{"id":562052,"date":"2021-05-05T03:44:47","date_gmt":"2021-05-05T03:44:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/this-morning-a-big-day-for-diplomacy-on-gerd-and-turkey-yellens-interest-rate-comments-have-given-the-world-jitters\/"},"modified":"2021-05-05T03:44:47","modified_gmt":"2021-05-05T03:44:47","slug":"this-morning-a-big-day-for-diplomacy-on-gerd-and-turkey-yellens-interest-rate-comments-have-given-the-world-jitters","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/this-morning-a-big-day-for-diplomacy-on-gerd-and-turkey-yellens-interest-rate-comments-have-given-the-world-jitters\/","title":{"rendered":"THIS MORNING: A big day for diplomacy on GERD and Turkey + Yellen\u2019s interest rate comments have given the world jitters"},"content":{"rendered":"<p><strong>Good morning, nice people. Look for foreign policy to dominate the news cycle today <\/strong>as the nation\u2019s diplomats push ahead with talks on GERD at the same time as they open two days of talks in Cairo designed to turn a new page with Turkey. We have more on both stories in this section, below.<\/p>\n<p><strong>The big business story of the day <\/strong>is word that Carbon Holdings appears to face competition for both current investor \/ banker mindshare and future market share from a newly announced petchems megaproject in Ain Sokhna. We have this and more in the news well, below.<\/p>\n<p><strong>THE BIG STORY ABROAD sees US Treasury Secretary Janet Yellen walking back her <\/strong><strong>suggestion yesterday that <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2021\/05\/04\/treasury-secretary-yellen-says-rates-may-have-to-rise-somewhat-to-keep-economy-from-overheating.html\">US rates \u201cwill have to rise somewhat\u201d<\/a><\/strong> to keep the economy over there from \u201coverheating.\u201d Yellen, a former US Federal Reserve chair, said later in the day that she is neither anticipating a spike in inflation from the Biden administration\u2019s plan to spend its way out of covid, nor a decision from the Fed to raise interest rates, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-04\/yellen-says-spending-jump-could-mean-higher-interest-rates?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>Why this matters to us here in Egypt: <\/strong>Our central bank continues to walk a fine line on interest rates, a fact it underscored when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c5d1ef9-6305-4119-a57e-4a6f45c6f2d5\">left rates on hold last week<\/a>: There won\u2019t be much pickup on corporate borrowing for capex (read: money to grow our businesses) unless rates come down. But any rise in US rates will see the CBE under pressure to bump up domestic rates here to maintain the attractiveness of the Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1eb6d15c-55a3-4fd5-a26e-b11c728512b4\">carry trade<\/a>. And in the absence of a recovery in tourism and foreign direct investment, that carry trade is a critical source of foreign exchange right now.<\/p>\n<p><strong>SIGN OF THE TIMES #1 on this fine (hot) Wednesday morning: Dogecoin\u2019s market cap is <\/strong><strong><a href=\"https:\/\/twitter.com\/kevinroose\/status\/1389713225831239682\">bigger<\/a><\/strong><strong> than Ford or Twitter. <\/strong>Yeah, Dogecoin, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59e26a33-a030-4a51-8110-27a09e44290a\">the \u201cjoke\u201d cryptocurrency<\/a> that was worth about USD 6 bn back in mid-February is now worth nearly USD 70 bn. Ford was at about USD 45 bn yesterday, and Twitter at USD 43 bn.<\/p>\n<p><strong>SIGN OF THE TIME #2: One of the world\u2019s last \u201copen outcry\u201d trading pits is closing <\/strong>as the Chicago Mercantile Exchange confirmed it is formally shutting down pits \u201cfor trading agricultural commodities, where traders haggle over options on soybeans, wheat, cattle and hogs,\u201d the <a href=\"https:\/\/www.wsj.com\/articles\/cme-group-to-close-most-of-its-trading-pits-in-chicago-permanently-11620175341\">Wall Street Journal<\/a> notes.<\/p>\n<p><strong>*** CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of EnterprisePM:<\/p>\n<ul>\n<li><strong>Raya Holding will sell <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/986aa556-52ba-44c4-9f39-6ea3ff80b860\">100% of its stake in recycling arm BariQ<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/986aa556-52ba-44c4-9f39-6ea3ff80b860\"><\/a>to Intro Group in a transaction valued at EGP 490 mn.<\/li>\n<li><strong>The Central Bank of Egypt will greenlight <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df20d722-96bc-49f0-83a4-99289f2a3574\">Bank ABC\u2019s acquisition<\/a><\/strong> to Blom Egypt in the coming weeks.<\/li>\n<li><strong>The government has so far delivered 340 <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/195a8805-b463-4bcd-a6d7-4c02cf5b8562\">new natgas cars<\/a><\/strong> in April, the first month of deliveries under the natgas transition scheme.<\/li>\n<\/ul>\n<p><strong>How hot is it going to be today?<\/strong> Expect the mercury to hit 41\u00b0C this afternoon.<\/p>\n<p><strong>** So, when do we eat?<\/strong> We sit down for iftar at 6:35pm this evening, and will have until 3:31am to wrap up our sohour.