{"id":574028,"date":"2020-08-27T04:16:34","date_gmt":"2020-08-27T04:16:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/what-were-tracking-on-wednesday-26-august-2020\/"},"modified":"2020-08-27T04:16:34","modified_gmt":"2020-08-27T04:16:34","slug":"what-were-tracking-on-wednesday-26-august-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/what-were-tracking-on-wednesday-26-august-2020\/","title":{"rendered":"What we\u2019re tracking on Wednesday, 26 August 2020"},"content":{"rendered":"

Good morning, wonderful people \u2014 we have another packed issue this morning <\/strong>as we prepare to head into the weekend.<\/p>\n

<\/a> The big story of the day: Cabinet is warning that we all need to take seriously the <\/strong>prospect of a second wave <\/strong>of covid-19. The warning comes as the Health Ministry reported<\/a> 206 new covid-19 infections yesterday, up from 141 the day before. New cases had hit a low of 89 this past Sunday. The ministry also reported 19 new deaths, bringing the country\u2019s total death toll to 5,317.<\/p>\n

Both Prime Minister Moustafa Madbouly and Health Minister Hala Zayed sounded the <\/strong>warning bell again yesterday<\/strong>, saying we\u2019re at risk of another wave as citizens ignore social distancing measures, according to a government statement<\/a>. The PM warned of strict punishments<\/strong> for people who violate measures designed to prevent the spread of covid, including mandatory masking public transportation and inside most buildings<\/strong>. Zayed \u2014 who earlier this month<\/a> ordered isolation facilities to reopen in anticipation of a second wave \u2014 warned against a false sense of security.<\/p>\n

What will education look like against that backdrop? <\/strong>A number of association-owned schools are already back in session, with a blend of on-campus and remote learning on the menu, but that\u2019s still an open question for schools regulated by the Education Ministry. Families with kids in private and public schools will get a sense in the next week or so of what the academic year will look like<\/strong> as Education Minister Tarek Shawki said yesterday<\/a> that he\u2019ll be releasing a comprehensive plan in the first week of September.<\/p>\n

Don\u2019t trust what\u2019s been reported so far, Shawki says:<\/strong> There\u2019s been plenty of speculation about how online platforms, private tutoring, continuing education, private schools and tuitions will pan out this coming year; much of what you\u2019ve heard is wrong, he suggested.<\/p>\n

\n

Chinese will play a role in Egypt\u2019s tourism revival -UNWTO head:<\/strong> Once covid-19 safety precautions are eased, tourists from China will pour back into the country and help boost Egypt\u2019s tourism sector, UNWTO Secretary-General Zurab Pololikashvili told Xinhua<\/a>. Safety measures are weighing down tourism from both sides as Chinese visitors are required to quarantine for two weeks upon their return to China while Egypt recently<\/a> required inbound tourists to present a PCR test on arrival. Hospitals in Beijing are currently clear of<\/strong> covid-19 cases <\/strong>after the last two patients left care on Tuesday, Xinhua<\/a> reports.<\/p>\n

Tourism has been staging a comeback, with 126k tourists visiting the country since<\/strong> inbound tourism was allowed on 1 July<\/strong> and both charter and scheduled flights are back<\/a>. We\u2019re apparently getting a steady stream of inquiries from tourists from Japan, Italy, France, Belgium, and the Netherlands on visiting Luxor and Aswan, who will reopen for tourism on 1 September.<\/p>\n

\n

COVID-19 AROUND THE WORLD-<\/strong><\/p>\n

Even though new covid-19 cases are at a four-month high<\/strong>, Spain is unlikely to go into <\/strong>lockdown again<\/strong>, with Prime Minister Pedro Sanchez saying doing so would \u201ccripple the economy\u201d again, according to Bloomberg<\/a>. Evidence is now suggesting<\/a> that lockdowns may be an \u201coverly blunt and economically costly tool\u201d that causes more damage than it\u2019s worth with the better approach being imposing strict precautionary measures.<\/p>\n

