{"id":572646,"date":"2020-07-05T04:00:55","date_gmt":"2020-07-05T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/what-were-tracking-on-5-june-2020\/"},"modified":"2020-07-05T04:00:55","modified_gmt":"2020-07-05T04:00:55","slug":"what-were-tracking-on-5-june-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/what-were-tracking-on-5-june-2020\/","title":{"rendered":"What we\u2019re tracking on 5 June 2020"},"content":{"rendered":"<p><strong>Good morning, friends. <\/strong>We hope all of you enjoyed the long weekend as much as we did. Only 18 days until your next three-day break: The anniversary of the 23 July Revolution \u2014 which is followed a week later by Eid Al Adha, suggesting that two-week period will be the true dog days of summer. Plan your escapes while the planning\u2019s good, folks.<\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>We\u2019re heading to the polls in August and September for Senate elections: <\/strong>The first elections for the newly reconstituted Senate will be held on 11-12 August, with Egyptians abroad voting on 9-10 August, the head of the National Elections Authority Lasheen Ibrahim announced in a televised press conference yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=ZBWcGmM2tiI\">watch, runtime: 18:05<\/a>). The results will be published in the Official Gazette on August 19. Run-offs will be held 8-9 September, with expats voting 6-7 September. The nominations period runs July 11-18. The <a href=\"https:\/\/apnews.com\/631dbd1777609974179474bf39d23059\">Associated Press<\/a> and <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2EB059\">Reuters<\/a> both took note of the story.<\/p>\n<p><strong>The nation\u2019s 300 senators will have five-year terms in office<\/strong>, with one-third elected on a list system, one third running as individuals and the remaining 100 appointed by the presidency. Ten percent of seats are reserved for women.<\/p>\n<p><strong>Expect to go back to the polls yet again toward the end of the year <\/strong>to elect the next House of Representatives. The current House \u2014 due to head on summer break any time now \u2014 will reconvene a final time this fall for a truncated session.<\/p>\n<p><strong>The Senate election was called two days after President Abdel Fattah<\/strong> <strong><a href=\"https:\/\/bit.ly\/3itEaSS\">El Sisi ratified<\/a><\/strong> <strong>a <\/strong><strong>handful of laws regulating general elections<\/strong> \u2014 including a law on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1246789-057f-4d4a-be70-70c8a2d77f0a\">parliamentary elections<\/a> and another <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fca63ac-90ed-4b4c-921a-f19789d9498e\">to bring back the Senate<\/a> as the country\u2019s upper house of parliament.<\/p>\n<p><strong>Another busy day in the House ahead of summer recess:<\/strong> The Planning and Budgeting Committee will continue discussing the Unified Tax Act, the Arab Affairs Committee will discuss the charter to set up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b480088-4127-4efb-bec3-28edeaff6562\">the Council of Arab African States<\/a> (which will oversee maritime laws for nations along the Red Sea and Gulf of Aden), and an agreement with the Canadian government regarding the economic empowerment of women, the <a href=\"https:\/\/alborsaanews.com\/2020\/07\/04\/1363156\">local press<\/a> reports. Ahram Online has an expanded rundown on <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/373606\/Egypt\/Politics-\/Egypts-parliament-to-discuss-new-financial-laws-Su.aspx\">what you can expect from the House today through Tuesday<\/a>.<\/p>\n<p><strong>GERD talks continue today<\/strong>, mediated by the African Union. There were no breakthroughs yesterday.<\/p>\n<p><strong>The government\u2019s fuel pricing committee is set to meet in \u201ca matter of days\u201d<\/strong> to determine gas prices for the next three months, according to <a href=\"https:\/\/bit.ly\/2W2l259\">Hapi Journal<\/a>. The committee cut prices on all grades of gasoline by 0.25 EGP at its last meeting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fe48ff8-9e18-473d-a0b4-b14d60ee993a\">in April<\/a>.<\/p>\n<p><strong>News triggers coming up over the next few days:<\/strong><\/p>\n<ul>\n<li><strong>The purchasing managers\u2019 index <\/strong>for June is due to land tomorrow morning.<\/li>\n<li><strong>Foreign reserves figures<\/strong> for June should be out sometime this week.