{"id":569823,"date":"2020-03-09T04:08:54","date_gmt":"2020-03-09T04:08:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/09\/what-were-tracking-on-9-march-2020\/"},"modified":"2020-03-09T04:08:54","modified_gmt":"2020-03-09T04:08:54","slug":"what-were-tracking-on-9-march-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/09\/what-were-tracking-on-9-march-2020\/","title":{"rendered":"What we\u2019re tracking on 9 March 2020"},"content":{"rendered":"<p><strong>It\u2019s shaping up to be an ugly day. <\/strong>Covid-19 infections continue their slow-burn spread in Egypt and global markets are reeling after Saudi and Russia locked horns in an oil war that has sent <strong>crude prices down 30%<\/strong>. Throw in 16 mn Italians now living under travel restrictions and fears of covid-19\u2019s impact on the global economy and it\u2019s little wonder that <strong>Asian markets opened deeply in the red this morning<\/strong> \u2014 and that US and European <strong>futures point to a sharp sell-off<\/strong> when those markets open later today. How sharp? Well, US futures are down the maximum 5%. Bloomberg\u2019s David Ingles <a href=\"https:\/\/twitter.com\/DavidInglesTV\/status\/1236841699856379904\">summed it up rather nicely in a tweet<\/a>.<\/p>\n<p>Here\u2019s where things stand just before dispatch time this morning:<\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>The total number of covid-19 cases in Egypt has risen to 55:<\/strong> The Health Ministry <a href=\"http:\/\/bit.ly\/2TyX803\">announced in a statement<\/a> late on Sunday that <strong>another seven people have tested positive for covid-19,<\/strong> bringing the total number of confirmed cases in Egypt to 55. The latest cases include four foreigners and three Egyptians, one returning from Umrah and two who had been in contact with an Egyptian who picked up the virus after returning from Serbia. <strong>That last person, a 44-year-old male, is in \u201ccritical condition\u201d <\/strong>at the Matrouh quarantine facility, according to remarks by Health Minister Hala Zayed to El Hekaya\u2019s Amr Adib.<\/p>\n<p><strong>This means we added 10 new cases yesterday<\/strong> after 45 people tested positive for the virus <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4542b484-16ef-42d8-b4ec-bea75b2c9049\">on<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4542b484-16ef-42d8-b4ec-bea75b2c9049\">a cruise ship in Luxor<\/a>.<\/p>\n<p><strong><a href=\"http:\/\/bit.ly\/2wHTlEU\">The ministry also announced<\/a><\/strong><strong> the first death resulting from the virus:<\/strong> A 60 year-old German tourist was pronounced dead in Hurghada after having arrived in Egypt on Friday, 6 March. The patient had refused to be evacuated to Egypt\u2019s quarantine facility on the north coast.<\/p>\n<p><strong>The Education Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2v9PEr6\">has denied rumors<\/a><\/strong><strong> of a covid-19 outbreak among school children<\/strong> and dismissed plans for any school closures.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/twitter.com\/mattswider\/status\/1236497960986382336\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/Matt-Swider-corona-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>What\u2019s it like to be in quarantine in Matrouh? <\/strong>Journalist Matt Swider, the managing editor of TechRadar, <a href=\"https:\/\/twitter.com\/mattswider\/status\/1236497960986382336\">took to Twitter<\/a> to document how his Egypt vacation turned sour after he tested positive while on a Nile cruise in Aswan.<\/p>\n<p><strong>Family members of three US citizens<\/strong> who tested negative for the virus but remain in quarantine on the Luxor cruise ship <strong>have expressed concerns about their health,<\/strong> as the decision to place whole ships in quarantine <a href=\"https:\/\/www.miamiherald.com\/news\/health-care\/article240997731.html\">continues to draw criticism<\/a>.<\/p>\n<p><strong>Covid-19\u2019s appearance in Egypt is getting a lot of attention <\/strong>in the foreign press this morning: <a href=\"https:\/\/www.jpost.com\/Breaking-News\/Egypts-Health-Ministry-reports-the-countrys-first-coronavirus-death-620227\">Reuters<\/a> | <a href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/german-tourist-dies-of-coronavirus-in-egypt\/\">AFP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/egypt-reports-first-coronavirus-death?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/egypt-tries-to-reassure-tourists-as-coronavirus-spikes\/2020\/03\/08\/ab1dfbf6-6160-11ea-8a8e-5c5336b32760_story.html\">Washington Post<\/a>.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/oil-in-freefall-after-saudis-slash-prices-in-all-out-crude-war?srnd=premium-middle-east&sref=mmeFTDW1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/Brent-8Mar20-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Market madness resumed yesterday:<\/strong> The EGX ended yesterday\u2019s session more than 4% in the red following news of the spread. CIB \u2014 which accounts for around a third of the EGX30 \u2014 fell 4.6%. Earlier in the session, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/364878\/Business\/Economy\/Egypt%E2%80%99s-EGX-suspends-trades-on--companies-amid-new.aspx\">the EGX suspended trading<\/a> for 25 companies in a bid to contain the selloff.