{"id":568401,"date":"2020-12-29T03:48:38","date_gmt":"2020-12-29T03:48:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/"},"modified":"2020-12-29T03:48:38","modified_gmt":"2020-12-29T03:48:38","slug":"what-were-tracking-on-29-december-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/","title":{"rendered":"What we\u2019re tracking on 29 December 2020"},"content":{"rendered":"<p><strong>End-of-year news slowdown? What news slowdown? <\/strong>In what is traditionally the slowest period for news outside of the month of August, we have another packed news day for you today.<\/p>\n<p><strong>The big story at home and abroad:<\/strong> Corna, Corona and still more corona. Have we mentioned there are just three days left until 2021? Yeah, yeah, we know \u2014 we\u2019re gonna be the same people on 1 January as we are today. But still, it\u2019s a mental barrier we want to break.<\/p>\n<p><strong>PSA #1- Look for fog on highways into and out of Cairo <\/strong>today and for the rest of the week, particularly out in October and on the Cairo-Alex Desert Highway, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/photos\/a.825570437621323\/1818645034980520\/\">the national weather service<\/a> is warning. There\u2019s also a chance of light showers in coastal areas and in the capital city on Friday. (Our favourite weather app puts the odds of a sprinkly at just 20%, so don\u2019t hold your breath on that front.)<\/p>\n<p><strong>PSA #2- We have yet to hear from the CBE on whether Thursday will be a bank holiday. <\/strong>Banks with December-January fiscal years are typically shuttered on 1 January to close their books, but this year New Year\u2019s falls on a Friday. If banks close, the EGX will follow suit.<\/p>\n<p><strong>SMART POLICY- The central bank has extended its ban on transaction fees for <\/strong><strong>withdrawals from ATMs <\/strong>outside your bank\u2019s network until 30 June 2021, the CBE said <a href=\"https:\/\/ent.news\/2020\/12\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-28-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D9%85%D8%AF-%D9%81%D8%AA%D8%B1%D8%A9-%D8%A7%D9%84%D8%A7%D8%B9%D9%81%D8%A7%D8%A1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%85%D9%88%D9%84%D8%A7%D8%AA-%D9%88-%D8%A7%D9%84%D8%B1%D8%B3%D9%88%D9%85-%D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A9.pdf\">in a statement (pdf)<\/a> on Monday. <strong>EGP-denominated bank transfers will also be exempt<\/strong> from transaction fees until mid-next year, as well fees on contactless payment cards, mobile wallets and e-payments.<\/p>\n<p><strong>Pity the poor bank shareholders: <\/strong>That\u2019s a lot of fee and commission income up in smoke, but look at it this way: Once you train them to use ATMs\u2026<\/p>\n<p><strong>More from our TBR pile:<\/strong><\/p>\n<ul>\n<li>Score one for the couch potatoes: <strong><a href=\"https:\/\/www.wsj.com\/articles\/a-caveman-would-never-do-crossfit-why-theres-nothing-natural-about-exercise-11609171200?mod=hp_featst_pos3\">There\u2019s nothing natural about exercise<\/a><\/strong>, the WSJ notes in its promo for Harvard evolutionary biologist Daniel E. Lieberman\u2019s forthcoming <a href=\"https:\/\/www.amazon.com\/Exercised-Something-Evolved-Healthy-Rewarding-ebook\/dp\/B082H3ZH44\">Exercised: Why something we never evolved to do is healthy and rewarding<\/a>. The book is out 5 January and we\u2019ve got it on pre-order.<\/li>\n<li><strong><a href=\"https:\/\/www.thecut.com\/2018\/10\/an-argument-for-going-to-bed-super-early.html?utm_source=instagram&utm_medium=social_acct&utm_campaign=nym&utm_content=nym&utm_term=curalate_like2buy_K7xsY9mK__257bdfef-6f26-4852-8d76-bcc38d761f0b\">The best time to go to bed is 8:45pm<\/a><\/strong>, writes New York magazine in a nice, short piece. Sounds about right to us, but our schedule is \u2026 weird.<\/li>\n<li><strong><a href=\"https:\/\/www.wsj.com\/articles\/consumer-brands-bet-working-from-home-is-here-to-stay-11609065000?mod=hp_lead_pos11\">Consumer brands think working from home is here to stay<\/a><\/strong> \u2014 it\u2019s why everyone from coffee companies to makers of paper towels are \u201cinvesting in factories, new products aimed at remote workers post-pandemic,\u201d the Journal suggests. Is there a similar trend you\u2019re working on in Egypt?<\/li>\n<\/ul>\n<p><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p><strong>Is the\u201dautomotive directive\u201d coming back?