{"id":570554,"date":"2020-04-06T04:46:14","date_gmt":"2020-04-06T04:46:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/what-were-tracking-on-6-april-2020\/"},"modified":"2020-04-06T04:46:14","modified_gmt":"2020-04-06T04:46:14","slug":"what-were-tracking-on-6-april-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/what-were-tracking-on-6-april-2020\/","title":{"rendered":"What we\u2019re tracking on 6 April 2020"},"content":{"rendered":"

Egypt\u2019s PMI figures for March are out and, well, they could have been worse.<\/strong> With output at three-year lows and exports falling to the lowest point in seven years, it doesn\u2019t make particularly great reading. But a glance across the Mediterranean (more on this below) and a look to our neighbors in the Gulf<\/a>, and our economic situation doesn\u2019t quite look so bad. We have the full story in this morning\u2019s Speed Round, below.<\/p>\n

The EGX fell almost 2% in trading yesterday:<\/strong> Telecom Egypt was the biggest loser of the session, falling 9.2% on news that Saudi Telecom had postponed loan talks for its Vodafone Egypt acquisition. Trading volumes were low at EGP 365 mn, 39% below the 90-day trailing average.<\/p>\n

Markets this morning: <\/strong>Markets to our east are mixed this morning. Up: <\/strong>Japan, Hong Kong, South Korea, Australia. Down: <\/strong>China, India, New Zealand. Futures suggest US markets will open the week in the green.<\/strong><\/p>\n

Things to keep an eye on this morning:<\/strong><\/p>\n

#1- Mixed signals out of America: <\/strong>Epidemiologists and health officials are warning that this could be a horrible week for covid-19 infections in the United States, with the surgeon general telling a TV interviewer that this could be \u201cthe hardest and the saddest week<\/a> of most Americans\u2019 lives, quite frankly. This is going to be our Pearl Harbor moment, our 9\/11 moment.<\/strong>\u201d<\/p>\n

But The Donald and his VP <\/strong>say they see things stabilizing<\/a><\/strong>.<\/strong> Meanwhile, Bill Gates (who has given thought to these things more than most human beings) says that while a national lockdown would result in a \u201chuge economic price,\u201d it could see casualties fall \u201cwell short\u201d of the 100k-240k deaths<\/a> predicted by health officials. All of that is leading to (muted) optimism about the market <\/strong>as JP Morgan Chase said a \u201cslowdown in the growth rate of new U.S. coronavirus cases may help put a floor under stocks and dampen volatility,\u201d Bloomberg<\/a> reports.<\/p>\n

#2- What will oil do to global sentiment today?<\/strong> Brent crude was down 3.6% as we rushed toward dispatch on news that the Opec+ meeting has been tentatively rescheduled to Thursday<\/strong>, according to Bloomberg<\/a>. It was originally scheduled to take place today. Saudi and Russia are trying to get the US, which has recently become the largest producer, to join or at least support what could be the biggest ever coordinated output cut to save plunging oil prices, which have fallen by 50% so far this year. Canada and the US are now both threatening tariffs on Saudi Arabia and Russia if they don\u2019t agree on a production cut, the Financial Times<\/a> reports.<\/p>\n

\n

COVID-19 IN EGYPT-<\/strong><\/p>\n

<\/a> Egypt now has 1,173 confirmed cases of covid-19<\/strong> after the Health Ministry reported 103 new infections yesterday. The ministry also said that another seven people had died from the virus, taking the death toll to 78. We now have a total of 346 people who have tested negative for the virus, of whom 247 have fully recovered.<\/p>\n

The Health Ministry received 477,257 inquiries about the virus through its <\/strong>telephone hotlines last month<\/strong>, according to a ministry statement<\/a>. Most callers inquired about prevention methods, common symptoms, complications, and what they should do when symptoms manifest. The hotline numbers are 105 on a landline and 15335 on mobile. The ministry\u2019s covid website is here<\/a>.<\/p>\n

\n

<\/a> Egypt is expediting approvals for international funding that <\/strong>backs our covid-19 response: <\/strong>Egypt will fast-track approvals for international financing earmarked to help the nation respond to covid-19, International Cooper Minister Rania Al Mashat announced (pdf)<\/a> on Sunday. Al Mashat outlined Egypt\u2019s strategic priorities on the virus in an unprecedented video call with more than 100 representatives of international development partners including UN agencies, the World Bank, IMF, USAID, African Development Bank, European Bank for Reconstruction and Development, and others. Mashat\u2019s (very solid) presentation is here (pdf)<\/a><\/strong>.<\/strong><\/p>\n

