{"id":570410,"date":"2020-03-31T04:31:53","date_gmt":"2020-03-31T04:31:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/what-were-tracking-on-31-march\/"},"modified":"2020-03-31T04:31:53","modified_gmt":"2020-03-31T04:31:53","slug":"what-were-tracking-on-31-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/what-were-tracking-on-31-march\/","title":{"rendered":"What we\u2019re tracking on 31 March"},"content":{"rendered":"<p><strong>*** We\u2019ve never asked you for a penny<\/strong>, but we\u2019re doing so today \u2014 not to put a coin in our pocket, but to help the folks at the Breathe campaign raise funds to acquire ventilators the nation needs.<\/p>\n<p><strong>The Breathe Campaign is raising funds to purchase mechanical ventilators from <\/strong><strong>suppliers around <\/strong><strong>the world.<\/strong> As the number of covid-19 cases rises in Egypt, so does the need for ventilators across the country. For critically ill patients, mechanical ventilation can be the difference between life and death \u2014 all of you reading Enterprise have seen the stories about shortages in developed economies including Italy and the United States. The Breathe Campaign, a pilot project by charity startup Humankind with the aid of the Egyptian Cure Bank, has created a star-studded campaign featuring public figures including Yosra, Amina Khalil and Naguib Sawiris simply inhaling and exhaling.<\/p>\n<p><strong>Keep up to date with the campaign on <\/strong><strong><a href=\"https:\/\/www.instagram.com\/thebreathecampaign\/\">Instagram<\/a><\/strong> and check out the ad (<a href=\"https:\/\/www.youtube.com\/watch?v=gvcXkP9pZvI&feature=youtu.be\">watch, runtime:<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=gvcXkP9pZvI&feature=youtu.be\">1:08<\/a>).<\/p>\n<p><strong>Want to make a contribution? <\/strong>Hit up the <a href=\"https:\/\/www.egyptiancurebank.com\/donation\/monetary\/\">Egyptian Cure Bank<\/a>, Fawry or the FawryApp or check out the description section of the Youtube page for other options.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Finance Minister Mohamed Mait unveiled the 2020-20201 state budget yesterday<\/strong>. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n<p><strong>It\u2019s interest rate week<\/strong>, with the central bank set to meet on Thursday to review rates \u2014 it\u2019s first regularly scheduled meeting since its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">surprise 300 bps rate cut earlier this month<\/a>. We\u2019ll have our usual poll of analysts for you tomorrow.<\/p>\n<p><strong>The government committee in charge of setting local fuel prices will hold its quarterly <\/strong><strong>meeting today<\/strong>, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/30\/1314199\">the local press reports<\/a>. Fuel prices look set to fall: The price of oil has plunged since the beginning of the year. The committee has raise or lower domestic fuel prices as much as 10% every three months.<\/p>\n<p><strong>MARKETS TODAY- <\/strong>Asian markets with the exception of India inched into the green this morning as we hurtle toward dispatch time. Futures suggest both European and North American markets should also open in the green later today.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>COVID-19 IN EGYPT-<\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Egypt has now reported a total of 656 cases of covid-19<\/strong> after 47 new infections, all Egyptians, were <a href=\"https:\/\/bit.ly\/2ULn2xa\">announced by the Health Ministry<\/a> last night. The ministry also reported the death of a 44-year-old woman from Cairo, taking the death toll to 41. It said 150 people have made full recoveries and another 196 people have tested negative after seeking treatment.<\/p>\n<p><strong>The first known instance of a medical professional dying after contracting covid-19 <\/strong>came yesterday as the Health Ministry mourned the passing of Dr. Ahmed Abdou Ellawah, a professor of medicine at Al Azhar University, who died at age 57. His death will bring the toll to at least 42 when it is included in the ministry\u2019s daily update this evening, health ministry spokesman Khaled Megahed <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30032020&id=6a52f6aa-544e-4981-ad5c-1a89c694dcb6\">said last night<\/a>.<\/p>\n<p><strong>Egypt will roll out new testing facilities nationwide <\/strong>over the coming two days. Some 26 centers are already up and running, according to a cabinet <a href=\"https:\/\/bit.ly\/39s0w1l\">statement<\/a> released after a meeting between Prime Minister Moustafa Madbouly and Health Minister Hala Zayed.