<\/li>\n<li><strong>Inflation data <\/strong>for June will land Thursday, 9 July.<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><strong>A record number of our readers now seem to be taking three-day weekends<\/strong>, judging from \u201cout-of-office\u201d replies we\u2019re getting on Thursdays and Sundays \u2014 good on you. While you\u2019re on a break, consider:<\/p>\n<p><strong>A workout for your brain:<\/strong> Is there such a thing as inclusive capitalism? Martin Sandblu at the Financial Times is out with <a href=\"https:\/\/www.ft.com\/content\/a22d4215-0619-4ad2-9054-3a0765f64620\">The everyone economy: how to make capitalism work for all<\/a>, arguing that \u201cafter four decades of rising inequality, the Covid crisis is a chance to change the rules.\u201d<\/p>\n<p><strong>A workout for your body: <\/strong>The NYT\u2019s inimitable Jane Brody has something for everyone \u2014 whether you\u2019ve packed on the kgs during covid or you\u2019ve physically become one with the couch since March. Whether you\u2019re on WFH, heading to Sahel or waiting to see whether it\u2019s safe to head to the club, read <a href=\"https:\/\/www.nytimes.com\/2020\/07\/02\/well\/move\/the-well-summer-workout-challenge.html?action=click&module=Top%20Stories&pgtype=Homepage&contentCollection=AtHome&package_index=0\">The Well summer workout challenge and get moving<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>COVID-19 IN EGYPT-<\/strong><\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2YZGPw8\">confirmed<\/a><\/strong><strong> 79 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 3,280. Egypt has now disclosed a total of 74,035 confirmed cases of covid-19, after the ministry reported <strong>1,324 new infections yesterday<\/strong>. We now have a total of 20,103 cases who have fully recovered.<\/p>\n<p><strong>Airports have been busy since the resumption of regularly scheduled commercial flights <\/strong><strong>last week:<\/strong> Flights from countries including the UK, Italy, Belgium, and Lebanon carrying thousands of tourists and nationals landed in Cairo International Airport on <a href=\"https:\/\/bit.ly\/31N9Lcn\">Thursday<\/a>, <a href=\"https:\/\/bit.ly\/3gtMsIT\">Friday<\/a>, and <a href=\"https:\/\/bit.ly\/3iEuc1k\">Saturday<\/a>. Charter flights from <a href=\"https:\/\/bit.ly\/3gnmVkv\">Ukraine<\/a>, <a href=\"https:\/\/bit.ly\/2C88dz6\">Belarus, and Luxembourg<\/a> landed in Hurghada yesterday, reports <a href=\"https:\/\/bit.ly\/2DabMVR\">Youm7<\/a>. On Thursday, tourists from Switzerland, Belarus, and Ukraine arrived in Sharm El Sheikh and Hurghada, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1645119648999727?__tn__=-R\">a cabinet statement<\/a>. The Madbouly Cabinet decided to reopen Egypt\u2019s airspace <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93bd7150-7431-4ce9-b11c-a515f2a55702\">as of Thursday<\/a> after nearly four months.<\/p>\n<p><strong>Inbound EgyptAir flights are flying at more than 90% capacity<\/strong>, while 70-75% of seats are booked for outgoing flights, the national flag carrier\u2019s chairman Roshdy Zakaria said on Wednesday (<a href=\"https:\/\/www.youtube.com\/watch?v=uZsRmaHuWM8\">watch, runtime: 07:20<\/a>).<\/p>\n<p><strong>China\u2019s aviation authority has suspended Sichuan Airlines\u2019 Cairo-Chengdu route for a <\/strong><strong>week<\/strong> starting 6 July, after six passengers arriving from Egypt tested positive for covid-19, reports <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFB9N2D804P\">Reuters<\/a>.<\/p>\n<p><strong>Egypt could lose out on more than 3% of its GDP<\/strong> \u2014 equivalent to USD 7.7 bn \u2014 <strong>if <\/strong><strong>international tourism<\/strong><strong> remains at a standstill for four months<\/strong>, according to <a href=\"https:\/\/unctad.org\/en\/PublicationsLibrary\/ditcinf2020d3_en.pdf\">a report (pdf)<\/a> from the United Nations Conference on Trade and Development (UNCTAD). This is the most optimistic scenario put forward by the UN body: Under the \u2018intermediate\u2019 scenario where tourism dries up for eight months, Egypt would lose around 6% of GDP (USD 15.3 bn) while in the doomsday scenario that tourism is suspended for an entire year the Egyptian economy would lose 9% (USD 22.9 bn).