{"id":570689,"date":"2020-04-12T04:38:11","date_gmt":"2020-04-12T04:38:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/what-were-tracking-on-12-april-2020\/"},"modified":"2020-04-12T04:38:11","modified_gmt":"2020-04-12T04:38:11","slug":"what-were-tracking-on-12-april-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/what-were-tracking-on-12-april-2020\/","title":{"rendered":"What we\u2019re tracking on 12 April 2020"},"content":{"rendered":"

We\u2019re headed into a four-day long weekend, friends<\/strong>, and we cannot ever recall having been more profoundly grateful for a holiday. Banks and the EGX are off on Sunday, 19 April in observance of Coptic Easter, while Monday is a national holiday for Sham El Nessim.<\/p>\n

Happy (western) Easter<\/strong> to all of our readers who celebrate today.<\/p>\n

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We\u2019re also less than two weeks out from the start of Ramadan<\/b>, which will fall on Friday, 24\u00a0April \u2014 one day after the Sisi administration is due to decide on the renewal of the 8pm-6am curfew and other measures in place to slow the transmission of covid-19. Dar Al Ifta, which issues opinions on issues of religious law and practice for the observant, will not be holding its traditional moon sighting to determine the start of the holy month, and has instead announced the date based on its calculations,\u00a0according to Youm7<\/a>.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Food for thought as we start the week:<\/strong><\/p>\n

Global trade sputters, leaving too much here, too little there:<\/strong> As the pandemic stretches on, businesses and consumers alike could run short of some products in months to come, the New York Times<\/a> worries. The Wall Street Journal<\/a> adds that on the food front in particular, the US, Europe and \u201cother wealthy regions are unlikely to experience serious problems \u2026 but poorer countries \u2026 could struggle.\u201d<\/p>\n

Coronavirus may \u2018reactivate\u2019 in cured patients<\/strong>, Bloomberg<\/a> quotes Korea\u2019s CDC as saying. The notion underscores the MIT Technology Review<\/a>\u2019s contention that \u201ccoronavirus antibody testing needs to get a lot better, and so does our understanding of immunity, before people can start circulating freely.\u201d Wired\u2019s UK edition<\/a>, with characteristic understatement, notes, that immunity passports that \u201csplit society along the lines of immune and not-immune people might not be a good idea.<\/strong>\u201d At least 70 companies in the US are said to be developing antibody tests<\/a> for the virus that causes covid-19.<\/p>\n

MUST READ- The key going forward isn\u2019t asking \u201cHow soon can we return to normal <\/strong>life,\u201d<\/strong> the New York Times writes after looking at how European nations are starting to life controls on daily lives. It\u2019s learning to live with corona until a vaccine is found<\/a><\/strong> as epidemiologists worry about a second wave of infections.<\/p>\n

Among the countries planning to test the waters:<\/strong> \u201cAustria is allowing small shops to resume business after Easter. Denmark is reopening nurseries and primary schools. The Czech Republic is planning to lift a travel ban.\u201d Denmark\u2019s PM said it best: \u201cIt\u2019s like walking a tightrope. If we stand still, we may fall. If we go too fast, it may soon go wrong. We don\u2019t know when we\u2019ll be on firm ground again.\u201d<\/p>\n

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

<\/a> Egypt now has 1939 confirmed cases of covid-19<\/strong> after the Health Ministry reported<\/a> 145 new infections yesterday. The ministry also said that another 11 people had died of the infection, taking the death toll to 146. We now have a total of 542 cases that have since tested negative for the virus after being hospitalized, of whom 426 have fully recovered.<\/p>\n

At least three doctors have died of covid-19<\/strong>, including one who contracted the virus on duty,the Medical Syndicate said in a statement<\/a>. Forty-three doctors have also tested positive so far, but the syndicate expects the figure to rise as it continues tallying cases.<\/p>\n

Police dispersed a demonstration of Dakahlia residents who were trying to stop the burial of one of <\/strong>the infected doctors<\/strong>, according to Al Masry Al Youm<\/a>. Twenty-three people were arrested. Dar Al Ifta, which issues opinions on issues of religious law and practice for the observant, later issued a statement<\/a> that trying to prevent burials is simply wrong.<\/p>\n

The Health Ministry has launched a covid-19 hotline on WhatsApp<\/strong> with a bot developed to address frequently asked questions, the ministry said in a statement<\/a>. The Health Ministry had received more than 477k inquiries about the virus through its telephone hotlines last month<\/a>, most of which were about prevention methods, common symptoms, complications, and what callers should do if they had symptoms.<\/p>\n

