{"id":574335,"date":"2020-09-07T04:03:55","date_gmt":"2020-09-07T04:03:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/07\/what-were-tracking-on-monday-7-september-2020\/"},"modified":"2020-09-07T04:03:55","modified_gmt":"2020-09-07T04:03:55","slug":"what-were-tracking-on-monday-7-september-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/07\/what-were-tracking-on-monday-7-september-2020\/","title":{"rendered":"What we\u2019re tracking on Monday, 7 September 2020"},"content":{"rendered":"<p><strong>The EGX30 closed yesterday in the red in the first session since last week\u2019s selloff on Wall Street<\/strong><strong>:<\/strong> The index lost 1% during trading yesterday, continuing a poor run of form that has seen it finishing in the red for six consecutive sessions. Trading was moderate, with EGP 1 bn-worth of shares changing hands (about 8% below the trailing 90-day average). The EGX is now one of the worst performing indexes in the region this year, currently down 20.7% year-to-date.<\/p>\n<p><strong>Emerging markets have been feeling the heat of last week\u2019s selloff<\/strong>, with the MSCI emerging markets index falling 2%, the biggest weekly decline since April, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-06\/israeli-shares-extend-drop-ahead-of-decision-on-virus-lockdown?sref=mmeFTDW1\">Bloomberg<\/a>. Exchanges in the Gulf Cooperation Council countries weren\u2019t helped by Friday\u2019s slide in oil prices \u2014 the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-03\/oil-extends-biggest-weekly-drop-since-june-as-demand-woes-return?sref=mmeFTDW1\">biggest weekly fall since June<\/a> \u2014 as Dubai\u2019s key index fell 1.1%, Qatar\u2019s index lost 1.2%, shares in Abu Dhabi dropped 0.6%, and the Saudi Tadawul ended marginally down 0.3%. The US\u2019s biggest indices <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3eee3536-dce6-4332-923d-5ff1d6a4927b\">fell at the tail end of last week<\/a>, with Nasdaq closing down 3.3% for the week on Friday \u2014 its worst single-week performance since March. Tech shares led the selloff in the US.<\/p>\n<p><strong>Asian markets were marginally in the <\/strong><strong>green at the time of dispatch this morning<\/strong>, while futures suggested a mixed open in Europe when the opening bell rings. US markets are closed today for Labor Day.<\/p>\n<p><strong>The US tech industry\u2019s 10 wealthiest people have seen their collective net worth <\/strong><strong>drop <\/strong><strong>USD 44 bn since Thursday <\/strong>as stocks plunged, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-03\/bezos-musk-lead-tech-wealth-retreat-as-44-billion-evaporates\">Bloomberg<\/a>. Amazon\u2019s Jeff Bezos and Tesla\u2019s Elon Musk \u2014 two people who have seen their net worth balloon during the pandemic \u2014 were the biggest losers, seeing their fortunes fall by USD 9 bn and USD 8.5 bn respectively.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Be on the lookout for foreign reserves figures today<\/strong> and inflation data on Thursday.<\/p>\n<p><strong>We\u2019re heading back to the polls tomorrow <\/strong>to elect 26 seats in a runoff for the Senate.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>The <\/strong><strong>Health Ministry<\/strong> <strong><a href=\"https:\/\/bit.ly\/324tdRG\">reported<\/a><\/strong><strong> 151 new covid-19 infections yesterday<\/strong>, up from 130 the day before. Egypt has now disclosed a total of 99,863 confirmed cases of covid-19. The ministry also reported 19 new deaths, bringing the country\u2019s total death toll to 5,530. We now have a total of 78,108 confirmed cases that have fully recovered.