<\/p>\n<p><strong>Even in the most optimistic scenario, the global figures are staggering:<\/strong> The report says the global tourism industry stands to lose at least USD 1.2 tn \u2014 equivalent to 1.5% of global GDP \u2014 after a four-month pause in tourism activity. These losses could increase to USD 2.2 tn (2.8% of global GDP) if international tourism remains on hold for eight months.<\/p>\n<p><strong>Al-Hussein Mosque near Khan El Khalili has been closed until further notice<\/strong> after worshipers failed to abide health and safety guidelines during prayers, according to <a href=\"http:\/\/ar.awkafonline.com\/?p=98274\">an Awqaf Ministry statement<\/a>.<\/p>\n<p><strong>The Egyptian Drug Authority will permit pharmacos to export provided the needs of the <\/strong><strong>domestic market are met for the coming six months, <\/strong>according to a cabinet <a href=\"https:\/\/bit.ly\/3iyOJUL\">statement<\/a>. Spokesman Ali El Ghamrawy said companies exported EGP 30 mn of products during March and April, a 10% increase compared to the same period last year.<\/p>\n<p><strong>DONATIONS- <\/strong><\/p>\n<p>Star striker and newly-crowned <strong>Premier League champ Mohamed Salah<\/strong> has donated GBP 30k to build an ambulance station in Nagrig, his native village in Gharbia, according to <a href=\"https:\/\/www.dailymail.co.uk\/sport\/football\/article-8488237\/Liverpool-ace-Mohamed-Salah-donates-30-000-build-new-ambulance-centre-hometown-Egypt.html\">the Daily Mail<\/a>.<\/p>\n<p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/Somabay-July5-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>ON THE GLOBAL FRONT-<\/strong><\/p>\n<p><strong>Globally, the pandemic continues to accelerate:<\/strong><\/p>\n<ul>\n<li><strong>Global single-day infections at record high:<\/strong> A record 212,326 cases were reported globally in a single day yesterday, according to <a href=\"https:\/\/www.who.int\/docs\/default-source\/coronaviruse\/situation-reports\/20200704-covid-19-sitrep-166.pdf?sfvrsn=6247972_2\">WHO figures (pdf)<\/a>.<\/li>\n<li><strong>Total confirmed cases surpassed 11 mn on Friday,<\/strong> just five days after hitting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52162ee8-2ee1-4b8b-a9af-69695ac9b6a0\">the 10 mn mark<\/a>, Johns Hopkins data showed.<\/li>\n<li><strong>The US again posted a new record of <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/world\/2020\/jul\/03\/coronavirus-us-daily-case-increase-fauci-trump\">more than 55k cases<\/a><\/strong><strong> on Thursday<\/strong> as the outbreaks in Florida, Texas, California and Arizona continue to intensify. Another 45k cases were reported on Saturday.<\/li>\n<li><strong>India <\/strong><strong><a href=\"http:\/\/uk.reuters.com\/article\/us-health-coronavirus-india\/india-coronavirus-cases-hit-record-high-amid-monsoon-rains-idUKKCN24508G\">reported<\/a><\/strong><strong> a record number<\/strong> of daily infections yesterday at more than 22k.<\/li>\n<\/ul>\n<p><strong>UAE residents and citizens are now allowed to resume international travel<\/strong>, according to state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395302852943\">WAM<\/a>. All local and international airlines \u201cwill operate their flights according to a classification system, based on several health and safety standards.\u201d<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-04\/a-10-trillion-rally-hinges-on-earnings-nobody-has-a-clue-about?srnd=premium&sref=mmeFTDW1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/EarningsQ22020-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>GLOBAL MACRO-<\/strong><\/p>\n<p><strong>Investors to start pushing for answers as companies continue to keep quiet on guidance:<\/strong> US stocks have just delivered their best quarter in more than two decades despite the coming earnings season shaping up to be historic in its awfulness. Just how awful, we\u2019re not quite sure as the vast majority of companies have refused to provide earnings guidance over the past three months. Maintaining the current rally \u2014 which has seen the S&P 500 surge 24% over the past three months, adding USD 10 tn in share value \u2014 might soon require companies to be more up-front with their earnings guidance for the remainder of the year. <strong>\u201cInvestors are going to start demanding a little bit more clarity \u2014 whether it\u2019s good or bad<\/strong>, they just want to know,\u201d said David Lebovitz, a strategist at JPMorgan Asset Management.