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>It\u2019s going to be a busy day for diplomacy<\/strong> as diplomats look to make progress on at least three critical files:<\/p>\n<p><strong>Foreign Minister Sameh Shoukry is scheduled to meet with US Special Envoy for the <\/strong><strong>Horn of Africa Jeffrey Feltman today<\/strong>, according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04052021&id=341521e7-0bbd-412c-8ada-f650120a5f24\">Al Shorouk<\/a>. You can expect the Grand Ethiopian Renaissance Dam (GERD) impasse to be at the top of the agenda. Feltman will be in Egypt to kick off a 10-day tour of the region, which will also see him make stops in Ethiopia, Eritrea, and Sudan, the <a href=\"https:\/\/www.state.gov\/travel-of-special-envoy-for-the-horn-of-africa-to-egypt-eritrea-ethiopia-and-sudan\/\">State Department<\/a> said earlier this week. Feltman\u2019s tour comes as <strong>Egypt continues to lobby the US to facilitate talks on GERD<\/strong>, with our ambassador in Washington Moataz Zahran reiterating during a lecture at the US Army War College that Egypt, Sudan, and Ethiopia must reach a binding agreement, according to a Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/5561354220603145\">statement<\/a>.<\/p>\n<p><strong>Egypt and Turkey are opening two days of talks aimed at starting to patch up relations<\/strong>, with a Turkish delegation scheduled to have landed in Cairo overnight, according to Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=-5Ue1Sv_LDA\">watch, runtime: 2:56<\/a>). The delegation, led by Turkey\u2019s Deputy Foreign Minister Sedat Onal, will meet today and tomorrow with Egyptian diplomats to look into the \u201cnecessary steps\u201d to normalizing the two countries\u2019 diplomatic relationship, according to a <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/5561405253931375\">Foreign Ministry statement<\/a>. Turkey\u2019s efforts to warm up to its peers in the region are also bearing fruit over in Saudi Arabia, whose King Salman discussed bilateral ties with Turkish President Recep Erdogan yesterday for the second time in a month, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/erdogan-saudi-king-salman-discuss-ties-turkish-presidency-2021-05-04\/\">Reuters<\/a> reports.<\/p>\n<p><strong>Egyptian aviation officials should be in Libya soon to inspect Libyan airports <\/strong>as both countries get ready to resume direct flights between major cities, state-owned Afriqiyah Airways General Manager Khalil Al-Majai said in a statement carried by Libya\u2019s <a href=\"https:\/\/www.afrigatenews.net\/a\/289546\">Africa Gate News<\/a>. We can eventually expect as many as 35 weekly flights between Cairo and each of Tripoli's Mitiga International Airport, Misrata Airport, and Benghazi\u2019s Benina International Airport to resume operating, Majai said.<\/p>\n<p><strong>Budget month is rolling along<\/strong>, with Planning Minister Hala El Said presenting yesterday the upcoming fiscal year\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f10ef3d-eec0-4f11-a112-c1dee1ee9780\">budget projections<\/a> to the Senate Economic, Finance, and Investment Affairs Committee yesterday, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1921874014657621\">statement<\/a>. The minister also gave the committee an overview of Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">structural reform program<\/a>, which will focus on investing in job creating sectors, increasing private sector participation in the country\u2019s sustainable development strategy, and developing tech and manufacturing over the coming three years.<\/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>It\u2019s the start of a new month \u2014 and you know what means:<\/strong><\/p>\n<ul>\n<li><strong>PMI:<\/strong> April\u2019s purchasing managers\u2019 index figures for Egypt will be out tomorrow.<\/li>\n<li><strong>Foreign reserves:<\/strong> Expect April\u2019s foreign reserves figures to land at the end of this week or the beginning of the next.<\/li>\n<li><strong>Inflation:<\/strong> April\u2019s inflation figures will be out next week.<\/li>\n<\/ul>\n<p><strong>PSA- Egyptian and regional growth-stage tech startups can start applying for the <\/strong><strong>second version of \u201c<\/strong><strong>Google for Startups Accelerator<\/strong><strong>: Middle East and North Africa<\/strong>,\u201d Google wrote in <a href=\"https:\/\/arabia.googleblog.com\/2021\/05\/google.html\">a blog post<\/a> yesterday. Businesses have until 25 May to apply for the three-month digital accelerator program, which will start virtually in mid-July. Egypt-based pharma delivery platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c2a3fb5-43bb-48e3-8058-ee565c55a115\">Chefaa<\/a> was among the 10 MENA startups selected in February for the first round of the program.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Eid El Fitr looks likely to begin next Thursday<\/strong>, 13 May and end on Saturday, 15 May. Watch this space to find out about our Eid vacation.<\/p>\n<p><strong>The IMF will conduct on 1 June a second review of targets set under <\/strong><strong>Egypt\u2019s USD 5.2 bn standby loan.<\/strong> The loan was approved in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">June 2020<\/a>.<\/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<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>We talk with Thomas Maudet, managing director of Jumia Services Egypt, about the infrastructure of e-commerce. Egypt\u2019s infrastructure fared well during the 2020 e-commerce boom, with neither traffic congestion nor IT instability impeding operations. <a href=\"https:\/\/group.jumia.com\/\">Jumia<\/a>, which operates in 11 countries, is seeing 30% y-o-y growth overall, driven by activities ranging from logistical to e-commerce financial services. The company\u2019s plans to increase its Egypt operations rely on growing its infrastructure: increasing the total number of pickup stations and warehouses to improve delivery time, as well as hiring more riders and improving tech infrastructure to expand its newly-launched Jumia Food service.