After being largely covid-free for months, <\/strong>Gaza is in lockdown after the detection of <\/strong>multiple<\/strong> virus cases across the territory<\/strong>, according to Reuters<\/a>. Health authorities in the blockaded territory are concerned that the combination of poverty, a large population, and limited health facilities could prove disastrous in the case of a wide scale covid-19 outbreak.<\/p>\n

The developing world\u2019s bootstrap covid-19 vaccine dash: <\/strong>Developing countries concerned they will be at the tail-end of recipients of an internationally developed covid-19 vaccine are working on developing their own vaccines, according to Bloomberg<\/a>. These countries were stung before during the 2009 swine flu outbreak and the 2006 rotavirus spread, when vaccines were mostly distributed to wealthy countries and those that managed to reach developing nations were less effective. WHO data suggests that 170 countries are currently working on a vaccine.<\/p>\n

Egypt is among those developing an inhouse vaccine, while also keeping an eye on<\/strong> international shots.<\/strong> Our vaccine, which has been in development since March<\/a>, is now in the third stage of clinical trials. Authorities are also in talks with six international manufacturers, and could manufacture Russia\u2019s Sputnik V vaccine locally<\/a>.<\/p>\n

\"enterprise\"<\/a>For the first time in the Red Sea, Somabay launches the newest destination app which provides fully fledged integrated services (available here<\/a> for iOS users and here<\/a> for Android) in line with supporting the company\u2019s plans for digitizing hotel guests\u2019 experiences using trending technologies.<\/p>\n

SIGN OF THE TIMES #1- The annual gathering of central bankers at Jackson Hole kicks <\/strong>off today \u201cin a completely virtual format\u201d<\/strong> for the first time in its near-30-year history. Policymakers are expected to discuss what more they can do to stimulate the global economy, even as most have exhausted much of their arsenals of monetary tools, the Financial Times<\/a> notes. All eyes will be on US Fed Chair Jerome Powell in particular, who is expected to lay out today a plan to reverse the Fed\u2019s policies in a bid to drive up inflation and allow unemployment to fall as low as possible, MarketWatch<\/a> says.<\/p>\n

SIGN OF THE TIMES #2- The 2021 World Economic Forum in Davos has been postponed <\/strong>from late January to some time \u201cearly next summer,\u201d the WEF said in a statement<\/a> yesterday. The dates have yet to be announced. On 25 January 2021, the group will instead hold a digital-only \u201cDavos Dialogue\u201d in which \u201ckey global leaders will share their views on the state of the world in 2021.\u201d<\/p>\n

<\/a> Planet Finance is growing weary of commercial real estate: <\/strong>Brookfield Property Partners, Starwood Capital Group, Colony Capital, and Blackstone Group are just a few names of investors that have recently been leaving behind major commercial mortgage backed securities (CMBS), or conduit loans they had taken out from lenders. Despite walking away from their obligations, these players are still managing to raise bns from investors for future prospects, an opening that Bloomberg\u2019s John Gittelsohn<\/a> says was made possible by the pandemic. It seems the crisis has allowed investors to dump losing prospects with reputations largely intact. They can simply give the underlying properties back to lenders with little or no pain.<\/p>\n

Nothing suffered from the crisis more than hotels and malls, <\/strong>according to Gittelsohn. The amount of hotel and retail debt turned over to so-called special servicers \u2014 third parties that handles payments and is a go-between the lender and borrower \u2014 is at the highest level since 2010, according to industry tracker Trepp.<\/p>\n

MUST READ FOR FINANCE NERDS- Hedgies are making a killing shorting malls in what\u2019s <\/strong>being called <\/strong>The Big Short 2.0<\/a><\/strong>.<\/strong> Among those in on the action: The icon known as Carl Icahn.<\/p>\n

\n

Beware that bargain-basement phone: Low-cost Chinese phones with pre-installed <\/strong>malware were sold in Egypt<\/strong> and other African countries, secretly signing up users to costly subscription services without their permission, according to Athens-based anti-fraud firm Upstream<\/a>, a portfolio company<\/a> of our friends at EM-focused private equity giant Actis. Tecno<\/a>-branded smartphones, manufactured by Transsion, retailed at roughly USD 30 and have proved popular in low-income households across the continent, according to the BBC<\/a>. Transsion told Buzzfeed<\/a> the malware was installed in the supply chain without its knowledge.<\/p>\n