<\/p>\n<p><strong>The emerging market debt market is expected to continue to perform in the second half <\/strong><strong>of the year<\/strong> as worries of an oversupply of issuers have eased after Ukraine called off a USD 1.75 bn debt issuance following the resignation of a senior official, reports <a href=\"https:\/\/www.reuters.com\/article\/emerging-debt-issue\/emerging-market-debt-rush-set-to-run-despite-ukraine-u-turn-idUSL8N2E944V\">Reuters<\/a>. Still, \u201cthe [debt] market is still concerned about the fundamentals and the outlook for some of the riskier names,\u201d with Egypt\u2019s recent issuance not turning out a stellar performance and issuances from Belarus and Albania trending sideways since launch, a pundit on the fixed-income emerging markets desk at Vanguard is quoted as saying.<\/p>\n<p><strong>The recovery many had penciled in for the US economy in 3Q2020 is looking more <\/strong><strong>unlikely<\/strong> as the reopening of several states appears to have been premature and unsustainable, Allianz economic advisor Mohamed El Erian writes for <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2020-06-30\/covid-19-sunny-third-quarter-economic-outlook-turns-cloudier?srnd=economics-vp&sref=mmeFTDW1\">Bloomberg Opinion<\/a>. The risk the economy runs now is that short-term issues become \u201cstructurally embedded\u201d as several relief measures and packages set to expire soon while the fallout from the pandemic has yet to be reversed. \u201cThe answer is not to roll back health measures aimed at regaining control of what is a worrisome acceleration of infections. Rather, it is to ensure changes in behavior and policy that allow for healthier and sustainable economic reopenings during this tricky period,\u201d El Erian says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. We hope all of you enjoyed the long weekend as much as we did. Only 18 days until your next three-day break: The anniversary of the 23 July Revolution \u2014 which is followed a week later by Eid Al Adha, suggesting that two-week period will be the true dog days of summer. [&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":[528,116,107,7106,880,424,115,72,348,505,180,4267,527,427,127,392,954,238,2507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572646","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-aviation","tag-china","tag-covid-19","tag-debt","tag-egyptair","tag-egyptian-drug-authority","tag-emerging-markets","tag-enterpriseam","tag-gdp","tag-hurghada","tag-legislation","tag-national-elections-authority","tag-pandemic","tag-pharma","tag-politics","tag-senate","tag-sharm-el-sheikh","tag-tourism","tag-unctad","wpautop","entry"],"acf":{"mongo_id":"53980fab-ea12-458f-b4ae-d0f0f8e061d4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[572644],"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 5 June 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\/07\/05\/what-were-tracking-on-5-june-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 5 June 2020\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. We hope all of you enjoyed the long weekend as much as we did. Only 18 days until your next three-day break: The anniversary of the 23 July Revolution \u2014 which is followed a week later by Eid Al Adha, suggesting that two-week period will be the true dog days of summer. 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We hope all of you enjoyed the long weekend as much as we did. Only 18 days until your next three-day break: The anniversary of the 23 July Revolution \u2014 which is followed a week later by Eid Al Adha, suggesting that two-week period will be the true dog days of summer. 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The confirmed senators cover all 100 seats allotted to party members in the 300-member chamber\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574030,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/egypts-talk-shows-uptick-in-covid-19-cases-fines-for-flunking-university-skirting-senate-elections\/","url_meta":{"origin":572646,"position":1},"title":"Egypt\u2019s talk shows: Uptick in covid-19 cases, fines for flunking university + skirting Senate elections","author":"enterpriseam admin","date":"27 August 2020","format":false,"excerpt":"It was a mixed bag of nuts on the airwaves last night, with Ala Mas\u2019ouleety\u2019s Ahmed Moussa covering everything from potential fines to those who didn\u2019t vote in this month\u2019s Senate elections to the recent uptick in covid-19 infections. 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