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, nice people. Look for foreign policy to dominate the news cycle today as the nation\u2019s diplomats push ahead with talks on GERD at the same time as they open two days of talks in Cairo designed to turn a new page with Turkey. We have more on both stories in this section, below. [&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":[72,655,182,345,185,123,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562052","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-foreign-reserves","tag-inflation","tag-mena","tag-pmi","tag-startups","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"0488cd83-9e05-4edd-9284-ee32c31bf4f4","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[562050],"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: A big day for diplomacy on GERD and Turkey + Yellen\u2019s interest rate comments have given the world jitters - 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\/05\/05\/this-morning-a-big-day-for-diplomacy-on-gerd-and-turkey-yellens-interest-rate-comments-have-given-the-world-jitters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: A big day for diplomacy on GERD and Turkey + Yellen\u2019s interest rate comments have given the world jitters\" \/>\n<meta property=\"og:description\" content=\"Good morning, nice people. Look for foreign policy to dominate the news cycle today as the nation\u2019s diplomats push ahead with talks on GERD at the same time as they open two days of talks in Cairo designed to turn a new page with Turkey. We have more on both stories in this section, below. 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EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/this-morning-a-big-day-for-diplomacy-on-gerd-and-turkey-yellens-interest-rate-comments-have-given-the-world-jitters\/","og_locale":"en_US","og_type":"article","og_title":"THIS MORNING: A big day for diplomacy on GERD and Turkey + Yellen\u2019s interest rate comments have given the world jitters","og_description":"Good morning, nice people. Look for foreign policy to dominate the news cycle today as the nation\u2019s diplomats push ahead with talks on GERD at the same time as they open two days of talks in Cairo designed to turn a new page with Turkey. We have more on both stories in this section, below. 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Talks included how to boost bilateral relations as well as the way forward on the Grand Ethiopian Renaissance Dam. The visit dominates the news cycle this\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":629804,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/02\/what-were-tracking-this-week-32\/","url_meta":{"origin":562052,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"2 April 2018","format":false,"excerpt":"GERD talks kicking off again this week: The ministers of foreign affairs and irrigation, as well intelligence chiefs from Egypt, Sudan, and Ethiopia, are scheduled to meet on Wednesday and Thursday to resume talks over the Grand Ethiopian Renaissance Dam (GERD). This comes as Ethiopia is set to swear in\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589911,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/this-morning-madboulys-big-privatization-presser-is-today-heatwave-incoming\/","url_meta":{"origin":562052,"position":2},"title":"THIS MORNING: Madbouly\u2019s big privatization presser is today + heatwave incoming","author":"enterpriseam admin","date":"11 July 2023","format":false,"excerpt":"PE firm Actis is in the frame to buy the Gabal El Zeit wind farm","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\/2023\/7\/408.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563473,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/this-morning-big-opec-meeting-today-shoukry-in-ny-ahead-of-gerd-meeting-china-dunks-on-didi\/","url_meta":{"origin":562052,"position":3},"title":"THIS MORNING: Big OPEC+ meeting today; Shoukry in NY ahead of GERD meeting; China dunks on Didi.","author":"enterpriseam admin","date":"5 July 2021","format":false,"excerpt":"Good morning, friends \u2014 We open today\u2019s issue with good news: Wednesday is looking like the last time we will have to utter the words \u2019Ever Given\u2019 after the Suez Canal Authority said yesterday it will finally unshackle the container ship this week following an agreement with its owners. Though\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":567132,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/what-were-tracking-on-14-january-2020\/","url_meta":{"origin":562052,"position":4},"title":"What we\u2019re tracking on 14 January 2020","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"Regional politics are continuing to hog the limelight this morning, as negotiations over the Grand Ethiopian Renaissance Dam enter their second day and Libya truce talks finished the day without a resolution. Libya truce talks enter their second day in Moscow today, after eight hours of negotiations failed to produce\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":563545,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/this-morning-sayonara-ever-given-gerd-meeting-tomorrow-egx-hit-by-gerd-oil-tanks-following-opec-meeting\/","url_meta":{"origin":562052,"position":5},"title":"THIS MORNING: Sayonara Ever Given; GERD meeting tomorrow; EGX hit by GERD? 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