{"id":562941,"date":"2021-06-13T03:52:10","date_gmt":"2021-06-13T03:52:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/this-morning-mpc-meets-this-week-latest-from-the-g7-hajj-is-a-no-go-for-the-second-year-running-and-zero-g-with-jeff\/"},"modified":"2021-06-13T03:52:10","modified_gmt":"2021-06-13T03:52:10","slug":"this-morning-mpc-meets-this-week-latest-from-the-g7-hajj-is-a-no-go-for-the-second-year-running-and-zero-g-with-jeff","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/this-morning-mpc-meets-this-week-latest-from-the-g7-hajj-is-a-no-go-for-the-second-year-running-and-zero-g-with-jeff\/","title":{"rendered":"THIS MORNING: MPC meets this week; Latest from the G7; Hajj is a no-go for the second year running; and Zero-G with Jeff."},"content":{"rendered":"<p><strong>Good morning friends, and happy Sunday to you all. <\/strong>We have just three weeks left until the \u201ctrue\u201d kickoff of Sahel season. We\u2019re looking forward to some sun, sand and salt water as much as all of you are, but \u2026 wow, do we have a lot to get done in the next three weeks.<\/p>\n<p><strong>THE BIG NEWS this week:<\/strong> The Central Bank\u2019s Monetary Policy Committee set to meet on Thursday, 17 June to review rates.<\/p>\n<p><strong>All 11 analysts and economists we spoke with are calling another hold<\/strong> as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a19da710-1330-415c-8993-290f63133dcb\">inflation hit its<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a19da710-1330-415c-8993-290f63133dcb\">highest level all year<\/a> in May as the global commodities boom began to hit the domestic economy. We have a full rundown in the news well, below.<\/p>\n<p><strong>Otherwise, it\u2019s a moderately busy news day <\/strong>\u2014 there\u2019s enough to keep us on our toes here at home, but it\u2019s not overwhelming. Abroad, the G7 own the headlines in the global business press.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>WHERE DID WE LEAVE OFF LAST WEEK?<\/strong> Catch up quick with the top stories from Thursday\u2019s edition of EnterprisePM:<\/p>\n<ul>\n<li><strong>Inflation rises in May: <\/strong>Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a19da710-1330-415c-8993-290f63133dcb\">accelerated to 4.8% in May<\/a> from 4.1% in April, thanks to a spike in commodity prices and an unfavorable base effect.<\/li>\n<li><strong>Ebtikar sets 4Q2021 IPO deadline:<\/strong> The e-payments company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2288438-1757-4a28-b7a4-8060a362753b\">narrowed the deadline<\/a> for its planned EGX debut to 4Q2021 after having originally eyed a larger window within 2H2021.<\/li>\n<li><strong>State banks get funding from global lenders:<\/strong> Banque du Caire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbc8c7a1-2f06-451d-953f-819bc61c0348\">signed a USD 200 mn financing agreement<\/a> with the African Export-Import Bank to fund its expansion plans in Africa, while National Bank of Egypt and European Investment Bank signed a USD 100 mn green SME financing agreement.<\/li>\n<\/ul>\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><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>THE BIG STORY ABROAD- <\/strong><strong>G7 nations are set to announce a raft of plans as <\/strong><strong>the <\/strong><strong>summit of Western <\/strong><strong>world leaders concludes today. <\/strong>Expect more details on a program to help low-income countries cope with climate change, an infrastructure investment plan to counter China\u2019s road and belt programs, and further details on the ambitious plan to tax multinationals before the three-day summit wraps up today. Among the biggest announcements so far:<\/p>\n<ul>\n<li><strong>The developing world may be getting a huge get out of jail card:<\/strong> The US and other G7 nations are considering unlocking USD 100 bn from the IMF\u2019s reserves to help low- and middle-income countries survive the pandemic. The global effort would address health needs including vaccinations as well as help enable greener, more robust economic recoveries, the White House said in <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/06\/11\/fact-sheet-president-biden-and-g7-leaders-to-announce-steps-to-forge-a-more-fair-and-inclusive-global-economy\/\">a fact sheet<\/a>. (<a href=\"https:\/\/www.reuters.com\/world\/us\/g7-eyes-allocating-100-bln-imf-funds-covid-ravaged-nations-us-2021-06-11\/\">Reuters<\/a>)<\/li>\n<li><strong>Industrial policy is no longer a dirty word in the West:<\/strong> The G7 will call today for huge infrastructure investment in green energy and infrastructure to act as a counterweight to China\u2019s tn-USD Belt and Road Initiative. Called \u201cBuild Back Better for the World\u201d and billed as a sort of \u201cgreen Marshall Plan,\u201d the initiative would see countries pour hundreds of bns of USD into low-carbon projects around the world \u2014 and contain China\u2019s growing influence in the process. (<a href=\"https:\/\/apnews.com\/article\/government-and-politics-donald-trump-joe-biden-g-7-summit-europe-dbecfbc9d28d3d3665c0f187547def1f\">AP<\/a> | <a href=\"https:\/\/www.ft.com\/content\/f33b43e6-0cea-486b-a3cf-628a31c09693\">FT<\/a>).