Al Mashat also showcased Egypt\u2019s improved results in the <\/strong>Global Partnership for<\/a><\/strong>Effective Development Cooperation survey (pdf)<\/a><\/strong>,<\/strong> which measures the level of Egypt\u2019s cooperation with development partners in things such as information sharing and transparency. The minister also outlined the narrative the ministry will use to communicate its covid-19 response strategy (pdf)<\/a>.<\/p>\n

The bottom line: <\/strong>Mashat is taking the same systematic approach she took to helping rebuild the tourism industry when she ran that portfolio, sending a clear message that should resonate with donors not just now, but when we are lining up funding and assistance to help the country weather the economic fallout of the pandemic.<\/p>\n

SMART POLICY- Egypt should issue \u201ccoronabonds\u201d funded by international lenders to <\/strong>stave off a liquidity crisis in the private sector that could result in mass layoffs<\/strong>, former partner at private equity group Abraaj Ahmed Badreldin suggests, according to Al Mal<\/a>. This initiative would be similar to that launched by the African Development Bank, which recently issued<\/a> USD 3 bn-worth of three-year coronabonds to help cushion African economies. The proceeds from the issuance can then be used to pay for a three-month VAT and income tax holiday for businesses, a salary insurance scheme<\/strong>, and corporate loans to finance working capital, he said.<\/p>\n

\n

Former Libya premier Mahmoud Jibril has died in Cairo from covid-19 at age <\/strong>68<\/strong>, Libya\u2019s Al Arabiya reports<\/a>. Jibril, who served as Libya\u2019s prime minister following the ouster of longtime leader Muammar Gaddafi in 2011, had reportedly been in quarantine in Cairo since he was diagnosed with the illness on 26 March.<\/p>\n

Some 77k government offices, places of worship, schools and public gathering <\/strong>spots have been disinfected by sanitation crews<\/strong> and over 7k cafes saw all their shisha gear confiscated before they were shut down as part of the government\u2019s efforts to curb the spread of the covid-19 outbreak, a cabinet statement said<\/a>. Another 7k schools and educational centers, more than 2k public markets and another 2k social clubs and wedding halls were closed, according to the statement.<\/p>\n

Carrefour sees 6x increase in online sales: <\/strong>The Majid Al-Futtaim-owned supermarket has seen demand for online shopping skyrocket since the onset of covid-19, reports Al Mal<\/a>.<\/p>\n

Store owners at Cairo Festival City are complaining of inadequate financial relief: <\/strong>A number of small businesses have voiced concerns over financial obligations and rent payments due to Al Futtaim Group, which owns Cairo Festival City Mall, amid a significant reduction in sales, according to Al Mal<\/a>. Al Futtaim (not to be confused with Majid Al Futtaim \u2014 a separate company that has given its tenants a rent holiday<\/a>) has formed a committee to discuss the tenants\u2019 requests for a rent holiday while covid-19 restrictions remain in place.<\/p>\n

IN AND OUT- There are no direct flights to the US scheduled<\/strong> after the departure of an EgyptAir flight yesterday, the US embassy said<\/a>. The Canadian embassy has arranged an EgyptAir flight to Toronto<\/strong> departing Cairo on Wednesday at 11am. Flights can only be booked directly with EgyptAir. On the inbound leg: <\/strong>An EgyptAir flight from Washington, DC, brought Egyptians home to quarantine in Marsa Alam, while media reports suggest 37 Egyptians have been repatriated from Nigeria<\/a>.<\/p>\n

DONATIONS-<\/strong><\/p>\n

Our friends at Sodic are redirecting all their marketing resources towards covid-19 <\/strong>awareness raising<\/strong> and are working in coordination with the Health Ministry to deliver community support programs, according to a statement (pdf)<\/a>. Sodic is donating ventilators and monitors<\/strong> to the Sheikh Zayed Specialized Hospital and is distributing protection packages with immunity boosters, sanitization material, and hygiene instructions in Ezbet Khairallah. The real estate company is also making use of all its outdoor billboards and digital platforms to raise awareness about the virus.<\/p>\n

Our friends at Edita are donating EGP 2 mn to the Misr El Kheir foundation in support of <\/strong>the Breathe Campaign<\/strong>, which is raising funds to acquire ventilators from suppliers around the world, according to<\/a>a statement (pdf)<\/a>. The donation, which will also be used to support the purchase of critically needed personal protection equipment (PPE) for medical personnel, will be disbursed from the EGP 5 mn Edita Foundation for Social Development, which was set up last month.<\/p>\n