Museums and archaeological sites will remain closed until further notice<\/strong>, the Tourism and<\/a>Antiquities Ministry said<\/a> after Prime Minister Moustafa Madbouly announced last week<\/a> the nighttime curfew will be extended for two weeks.<\/p>\n

Factories have received the greenlight to use a staggering shift system to distribute their <\/strong>workers across three shifts<\/strong> to maintain productivity as long as they follow protection and safety procedures, Trade and Industry Minister Nevine Gamea said (watch, runtime: 5:33<\/a>).<\/p>\n

Freezone companies will now be able to sell 50% of their products in local<\/strong> markets for a six-month period<\/strong>, GAFI boss Mohamed Abdel Awahab said<\/a>. Industrial manufacturers will also be permitted to sell 20% of their raw materials in the domestic market and businesses will have another six months to meet the mandatory financial reserves and update their insurance policies. Commercial license renewals are also getting a three-month break, allowing manufacturers to continue operations \u2014 on the proviso that companies confirm their intent to renew.<\/p>\n

An unnamed Red Sea hotel will have its license revoked after failing to pay <\/strong>employee salaries<\/strong>, according to a Tourism Ministry statement<\/a>. This comes amid government efforts to support the tourism sector to prevent covid-19 layoffs, with directives issued to businesses to avoid salary deductions and layoffs where possible.<\/p>\n

Bibliotheca Alexandrina is going digital:<\/strong> The library will launch virtual tours from tomorrow until 22 April to encourage people to stay home, according to Ahram Online<\/a>.<\/p>\n

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

State-owned Misr Cement-Qena donated EGP 2 mn to the Tahya Misr Fund<\/strong> to support irregular laborers and buy respirators for hospitals, according to the local press<\/a>.<\/p>\n

The Federation of Egyptian Industries\u2019 chemical industries division has earmarked EGP 1 <\/strong>mn<\/strong> to finance new hospital equipment or respirators, division head Sherif El-Gabaly said, according to the local press<\/a>.<\/p>\n

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

The US now has the world\u2019s highest covid-19 death toll, surpassing Italy<\/strong> yesterday with more than 20k deaths and counting. New York Governor Andrew Cuomo suggested the curve is beginning to flatten out in the state as the virus \u201chit its apex.\u201d The story is front-page news around the world this morning: WSJ<\/a> | NYT<\/a> | Reuters<\/a> | Financial Times<\/a>.<\/p>\n

Saudi Arabia\u2019s King Salman has indefinitely extended the kingdom\u2019s nighttime curfew<\/strong>, the Saudi Press Agency said<\/a>. The curfew was first imposed on 23 March for a three-week period after Saudi saw more than 4k cases.<\/p>\n

Sub-Saharan African is heading into its first recession in 25 years, according to the World Bank:<\/strong> The region will contract by 2.1-5.1% in 2020 after posting 2.4% growth last year, the bank predicts in its latest Africa Pulse report<\/a>. The virus will cause the region to lose anywhere between USD 37 bn and USD 79 bn in output this year due to the breakdown of trade and supply chain disruption, falling inflows, and disruption caused by emergency measures to quell the outbreak.<\/p>\n

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The EGX 30 was up 2.4% on Thursday,<\/strong> dragged up by index heavyweight CIB<\/strong>, which was up 5% at the closing bell. The exchange saw active trading, with shares worth EGP 800 mn changing hands, about 40% above the trailing 90-day average. The EGX30 is now down 26.1% since the start of the year, but gained 9.2% last week (its best week since covid-19 hit) as it turned in gains in four sessions back-to-back, propped up by domestic investors.<\/p>\n

US stocks, meanwhile, had their best one-week showing since 1974<\/strong>, ending the week up<\/a>12%<\/a> on news of a series of new \u201csweeping\u201d measures announced by the Fed after weekly data showed that unemployment claims surged for three weeks straight. European markets were also up on Thursday. US and European markets were closed on Friday for western Easter and will be closed again tomorrow in observance of Easter Monday.<\/p>\n

The US Fed said on Thursday that it will open USD 2.3 tn in credit lines to SMEs and local<\/strong> state governments<\/strong> and purchase bonds and collateralized debt. This comes on top of the historic USD 2.3 tn stimulus package that passed the House last month, as well as other economic prop-up measures.<\/p>\n

