{"id":558795,"date":"2021-08-26T04:35:01","date_gmt":"2021-08-26T04:35:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/this-morning-tory-burch-%e2%9d%a4%ef%b8%8f-egypt-end-of-the-run-for-us-equities\/"},"modified":"2021-08-26T04:35:01","modified_gmt":"2021-08-26T04:35:01","slug":"this-morning-tory-burch-%e2%9d%a4%ef%b8%8f-egypt-end-of-the-run-for-us-equities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/this-morning-tory-burch-%e2%9d%a4%ef%b8%8f-egypt-end-of-the-run-for-us-equities\/","title":{"rendered":"THIS MORNING: Tory Burch \u2764\ufe0f Egypt + End of the run for US equities"},"content":{"rendered":"<p><strong>Good morning, friends. Just a few more meetings \/ deadlines \/ whatever and we can all <\/strong><strong>slide into the weekend. <\/strong>We hope this week has been good to you. Anyone else having trouble getting their heads around the fact that we\u2019re heading into the second-to-last weekend of summer? That September starts next week?<\/p>\n<p><strong>We have a pleasantly light issue for you this morning<\/strong>, with some nice news of foreign investor interest in the nation\u2019s agrifoods sector and word that would-be (Egyptian) travelers may start getting booster shots soon. We have more on both stories in this morning\u2019s news well, below.<\/p>\n<p><strong>THE BIG STORY ABROAD remains Afghanistan<\/strong>, where evacuation flights continue with less than a week to go before the 31 August deadline for US troops to withdraw. The new twist in the narrative: The Taliban have <a href=\"https:\/\/www.ft.com\/content\/2aad0b12-7449-4a79-9706-961098312bcf\">\u201cchanged\u201d<\/a> and have <a href=\"https:\/\/www.nytimes.com\/2021\/08\/25\/world\/asia\/taliban-spokesman-interview.html\">\u201clearned\u201d<\/a> from their time out of power. Sure.<\/p>\n<p><strong>***CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of EnterprisePM:<\/p>\n<ul>\n<li><strong>MaxAB makes first move outside Egypt:<\/strong> MaxAB has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40d6ef01-4a88-49fd-af20-7f8279df1629\">acquired Moroccan ecommerce and logistics platform WaystoCap<\/a> for an undisclosed amount following a fresh USD 15 mn capital injection from its investors.<\/li>\n<li><strong>Credit Suisse upbeat on Egypt, warns of fourth wave:<\/strong> Egypt is starting to see \u201cgenuine\u201d economic growth and t-bills remain attractive, though a fourth wave of covid-19 will pose a risk given Egypt\u2019s high morbidity rate, Credit Suisse head of MENA research Fahd Iqbal <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c53ee09a-bc8f-460b-8ca9-606c8e9c75ac\">told Bloomberg<\/a>.<\/li>\n<li><strong>SODIC reports strong earnings:<\/strong> SODIC\u2019s net income after minority interest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e0bbbad-371c-455d-aade-ca71b2903483\">almost tripled y-o-y<\/a> in 2Q2021 on sales doubling to EGP 1.9 bn.<\/li>\n<\/ul>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Tory Burch \u2764\ufe0f Egypt: <\/strong>Apparently, we\u2019re at that (brief?) stage between waves three and four of the pandemic where folks (with the right passports and vaccination status) can talk about where they like to travel. Three cheers, then, for iconic designer <strong><a href=\"https:\/\/www.ft.com\/content\/a4885931-8bb3-4d87-b2f1-11c2504a9261\">Tory Burch, who tips Luxor as where she goes to feel inspired<\/a><\/strong>, telling the Financial Times: \u201cWinston Churchill had a room at The Sofitel, Luxor, and it\u2019s also where Agatha Christie was inspired to write Death on the Nile. It\u2019s what I imagine the 1920s in Egypt would have been like \u2013 full of romance and nostalgia.\u201d You can read more about how Burch weathered the pandemic here in the <a href=\"https:\/\/www.wsj.com\/articles\/tory-burch-profile-interview-logo-11626093121\">Wall Street Journal<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>SIGN OF THE TIMES #1- Junior bankers surf the work \/ life trend all the way to a <\/strong><strong>mandatory two-week vacation \u2014 and one workless weekend a month:<\/strong> Citigroup is forcing two-week holidays on all its junior staff in Europe, the Middle East and Africa before the end of September, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-25\/citi-tells-emea-junior-bankers-to-take-two-weeks-off-over-summer?