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

ON THE GLOBAL FRONT-<\/strong><\/p>\n

Making headlines this morning around the world: UK Prime Minister Boris Johnson has <\/strong>been hospitalized<\/strong> for tests following 10 days of \u201cpersistent symptoms\u201d from his covid-19 infection. The story is getting front page treatment in the Financial Times<\/a> as well as the Wall Street Journal<\/a> and Reuters<\/a>.<\/p>\n

The news came after a rare televised address from the UK\u2019s Queen Elizabeth II<\/strong> (watch,<\/a>runtime: 4:31<\/a>).<\/p>\n

Covid deaths may have peaked in Italy<\/strong>, where the daily death toll fell on Saturday to its lowest level in two weeks and the number of people in intensive care dropped for the first time since the outbreak began, according to Reuters<\/a>. Spain\u2019s death toll eased for the third consecutive day<\/strong> yesterday<\/a>, but the number of confirmed cases is still rising. Italy and Spain, together with China, are so far the three countries hardest-hit by the virus.<\/p>\n

The latest from Stimulusland:<\/strong> The European Union is rolling out a USD 110 bn job support program \u2014 the fund would \u201clend directly to national governments to pay for short-term job programs,\u201d the Wall Street Journal<\/a> writes. Closer to home, the UAE has kicked it up a notch as the central bank said it will inject AED 61 bn (USD 16.6 bn) into the economy to support lending. The central bank has also cut banks\u2019 reserve requirements, Bloomberg reports<\/a>.<\/p>\n

\n

The euro composite PMI saw its biggest monthly drop<\/strong> ever to a low of 29.7 in March from 51.6 in February. The composite index measures activity in both the manufacturing and service sectors. The plunge was worse than the flash figures<\/a>, which estimated the index would fall to 31.4. France, Spain, and Germany all saw business activity hit historic lows, but it was Italy which suffered the most, delivering a stunning PMI figure of just 20.2. Readings above 50 indicate expansion while figures below that mark show contraction.<\/p>\n

Global data wasn\u2019t that much better:<\/strong> Global manufacturing and services activity fell to 133-month lows of 39.4 last month as the services PMI fell to its lowest reading on record and the contraction in manufacturing easing marginally on better Chinese data, according to JPMorgan Global PMI figures (pdf)<\/a>.<\/p>\n

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

US delivers disastrous payroll data: <\/strong>Fresh US payroll data has shown that 10 mn new unemployment claims were filed in the past two weeks in what the Associated Press<\/a> calls \u201cthe swiftest, most stunning collapse the US job market has ever witnessed.\u201d<\/p>\n

Unemployment forecasts \u201cunprecedented since the Great Depression\u201d:<\/strong> The US and Europe are expected to see unemployment rates \u201cwell up into the teens,\u201d Peter Hooper, global head of economic research at Deutsche Bank, told Bloomberg<\/a>. \u201cGiven the pain that we see near-term in the U.S. and Europe, this is unprecedented since the Great Depression, in terms of magnitudes.\u201d<\/p>\n

Africa faces economic breakdown as a result of covid-19<\/strong>, UNDP regional director Ahunna<\/a>Eziakonwa tells the Associated Press<\/a>. Mns could lose jobs across the continent with several sectors being battered by the global upheaval.<\/p>\n

And emerging markets are looking at their first collective recession \u2026 ever? <\/strong>The warning on Africa comes as Capital Economics estimates that \u201ceconomic output in emerging markets is forecast to fall 1.5% this year, the first decline since reliable records began in 1951,\u201d the WSJ notes<\/a>.<\/p>\n

Covid-19 flight restrictions are delaying the delivery of pesticides needed to wipe<\/strong> out swarms of locusts<\/strong> attacking crops in east Africa, Reuters reports<\/a>. Kenya, which is among the hardest-hit, could see some 4 mn more people struggling to feed their families as a result, says the FAO\u2019s head of resilience for Eastern Africa.<\/p>\n

Send in the ducks: <\/strong>China\u2019s solution when Pakistan faced<\/a> its own locust emergency in February was to mobilize an army of ducks, any one of which can apparently eat over 200 locusts a day.<\/p>\n

