{"id":573422,"date":"2020-08-05T04:02:21","date_gmt":"2020-08-05T04:02:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/"},"modified":"2020-08-05T04:02:21","modified_gmt":"2020-08-05T04:02:21","slug":"what-were-tracking-on-5-august-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/","title":{"rendered":"What we\u2019re tracking on 5 August 2020"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The story of the morning isn\u2019t here in Egypt, but next door in Lebanon, where <\/strong><strong>Beirut is<\/strong> <strong>reeling from a massive explosion <\/strong>in the city\u2019s port yesterday that left at least 78 people dead and some 4,000 others injured. The blast (<a href=\"https:\/\/twitter.com\/RexChapman\/status\/1290740219092914177\">watch, runtime: 0:55<\/a>) was apparently caused by nearly 3k tonnes of ammonium nitrate, which Lebanese President Michel Aoun said were stored for six years at the port without proper safety measures.<\/p>\n<p><strong>Authorities have yet to confirm whether the explosion was an attack or an accident.<\/strong> There were also initial rumors that a separate explosion had targeted former Lebanese Prime Minister Saad Al Hariri. President Abdel Fattah El Sisi <a href=\"https:\/\/bit.ly\/31hTOJj\">extended his condolences<\/a> yesterday to Lebanon and the victims of the explosion.<\/p>\n<p><strong>The story is front-page news around the world this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/us-lebanon-security-blast\/massive-blast-rips-through-beirut-killing-78-and-injuring-thousands-idUSKCN25021M\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-04\/explosion-heard-near-downtown-beirut-lebanon?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/efb1426f-a80f-4b38-99c1-67a7a0823c4a\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/08\/04\/world\/middleeast\/beirut-explosion-blast.html?action=click&module=Top%20Stories&pgtype=Homepage\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/major-explosion-rocks-beirut\/2020\/08\/04\/53ff4dd6-d666-11ea-a788-2ce86ce81129_story.html\">Washington Post<\/a> | <a href=\"https:\/\/edition.cnn.com\/middleeast\/live-news\/lebanon-beirut-explosion-live-updates-dle-intl\/h_807745bc6eb3500beaa53f9b4ec63db9\">CNN<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/live\/2020\/aug\/04\/beirut-explosion-huge-blast-port-lebanon-capital\">the Guardian<\/a>.<\/p>\n<p><strong>The news couldn\u2019t have come at a worse time: <\/strong><strong>Lebanon was already buckling under the<\/strong> <strong>weight of political and economic turmoil<\/strong>, and is continuing to grapple with its covid-19 outbreak. The IMF looks likely to agree to a bailout that would give Lebanon only <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-28\/imf-bailout-may-be-half-what-lebanon-sought-when-aid-talks-began\">half of what the country needs<\/a> amid an \u201caccelerating economic collapse\u201d and the country\u2019s foreign minister <a href=\"https:\/\/www.thenational.ae\/world\/mena\/lebanon-s-foreign-minister-nassif-hitti-resigns-1.1058197\">resigned on Monday<\/a>, saying he \u201ccould not continue given the poor performance of the government.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>PMI data for Egypt<\/strong>, Saudi Arabia and the UAE is due this morning at around 6:15am CLT. The gauge is a proxy for how the economy is holding up amid strains caused by covid-19, including the pandemic-induced hit to tourism. Non-oil private sector business <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad826519-d107-4f0a-9f17-cdc6706e481b\">activity in Egypt started to stabilize in June after a nasty plunge in May<\/a> on the back of lockdown measures imposed by the Madbouly government to stem the spread of covid.<\/p>\n<p>Key news triggers coming up in the week ahead:<\/p>\n<ul>\n<li><strong>Foreign reserves figures for July<\/strong> should be out early next week.<\/li>\n<li><strong>Inflation data for July<\/strong> will land on or about, Monday, 10 August.<\/li>\n<li><strong>Senate elections will take place in Egypt on 11-12 August<\/strong>, while expats will vote on 9-10 August.<\/li>\n<li><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 13 August.