<\/p>\n<p><strong>The nation is looking to build a three-month reserve of personal protective equipment <\/strong><strong>(so-called \u201cPPE) for medical professionals <\/strong>amid fears of a shortage. Trade Minister Nevine Gamea is requiring Egyptian producers and importers of PPE to sell directly to the national stockpile at the Egyptian Authority for Unified Procurement, Medical Supply, and Technological Management. Suppliers to the Armed Forces and police service are exempt from the order, <a href=\"https:\/\/bit.ly\/3dH7gMc\">according to a cabinet statement<\/a>.<\/p>\n<p><strong>The government is also adding to its strategic reserve of staple goods <\/strong>in the face of the covid-19 crisis and with Ramadan around the corner. The news came after President Abdel Fattah El Sisi met with cabinet members yesterday, according to <a href=\"https:\/\/bit.ly\/39vr3Lo\">an Ittihadiya statement<\/a>. El Sisi also urged officials to crack down on price gouging and hoarding.<\/p>\n<p><strong>As many as 1k frontline healthcare workers will receive life insurance <\/strong>under policies worth EGP 2.5 mn each. The policies are being bought by the Federation of Egyptian Industries, the <a href=\"https:\/\/alborsaanews.com\/2020\/03\/30\/1314306\">local press reports<\/a>. The Health Ministry will help determine who is eligible for coverage under the policies. The policies are intended for staff who work directly with covid-19 patients.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>New, <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98ceb9d1-cecf-4c5d-839b-745003defa89\">temporary caps on deposits and withdrawals<\/a><\/strong><strong> by individuals do not apply <\/strong>if you\u2019re looking to buy into the new 15% fixed-rate savings certificates launched by Banque Misr and the National Bank of Egypt last week, <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d9%8a%d8%b3%d8%aa%d8%ab%d9%86%d9%89-%d8%b4%d8%b1%d8%a7%d8%a1-%d8%b4%d9%87%d8%a7%d8%af%d8%a7%d8%aa-%d8%a7%d9%84%d9%80-15-%d9%85%d9%86-%d8%ad%d8%af%d9%88\/\">Al Mal reports<\/a>.<\/p>\n<p><strong>Restaurants, gyms, nightclubs, museums and archaeological sites will remain closed <\/strong><strong>until 15 April<\/strong> in an extension of the suspension of activities period by the Tourism Ministry, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/photos\/a.825570437621323\/1552997068211986\/?type=3&theater&_rdc=1&_rdr\">cabinet statement<\/a>.<\/p>\n<p><strong>Imams who reopen mosques for prayers in defiance of the government\u2019s closure orders <\/strong><strong>will be summarily fired<\/strong>, the Endowment Ministry said yesterday, <a href=\"https:\/\/bit.ly\/3bCUgpb\">according to a cabinet statement<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>The New Urban Communities Authority isn\u2019t ceding an inch to real estate developers<\/strong> despite a directive from the Central Bank of Egypt that creditors reschedule loan payments and other obligations for a six-month period, the local press <a href=\"https:\/\/alborsaanews.com\/2020\/03\/30\/1314089\">reports<\/a>, citing unnamed informed sources. NUCA is reportedly preparing a memo for the Housing Ministry outlining why <strong>it doesn\u2019t think land payments it is owed by real estate developers should be subject<\/strong> to the payment holiday. The domestic press report suggests NUCA needs the cashflow so that it can still honor its obligations to contractors it has engaged.<\/p>\n<p><strong>You\u2019re not getting a visit from the gas meter reader this month:<\/strong> The Oil Ministry will stop sending meter readers for the duration of the crisis. Instead, it is asking citizens to <a href=\"https:\/\/www.petrotrade.com.eg\/web\/enq.html\">record<\/a>their consumption online or by calling the call center and to <a href=\"https:\/\/www.petrotrade.com.eg\/web\/paymentb.html\">pay<\/a> via electronic channels, <a href=\"https:\/\/bit.ly\/2Uuhyrw\">according to Masrawy.<\/a><\/p>\n<p><strong>The Ministry of Water Resources isn\u2019t going to be collecting license fees <\/strong>from boats or floating hotels anytime soon, either, <a href=\"https:\/\/almalnews.com\/%d9%88%d8%b2%d9%8a%d8%b1-%d8%a7%d9%84%d8%b1%d9%8a-%d8%a5%d8%b1%d8%ac%d8%a7%d8%a1-%d8%aa%d8%ad%d8%b5%d9%8a%d9%84-%d8%b1%d8%b3%d9%88%d9%85-%d8%a7%d9%84%d9%85%d8%b1%d8%a7%d9%83%d8%a8-%d8%a7%d9%84%d8%b3\/\">Al Mal reports<\/a>.