{"id":570800,"date":"2020-04-15T04:32:18","date_gmt":"2020-04-15T04:32:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/what-were-tracking-on-15-april-2020\/"},"modified":"2020-04-15T04:32:18","modified_gmt":"2020-04-15T04:32:18","slug":"what-were-tracking-on-15-april-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/what-were-tracking-on-15-april-2020\/","title":{"rendered":"What we\u2019re tracking on 15 April 2020"},"content":{"rendered":"

A gun battle with alleged terrorists in the capital city and the IMF\u2019s warning that we\u2019re <\/strong>heading into the worst thing since the Great Depression. <\/strong>That\u2019s how we start this next-to-last business day of the week, friends.<\/p>\n

One good thing: <\/strong>Egypt will be the only MENA economy to (just barely) grow this year, lender predicts. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n

Not enough for you? <\/strong>Scientists are pouring cold water on the notion of \u201cimmunity passports,\u201d saying it\u2019s still an open question whether survivors of covid-19 are really immune<\/a>. The two key things that need to be sorted out: \u201cHow long do antibodies to SARS-CoV-2 remain in the body, and for how long do they prevent reinfection, if at all?\u201d<\/p>\n

Oh, and the nice people at the New York Times\u2019 editorial board think the global crisis is going <\/strong>to get \u201c<\/strong>much, much worse<\/a><\/strong>\u201d <\/strong>\u2014 a piece that isn\u2019t off-base in its worries, and that includes the board\u2019s first gratuitous swipe at Egypt in a while (you know, just to round things out).<\/p>\n

That four-day long weekend? Can\u2019t come fast enough.<\/p>\n

(Frivolous, momentary antidote to the stuff above: <\/strong>The night shift here at Enterprise is solidly Team Dog. But after we posted to our Slack this , the day shift (which is apparently Team Cat) insists you should all know about the superiority of cats at navigating obstacles<\/a>.)<\/p>\n

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The outlook for markets today: <\/strong>Shares in Japan, China and Hong Kong opened the day in the red, with only South Korea bucking the trend. Futures point to a lower opening in the United States as well as in most European markets.<\/p>\n

The EGX30 closed up 1% yesterday<\/strong> in heavy trading, with shares worth EGP 1.5 bn changing hands, about 137% above the trailing 90-day average. The benchmark index is now down 25.1% for the year.<\/p>\n

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

<\/a> Egypt now has 2,350 confirmed cases of covid-19<\/strong> after the Health Ministry reported<\/a> 160 new infections yesterday, the highest daily report of new cases here since the outbreak began. The ministry also said that another 14 people had died from the virus, taking the death toll to 178. We now have a total of 683 cases that have since tested negative for the virus after being hospitalized, of whom 514 have fully recovered. Statistics show that we have 21 positive cases for each 1 mn Egyptians, while the death rate is two per 1 mn, which is a lower ratio than most European countries, Health Minister Hala Zayed said<\/a>.<\/p>\n

The Health Ministry has launched its <\/strong>Health of Egypt<\/strong> app for Android.<\/strong> The app can alert users if they are approaching a location where there was previously a covid-19 patient, according to a cabinet statement<\/a>. You can <\/strong>download the app here.<\/a><\/strong><\/p>\n

Authorities have sealed off a second village in Gharbia <\/strong>after 18 residents tested positive for covid-19 and one died. Saft Torab is just across the street from Al Hayatim, which was sealed off for two weeks last month, according to El Watan<\/a>.<\/p>\n

Egyptian research shows Avigan could be effective treatment for covid-19: <\/strong>Research conducted by Egypt\u2019s National Research Center is confirming suggestions that Japanese influenza med Avigan could be an effective treatment for the virus, director Mohamed Hashim said, according to Al Shoruouk<\/a>. Avigan is one of 70 meds the center has been testing for their impact on covid-19. Japanese Prime Minister Shinzo Abe has recently promoted<\/a> Avigan, which was produced by the conglomerate Fujifilm, as a treatment for the virus.<\/p>\n

Two workers tested positive for covid-19 at Lecico Egypt\u2019s ceramic factory in Borg Al <\/strong>Arab<\/strong>, prompting the company to close the facility for two weeks, according to a disclosure (pdf)<\/a>. The company has also asked staff employed at the facility to self-isolate at home for the two-week period until operations resume.<\/p>\n

Mwasalat Misr, the provider of <\/strong>higher end mass transport<\/a><\/strong>, is seeking financial support <\/strong>from the Public Transport Authority<\/strong>, saying that the nighttime curfew has pushed down demand for the company's bus services by 95%, CEO Hisham Taha said, according to the local press<\/a>. The company has also scaled back its operations to one shift per day instead of two, Taha said.<\/p>\n

Car dealerships have proposed that newly sold cars be issued with temporary <\/strong>commercial plates<\/strong> as the suspension on issuing licenses<\/a> hits the sector hard, Al Mal reports<\/a>.<\/p>\n

Work on the Grand Egyptian Museum is ongoing despite the covid-19 <\/strong>restrictions<\/strong>, cabinet said<\/a>. The museum was due to open at the end of this year, but President Abdel Fattah El Sisi earlier this month postponed its inauguration<\/a> to 2021 due to the pandemic.<\/p>\n

Hotel management companies chasing down receivables owed by local tour operators<\/strong>, having not received any payments since the end of December. Outstanding dues have by some estimates reached between EUR 500k and EUR 4 mn, according to sources operating in the Red Sea hospitality industry who spoke with the local press<\/a>.<\/p>\n

Falak Startups is offering EGP 1 mn in direct investments and technical support to <\/strong>help startups survive the crisis<\/strong>, according to Disrupt Africa<\/a>. The Egypt-based accelerator is prioritizing startups in the fields of e-health, fintech, logistics, 3D printing, remote work and ed-tech by providing advice on running their businesses, raising finance and marketing, in addition to the funding.<\/p>\n

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

State raising funds to support day laborers: <\/strong>The government has launched a new platform, Ahalena<\/a>, through which businesses and individuals can donate to support day laborers, according to a cabinet statement<\/a>. Donors will have the option of contributing funds online or via text.<\/p>\n

Orange Egypt set up full connectivity including 4G services to support patients and staff at a new 600-bed quarantine facility<\/strong> in cooperation with Ahl Misr Development Foundation, the company said in an emailed statement (pdf)<\/a>. The facility will be inaugurated in the coming days; Orange set up the entire connectivity project in less than 24 hours. Separately, Orange Egypt has enhanced connectivity at other covid-19 facilities to ensure that patients and medical staff can stay in contact with their families.<\/p>\n

Correction:<\/strong><\/span> An earlier version of this story incorrectly suggested Orange Egypt had converted one of its own buildings into a facility. It has in fact worked with Ahl Misr on an entirely separate building, not one owned by Orange Egypt. We regret the error.<\/em><\/p>\n

The Federation of Egyptian Industries\u2019 cereals division has donated EGP 1 mn<\/strong> to the Tahya Misr Fund, according to Ahram Gate<\/a>.<\/p>\n

Bank Audi Egypt has donated EGP 20 mn<\/strong> as part of the Federation of Egyptian Banks initiative to raise EGP 150 mn, according to Hapi Journal<\/a>.<\/p>\n

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

To re-open or not to re-open, that is the question: <\/strong>As some countries extend their lockdowns into May, others are (very) tentatively reopening their economies:<\/p>\n