<\/strong> The Madbouly Cabinet appears to be formulating (or reformulating, if you\u2019ve been keeping count) a strategy to make locally-assembled cars more competitive for export markets, according to<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1818888611622829\">a cabinet statement<\/a>. While the statement lacked detail on what strategies the government is exploring, it did note that the Trade Ministry was exploring <strong>a series of new incentives for the auto industry. <\/strong><\/p>\n<p><strong>Foreign automakers have the ear of gov\u2019t, so unlikely:<\/strong> This is starting to sound eerily similar to conversations we\u2019ve been hearing five years ago on the <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/16\/government-finishes-draft-car-manufacturing-customs-tax-incentives-program\/\">so-called \u201cautomotive directive,\u201d<\/a> especially when the statement says the ministry is studying proposals by an unnamed foreign automaker. It was these players, who benefit from fully-assembled, imported cars being sold at zero-customs domestically, who lobbied to kill the automotive directive.<\/p>\n<p><strong>This could be related of course to our natgas transition plan: <\/strong>The automotive industry could be getting a boost from a fund the government is mulling to encourage local manufacturing, especially automotive components and vehicle assembly, Trade Minister Nevine Gamea <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/278ac151-570c-42ea-a0e5-f06df461e23f\">said earlier this month<\/a>. The fund is linked with the launch of the government\u2019s campaign to convert existing vehicles to natural gas engines, which will kick off at the start of 2021.<\/p>\n<p class='web-image' ><a href='https:\/\/bloom.bg\/34QlrvT'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/mashat-bloomberg-1600.png?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>Gov\u2019t will show the private sector lots of love in 2021:<\/strong> That\u2019s our paraphrase of International Cooperation Minister Rania Al Mashat\u2019s sit-down yesterday with Bloomberg TV (<a href=\"https:\/\/bloom.bg\/34QlrvT\">watch, runtime: 10:52<\/a>). Engagement will be based around ESG principles, Al Mashat said, adding that green growth and environmental initiatives have recently become a top priority, \u201cwhich aligns global and national priorities, and in return reinforces Egypt\u2019s commitment to deepen its engagement with the private sector to encourage innovation and growth.\u201d Al Mashat also recapped the ministry\u2019s 2020 annual report, the highlights of which you can catch <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a51f446-bf01-4240-9ce5-8bad2a7089bc\">here<\/a>.<\/p>\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><strong>BORING, BUT REALLY IMPORTANT<\/strong><strong>-<\/strong><\/p>\n<p><strong>The Finance Ministry wants to remind everyone that it\u2019s launching the pilot phase of its <\/strong><strong>u<\/strong><strong>nified tax platform on 1 January.<\/strong> The launch, which will see some 11k of Egypt\u2019s largest taxpayers begin filing taxes through the electronic platform, will be accompanied by a series of workshops where Tax Authority officials will explain to these companies how to use the system and what the benefits are, authority head Reda Abdel Kader <a href=\"https:\/\/bit.ly\/34PDNgd\">told the press<\/a> on Monday.<\/p>\n<p><strong>What is happening?<\/strong> The new system, which was made possible through the recently-passed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b157b40b-45d7-455d-9b8f-a52f21851d0e\">Unified Tax Act<\/a>, integrates some 64 previously-separate tax services into a single core taxation system. The platform will allow users to file returns and pay taxes, register as taxpayers, enquire about electronic payments, and settle unpaid taxes. The authority will also be able to issue fines for late payment and monitor taxpayer accounts.<\/p>\n<p><strong>This is different from the e-invoicing system<\/strong> \u2014 a platform that allows companies to log their invoices electronically to the Finance Ministry\u2019s database. Large taxpayers that don\u2019t sign on to this system by 1 July 2021 will risk <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">losing benefits and see government services and businesses dry up<\/a>, the ministry warned on Sunday.