{"id":566663,"date":"2021-07-06T14:13:28","date_gmt":"2021-07-06T14:13:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/tonight-unified-budget-act-gets-final-approval-oil-soars-in-aftermath-of-opec-meeting-also-ever-given-goes-home-tomorrow\/"},"modified":"2021-07-06T14:13:28","modified_gmt":"2021-07-06T14:13:28","slug":"tonight-unified-budget-act-gets-final-approval-oil-soars-in-aftermath-of-opec-meeting-also-ever-given-goes-home-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/tonight-unified-budget-act-gets-final-approval-oil-soars-in-aftermath-of-opec-meeting-also-ever-given-goes-home-tomorrow\/","title":{"rendered":"TONIGHT: Unified Budget Act gets final approval. + Oil soars in aftermath of OPEC+ meeting. ALSO: Ever Given goes home tomorrow."},"content":{"rendered":"

No summer, no slowdown:<\/strong> We have a busy news day today, ladies and gentlemen, with macro, regulation news, and updates on key events we\u2019re tracking all taking place.<\/p>\n

What\u2019s happening with the EGX today?<\/strong> The market closed nearly 2% down today with no major EGX-listed company in the green. Stay tuned to tomorrow\u2019s EnterpriseAM for an explanation.<\/p>\n

<\/a> Meanwhile, European travel operator TUI has cancelled all summer holiday packages to Egypt until 31 July<\/strong> amid \"ongoing uncertainty around travel\", according to a press release<\/a> by the company. Joining Egypt in the list of cancelled summer destinations by TUI are Turkey, Morocco, Greece, Tunisia, Costa Rica, and the US state of Florida.<\/p>\n

This is the latest in a series of tourism hits the country has been receiving in recent weeks. <\/strong>Just yesterday Egypt was added to Morocco\u2019s travel list B<\/a>, while the UK<\/a> and Saudi Arabia<\/a> have advised against visiting the country.<\/p>\n

THE BIG STORY TODAY- The cement industry might finally catch its long awaited break after years of a supply glut has pushed players to the brink. <\/strong>Reuters is out with an exclusive stating that production cuts that have been called by industry players have received the sign off from the Competition Authority. Industry players we spoke with today tell us that the decision is in fact a ceiling being set on domestic sales.<\/p>\n

The PMI is also out for Egypt, and it\u2019s better than expected.<\/strong> With the gauge landing at 49.9, this is the closest Egypt\u2019s non-oil private sector has gotten to expansion territory since November 2020. We dive deeper into both stories in the Speed Round below.<\/p>\n

enterprise<\/p>\n

Ever Given go home: <\/strong>It seems that the Ever Given saga may finally be settled, as the Ismailia Economic Court ordered the release of the ship tomorrow, on the request of the Suez Canal Authority, according to Al Shorouk<\/a>. This comes after an array of negotiations for a fair compensation settlement. Over the weekend, the ship\u2019s owner Shoei Kisen agreed to pay USD 540 mn, from the previous USD 150 mn it was reportedly holding out for. We covered the story here<\/a>, here<\/a> and here<\/a>.<\/p>\n

HAPPENING NOW- The Senate has given its final approval today for the Unified Budget Act,<\/strong> following Sunday\u2019s<\/a> early nod. The bill will be sent to the House of Representatives for a final vote, before heading to Ittihadiya for ratification, according to Hapi Journal<\/a>. The legislation will impose new requirements for the government to ensure fiscal discipline. These include spending limits for each ministry, as well as new mechanisms to monitor budgeting performance.<\/p>\n

** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n