{"id":569614,"date":"2020-03-02T04:16:30","date_gmt":"2020-03-02T04:16:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/02\/what-were-tracking-on-2-march-2020-2\/"},"modified":"2020-03-02T04:16:30","modified_gmt":"2020-03-02T04:16:30","slug":"what-were-tracking-on-2-march-2020-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/02\/what-were-tracking-on-2-march-2020-2\/","title":{"rendered":"What we\u2019re tracking on 2 March 2020"},"content":{"rendered":"

<\/a> Egypt has its second known case of covid-19 this morning<\/strong>, the Health Ministry and World Health Organization said in a joint statement<\/a> in the early hours of this morning. The individual was taken to a quarantine centre after displaying \u201cbasic symptoms\u201d but his condition was stable and being monitored, the statement said.<\/p>\n

Health Ministry sources said the patient is a 54-year-old Canadian citizen<\/strong> working as an oil engineer at an undisclosed oil company in the country\u2019s northwest, Al Shorouk reported<\/a>. He came to Egypt from Canada two weeks ago, transiting at an undisclosed airport in Europe, the sources said. They added that he tested positive for covid-19 on Saturday, but his colleagues tested negative after inspection.<\/p>\n

The only other known case of the virus in Egypt has made a full recovery<\/strong> and has been discharged from hospital, the ministry said over the weekend<\/a>.<\/p>\n

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The EGX\u2019s resistance in the face of the covid-19 selloff ended yesterday <\/strong>as the bourse suffered its worst one-day loss in almost eight years as markets across the region were hit by the waves of selling rippling through global markets. The benchmark EGX30 closed down 6% \u2014 its sharpest single-day decline since 2012 \u2014 as investors fled dumped equities on the back of plunging oil prices and a spate of new covid-19 cases across the region. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n

The question of the day: Will markets take a breather? <\/strong>Markets in China, Japan, Hong Kong and South Korea \u2014 all hammered by covid-19 so far \u2014 were up substantially in early trading this morning before our dispatch deadline. And futures suggest European and US shares could also open in the green, although somewhat more tepidly than Asian markets.<\/p>\n

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enterprise<\/p>\n

Egyptian pharma companies are looking at how to address looming supply chain <\/strong>shortages <\/strong>as they face import delays in raw materials from China used to manufacture meds, Al Shorouk reports<\/a>. Around 40% of Egypt\u2019s locally manufactured meds depend on materials shipped from China and the slowdown in trade has prompted manufacturers to scramble in search of alternatives. The head of the meds division at the Egyptian Chamber of Commerce, Ali Ouf, cautioned against panic, saying that the government has six months worth of raw materials in reserves but that private sector players are still working out plans to establish alternative supply chains.<\/p>\n

Qatar has introduced new entry restrictions on visitors travelling from Egypt<\/strong> in a bid to insulate itself from the virus, Reuters reported<\/a>, citing the country\u2019s state news agency. Qatar confirmed another two cases yesterday, bringing its total to three.<\/p>\n

It\u2019s unclear whether Kuwait has done the same. <\/strong>The Gulf country has reportedly suspended issuance of new visas until further notice, Kuwaiti outlet Al Qabas reports<\/a>, citing unnamed security officials. The decision includes all types of visas, including business visas, but allows Egyptians in Kuwait to return home freely, the newspaper reports. Egypt has been placed by Kuwait on a watchlist that includes Iraq, Iran, Thailand, the Koreas, Itay, China and Hong Kong, the sources said.<\/p>\n

But Lamees El Hadidi reported last night that there have been no official reports of a visa <\/strong>suspension <\/strong>(watch, runtime: 4:35)<\/a>. The night-time talk show host spoke by phone with Abd El Mohsen Al Harby, Al-Hadth\u2019s reporter in Kuwait, who did note that Kuwait\u2019s Health Ministry was taking precautionary measures towards those arriving from Egypt and that anyone with a high temperature was being quarantined for 14 days.<\/p>\n

Health Minister Hala Zayed is en route to China<\/strong>: The minister will travel with a consignment of medical supplies as a gesture of goodwill to the Chinese government, Al Masry Al Youm reported<\/a>.<\/p>\n

Covid-19 fears in the Middle East are slowing down regional travel<\/strong>. Tourist destinations and pilgrimage hubs have resorted to stringent precautionary measures to quell the spread of coronavirus, meaning less travel to some deeply revered religious sites, Bloomberg<\/a>reports. Emirates airlines has encouraged employees to take time off in light of the slowdown in global travel and has stopped travel to most Chinese destinations and Iran, the center of the coronavirus outbreak<\/a> in the Middle East. The company has also paused flights from 20 countries to Saudi Arabia, which has begun taking its own steps<\/a> to reduce exposure to the virus by barring entrance of all umrah visa holders from countries where cases of coronavirus have been documented.<\/p>\n

What\u2019s the best thing you can do to keep yourself, your family and your business safe <\/strong>from covid-19? <\/strong>It\u2019s not a mask \u2014 it\u2019s washing your hands properly (take a look below to see where we all cut corners), particularly with soap, which nukes the membrane that holds coronaviruses together. Tap or click the image below for the US Center for Disease Control\u2019s instructions.<\/p>\n

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

Emerging markets have to pray for central bank action:<\/strong> Large-scale monetary and fiscal stimulus may be the only thing that can slow the declines in EM equities and bonds, which saw more than USD 1.1 tn in outflows last week as investors fled for safe haven assets. \u201cThe week will start horrible, but may improve on central-bank pivots, with a coordinated G-20 fiscal pump not out of the question,\u201d Stephen Innes, chief market strategist at Axicorp, tells Bloomberg<\/a>. \u201cGiven the tightening of financial conditions due to the stock-market meltdown, the US Federal Reserve will deliver to weaken the USD. If none of this works, just pray.\u201d<\/p>\n

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News triggers to keep your eye on:<\/strong><\/p>\n