<\/p>\n<p>It says a lot about the times we\u2019re living in that <strong>this was probably the least notable thing that happened in markets yesterday:<\/strong><\/p>\n<p><strong>In \u201cone of the most dramatic bouts of selling ever,\u201d oil prices collapse as <\/strong><strong>traders react to Riyadh\u2019s oil price war:<\/strong> Brent crude futures fell 31% to USD 31.02\/bbl and US crude dropped 27% to USD 30\/bbl in a matter of seconds this morning as the Asian traders reacted to Saudi Arabia\u2019s decision to slash prices and ramp up supply, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/oil-in-freefall-after-saudis-slash-prices-in-all-out-crude-war?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg reports<\/a>. Riyadh plans to <a href=\"https:\/\/www.cnbc.com\/2020\/03\/08\/saudi-arabia-to-hike-oil-output-above-10-million-bpd-in-april-after-opec-deal-collapse.html\">raise its output above 10 mn bbl\/d<\/a> and cut prices by <a href=\"https:\/\/www.theguardian.com\/business\/2020\/mar\/08\/oil-price-to-plunge-as-much-as-20-as-saudis-vow-to-step-up-production\">as much as 20%<\/a> in April in reaction to Russia\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00b6609d-9a1b-4c28-80b8-def6f68c864b\">refusal last week to agree to deeper production cuts<\/a> in reaction to the covid-19 outbreak.<\/p>\n<p><strong>We could be facing USD 20 oil this year -Goldman:<\/strong> Goldman Sachs has warned that oil prices could fall as far as USD 20\/bbl this year, a market crash that would outstrip that of 2014, according to a note <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/goldman-warns-oil-could-dip-into-the-20s-as-price-war-begins?sref=mmeFTDW1\">picked up by Bloomberg<\/a>. \u201cThe prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus,\u201d the Goldman analysts wrote.<\/p>\n<p><strong>MENA equities fell through the floor yesterday in reaction to the Saudi moves:<\/strong> Kuwait\u2019s main index plunged 10%, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/u-a-e-kuwait-stocks-plunge-amid-oil-price-war?sref=mmeFTDW1\">according to Bloomberg<\/a>. Dubai\u2019s DFM General Index saw its sharpest drop in a single session since the global financial crisis of 2008 to finish 7.9% in the red, while Saudi\u2019s Tadawul lost 8.3%.<\/p>\n<p><strong>It was a sea of red in the Asian markets at the time of dispatch this morning:<\/strong> The Australian stock exchange was leading the sell-off, down 5.4%, with the Nikkei close behind, down 5.3%.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>In an unprecedented move, Italy has restricted the movement of more than a quarter of its<\/strong> <strong>population:<\/strong> Around 16 mn people in Italy\u2019s northern Lombardy province have been effectively quarantined as the government takes extreme measures to contain the spread of the virus, <a href=\"https:\/\/www.ft.com\/content\/27458814-6159-11ea-a6cd-df28cc3c6a68\">the Financial Times reports<\/a>. The number of cases in the country rose dramatically over the weekend to 7.3k confirmed cases and 366 fatalities, causing Prime Minister Giuseppe Conte to declare that the country is facing a \u201cnational emergency.\u201d<\/p>\n<p><strong>Globally, the virus is continuing its spread:<\/strong> Argentina\u2019s health ministry issued a statement confirming the death of a patient who had been diagnosed with covid-19 on Saturday. This is the first death related to the virus in Latin America, <a href=\"https:\/\/www.reuters.com\/article\/us-healthcare-coronavirus-argentina\/argentina-confirms-first-death-in-latin-america-of-patient-with-coronavirus-idUSKBN20V01D\">according to Reuters<\/a>. Paraguay, Colombia, Chile and Peru have also announced their first confirmed cases of the virus, and several cases have been confirmed in Brazil.<\/p>\n<p><strong>Bahrain's Formula One race will take place without spectators,<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-08\/mideast-stock-markets-sharply-drop-on-oil-coronavirus-fears?sref=mmeFTDW1\">Bloomberg reports<\/a>. The F1 race is scheduled for 22 March.<\/p>\n<p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/Hauser-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>IN NON-CORONA NEWS: Manufacturers may be getting a discount on energy <\/strong><strong>prices this week<\/strong> when the government committee tasked with reviewing energy prices announces the results of review, <a href=\"https:\/\/bit.ly\/2Tw8FNJ\">MP and House energy committee member told Al Shorouk.<\/a> The committee, which meets on a biannual basis, held a meeting yesterday. Energy rates were hinted to be going down this month, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0292901-4a21-485a-9ece-138d86954fb2\">as per Planning and Economic Development Minister Hala El Said.