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

The UAE\u2019s largest healthcare provider could be heading into administration: <\/strong>Abu Dhabi Commercial Bank (ADCB) has applied to the UK High Court to place embattled healthcare company NMC into administration and investigate allegations of fraudulent accounting<\/a>, Bloomberg reports<\/a>. ADCB is one of the NMC\u2019s largest creditors and said last week that it has USD 981 mn of exposure to the company, risking more than 80% of its projected 2020 profits. The chairman of NMC \u2014 the UAE\u2019s largest healthcare provider \u2014 accused the bank of jeopardising the country\u2019s ability to fight the covid-19 pandemic even as its debt load brings closer to insolvency and other creditors step up efforts to recover funds. Bloomberg has the full rundown<\/a> on how the UAEs largest healthcare provider was brought to the brink.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s PMI figures for March are out and, well, they could have been worse. With output at three-year lows and exports falling to the lowest point in seven years, it doesn\u2019t make particularly great reading. But a glance across the Mediterranean (more on this below) and a look to our neighbors in the Gulf, and […]<\/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":[1823,102,107,7106,984,409,72,7192,332,3588,125,336,709,1914,128,219,537,132,90,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570554","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-allianz","tag-capital-markets","tag-covid-19","tag-debt","tag-donald-trump","tag-earnings-watch","tag-enterpriseam","tag-eu","tag-export-subsidy-fund","tag-fraud","tag-investment-watch","tag-italy","tag-new-york","tag-nigeria","tag-opec","tag-saudi-arabia","tag-spain","tag-trade","tag-uae","tag-us","wpautop","entry"],"acf":{"mongo_id":"aad1197a-091b-4858-8b2e-f2b4189ed56f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[570552],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 6 April 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\/04\/06\/what-were-tracking-on-6-april-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 6 April 2020\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s PMI figures for March are out and, well, they could have been worse. 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Sources in the telecoms sector told Youm7\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":654564,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/mobily-telecom-egypt-to-lay-subsea-cable-connecting-sharm-el-sheikh-and-duba\/","url_meta":{"origin":570554,"position":1},"title":"Mobily, Telecom Egypt to lay subsea cable connecting Sharm El Sheikh and Duba","author":"enterpriseam admin","date":"4 November 2024","format":false,"excerpt":"Good afternoon, friends and happy Monday. Welcome to another rainy day in the capital city and a slow one on the local news front.THE BIG STORY TODAY First Saudi subsea cable links KSA and Egypt via Red Sea: Saudi Arabia\u2019s telecom giant Mobily and Telecom Egypt have signed an agreement\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2020\/7\/386.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570525,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/stc-postpones-talks-for-loan-to-finance-vodafone-egypt-takeover\/","url_meta":{"origin":570554,"position":2},"title":"STC postpones talks for loan to finance Vodafone Egypt takeover","author":"enterpriseam admin","date":"5 April 2020","format":false,"excerpt":"M&A WATCH- STC postpones talks for loan to finance Vodafone takeover: Saudi Telecom Company (STC) has delayed talks to raise debt finance for its acquisition of Vodafone Group's 55% stake in Vodafone Egypt due to the covid-19 outbreak, Bloomberg reports, quoting sources in the know. This doesn\u2019t mean that the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574513,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/13\/vodafone-group-stc-reach-early-agreement-to-revalue-vodafone-egypt-sources\/","url_meta":{"origin":570554,"position":3},"title":"Vodafone Group, STC reach early agreement to revalue Vodafone Egypt -sources","author":"enterpriseam admin","date":"13 September 2020","format":false,"excerpt":"M&A WATCH- It looks like STC will indeed submit a lower bid for Vodafone Egypt \u2013report: Vodafone Group and Saudi Telecom Company (STC) have reportedly reached a preliminary agreement to reassess the value of Vodafone Egypt ahead of a potential acquisition of its majority stake by STC, Al Mal reports,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582399,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/telecom-egypt-stake-sale-possible-company-confirms\/","url_meta":{"origin":570554,"position":4},"title":"Telecom Egypt stake sale possible, company confirms","author":"enterpriseam admin","date":"8 March 2023","format":false,"excerpt":"Qatar\u2019s wealth fund is reportedly interested.","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Telecom_Egypt_Smart_Village-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/telecom-egypt-not-selling-vodafone-egypt-stake\/","url_meta":{"origin":570554,"position":5},"title":"Telecom Egypt not selling Vodafone Egypt stake","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"M&A WATCH- Telecom Egypt not exiting Vodafone Egypt: State-owned Telecom Egypt has no plans to sell its 45% stake in Vodafone Egypt, the company said yesterday (pdf), a day after press reports claimed that Saudi Telecom (STC) was in talks to acquire Vodafone International\u2019s 55% stake in the company. Sources\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/570554","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=570554"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570554\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570552"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570554"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570554"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}