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. The bank is also promising its youngest staffers (drum roll please) \u2026 a work-free weekend. One work-free weekend a month, to be precise, to run from 5pm Friday until 9am Monday. <strong>It\u2019s the latest in a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15b46311-86c3-4074-bf09-462223100471\">series of moves<\/a><\/strong><strong> by big banks under <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-18\/junior-bankers-have-seized-the-upper-hand-on-wall-street-for-now?srnd=premium-middle-east&sref=mmeFTDW1\">pressure<\/a><\/strong> <strong>from young employees<\/strong>, who have apparently been questioning their life choices after working 100-hour weeks from home without the camaraderie of an office environment.<\/p>\n<p><strong>SIGN OF THE TIMES #2- We\u2019re back to talking about whether we\u2019re nearing the end of the <\/strong><strong>bull run for US equities<\/strong>, with the latest sign being news that top-rated T Rowe Price fund manager David Giroux \u201c<a href=\"https:\/\/www.ft.com\/content\/67142c8b-d4f2-4eef-9d34-1f66da3cb5c2\">has substantially backed away from a \u2018rich\u2019 US equity market<\/a>, reflecting nerves among some investors about the lofty valuations that have become entrenched since markets rebounded forcefully from the pandemic lows of last year.\u201d The news comes as the S&P hit a new all-time high this week.<\/p>\n<p><strong>SIGN OF THE TIMES #3- OnlyFans is going to still allow, uhm, \u201cracy content\u201d<\/strong> (we can\u2019t use the common word because the algos that decide whether we get into your inbox will ban <em>us<\/em>) saying it\u2019s <a href=\"https:\/\/www.ft.com\/content\/5468f11b-cb98-4f72-8fb2-63b9623b7b2b\">worked out some kind of agreement with its bankers<\/a> that will see them continue processing payments.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><strong> It\u2019s Jackson Hole week:<\/strong> The Federal Reserve Bank of Kansas City\u2019s annual gathering of central bankers and policy makers at Jackson Hole <a href=\"https:\/\/www.kansascityfed.org\/newsroom\/2021-news-releases\/Kansas-City-Fed-to-host-Economic-Policy-Symposium-online\/\">will take place on tomorrow<\/a>. US Federal Reserve Chair Jerome Powell <a href=\"https:\/\/www.reuters.com\/business\/global-markets-wrapup-4-pix-2021-08-24\/\">will speak tomorrow evening our time<\/a>, with analysts expecting him to remain vague on the timing of a potential tapering of the Fed\u2019s bond buying program. This is the second year in a row that <a href=\"https:\/\/www.reuters.com\/world\/us\/feds-jackson-hole-shift-shows-delta-variants-ability-skew-plans-2021-08-23\/\">the gathering will take place online<\/a>.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>HAPPENING TODAY- Egypt will open today its Rafah border crossing <\/strong><strong>with Gaza in one direction<\/strong> to allow the return of stranded Palestinians back into Gaza, the Hamas-backed interior ministry said in <a href=\"https:\/\/moi.gov.ps\/Home\/Post\/138160\">a statement<\/a> yesterday, citing a report by Egyptian authorities. The Rafah crossing is set to be open in both directions starting Sunday, the statement said. Egypt had closed its Rafah border crossing with Gaza indefinitely <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/873bc399-8fdb-4d87-aebd-4609b72a0aed\">on Monday<\/a> for security reasons after an escalation in fighting between Hamas and Israel Saturday. <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-open-rafah-crossing-with-gaza-one-direction-3-days-sources-2021-08-25\/\">Reuters<\/a> also has the story.<\/p>\n<p><strong>Egypt is looking to spark a conversation about what\u2019s next in development, sustainable <\/strong><strong>finance and the road to recovery for <\/strong><strong>developing economies: <\/strong>The International Cooperation Ministry will hold the first iteration of its new International Cooperation Forum on 8-9 September. The two-day event will focus on fostering partnerships in development finance and sustainable development, according to a <a href=\"https:\/\/ent.news\/2021\/8\/Egypt-ICF-Announcement-PR.pdf\">statement (pdf)<\/a> yesterday. Attendees will include officials from institutions including the UN, the World Bank, the European Bank for Reconstruction and Development, the African Development Bank and the Arab Fund for Economic and Social Development. On the other side, participants will include ministers and policy makers from African, Asian and Latin American countries as well as financial institutions and the private sector.