<\/a> The committee lowered the price of natural gas for the cement, metallurgy, and ceramics industries when it first met<a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/07\/egypt-reduces-natural-gas-prices-for-three-types-of-factories\/\">in October<\/a>.<\/p>\n<p><strong>It\u2019s inflation day tomorrow:<\/strong> February figures will be out later today. January saw inflation accelerate for the third consecutive month, rising slightly to 7.2% from 7.1% in December.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/1981_Nawal-El-Saadawi_Time-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>Nawal El Saadawi made Time magazine\u2019s 100 Women of the Year list:<\/strong> Egyptian psychiatrist, feminist and novelist Nawal El Saadawi (<a href=\"https:\/\/www.britannica.com\/biography\/Nawal-El-Saadawi\">bio<\/a>) made it to <a href=\"https:\/\/time.com\/5793662\/nawal-el-saadawi-100-women-of-the-year\/\">The Time\u2019s list of \u201c100 Women of the Year\u201d<\/a> yesterday as part of the magazine\u2019s celebration of International Women\u2019s Day. The Times writes that she proved \u201ca fearless commentator on women\u2019s rights in Egypt.\u201d<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Government universities are planning to establish nonprofit subsidiaries that offer competitive curriculums, prices, and standards of education that match those in the private sector and other nonprofit schools. A closer look, however, shows that these new government universities will not be subject to the same regulations as other nonprofits, even though these new regs ostensibly aim to improve their level of education.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s shaping up to be an ugly day. Covid-19 infections continue their slow-burn spread in Egypt and global markets are reeling after Saudi and Russia locked horns in an oil war that has sent crude prices down 30%. Throw in 16 mn Italians now living under travel restrictions and fears of covid-19\u2019s impact on the [&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":[1002,9026,107,93,72,259,336,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569823","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-cement","tag-ceramics","tag-covid-19","tag-energy","tag-enterpriseam","tag-health-ministry","tag-italy","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"3f208a85-a54c-4a42-8be0-9b42f920e546","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[569821],"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 9 March 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\/03\/09\/what-were-tracking-on-9-march-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 9 March 2020\" \/>\n<meta property=\"og:description\" content=\"It\u2019s shaping up to be an ugly day. Covid-19 infections continue their slow-burn spread in Egypt and global markets are reeling after Saudi and Russia locked horns in an oil war that has sent crude prices down 30%. 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Covid-19 infections continue their slow-burn spread in Egypt and global markets are reeling after Saudi and Russia locked horns in an oil war that has sent crude prices down 30%. 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Regularly scheduled flights will be allowed anywhere in the country airlines operate, but charter flights will be confined to three prime\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":570908,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/what-were-tracking-on-22-april-2020\/","url_meta":{"origin":569823,"position":1},"title":"What we\u2019re tracking on 22 April 2020","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"Good morning, friends. We hope this shortened workweek is treating you well as we hurtle along this news rollercoaster known as 2020. We\u2019re really starting to wish we had sided with the people who argued 2020 was the last year of the previous decade, not the first year of a\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":544516,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/this-morning-global-shares-slipping-into-correction-territory\/","url_meta":{"origin":569823,"position":2},"title":"THIS MORNING: Global shares slipping into correction territory","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Good morning, friends and welcome to another really busy news day. Before we get this show on the road, a quick warning from your friendly neighborhood weather service: PSA #1- Close your windows \u2014 it\u2019s going to be another dusty day. The Egyptian Meteorological Authority is predicting another sandstorm today\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":569858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/what-were-tracking-on-10-march-2020\/","url_meta":{"origin":569823,"position":3},"title":"What we\u2019re tracking on 10 March 2020","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"The carnage in the markets yesterday was so bad it is already being referred to as \u201cBlack Monday\u201d in the global business press. 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