<\/p>\n<p><strong>An exceptional flight yesterday repatriated some 350 Egyptians stranded in Kuwait<\/strong> since the covid-19 outbreak, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1653800\">Al Masry Al Youm<\/a> reports. Government officials are still working to get home another 95 citizens <a href=\"https:\/\/www.egypttoday.com\/Article\/1\/83186\/95-Egyptians-stranded-in-Maldives-others-stuck-in-Southeast-Asia\">stuck in the Maldives<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Gov\u2019t falls short in t-bond auction:<\/strong> The Central Bank of Egypt sold EGP 2.5 bn of treasury bonds in two auctions that sought to raise EGP 7.5 bn, according to the official data. The CBE sold EGP 1.5 bn of three-year bonds in an EGP 4 bn offering at a 13.9% yield, almost 400 bps under the rate requested by investors. In the EGP 3.5 bn seven-year offering, investors bought EGP 1 bn of bonds at a 14% yield, 410 bps lower than the requested rate. The government has faced issues selling its target amount of bonds in recent weeks as market turmoil caused by covid-19 pushed investors to demand higher yields.<\/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\/Marina-Web-1.png?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>ON THE GLOBAL FRONT-<\/strong><\/p>\n<p><strong>What\u2019s this? Some good news?<\/strong> US healthcare giants Johnson & Johnson and Moderna are preparing to manufacture huge quantities of covid-19 vaccines after agreeing to overtures made by the US government, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-johnson-johnson\/jj-u-s-government-plan-1-billion-doses-of-coronavirus-vaccine-idUSKBN21H1OY\">Reuters reports<\/a>. The US will pay USD 421 mn to J&J to establish new manufacturing facilities that will enable it to produce more than 1 bn doses of a vaccine it is currently testing.<\/p>\n<p><strong>Let\u2019s not get ahead of ourselves here:<\/strong> There exist no vaccines or treatments for the virus, and that\u2019s not expected to change until at least 2021.<\/p>\n<p><strong>Researchers in Melbourne are investigating to see whether the BCG vaccine against tuberculosis can ward off corona,<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-30\/century-old-vaccine-investigated-as-a-weapon-against-coronavirus?sref=mmeFTDW1\">Bloomberg says<\/a>. It all sounds good until you realise that countries where BCG is widely used \u2014 China, Iran and the UK for example \u2014 have also become hotspots for covid. So we\u2019re not holding out too much hope that a century-old vaccine is going to be the answer to most of our current problems.<\/p>\n<p><strong>The news of progress towards a vaccine helped stocks to rally:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-29\/yen-gains-aussie-slips-as-virus-deaths-assessed-markets-wrap?sref=mmeFTDW1\">Healthcare stocks led the<\/a> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-29\/yen-gains-aussie-slips-as-virus-deaths-assessed-markets-wrap?sref=mmeFTDW1\">charge in the US markets yesterday<\/a> which saw the S&P 500 rise for the fourth time in five sessions, gaining 17% over the past week. It was a similar story on the other side of the Atlantic where all indexes except Spain\u2019s IBEX finished in the green.<\/p>\n<p><strong>But \u201cwe\u2019re not in an all clear,\u201d El Erian warns:<\/strong> Market sage Mohamed El Erian said that he believes the \u201csell everything\u201d moment has now passed, but that we\u2019re still in for turbulence ahead. \u201cIf you feel it\u2019s the all clear, go out and buy the index \u2026 I don\u2019t think we\u2019re there yet. We\u2019re not in the an all clear,\u201d he told <a href=\"https:\/\/www.cnbc.com\/2020\/03\/30\/mohamed-el-erian-not-in-an-all-clear-for-stock-index-buying.html\">CNBC\u2019s Squawk Box<\/a>.<\/p>\n<p><strong>FROM THE DEPARTMENT OF REDUNDANCY DEPARTMENT- <\/strong>IPOs are challenged (shocking, right?) as market volatility makes pricing difficult, the <a href=\"https:\/\/www.ft.com\/content\/cdbc3892-9d14-4b18-ab5a-aee2ce6062cf\">Financial Times reports<\/a>.<\/p>\n<p><strong>AfDB issues USD 3 bn bond to curb economic impact of covid-19: <\/strong>The African Development Bank (AfDB) has raised USD 3 bn from a three-year social bond, the proceeds of which will be used to finance the bank\u2019s planned \u201ccomprehensive response\u201d to cushion African countries from the economic impact of the covid-19 virus, <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-launches-record-breaking-3-billion-fight-covid-19-social-bond-34982\">according to a statement<\/a>.<\/p>\n<p><strong>This comes as Africa approaches its \u201cbreak the glass moment\u201d:<\/strong> At least, that\u2019s how Chairman of the joint World Bank - IMF Development Committee Ken Ofori-Atta put it in an interview with<a href=\"https:\/\/www.ft.com\/content\/07716a2b-2ba5-44aa-80ff-13d5eafb4bad\">the Financial Times<\/a>. Ofori-Atta warned that international actors need to step up their efforts to help shield the continent from the spread of the covid-19, which could <strong>wipe out 5-10% of the continent\u2019s GDP. <\/strong>That could force the IMF to step in with debt forgiveness and bailout packages.