You know who\u2019s selling a lot of phones? Tim Cook. <\/strong>Apple\u2019s iPhone sales were down just 0.4% in 2Q2020 despite the pandemic, CNBC<\/a> reports. The wider industry was down 20%, according to research provider Gartner, while rival Samsung saw sales collapse by 27.1% y-o-y.<\/p>\n

\n

BRIEFLY NOTED-<\/strong><\/p>\n

Our friends at CIB took home an award from African Banker magazine for the Best <\/strong>Regional Bank<\/strong> in North Africa, according to the magazine\u2019s full list<\/a> of 2020 winners.<\/p>\n

Giles Baynham, a non-executive director at Egypt-focused gold miner Aton Resources, <\/strong>has passed away<\/strong> \u201cdue to unexpectedly severe complications from a recent illness,\u201d Aton said in a statement yesterday (pdf)<\/a>. Baynham joined the company\u2019s board in 2010.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people \u2014 we have another packed issue this morning as we prepare to head into the weekend. The big story of the day: Cabinet is warning that we all need to take seriously the prospect of a second wave of covid-19. The warning comes as the Health Ministry reported 206 new covid-19 […]<\/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":[184,394,116,107,168,72,89,3622,127,320,238,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574028","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-apple","tag-aramco","tag-china","tag-covid-19","tag-diplomacy","tag-enterpriseam","tag-israel","tag-jared-kushner","tag-politics","tag-security","tag-tourism","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b823d6fa-6b79-4bd5-bac6-3308f30ed174","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574026],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on Wednesday, 26 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\/27\/what-were-tracking-on-wednesday-26-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 Wednesday, 26 August 2020\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people \u2014 we have another packed issue this morning as we prepare to head into the weekend. 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Whether the country experiences a new resurgence of cases later this year depends on how many of the public sign up\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561120,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/did-you-need-a-reminder-that-covid-19-cases-could-spike-in-ramadan\/","url_meta":{"origin":574028,"position":1},"title":"Did you need a reminder that covid-19 cases could spike in Ramadan?","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"The prospect of a third wave of covid-19 is looming: Prime Minister Moustafa Madbouly joined President Abdel Fattah El Sisi in warning of possible increases in covid-19 cases during Ramadan during the weekly cabinet meeting yesterday.The Health Ministry reported 641 new covid-19 infections yesterday, down from 648 the day before.\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558634,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/govt-says-fourth-wave-incoming-opens-new-vaccination-centers\/","url_meta":{"origin":574028,"position":2},"title":"Gov\u2019t says fourth wave incoming, opens new vaccination centers","author":"enterpriseam admin","date":"19 August 2021","format":false,"excerpt":"The fourth wave of the pandemic is expected to accelerate in September amid the reopening of schools, the return of holidaymakers, as well as the prospective return of employees to working from the office, Noha Assem, and advisor to the health minister, told Extra News (watch, runtime: 9:17) last night.\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561790,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/covid-19-data-tracking-with-china\/","url_meta":{"origin":574028,"position":3},"title":"Covid-19 data tracking with China?","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Are Cairo and Beijing setting up their own mini covid passport system? Egypt and China could share travelers\u2019 covid-19 medical records with each other through a QR code-based system that would include their PCR and antibody test results, as well as their vaccination status, Health Minister Hala Zayed and Chinese\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561362,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/stricter-covid-measures-could-be-coming-to-a-street-near-you-just-in-time-for-ramadan\/","url_meta":{"origin":574028,"position":4},"title":"Stricter covid measures could be coming to a street near you (just in time for Ramadan)","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"Egypt could impose stricter measures in April and May to combat a third wave of covid-19 if the public doesn\u2019t adhere to precautionary rules, government sources told Al Shorouk. 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