{"id":563647,"date":"2021-07-12T04:00:17","date_gmt":"2021-07-12T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/this-morning-subsidized-mortgage-program-goes-live-next-month-us-earnings-season-starts-this-week-branson-goes-to-space\/"},"modified":"2021-07-12T04:00:17","modified_gmt":"2021-07-12T04:00:17","slug":"this-morning-subsidized-mortgage-program-goes-live-next-month-us-earnings-season-starts-this-week-branson-goes-to-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/this-morning-subsidized-mortgage-program-goes-live-next-month-us-earnings-season-starts-this-week-branson-goes-to-space\/","title":{"rendered":"THIS MORNING: Subsidized mortgage program goes live next month; US earnings season starts this week; Branson goes to space."},"content":{"rendered":"

enterprise<\/a><\/p>\n

Good morning ladies and gents \u2014 we have quite a packed issue for you this morning<\/strong> so let\u2019s get to it.<\/p>\n

THE BIG STORY INTERNATIONALLY-<\/strong> The global press is proclaiming a new era of space <\/strong>travel this morning<\/strong> after bn\u2019aire entrepreneur Richard Branson finally boarded a Virgin Galactic flight and flew to the edge of space. The VSS Unity yesterday took Branson and five other crew members some 86 km above New Mexico on an hour-long flight that we may look back on as a key moment in a future space tourism industry.<\/p>\n

The next bn\u2019aire in space:<\/strong> Jeff Bezos, who will board a rocket designed and built by his Blue Origin space company on 20 July.<\/p>\n

The story is everywhere this morning<\/strong>, from Reuters<\/a> and the AP<\/a>, to Bloomberg<\/a> and the Wall Street Journal<\/a>.<\/p>\n

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

The EGX will test out closing auctions on the EGX for the third and final time today. <\/strong>Last week we spoke to EGX boss Mohamed Farid<\/a>, who gave us the lowdown on the proposal that\u2019s currently on the table and what it could mean for the exchange.<\/p>\n

<\/a> FURTHER DOWN THE ROAD- The central bank\u2019s EGP 100 bn<\/strong> initiative to allow low- and middle-income homebuyers to access mortgages <\/strong>at a subsidized rate of 3% is expected to kick off next month<\/strong>, courtesy of the Central Bank of Egypt, Tarek Shoukry, head of the Federation of Egyptian Chambers of Commerce\u2019s real estate division, told Hapi Journal<\/a>.<\/p>\n

The program \u2014 originally announced <\/strong>in March<\/a><\/strong> \u2014 will provide would-be homeowners <\/strong>with subsidized mortgages on houses valued at up to EGP 1.4 mn<\/strong>, provided they make a 20% down payment, Shoukry said. Pensioners will also be eligible to take part in the program, provided they make 40% down payment, and provided that they are under 75 years old when the loan period concludes. Shoukry made no further mention of eligibility criteria, such as an income ceiling.<\/p>\n

***CATCH UP QUICK<\/strong> on the top stories from yesterday\u2019s edition of EnterprisePM:<\/strong><\/p>\n