{"id":563940,"date":"2021-07-29T04:00:21","date_gmt":"2021-07-29T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/"},"modified":"2021-07-29T04:00:21","modified_gmt":"2021-07-29T04:00:21","slug":"this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/","title":{"rendered":"THIS MORNING: US senate agrees USD 1 tn infrastructure plan; Google, Facebook mandate vaccines for employees; Fed close to tapering stimulus; Facebook shares fall on warnings of growth slowdown; Saudi visitors to Egypt not subject to travel ban."},"content":{"rendered":"<p><strong>We\u2019re taking today off \u2014 and that means you won\u2019t find EnterprisePM in your inboxes at this afternoon.<\/strong> We\u2019ll be back at the appointed hour on Sunday.<\/p>\n<p><strong>We\u2019re racing into the height of summer with August almost upon us.<\/strong> Fortunately \/ unfortunately for us, the business news cycle doesn\u2019t take a break for the summer. Here\u2019s what\u2019s coming up in the next two weeks:<\/p>\n<ul>\n<li><strong>PMI:<\/strong> July\u2019s purchasing managers\u2019 index will drop on Tuesday, 3 August.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt will meet to review interest rates on Thursday, 5 August.<\/li>\n<li><strong>Foreign reserves:<\/strong> July\u2019s foreign reserves figure should land next week.<\/li>\n<li><strong>Inflation:<\/strong> Inflation data for July will be out on Tuesday, 10 August.<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><strong>YOUR MANDATORY COVID STORY- Google, Facebook employees will need to be vaccinated when they return to the office<\/strong>. Google has become the first company to mandate vaccines for employees returning to work in the office in a decision that will be applied to its 144k employees worldwide. Facebook followed suit, saying in its earnings release (more on that in this morning\u2019s Planet Finance, below) that its workers too will need to be fully jabbed before setting foot in its US offices. Google has delayed reopening its offices and extended its work-from-home policy until 18 October due to the resurgence of covid-19, while Facebook also plans for a 50% return in September before raising the office capacity to 100% in October. The story got coverage in the <a href=\"https:\/\/www.ft.com\/content\/671e3b0c-4aef-4b23-a609-a2e44d081a02\">Financial Times<\/a> and <a href=\"https:\/\/www.cnbc.com\/2021\/07\/28\/google-postpones-return-to-work-until-october-will-require-vaccinations.html\">CNBC<\/a>.<\/p>\n<p><strong>THE BIG STORY INTERNATIONALLY- The US Senate is finally willing to start discussing <\/strong><strong>the Biden administration\u2019s USD 1 tn infrastructure bill<\/strong>: The Biden administration and a group of centrist senators reached a bipartisan agreement yesterday on the White House\u2019s USD 1.2 tn infrastructure package following months of talks, paving the way for senators to begin discussing its provisions. Senators voted 67-32 in favor of considering the bill, which would unlock USD 1.2 tn in funds for the nation\u2019s highways, broadband and electricity infrastructure over the next eight years.<\/p>\n<p><strong>The story was everywhere in the US press<\/strong> from the <a href=\"https:\/\/apnews.com\/article\/joe-biden-government-and-politics-business-c5e6ce9620ad98687cabb678121042a3\">Associated Press<\/a> to the <a href=\"https:\/\/www.wsj.com\/articles\/infrastructure-agreement-on-major-issues-reached-by-bipartisan-group-gop-negotiator-says-11627487459?mod=hp_lead_pos2\">Wall Street Journal<\/a> and the <a href=\"https:\/\/www.nytimes.com\/live\/2021\/07\/28\/us\/politics-news\">New York Times<\/a> to <a href=\"https:\/\/www.washingtonpost.com\/business\/2021\/07\/28\/senate-infrastructure-deal\/?itid=hp-top-table-main\">the Washington Post<\/a>.<\/p>\n<p><strong>***CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of<strong> EnterprisePM:<\/strong><\/p>\n<ul>\n<li><strong>Swvl might be heading to the Nasdaq:<\/strong> The Egyptian transport startup has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">reached a USD 345 mn agreement<\/a> with blank-check firm Queen\u2019s Gambit Growth Capital to take the company public in the US.<\/li>\n<li><strong>Six in, seven out:<\/strong> Six new companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdfee3c8-a3c9-4ff1-8636-007d13be1bec\">will join the EGX 30<\/a> next week when the latest biannual rebalancing of the benchmark index takes place on Sunday.<\/li>\n<li><strong>We\u2019re going to have another epayments player next month: <\/strong>Contact Financial Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fea81461-67ed-41fa-9751-a5f5ce7e5078\">will begin rolling out e-payments services next month<\/a>, the company\u2019s CEO said yesterday.<\/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-06\" class=\"content-anchor\"><\/a> <strong>MARKET WATCH- Federal Reserve officials are moving closer to taking a<\/strong> <strong>decision about when to start scaling back stimulus, but a rate hike is nowhere in sight.<\/strong> That\u2019s according to chairman Jay Powell, who was speaking following the Federal Open Market Committee meeting yesterday when, as expected, the central bank left interest rates at near-zero. In <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20210728a.htm\">a statement<\/a> following the meeting, the Fed expressed optimism that the US economic recovery remains on track despite fears over the spread of the delta variant, saying that economic indicators and employment are continuing to \u201cstrengthen.