<\/li>\n<li><strong>And neither is deficit spending:<\/strong> The Biden administration\u2019s \u201ccarry on spending\u201d plan has found support among other G7 leaders, who came together yesterday to reject austerity and called for more spending to combat inequality (<a href=\"https:\/\/www.ft.com\/content\/32b4d1e7-85f8-48ec-a1e9-28b1b8cbd635\">FT<\/a>).<\/li>\n<\/ul>\n<p><strong>Leaders had also been expected to announce plans for a \u201ccovid passport\u201d <\/strong>to make international travel easier, but there was no word by dispatch time that the documents would be included in the final communique.<\/p>\n<p><strong>SIGN OF THE TIMES #1- Foreign pilgrims will not be allowed to go on Hajj for a second <\/strong><strong>straight year<\/strong> as a result of the pandemic and the emergence of highly-transmissible covid-19 variants, Saudi state news agency <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&newsid=2239788#2239788\">SPA<\/a> reports. Authorities will allow only 60k Saudi citizens and residents aged 18-65 who have received at least one shot of a covid-19 vaccine to attend in an effort to prevent its covid epidemic from spreading. This is the second year of restrictions after the emergence of the virus last year saw the Saudi government allow <a href=\"https:\/\/apnews.com\/article\/middle-east-saudi-arabia-health-coronavirus-pandemic-5141f26a40cc3a75f5f252c24f8228e0\">only 1k people<\/a> to make the trip.<\/p>\n<p><strong>SIGN OF THE TIMES #2- How much will it cost to go <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c892eab-a48b-4efa-b22c-abd294c2644a\">zero-G with Jeff<\/a><\/strong><strong>?<\/strong> <strong>USD 28 mn<\/strong>, apparently. The story is everywhere this morning, from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-12\/blue-origin-auctions-seat-on-bezos-rocket-for-28-million?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.ft.com\/content\/956cb2cf-ab9e-45d2-bc47-1c19f5458ba8\">the FT<\/a> to <a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/blue-origin-auctions-rocket-trip-space-with-bezos-2021-06-12\/\">Reuters<\/a> and <a href=\"https:\/\/www.theguardian.com\/science\/2021\/jun\/12\/jeff-bezos-space-auction-28m-spare-seat-blue-origin\">the Guardian<\/a>.<\/p>\n<p><strong>MUST-READ FOR FINANCE NERDS- <\/strong><strong>Has private e<\/strong><strong>quity conquered the US tax system?<\/strong> <a href=\"https:\/\/www.nytimes.com\/2021\/06\/12\/business\/private-equity-taxes.html\">The New York Times<\/a> is out with a front-page takedown of the US private equity industry, which it says skirts the tax system using borderline illegal tax avoidance strategies thanks to the lack of audits. Using an army of lobbyists, a [redacted] load of \u201ccampaign contributions\u201d and \u2014 perhaps most importantly \u2014 vast networks of partnerships \u2014 industry bigwigs have convinced and confused politicians and an under-resourced IRS, preventing proper scrutiny of their financial affairs, the Times claims.<\/p>\n<p><strong>HAPPENING THIS WEEK- <\/strong><\/p>\n<p><strong>The first forum of the heads of African investment promotion agencies continues in <\/strong><strong>Sharm El Sheikh <\/strong><strong>today. <\/strong>Ministers, heads of investment agencies from 34 African countries and representatives of major financial institutions are in attendance, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/151259670377795\">cabinet statement<\/a>. The forum runs until tomorrow.<\/p>\n<p><strong>From the conference so far:<\/strong><\/p>\n<ul>\n<li>Egypt will soon sign <strong>a contract to build a six-km suspension bridge over Lake<\/strong><strong> Nasser to Sudan<\/strong> that will connect the two countries via rail and improve bilateral and regional trade, Transport Minister Kamel El Wazir <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/114349884195410\">said<\/a> at the conference.<\/li>\n<li><strong>The General Authority For Investment and Freezones<\/strong> <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/154233596747069\">signed<\/a><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/154233596747069\">two MoUs<\/a><\/strong> with <strong>Sudan<\/strong> and <strong>South Sudan<\/strong> to increase bilateral investment.<\/li>\n<\/ul>\n<p><strong>The Egypt Green Economy Forum <\/strong><a href=\"https:\/\/ent.news\/2021\/5\/3rd-Forum-on-Strategies-For-Transition-To-Green-Economy-AR.pdf\">(pdf)<\/a> kicks off tomorrow.<\/p>\n<p><strong>The Arab League will meet in Doha on Tuesday for \u201cemergency\u201d GERD talks<\/strong> at the request of Egypt and Sudan, Arab League Assistant Secretary-General Hossam Zaki told state-run news agency <a href=\"https:\/\/mena.org.eg\/ar\/news\/dbcall\/table\/webnews\/id\/9005846\">MENA<\/a> yesterday. The meeting comes after Cairo and Khartoum both called <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31177929-41f3-4a1e-8951-6808813c798f\">last week<\/a> for the international community to push Ethiopia to restart negotiations over GERD as time runs out before Addis Ababa resumes filling the dam.