<\/li>\n<\/ul>\n<p><strong>Gov\u2019t to hold talks on opening domestic natgas market to private sector: <\/strong>The Gas Market Regulatory Authority will soon begin discussing rules that will allow private sector companies to trade and transport natural gas in the domestic market, <a href=\"https:\/\/bit.ly\/3i2fIan\">Al Mal<\/a> reports, citing a senior government official.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Two things you may want to know about this morning:<\/strong><\/p>\n<p><strong>1- The wonderful Dame Minouche Shafik has been <\/strong><strong><a href=\"https:\/\/www.lse.ac.uk\/News\/Latest-news-from-LSE\/2020\/g-July-20\/Minouche-Shafik-nominated-for-peerage\">named<\/a><\/strong><strong> a member of the House of<\/strong> <strong>Lords <\/strong>as a \u201ccrossbench peer\u201d who sits without a declared political affiliation. Born in Egypt, Shafik leads the London School of Economics, was the youngest-ever vice president of the World Bank, and was a top candidate to head the Bank of England, where she was previously deputy governor. You can <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/25\/our-exclusive-sit-down-with-dame-nemat-minouche-shafik\/\">learn a bit more about Minouche<\/a> in our quick sit-down with her in March of last year.<\/p>\n<p><strong>2- Listed companies, brace yourselves for even more pointed questions<\/strong> from fund managers after a scandal at a UK retailer brought home the point that <strong>\u201cpseudo-scientific scoring systems are no substitute for thorough, time-consuming research\u201d on ESG<\/strong>, Sarah O\u2019Connor writes in the <a href=\"https:\/\/www.ft.com\/content\/48e02694-a54c-4cec-9af6-ada8b4955e20\">Financial Times<\/a>. Legwork and a deep reading of the local press are among the tools she recommends.<\/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\/39VVa0a\">confirmed<\/a><\/strong><strong> 24 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 4,912. Egypt has now disclosed a total of 94,752 confirmed cases of covid-19, after the ministry reported <strong>just 112 new infections yesterday \u2014 the lowest number since 19 April<\/strong>. We now have a total of 94,752 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 45,569 have fully recovered.<\/p>\n<p><strong>MAF sees 747% surge in online demand for groceries in Egypt since January:<\/strong> Carrefour\u2019s online demand for groceries from has been \u201csoaring\u201d in the Middle East since covid-19 hit, Majid Al Futtaim CEO Alain Bejjani told CNBC, adding that he expects the trend to continue post-pandemic (<a href=\"https:\/\/www.cnbc.com\/2020\/08\/04\/online-grocery-sales-soaring-in-the-middle-east-trend-may-continue.html\">watch, runtime: 03:03<\/a>). Saudi Arabia saw the biggest demand increase, surging 917% in the first six months of the year, while Egypt saw a 747% surge and UAE was up 257%. Average demand increase in the region was between 200% to 220%, he said.<\/p>\n<p><strong>ON THE GLOBAL FRONT-<\/strong><\/p>\n<p><strong>We better hope that people start taking to the skies for their vacations soon<\/strong>, because \u2014 if <a href=\"https:\/\/www.ft.com\/content\/2ddda9de-cd76-4969-a9dd-ce314fb6d38e\">FT columnist Rana Faroohar is correct<\/a> \u2014 the longer global tourism is in the crater the more likely it will cascade through the global economy, impacting everything from restaurants and real estate to manufacturing and finance.<\/p>\n<p><strong>The pandemic has led to the largest disruption of education in history<\/strong>, with over 1 bn students affected across more than 160 countries and at least 40 mn children having missed out on their pre-school year, UN Secretary-General Antonio Guterres said yesterday, according to the <a href=\"https:\/\/www.nytimes.com\/aponline\/2020\/08\/04\/world\/ap-un-virus-outbreak-education-impact.html\">Associated Press<\/a>. He warned that we now face \u201ca generational catastrophe that could waste untold human potential, undermine decades of progress, and exacerbate entrenched inequalities.