<\/p>\n<p><strong>Flights to Cairo from Moscow will restart in mid-September following a six-month <\/strong><strong>hiatus<\/strong><strong>, <\/strong>flag carrier EgyptAir said in a statement carried by the local press (<a href=\"https:\/\/bit.ly\/3h6vOih\">Al Mal<\/a> | <a href=\"https:\/\/bit.ly\/3i3adZi\">Masrawy<\/a>). The statement follows <a href=\"https:\/\/enterprise.press\/#what-were-tracking-today\">an agreement<\/a> signed with Russian Prime Minister Mikhail Mishustin last week that will see the three weekly trips between Cairo and Russia. Flights will be operated by EgyptAir and Russian flag carrier Aeroflot.<\/p>\n<p><strong>Direct flights to Malta could also resume soon:<\/strong> The restoration of flights between Egypt and Malta was high on the agenda in a meeting between Foreign Minister Sameh Shoukry and his Maltese counterpart Evarist Bartolo yesterday, a Foreign Ministry spokesperson said in <a href=\"https:\/\/bit.ly\/35i98cq\">a statement<\/a>. Shoukry and Bartolo also discussed the situation in Libya and migration across the Mediterranean, the statement said.<\/p>\n<p><strong>The pandemic has seen Europe experience its worst summer tourism season in <\/strong><strong>recent history, and it doesn\u2019t look like it\u2019s going to get better this fall,<\/strong> the <a href=\"https:\/\/apnews.com\/fb7c50340a69f586dfb62835f23ef489\">Associated Press<\/a> reports. \u201cRevenue losses during the first half of 2020 for hotels, restaurants, tour operators, long distance train operators and airlines were roughly 85-90%,\u201d the European Commission said, adding that bookings for September and October are \u201cabnormally low.\u201d<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>KUDOS- <\/strong><strong>Our friends at CIB have won the most nominations of any issuer in Institutional <\/strong><strong>Investor\u2019s <\/strong><strong>2020 Middle East Investor Relations Awards<\/strong> presented with the Middle East Investor Relations Society. <strong>CIB is nominated for the best overall IR program in the Middle East<\/strong> and got a nod in the same category for Egypt. Meanwhile, <strong>CEO Hussein Abaza <\/strong>is in the running for best investor relations by a CEO in the region, while <strong>IRO Yasmine Hemeda<\/strong> snagged a nomination for best IR professional in Egypt.<\/p>\n<p><strong>Two other CEOs served by our parent company, <\/strong><strong><a href=\"http:\/\/www.inktankir.com\">Inktank<\/a><\/strong><strong>, also received nominations in <\/strong><strong>the top IR by a CEO category<\/strong>, including Cleopatra Hospital\u2019s <strong>Ahmed Ezz El-Din<\/strong> and, in Saudi Arabia, <strong>Olivier Nougarou<\/strong> from Arabian Centres.<\/p>\n<p><strong>Other Inktank clients in Egypt earning nominations this year include <\/strong>Cleopatra Hospital\u2019s <strong>Hassan Fikry<\/strong>, EK Holding\u2019s <strong>Haitham Abdel Moneim<\/strong>, and Elsewedy Electric\u2019s <strong>Tarek Yehia<\/strong>, all of whom have been nominated as finalists for best IR professional in Egypt. <strong>Rayan Alkarawi<\/strong> is a nominee in the same category in Saudi Arabia.<\/p>\n<p><strong>Inktank clients in the category of \u201cleading corporate for IR\u201d in Egypt include <\/strong>our friends at <strong>Edita <\/strong><strong>Food Industries<\/strong>, <strong>Cleopatra <\/strong><strong>Hospitals<\/strong> and <strong>EK Holding<\/strong>. In the GCC, we\u2019re pleased to note nominations going to <strong>United Electronics (Extra)<\/strong> and <strong>Arabian Centers<\/strong> in Saudi Arabia and <strong>SICO Bank<\/strong> in Bahrain.<\/p>\n<p><strong>Egyptian companies and professionals took home the most nominations <\/strong>of any national contingent in this year\u2019s ranking.<\/p>\n<p><strong><a href=\"https:\/\/ent.news\/2020\/9\/Institutional-Investor-Middle-East-IR-Awards-2020-Nominees.pdf\">You can check out the full list of nominees here (pdf).