Opec+ reaches initial agreement on production cuts but Mexico isn\u2019t playing ball:<\/strong> Opec and its Russian-led allies (Opec+) reached an initial agreement to cut production by 10 mn barrels a day following a meeting on Thursday, but Mexico is looking to negotiate smaller production cuts, according to Bloomberg<\/a>. The group\u2019s virtual meetings ran from Thursday to Saturday and it still remains unclear whether they will reach a compromise, delegates said. G20 energy ministers also talked on Friday<\/a> about taking \u201cthe necessary measures\u201d to stop oil prices from tumbling further but didn\u2019t discuss specific production numbers.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re headed into a four-day long weekend, friends, and we cannot ever recall having been more profoundly grateful for a holiday. Banks and the EGX are off on Sunday, 19 April in observance of Coptic Easter, while Monday is a national holiday for Sham El Nessim. Happy (western) Easter to all of our readers who […]<\/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":[107,72,916,276,655,461,259,7115,235,219,3434,238,2935],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570689","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-covid-19","tag-enterpriseam","tag-federation-of-egyptian-industries","tag-finance-ministry","tag-foreign-reserves","tag-gafi","tag-health-ministry","tag-healthcare","tag-labor","tag-saudi-arabia","tag-tahya-misr-fund","tag-tourism","tag-whatsapp","wpautop","entry"],"acf":{"mongo_id":"d327326d-f238-49c0-af05-f72769ce65b0","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[570687],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 12 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\/12\/what-were-tracking-on-12-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 12 April 2020\" \/>\n<meta property=\"og:description\" content=\"We\u2019re headed into a four-day long weekend, friends, and we cannot ever recall having been more profoundly grateful for a holiday. 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We\u2019ll be taking Wednesday and Thursday off. It\u2019s our last national\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648640,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/what-were-tracking-on-9-april-2017\/","url_meta":{"origin":570689,"position":1},"title":"What we\u2019re tracking on 9 April 2017","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"We begin this morning with a holiday advisory if, perchance, the coming respite has slipped off your radar:We are just days away from the Easter \/ Sham El Neseem break \u2014 our first long weekend since January. Banks and the stock market are closed Sunday (16 April) and Monday (17\u2026","rel":"","context":"In "What We're Tracking Today"","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":648744,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/11\/what-were-tracking-this-week-190\/","url_meta":{"origin":570689,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"11 April 2017","format":false,"excerpt":"Extra T-bill sales this week: Egypt will hold several treasury bill sales this week to compensate for auctions originally scheduled to take place during next week's Easter holiday, when banks will be closed, Reuters reports. The auctions will include 182-day and 364-day bills on Wednesday and 91-day and 273-day bills\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648793,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/12\/on-the-horizon-233\/","url_meta":{"origin":570689,"position":3},"title":"On the horizon","author":"enterpriseam admin","date":"12 April 2017","format":false,"excerpt":"We\u2019re heading into a run of national holidays. This coming Sunday and Monday (16-17 April) are off for Easter and Sham El-Neseem (Coptic and Western Easter overlap this year). Tuesday, 25 April is a holiday in observance of Sinai Liberation Day, while Monday, 1 May is a day off for\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648836,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/13\/what-were-tracking-on-13-april-2017\/","url_meta":{"origin":570689,"position":4},"title":"What we\u2019re tracking on 13 April 2017","author":"enterpriseam admin","date":"13 April 2017","format":false,"excerpt":"Egypt\u2019s Orthodox, Evangelical, and Catholic churches will not be celebrating Easter this year as they mourn the victims of the Palm Sunday attacks, AMAY reports. The Coptic Orthodox Diocese in Minya, which was the first to make the announcement, said that celebrations will only be limited to the liturgical prayers\u2026","rel":"","context":"In "What We're Tracking Today"","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":585002,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-evening-govt-says-its-keeping-subsidized-loans-for-industry-agriculture-tensions-continue-to-rise-in-jerusalem\/","url_meta":{"origin":570689,"position":5},"title":"THIS EVENING: Gov\u2019t says it\u2019s keeping subsidized loans for industry, agriculture + Tensions continue to rise in Jerusalem","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"Good afternoon, friends. We\u2019re still seeing telltale signs of that long-awaited Ramadan news slowdown today, with a relatively calm Sunday to start the week. ** SO, WHEN DO WE EAT? We\u2019ll be breaking our fasts at 6:18pm CLT today. You have until 4:05am tomorrow morning to hydrate and grab a\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\/2023\/4\/370.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570689","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=570689"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570689\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570687"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570689"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570689"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}