{"id":570908,"date":"2020-04-22T04:26:14","date_gmt":"2020-04-22T04:26:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/what-were-tracking-on-22-april-2020\/"},"modified":"2020-04-22T04:26:14","modified_gmt":"2020-04-22T04:26:14","slug":"what-were-tracking-on-22-april-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/what-were-tracking-on-22-april-2020\/","title":{"rendered":"What we\u2019re tracking on 22 April 2020"},"content":{"rendered":"

Good morning, friends. We hope this shortened workweek is treating you well <\/strong>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 <\/em>decade, not the first year of a new one<\/a>. If we change our answer to 2021, does that mean we get a do-over?<\/p>\n

It\u2019s (probably) three days until Ramadan.<\/strong> Dar El Ifta will meet this evening to determine whether the holy month will begin tomorrow or on Friday based on its sighting of the moon. Lunar calendar calculations suggest Friday is the most likely first day of Ramadan. We were wrong yesterday in saying there would be no moon sighting: The sighting is still happening, but the traditional celebration that follows has been canceled due to covid-19.<\/p>\n

We should also know today whether the duration of the nighttime curfew will be <\/strong>extended<\/strong>, curtailed or left unchanged. Government officials have warned in the past two days that while they may make changes to curfew for Ramadan, it is not a given and claims on social media that it would run from 4pm through 6am were untrue.<\/p>\n

We should also know by tomorrow where we stand measures to contain the spread of <\/strong>covid-19<\/strong>, including the suspension of schools and flights.<\/p>\n

Markets today: <\/strong>The EGX30 ended Tuesday\u2019s session down 2.8% as indexes across the region fell slumped with the spreading oil crisis. Turnover was 36% above the 90-day trailing average, with EGP 864 mn-worth of shares changing hands during trading. Asian stocks are in the read across the board as we neared dispatch time this morning, though not sharply. Futures point to a mixed open in Europe and show US markets opening tepidly upward.<\/strong><\/p>\n

It\u2019s the 50th annual Earth Day today<\/strong>, and we\u2019re not alone in wondering why we can take action against a pandemic, but not against the destruction of our planet<\/a>. Earth Day was first marked on 22 April 1970, when mns across the globe took to the streets demanding governments take legislative action against toxic waste, pollution and a commitment to environmental protection, according to the United Nations<\/a>. Earthday.org<\/a> will be hosting live panel discussions and performances all day to help mark the event and provide concrete steps to take for more sustainable living.<\/p>\n

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

<\/a> Egypt now has 3,490 confirmed cases of covid-19<\/strong> after the Health Ministry reported<\/a> 157 new infections yesterday. The ministry also said that another 14 people had died from the virus, taking the death toll to 264. We now have a total of 1,181 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 870 have fully recovered.<\/p>\n

EgyptAir may be about to get an EGP 2-3 bn bailout <\/strong>to help shield the national flag carrier from the economic impact of covid-19, Al Masdar<\/a>reports, citing unnamed government officials. The funding could take the form of a loan at a preferential interest rate of 8%, the site claims.<\/p>\n

Domestic<\/strong> private airlines <\/strong>have also asked<\/a><\/strong> for government support<\/strong> and are waiting for news on hints that a package of measures might be in the works<\/a>. In the meantime, private operators are switching to cargo<\/strong> to help offset their losses after passenger planes were grounded last month, according to Al Mal<\/a>. The airlines are awaiting approvals from the Egyptian Civil Aviation Authority and aircraft manufacturers to repurpose their aircraft to haul goods. The International Air Transport Association had warned<\/a> that Egypt\u2019s airlines could lose as much as USD 1.6 bn in revenues, threatening up to 205k direct and indirect industry jobs in Egypt.<\/p>\n

NBE, Banque Misr want the EBRD to help shore up liquidity: <\/strong>The National Bank of Egypt and Banque Misr have submitted requests for credit from the European Bank for Reconstruction and Development (EBRD) to help shore up their liquidity positions, Al Mal reported yesterday<\/a>, citing informed sources. The two state-owned banks want to access the development bank\u2019s EUR 1 bn relief fund which would allow them to access up to EUR 100 mn each in emergency funds.<\/p>\n

[CORRECTION- 23 April: An earlier version of this story incorrectly said the EBRD's relief fund holds EUR 1 tn]<\/em><\/p>\n

South African insurance company Sanlam has pressed pause on <\/strong>plans<\/a><\/strong> to <\/strong>expand<\/a><\/strong> into<\/strong> Egypt <\/strong>following sales slumps in African markets, according to AfricaReport<\/a>. The company will be focused on maintaining current clients for the time being but Egypt, along with Ethiopia, remain \u201ccountries of interest,\u201d said Sanalam\u2019s CEO Heinie Werth.<\/p>\n

Egypt\u2019s electricity interconnection project with Saudi Arabia is on hold for now<\/strong>, with the Egyptian Electricity Transmission Company postponing for 60 days a tender for the construction of the interconnection power line, which was originally expected<\/a> to be signed in May, Afrik 21 reports<\/a>, without citing a source.<\/p>\n

Prime Minister Mostafa Madbouly is fast-tracking the release of overdue payments to<\/strong> contractors <\/strong>to help them pay their workers and spur construction work on national projects, according to a cabinet statement<\/a>.<\/p>\n

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