<\/p>\n<p><strong>It\u2019s probably not a coincidence that this is happening just after Washington\u2019s man in <\/strong><strong>East Africa, Jeffery Feltman,<\/strong><strong> departed the region<\/strong>, having <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2922ad7d-5222-4627-ad8f-0e3b4e37daa7\">spent a week holding talks<\/a> in Saudi Arabia, the United Arab Emirates, Qatar and Kenya about the GERD dispute.<\/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, and happy Sunday to you all. We have just three weeks left until the \u201ctrue\u201d kickoff of Sahel season. We\u2019re looking forward to some sun, sand and salt water as much as all of you are, but \u2026 wow, do we have a lot to get done in the next three weeks. [&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":[1610,107,72,1253,410,1061,272,182,349,724,149,219,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562941","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-arab-league","tag-covid-19","tag-enterpriseam","tag-g7","tag-gerd","tag-hajj","tag-imf","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-religion","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6bf3ade6-f641-491e-91d9-774c5f3f8792","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[562939],"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: MPC meets this week; Latest from the G7; Hajj is a no-go for the second year running; and Zero-G with Jeff. - 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\/06\/13\/this-morning-mpc-meets-this-week-latest-from-the-g7-hajj-is-a-no-go-for-the-second-year-running-and-zero-g-with-jeff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: MPC meets this week; Latest from the G7; Hajj is a no-go for the second year running; and Zero-G with Jeff.\" \/>\n<meta property=\"og:description\" content=\"Good morning friends, and happy Sunday to you all. We have just three weeks left until the \u201ctrue\u201d kickoff of Sahel season. We\u2019re looking forward to some sun, sand and salt water as much as all of you are, but \u2026 wow, do we have a lot to get done in the next three weeks. 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There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. Here in Egypt we have a crucial central bank policy meeting tomorrow and \u2014 as the IMF\u2019s Egypt mission chief reminds us\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\/2022\/12\/445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/","url_meta":{"origin":562941,"position":1},"title":"THIS MORNING: Inflation + foreign reserves figures out today; Fed could step up rate hikes to tame inflation","author":"enterpriseam admin","date":"7 July 2022","format":false,"excerpt":"We\u2019re almost there, ladies and gentlemen: One working day remains before we all depart for a well-earned week off to mark the Eid holiday \u2014 although judging by the news flow right now, most of the country already seems to be in vacation mode. The EGX (pdf) confirmed yesterday that\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":562902,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/this-morning-inflation-figures-should-land-today-g7-kicks-off-tomorrow-btc-is-now-legal-tender-in-el-salvador\/","url_meta":{"origin":562941,"position":2},"title":"THIS MORNING: Inflation figures should land today; G7 kicks off tomorrow; BTC is now legal tender in El Salvador.","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"Good morning ladies and gents \u2014 and that\u2019s almost a wrap on another busy week of news in Om El Donia.But before we kick back for the weekend, we have the small matter of May\u2019s inflation figures, which should be out this morning. The release, coming just a week before\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":636183,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/26\/what-were-tracking-this-week-92\/","url_meta":{"origin":562941,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 December 2017","format":false,"excerpt":"Expect the central bank\u2019s Monetary Policy Committee to keep interest rates on hold when they meet on Thursday, Pharos Holding\u2019s Ramy Oraby says. \u201cWe believe that the current disinflation trend will continue, leading the annual inflation rate downwards to 14.4% YoY in 4Q 2018, which is in line with the\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":548512,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/this-morning-govt-to-detail-plans-to-ration-electricity-today-fed-likely-wont-be-swayed-by-one-good-inflation-print\/","url_meta":{"origin":562941,"position":4},"title":"THIS MORNING: Gov\u2019t to detail plans to ration electricity today + Fed likely won\u2019t be swayed by one good inflation print","author":"enterpriseam admin","date":"11 August 2022","format":false,"excerpt":"Good morning and Happy Thursday, ladies and gents. We have a packed, M&A-heavy issue for you to close out the week, so let\u2019s jump into it. 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