<\/p>\n<p><strong>The UN is listening, joining with the IMF to call for USD 2.5 tn in emergency support for developing <\/strong><strong>countries:<\/strong> <a href=\"https:\/\/unctad.org\/en\/pages\/newsdetails.aspx?OriginalVersionID=2315\">In a report published yesterday<\/a>, the UN Conference on Trade and Development argues for massive fiscal support to be provided to lower income countries whose economies will take an \u201cenormous hit\u201d due to capital flight, falling commodity prices and currency depreciations. UNCTAD is calling for USD 1 tn in fresh liquidity, a USD 1 tn debt relief package for countries with USD debt, and USD 500 bn to support emergency health services and social programmes.<\/p>\n<p><strong>Dubai\u2019s <\/strong><strong><a href=\"https:\/\/www.expo2020dubai.com\/\">Expo 2020<\/a><\/strong> <strong>will reportedly be pushed for one year <\/strong>due to the covid-19 outbreak, according to a draft statement seen by <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKBN21H1B2\">Reuters<\/a>. The expo was previously scheduled to open on 20 October.<\/p>\n<p><strong>Israeli Prime Minister Benjamin Netanyahu is going into isolation<\/strong> after being in contact with an aide who tested positive for covid-19. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-30\/israel-pm-netanyahu-to-enter-quarantine-awaiting-test-results?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>What we\u2019re doing now? <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/75639ffa-6f95-11ea-89df-41bea055720b\">This could be the future of work<\/a><\/strong>, the Financial Times writes in the latest in a little string of pieces it has done on working from home.<\/p>\n<p><strong>Need a pick-me-up? Watch John Krasinski give a rundown of good news stories in the <\/strong><strong>world today<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=F5pgG1M_h_U&t=352s\">watch, runtime: 15:43<\/a>). It\u2019s uplifting without being saccharine, and for fans of <a href=\"https:\/\/www.imdb.com\/title\/tt0386676\/\">The Office<\/a> there\u2019s the bonus of an interview with Steve Carell.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*** We\u2019ve never asked you for a penny, but we\u2019re doing so today \u2014 not to put a coin in our pocket, but to help the folks at the Breathe campaign raise funds to acquire ventilators the nation needs. The Breathe Campaign is raising funds to purchase mechanical ventilators from suppliers around the world. As [&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":[1376,116,107,72,7138,259,7115,336,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570410","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-african-development-bank","tag-china","tag-covid-19","tag-enterpriseam","tag-health","tag-health-ministry","tag-healthcare","tag-italy","tag-religion","wpautop","entry"],"acf":{"mongo_id":"98e40e9e-f1ee-41cc-9fd5-a557c3183502","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[570408],"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 31 March - 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\/31\/what-were-tracking-on-31-march\/\" \/>\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 31 March\" \/>\n<meta property=\"og:description\" content=\"*** We\u2019ve never asked you for a penny, but we\u2019re doing so today \u2014 not to put a coin in our pocket, but to help the folks at the Breathe campaign raise funds to acquire ventilators the nation needs. The Breathe Campaign is raising funds to purchase mechanical ventilators from suppliers around the world. 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Ittihadiya spokesman Bassam Rady took to the airwaves to give the talking heads the lowdown on\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570449,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/what-were-tracking-on-01-april-2020\/","url_meta":{"origin":570410,"position":1},"title":"What we\u2019re tracking on 01 April 2020","author":"enterpriseam admin","date":"1 April 2020","format":false,"excerpt":"Can you believe it\u2019s the first day of 2Q2020? Our heads are still spinning over here. Ten of 11 analysts in our Enterprise interest rate poll see the CBE leaving rates on hold when its monetary policy committee meets tomorrow. We have all the details in this morning\u2019s Speed Round,\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":570590,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/what-were-tracking-on-7-april-2020\/","url_meta":{"origin":570410,"position":2},"title":"What we\u2019re tracking on 7 April 2020","author":"enterpriseam admin","date":"7 April 2020","format":false,"excerpt":"SMART POLICY- Companies have until 30 June to finish paying their income taxes for 2019 under a decree signed yesterday by President Abdel Fattah El Sisi. The measure will allow businesses to pay in three installments. 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