{"id":558047,"date":"2021-09-21T13:14:44","date_gmt":"2021-09-21T13:14:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/tonight-the-accidental-startup-issue-global-markets-get-a-reprieve-also-al-ahly-and-el-geish-face-off-for-the-egyptian-super-cup\/"},"modified":"2021-09-21T13:14:44","modified_gmt":"2021-09-21T13:14:44","slug":"tonight-the-accidental-startup-issue-global-markets-get-a-reprieve-also-al-ahly-and-el-geish-face-off-for-the-egyptian-super-cup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/tonight-the-accidental-startup-issue-global-markets-get-a-reprieve-also-al-ahly-and-el-geish-face-off-for-the-egyptian-super-cup\/","title":{"rendered":"TONIGHT: The accidental startup issue + Global markets get a reprieve. Also: Al Ahly and El Geish face off for the Egyptian Super Cup."},"content":{"rendered":"

Good morning, nice people, and welcome to another brisk afternoon for the news <\/strong>as we slide toward the end of hump day.<\/p>\n

<\/a> HAPPENING NOW- Global markets are not melting down after yesterday\u2019s big selloff, <\/strong>but the<\/strong> EGX30 came under pressure <\/strong>in trading today. Egypt\u2019s benchmark index closed the day down 1.9% (-3.2% year to date) after being hit by a second day of selling.<\/p>\n

European shares are holding up well this afternoon<\/strong>, with stocks in major markets from London to Frankfurt and Paris all handily in the green after taking it on the chin yesterday in a wave of selling that analysts attributed to worries about the possible meltdown of real estate developer China Evergrande, which the financial press has taken to calling the world\u2019s most-indebted company. (We have more on Evergrande below in The Big Story Abroad).<\/p>\n

Futures suggest Wall Street and Bay Street will both open in the green<\/strong> later this afternoon. Apple (said to be working on iPhone features to help identify depression and cognitive decline<\/a>), Uber (which has hiked its guidance<\/a>) and Johnson & Johnson (whose booster shot seems to be 94% effective<\/a>) are all on the rise in pre-market trading.<\/p>\n

ALSO- The US Federal Reserve starts today a closely watched two-day meeting. <\/strong>Chairman Jay Powell\u2019s remarks tomorrow afternoon (Eastern time) will be closely parsed for any indication that the Fed boss is backing away from plans to taper stimulus later this year.<\/p>\n

Analysts at Goldman don\u2019t seem to see higher interest rates anytime soon: <\/strong>Low rates should push investors towards long-term positions in high quality stocks, Goldman strategists wrote in a note picked up by Bloomberg<\/a>. The strategists said that they favor shares with good margins and stable earnings over the longer term such as Tesla, Uber and Netflix, while short-duration stocks could outperform if rates rise.<\/p>\n

THE BIG STORIES so far today:<\/strong><\/p>\n

<\/a> #1- More regulatory scrutiny of the property market?<\/strong> The Housing Ministry is studying several new options to regulate the real estate market, including possibly appointing a financial auditor from the Financial Regulatory Authority or the Central Bank to submit quarterly reports on every company\u2019s developments, according to an unconfirmed story in Al Mal<\/a>.<\/p>\n

#2- B2B e-commerce platform Cartona has closed a USD 4.5 mn pre-series A round <\/strong>led by a Dubai-based VC outfit Global Ventures, with the participation from Kepple Africa Ventures, T5 Ventures and a group of angel investors, according to a press release (pdf)<\/a>. Cartona was represented in Egypt by Venture by Shahid<\/a>.<\/p>\n

ALSO- Shiphaly, a Cairo-based platform connecting shoppers and travelers, raised <\/strong>what it said was a \u201csix-figure\u201d seed round<\/strong> from Saudi and Egyptian angel investors, led by Faisal Abdulsalam the founder of Purity, the company announced (pdf)<\/a>. The release did not specify a currency for the round.<\/p>\n

^^ We\u2019ll have more on both these stories<\/strong> in tomorrow\u2019s edition of EnterpriseAM<\/strong>, which is very much starting to shape up as Our Weekly (Unanticipated) Startup Issue.<\/p>\n

<\/a> Egypt will be clad in black until Thursday <\/strong>to mourn<\/a><\/strong> the death of former Defense <\/strong>Minister Mohamed Hussien Tantawy<\/strong>, who passed earlier today at the age of 85, according to an announcement<\/a> from Ittihadiya. Tantawy\u2019s military service began in 1952 when he enrolled in the Military Academy. He commanded a battalion during both the 1967 war with Israel and the 1973 October War, and was later commander of the Republican Guard and of Egyptian troops committed to the 1991 war to eject Iraq from Kuwait. Tantawi was appointed defense minister in 1991 and promoted to field marshal in 1993. His brightest moment in the public eye came in 2011, when Tantawi became the country\u2019s de factor ruler as the Supreme Council of the Armed Forces and helped ease the country into the post-Mubarak era. Tantawy was ordered into retirement by Islamist president Mohamed Morsi. Check out obits in Youm7<\/a>, Al Masry Al Youm<\/a> and Ahram Gate<\/a>.<\/p>\n

Tantawy will be honoured with a military funeral later today<\/strong>. <\/strong>Top officials including President Abdel Fattah El Sisi are expected to attend, Al Ahram\u2019s breaking news<\/a> website reports. El Sisi said earlier today that Tantawi \u201cled the country wisely<\/a> in the most difficult circumstances and played a key role in protecting Egypt.\u201d<\/p>\n

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