<\/p>\n<p><strong>For a primer on Unified tax platform<\/strong>, click <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48e0d573-1690-4010-b404-18b22ca18587\">here<\/a>. To catch up on the<strong> e-invoicing system<\/strong>, check <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>End-of-year news slowdown? What news slowdown? In what is traditionally the slowest period for news outside of the month of August, we have another packed news day for you today. The big story at home and abroad: Corna, Corona and still more corona. Have we mentioned there are just three days left until 2021? Yeah, [&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":[357,72,223,69,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568401","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-automotive-directive","tag-enterpriseam","tag-rania-al-mashat","tag-tax","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"946ad674-62e1-487a-8956-4e9813734d5b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[568399],"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>What we\u2019re tracking on 29 December 2020 - 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\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 29 December 2020\" \/>\n<meta property=\"og:description\" content=\"End-of-year news slowdown? What news slowdown? In what is traditionally the slowest period for news outside of the month of August, we have another packed news day for you today. The big story at home and abroad: Corna, Corona and still more corona. Have we mentioned there are just three days left until 2021? 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Reason #239 to invest in Egypt: Yield \u2014 at a time when global\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":580410,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-evening-el-sisi-signals-banks-will-secure-fx-for-l-cs-before-the-year-is-out-welcome-to-the-christmas-slowdown\/","url_meta":{"origin":568401,"position":1},"title":"THIS EVENING: El Sisi signals banks will secure FX for L\/Cs before the year is out + Welcome to the Christmas slowdown","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Happy Monday, ladies and gents. We\u2019re in that final stretch before we wave goodbye to the new year \u2014 and we\u2019re cautiously going to say the end-of-year news slowdown may finally be making an appearance.THE BIG STORY TODAY Banks to secure FX for letters of credit to help clear import\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/783.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630588,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/what-were-tracking-on-26-april-2018\/","url_meta":{"origin":568401,"position":2},"title":"What we\u2019re tracking on 26 April 2018","author":"enterpriseam admin","date":"26 April 2018","format":false,"excerpt":"Bad news on which to close the week: After rain and flooding Tuesday night and yesterday, the national weather service is warning that we can expect \u201cunstable weather\u201d to continue today in Cairo,with torrential rain forecast for some areas of country. Look for a high temperature of 30\u00b0C in Cairo\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\/2018\/4\/1848.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594080,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/what-were-tracking-on-20-october-2019\/","url_meta":{"origin":568401,"position":3},"title":"What we\u2019re tracking on 20 October 2019","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"It\u2019s the final day of the IMF and World Bank annual meetings. Egyptian officials in Washington, DC, for the gathering had another busy few days over the weekend meeting with officials and members of the business community \u2014 and the world\u2019s central bankers have promised to use \u201call appropriate policy\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":598637,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/what-were-tracking-on-30-may-2019\/","url_meta":{"origin":568401,"position":4},"title":"What we\u2019re tracking on 30 May 2019","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"Good morning, friends, and welcome to the last day of the week \u2014 and final Thursday of Ramadan. We\u2019re all getting a little antsy in anticipation of the long Eid El Fitr weekend, which could start on Tuesday or Wednesday, depending on how hopeful you are.In the meantime, a few\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":629137,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/23\/what-were-tracking-on-23-may-2018\/","url_meta":{"origin":568401,"position":5},"title":"What we\u2019re tracking on 23 May 2018","author":"enterpriseam admin","date":"23 May 2018","format":false,"excerpt":"The House may choose extend its current legislative session by two weeks to get through a backlog of legislation, Rep. Osama Heikal tells Youm7. Among the bills waiting to receive House approval: The FY2018-19 state budget, part two of the Media Act, and amendments to the Criminal Procedures Act, Heikal\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568401"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568401\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568399"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568401"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568401"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}