\u201d<\/p>\n<p><strong>GLOBAL MACRO-<\/strong><\/p>\n<p><strong>Global remittances could fall by more than USD 100 bn this year<\/strong> under a worst-case scenario outlined by economists at the Asian Development Bank. Writing in <a href=\"https:\/\/blogs.adb.org\/blog\/tracking-covid-19-s-devastating-toll-asia-s-remittances\">a blog post<\/a> on Monday, James Villafuerte and Aiko Kikkawa Takenaka forecast a USD 108.6 bn drop in remittance flows in 2020 if the pandemic rumbles on throughout the year \u2014 an 18.3% drop from pre-covid expectations. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1caf2c84-825a-44dc-84e0-19e619e882ed\">Egypt got a boost from rising remittances<\/a> in the third quarter of the state\u2019s last fiscal year, but analysts expect figures will show Egyptians working abroad will have collectively sent back less money from March 2020 onward as economies the world over slowed down. Job losses in the GCC will present particular challenges to our economy, where remittances are one of the top sources of foreign exchange.<\/p>\n<p><strong>Gold prices broke the USD 2k \/ oz threshold on Tuesday after US lawmakers seemed <\/strong><strong>closer to agreeing on a new covid-19 stimulus package<\/strong>, <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/gold-soars-past-2000-gold-up-on-stimulus-plan-idUSKCN24Z2U4?il=0\">Reuters reports<\/a>. \u201cThe rally is understandable given that investors are looking for a broader range of risk-mitigating assets now that yields on government bonds are so low,\u201d markets sage Mohamed El-Erian said.<\/p>\n<p class='web-image stand-out-borderless' ><a href='https:\/\/somabay.com\/'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/somabay-aug1-1600px.jpg?ssl=1\" alt='enterprise'><\/a>Allow yourself the chance to recharge your inner batteries. Change your focus, energy, and take control. Reconnect with your inner self and let the renovation begin.<\/p>\n<p><strong>AND THE REST OF THE WORLD- <\/strong><\/p>\n<p><strong>The FT thinks that Egypt\u2019s candidate to lead the World Trade Organization lacks \u201cheft.\u201d <\/strong>The salmon-coloured paper zeroed in on candidates put forward by Nigeria and Kenya as the global trade body ambles toward the appointment of a new chief. The story names Nigeria\u2019s Ngozi Okonjo-Iweala and Kenya\u2019s Amina Mohamed as the \u201cfavourites\u201d for the job of secretary-general as the current boss steps down next month. Among the six candidates, \u201cEgypt\u2019s Hamid Mamdouh is <a href=\"https:\/\/www.ft.com\/content\/f4830e2b-df7b-474a-8104-6336992ca193\">regarded by most observers as having insufficient political heft<\/a>,\u201d writes the FT, which <a href=\"https:\/\/www.ft.com\/content\/7a6bba84-9277-4ce7-b996-073f90116cde\">previously dismissed Mamdouh as too much of a \u201ctechnocrat.\u201d<\/a><\/p>\n<p><strong>Chinese state media aren\u2019t mincing words over Trump\u2019s TikTok \u201csmash and grab\u201d:<\/strong> Chinese state media have called out a potential TikTok sale to Microsoft as \u201copen robbery,\u201d hinting that Beijing could seek retaliatory action against the US if an agreement is signed, <a href=\"https:\/\/www.cnbc.com\/2020\/08\/04\/tiktok-microsoft-deal-state-media-says-china-could-retaliate.html\">CNBC<\/a> reports. \u201cChina will by no means accept the \u2018theft\u2019 of a Chinese technology company, and it has plenty of ways to respond if the administration carries out its planned smash and grab,\u201d read an op-ed in state-backed newspaper China Daily, which stopped short of suggesting how Beijing might hit back.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Our dive into the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c91b2be4-e5fb-4204-a703-765a565b8b37\">El Sisi administration\u2019s plan<\/a> to fast-track the replacement of traditional gasoline-fired car engines with dual-fuel engines that primarily use natural gas continues this week with a look at the final node of the plan: the supply of dual-engine vehicles. For that, we turn our attention to the automotive industry, which has to supply them. We also explore alternatives to natgas, such EVs, and give our final verdict on the plan\u2019s feasibility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The story of the morning isn\u2019t here in Egypt, but next door in Lebanon, where Beirut is reeling from a massive explosion in the city\u2019s port yesterday that left at least 78 people dead and some 4,000 others injured. The blast (watch, runtime: 0:55) was apparently caused by nearly 3k tonnes of ammonium nitrate, which [&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":[298,1878,8934,271,107,199,73,72,655,7093,260,182,1896,1383,1778,527,185,127,219,392,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573422","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abu-dhabi","tag-antonio-guterres","tag-carrefour","tag-central-bank-of-egypt","tag-covid-19","tag-e-commerce","tag-education","tag-enterpriseam","tag-foreign-reserves","tag-gold","tag-goldman-sachs","tag-inflation","tag-majid-al-futtaim","tag-malaysia","tag-middle-east","tag-pandemic","tag-pmi","tag-politics","tag-saudi-arabia","tag-senate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8652216c-9937-4e32-a99d-632d13af0609","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[573420],"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 August 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\/08\/05\/what-were-tracking-on-5-august-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 August 2020\" \/>\n<meta property=\"og:description\" content=\"The story of the morning isn\u2019t here in Egypt, but next door in Lebanon, where Beirut is reeling from a massive explosion in the city\u2019s port yesterday that left at least 78 people dead and some 4,000 others injured. The blast (watch, runtime: 0:55) was apparently caused by nearly 3k tonnes of ammonium nitrate, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-05T04:02:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2020\/8\/somabay-aug1-1600px.jpg\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What we\u2019re tracking on 5 August 2020\",\"datePublished\":\"2020-08-05T04:02:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/\"},\"wordCount\":1366,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ent.news\/2020\/8\/somabay-aug1-1600px.jpg\",\"keywords\":[\"Abu Dhabi\",\"Antonio Guterres\",\"Carrefour\",\"Central Bank of Egypt\",\"covid-19\",\"e-commerce\",\"Education\",\"EnterpriseAM\",\"foreign reserves\",\"gold\",\"Goldman Sachs\",\"inflation\",\"Majid Al Futtaim\",\"Malaysia\",\"Middle East\",\"pandemic\",\"PMI\",\"politics\",\"Saudi Arabia\",\"Senate\",\"UAE\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/what-were-tracking-on-5-august-2020\/\",\"name\":\"What we\u2019re tracking on 5 August 2020 - 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Arab League Secretary-General Ahmed Aboul Gheit\u2019s meeting with Lebanese\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573516,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/lebanese-protesters-take-to-streets-occupy-govt-buildings-in-aftermath-of-blast\/","url_meta":{"origin":573422,"position":1},"title":"Lebanese protesters take to streets, occupy gov\u2019t buildings in aftermath of blast","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"Lebanese protesters took to the street yesterday in the aftermath of last week\u2019s explosion, which killed at least 158 people and has left the nation with USD 15 bn in damage to clean up in the capital. Prime Minister Hassan Diab called for early elections as police forces fired tear\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563885,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/najib-mikati-becomes-lebanese-pm-designate\/","url_meta":{"origin":573422,"position":2},"title":"Najib Mikati becomes Lebanese PM designate","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Lebanon has another PM-designate: Lebanese Sunni businessman Najib Mikati has been named the country\u2019s new prime minister-designate \u2014 the country\u2019s third since the Beirut port explosion last August \u2014 after winning a majority of parliamentary votes, according to Reuters. Mikati will now be tasked with forming a government able to\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650186,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/19\/what-were-tracking-this-week-197\/","url_meta":{"origin":573422,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"19 March 2017","format":false,"excerpt":"Janet Heckman, the EBRD\u2019s new boss for the SEMED region, will hold her first formal press conference this week. 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