{"id":566729,"date":"2021-07-11T14:05:39","date_gmt":"2021-07-11T14:05:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/tonight-cement-producers-say-hoorah-spacs-craze-coming-to-mena-also-head-to-sando-haus-in-diplo\/"},"modified":"2021-07-11T14:05:39","modified_gmt":"2021-07-11T14:05:39","slug":"tonight-cement-producers-say-hoorah-spacs-craze-coming-to-mena-also-head-to-sando-haus-in-diplo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/tonight-cement-producers-say-hoorah-spacs-craze-coming-to-mena-also-head-to-sando-haus-in-diplo\/","title":{"rendered":"TONIGHT: Cement producers say hoorah. + Spacs craze coming to MENA? ALSO: Head to Sando Haus in Diplo."},"content":{"rendered":"

Hello, wonderful people, and welcome to a busy news day. <\/strong>Our Speed Round section features plenty of bold-faced names making news in everything from M&A (Elsewedy, Raya) and investment (SFE) to consumer finance (GB Auto).<\/p>\n

MEANWHILE- We\u2019ve completely cancelled covid in Sahel<\/strong>, and Cairo isn\u2019t far behind. But that doesn\u2019t mean the rest of the world is ready to follow suit: Belgian researchers are waving red flags in the case of a 90-year-old woman who died after having been infected with both the alpha and beta strains of the coronavirus. It raises questions about whether co-infection is the next risk, Bloomberg<\/a> writes.<\/p>\n

Either way, we can expect to need annual covid-19 jabs<\/strong> as is the case with the flu, according to presidential health advisor Mohamed Awad Tageldin<\/a>, echoing warnings from western MDs.<\/p>\n

That brings us to our first SIGN OF THE TIMES<\/strong> today, as the Financial Times<\/a> notes that with business meetings now becoming commonplace as the pandemic cools off (for now?), the world is grappling with \u201cdisastrous collisions between shakers, bumpers and fist knockers<\/strong>.\u201d Dramatic much?<\/p>\n

<\/a> HAPPENING NOW- It\u2019s official: Cement producers will have to cut back production for 12 <\/strong>months starting this coming Thursday<\/strong>, 15 July, under a decision issued by the Egyptian Competition Authority (ECA). The order is the cornerstone of a bid to cut \u201cthe oversupply glut that has plagued the sector over the past three years,\u201d the Federation of Egyptian Industries' cement division said in a statement<\/a>(pdf)<\/a>. The new quotas set a 10.69% baseline cut and give additional room for cuts of 2.81% per production line and more for older factories, Reuters<\/a> previously reported. The proposal had been submitted by 23 industry players to \u201cpreserve market plurality\u201d and save their businesses.<\/p>\n

So, is your new-build home about to get more expensive? <\/strong>The FEI has urged cement manufacturers not to go overboard with price hikes. The news comes after some players bumped up rates last Tuesday by as much as EGP 50 per tonne, the head of the Cairo Chamber of Commerce\u2019s building materials division Ahmed El Zeiny told Masrawy<\/a>.<\/p>\n

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