\u201d<\/p>\n<p><strong>No rate hikes are in the cards:<\/strong> The Fed has said that it will not begin to tighten policy until it sees \u201csubstantial further progress\u201d on employment and inflation, but in the statement yesterday said that the economy has only \u201cmade progress toward these goals.\u201d At its last meeting, Powell said that the bank would likely raise rates earlier than expected in 2023.<\/p>\n<p><strong>Though stimulus could soon be curtailed:<\/strong> Fed officials could decide to start tapering the bank\u2019s huge USD 120 bn-a-month bond buying programme in coming meetings, Powell said, without providing further information.<\/p>\n<p><strong>How things go from here will in large part depend on what happens with inflation over the coming months:<\/strong> Inflation is already significantly higher than originally forecast by the Fed, which continues to maintain that price rises will be short-lived and being caused by supply issues related to the pandemic. Inflation rose at its quickest pace in 13 years last month and if this continues policymakers will come under increasing pressure to start turning off the liquidity taps earlier than expected.<\/p>\n<p><strong>The meeting was the biggest story in the global business press last night:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-28\/fed-says-progress-made-toward-conditions-for-tapering-bond-buys?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/6b5992d3-967e-4a63-b159-a398654d6199\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/fed-says-economy-has-made-progress-toward-its-goals-teeing-up-bond-taper-11627495233?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/07\/28\/fed-decision-july-2021.html\">CNBC<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/finance\/blip-or-bad-moon-rising-fed-meets-amid-covid-19-surge-inflation-jitters-2021-07-28\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/business-health-coronavirus-pandemic-economy-0e6d48d9045930fbf230170f979dc704\">AP<\/a>.<\/p>\n<p><strong>GLOBAL EARNINGS WATCH- Facebook shares fell as much as 5% yesterday<\/strong> after the company warned that revenue growth is likely to take a \u201csignificant\u201d hit in the coming months. The social media giant comfortably beat earnings and revenue estimates, reporting a 56% rise in 2Q revenues to USD 29.1 bn, and doubling its net income y-o-y to USD 10.3 bn, up from the expected USD 8.7 bn. However, the company warned investors to expect \u201cy-o-y total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth.\u201d <a href=\"https:\/\/www.cnbc.com\/2021\/07\/28\/facebook-fb-earnings-q2-2021.html\">CNBC<\/a> and <a href=\"https:\/\/www.ft.com\/content\/30f14409-438d-4066-a443-c09b3bceb5e6\">the FT<\/a> have more.<\/p>\n<hr class=\"grey-line\" \/>\n<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>CORRECTION- Saudi visitors to Egypt will NOT be subject to a travel ban after they <\/strong><strong>return home. <\/strong>EnterpriseAM picked up yesterday a <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-threatens-3-year-travel-ban-citizens-who-visit-red-list-states-2021-07-27\/\">Reuters story<\/a> claiming Saudi Arabia had banned travel to Egypt, Argentina, South Africa, Lebanon and other countries \u2014 and that claimed Saudi citizens could face an automatic three-year travel ban if they visit those red-listed countries. <strong>Egypt is not on the kingdom\u2019s \u201c<\/strong><strong><a href=\"https:\/\/ent.news\/2021\/7\/Saudi-travel-ban.jpg\">red list<\/a><\/strong><strong>,\u201d<\/strong> which covers 13 specific countries. We are, however, still classified by Riyadh as a \u201cvery high risk\u201d destination, meaning KSA authorities are advising against travel here. The story has since been removed from our website.<\/p>\n<p><strong>Vaccinated Saudi citizens however will be allowed to travel internationally as of 9 August<\/strong>, Saudi authorities <a href=\"https:\/\/twitter.com\/ksagaca\/status\/1420369853454733317\/photo\/1\">said yesterday<\/a>, along with those who have recovered from covid-19 less than six months ago, and those who have had covid-19 and received one dose of a vaccine. It is unclear whether this means vaccinated citizens will be free to travel to countries on the red list.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Today is the deadline to apply for the second round of the Green Works Growth <\/strong><strong>Acceleration Program<\/strong>, which aims to support green enterprises in Egypt. The 10-month program is supported by Hivos and implemented by Nahdet El Mahrousa and will see 10 startups receive financial and non-financial support. Chosen startups will be eligible for up to EGP 250k in funding. You can read more about eligibility requirements and the program <a href=\"https:\/\/drive.google.com\/file\/d\/1UyOedOqk6M1VoiKxajnPkydUi1Efrl8R\/view\">here (pdf)<\/a> and register using <a href=\"https:\/\/www.emailmeform.com\/builder\/form\/ce4F3nZOVXUo3by5wc9htiRcD\">this form<\/a>.<\/p>\n<p><strong>Egypt will host the <\/strong><strong><a href=\"https:\/\/www.africa-foodmanufacturing.com\/en\/Home.html\">Africa Food Manufacturing<\/a><\/strong><strong> exhibition<\/strong> at the Egypt International Exhibition Center on 2-4 August.