201d one senior economist told Bloomberg<\/a>. \u201cBut not for long.\u201d<\/p>\n

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