<\/p>\n<p><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. Just a few more meetings \/ deadlines \/ whatever and we can all slide into the weekend. We hope this week has been good to you. Anyone else having trouble getting their heads around the fact that we\u2019re heading into the second-to-last weekend of summer? That September starts next week? We have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[82,294,107,72,165,7089,74,406],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558795","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-bonds","tag-citigroup","tag-covid-19","tag-enterpriseam","tag-hamas","tag-palestine","tag-what-were-tracking-today","tag-world-health-organization","wpautop","entry"],"acf":{"mongo_id":"a070360b-5d97-4edc-abbd-0c3ddd4485bf","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[558793],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Tory Burch \u2764\ufe0f Egypt + End of the run for US equities - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/this-morning-tory-burch-\u2764\ufe0f-egypt-end-of-the-run-for-us-equities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Tory Burch \u2764\ufe0f Egypt + End of the run for US equities\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. Just a few more meetings \/ deadlines \/ whatever and we can all slide into the weekend. We hope this week has been good to you. Anyone else having trouble getting their heads around the fact that we\u2019re heading into the second-to-last weekend of summer? That September starts next week? 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Look for a high temperature of 30\u00b0C in Cairo\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1848.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643105,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/30\/what-were-tracking-on-30-august-2017\/","url_meta":{"origin":558795,"position":1},"title":"What we\u2019re tracking on 30 August 2017","author":"enterpriseam admin","date":"30 August 2017","format":false,"excerpt":"We\u2019re heading into a five-day weekend. \u2018Nuff said. We hope each and every one of you has a happy Eid full of family and friends, a safe and blessed Hajj, a relaxing Labor Day weekend, or otherwise simply enjoy a beautiful weekend. We\u2019re off the coming five days and will\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604808,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/what-were-tracking-on-12-december-2018-2\/","url_meta":{"origin":558795,"position":2},"title":"What we\u2019re tracking on 12 December 2018","author":"enterpriseam admin","date":"13 December 2018","format":false,"excerpt":"It\u2019s a pleasantly quiet morning to end a very hectic week. We hope all of you are looking forward to the weekend as much as we are. The highlight of the day is likely to be Tourism Minister Rania Al Mashat\u2019s unveiling of her turnaround plan for the industry. Tourism\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629188,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/24\/what-were-tracking-on-24-may-2018\/","url_meta":{"origin":558795,"position":3},"title":"What we\u2019re tracking on 24 May 2018","author":"enterpriseam admin","date":"24 May 2018","format":false,"excerpt":"We hope you, like us, have had a wonderful week and are looking forward to the second weekend of Ramadan. We are forever grateful for the privilege of writing all of you each morning.Our top three stories this morning are at the intersection of energy and social stability. Sources close\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604604,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/what-were-tracking-on-9-december-2018\/","url_meta":{"origin":558795,"position":4},"title":"What we\u2019re tracking on 9 December 2018","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"It\u2019s shaping up to be another busy week as 2018 roars to a close and as those among us saddled with strategy and budget responsibility scramble to finish up their work. News triggers this week: The Africa 2018 conference ends today. 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