<\/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>We\u2019re taking today off \u2014 and that means you won\u2019t find EnterprisePM in your inboxes at this afternoon. We\u2019ll be back at the appointed hour on Sunday. We\u2019re racing into the height of summer with August almost upon us. Fortunately \/ unfortunately for us, the business news cycle doesn\u2019t take a break for the summer. [&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":[302,72,647,1143,7111,498,219,234,117,388,1360,113,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563940","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-earnings","tag-enterpriseam","tag-facebook","tag-google","tag-infrastructure","tag-joe-biden","tag-saudi-arabia","tag-travel","tag-us","tag-us-federal-reserve","tag-us-senate","tag-vaccines","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"93e98def-5de8-43b6-9fad-709e2220c9e3","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[563938],"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: US senate agrees USD 1 tn infrastructure plan; Google, Facebook mandate vaccines for employees; Fed close to tapering stimulus; Facebook shares fall on warnings of growth slowdown; Saudi visitors to Egypt not subject to travel ban. - 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\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: US senate agrees USD 1 tn infrastructure plan; Google, Facebook mandate vaccines for employees; Fed close to tapering stimulus; Facebook shares fall on warnings of growth slowdown; Saudi visitors to Egypt not subject to travel ban.\" \/>\n<meta property=\"og:description\" content=\"We\u2019re taking today off \u2014 and that means you won\u2019t find EnterprisePM in your inboxes at this afternoon. 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We\u2019ll be back at the appointed hour on Sunday. We\u2019re racing into the height of summer with August almost upon us. Fortunately \/ unfortunately for us, the business news cycle doesn\u2019t take a break for the summer. 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Google, Facebook mandate vaccines for employees; Fed close to tapering stimulus; Facebook shares fall on warnings of growth slowdown; Saudi visitors to Egypt not subject to travel ban. - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2021-07-29T04:00:21+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/this-morning-us-senate-agrees-usd-1-tn-infrastructure-plan-google-facebook-mandate-vaccines-for-employees-fed-close-to-tapering-stimulus-facebook-shares-fall-on-warnings-of-growth-slowdown-saudi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"THIS MORNING: US senate agrees USD 1 tn infrastructure plan; 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Electricity Minister Mohamed Shaker phoned in on Al Hayah Al Youm to comment on the linkup, for which contracts were handed to\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563901,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/this-morning-house-summer-recess-begins-3-year-travel-ban-for-saudi-citizens-traveling-to-egypt-russian-delegation-assesses-covid-19-situation-in-red-sea-us-tech-firms-smash-2q-earnings-estimates\/","url_meta":{"origin":563940,"position":1},"title":"THIS MORNING: House summer recess begins; 3-year travel ban for Saudi citizens traveling to Egypt; Russian delegation assesses covid-19 situation in Red Sea; US tech firms smash 2Q earnings estimates.","author":"enterpriseam admin","date":"28 July 2021","format":false,"excerpt":"MPs are packing their bags for Sahel: The House broke for summer recess yesterday, ending the first legislative session of the new parliament that started on 12 January, Masrawy reports. The Senate went on recess on 19 July. What does this mean for the rumored cabinet shuffle? The parliament could\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":625593,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/09\/what-were-tracking-on-9-august-2018\/","url_meta":{"origin":563940,"position":2},"title":"What we\u2019re tracking on 9 August 2018","author":"enterpriseam admin","date":"9 August 2018","format":false,"excerpt":"Do you need the weekend as much as we do? Odd that we feel that way on such a quiet news day, but it is what it is\u2026 What little Egypt news is out there is interesting: The nation has edged even closer to a natural gas import agreement with\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":555787,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/this-morning-world-meet-omicron\/","url_meta":{"origin":563940,"position":3},"title":"THIS MORNING: World, meet Omicron.","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"Covid is back in global headlines in a big way after the emergence of a new variant in southern Africa caused what can only be called \u201crestrained panic\u201d across the world. 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We can\u2019t say we\u2019re very interested in asking mom and dad for early permission to open just one gift that 2020 has left for us under the tree.The big story this morning: Rania\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":553363,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/01\/this-morning-booster-registration-open-post-offices-govt-facilities-closed-to-the-unvaxed-powell-moderna-comments-hit-markets\/","url_meta":{"origin":563940,"position":5},"title":"THIS MORNING: Booster registration open; Post offices + gov\u2019t facilities closed to the unvaxed; Powell, Moderna comments hit markets.","author":"enterpriseam admin","date":"1 December 2021","format":false,"excerpt":"Good morning, friends, and welcome to December. 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