<\/a><\/strong> The finalists will be announced 22 and 23 September at a virtual event.<\/p>\n<hr class=\"grey-line\" \/>\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\/9\/SOMA-ENTERPRISE-AUG2-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>MORE KUDOS- <\/strong><strong><a href=\"https:\/\/www.vezeeta.com\/\">Vezeeta<\/a><\/strong><strong>\u2019s founder and CEO Amir Barsoum has made <\/strong><strong><a href=\"https:\/\/fortune.com\/40-under-40\/2020\/amir-barsoum\/\">Fortunes\u2019 40 under<\/a><\/strong><strong><a href=\"https:\/\/fortune.com\/40-under-40\/2020\/amir-barsoum\/\">40 leaders in Healthcare<\/a><\/strong><strong> list for 2020, <\/strong>recognizing \u201cinfluential game-changers\u201d worldwide. The healthcare platform for researching, rating, and booking appointments with medical professionals is currently available in 50 cities across six countries and is still expanding.<\/p>\n<p><strong>STILL MORE KUDOS- Three Egyptians made it to Forbes\u2019 Middle East <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/list\/30-under-30-2020\">30 under 30 list<\/a><\/strong><strong> of <\/strong><strong>Young <\/strong><strong>Innovators Working to Change the Region.<\/strong> First up was founder and CEO of <a href=\"https:\/\/www.byprimehospitality.com\/\">Prime Hospitality<\/a> <strong>Khaled El Sayyad <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/khaled-el-sayyad-52a5593b\/?originalSubdomain=eg\">Linkedin<\/a>), who made it to the list for his contributions in the retail and F&B industries. The other two mentions came from the sports and entertainment industry for swimmer <strong>Farida Osman<\/strong> (<a href=\"https:\/\/swimswam.com\/bio\/farida-osman\/\">Bio<\/a>) and <a href=\"https:\/\/yallaeksab.com\/\">Eksab<\/a> CEO and co-founder <strong>Aly Mahmoud<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/aly-mahmoud-headofproduct\/?originalSubdomain=ca\">Linkedin<\/a>).<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>US ELECTION WATCH- President Donald Trump continues to fuel hopes of a potential<\/strong> <strong>vaccine release before November<\/strong>, according to <a href=\"https:\/\/www.washingtonpost.com\/politics\/trump-vaccine-election\/2020\/09\/05\/c0da86d6-edf5-11ea-99a1-71343d03bc29_story.html\">the Washington Post<\/a>, which suggests his bid to speed up the process is a way of swaying voter sentiment ahead of the election. Medical experts have been wary of making guarantees with many voicing concerns at the idea of pushing out a vaccine that hasn\u2019t been fully tested.<\/p>\n<p><strong>Biden is maintaining a solid lead over Trump in recent polling:<\/strong> A CBS News poll puts the former VP 10 points clear of the Orange Incumbent at 52% to 42%, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-06\/biden-holds-lead-over-trump-as-support-for-candidates-hardens?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We look at the future of the IGCSE system in Egypt following this year\u2019s <a href=\"https:\/\/enterprise.press\/blackboards\/igcse-controversy-hits-egypt-sparking-anger-among-parents\/\">exam<\/a><a href=\"https:\/\/enterprise.press\/blackboards\/igcse-controversy-hits-egypt-sparking-anger-among-parents\/\">fiasco<\/a> which resulted in thousands of students being unfairly penalized by an algorithm used to mark papers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGX30 closed yesterday in the red in the first session since last week\u2019s selloff on Wall Street: The index lost 1% during trading yesterday, continuing a poor run of form that has seen it finishing in the red for six consecutive sessions. Trading was moderate, with EGP 1 bn-worth of shares changing hands (about [&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":[318,184,330,116,984,637,115,72,164,2023,670,498,5830,235,1778,120,127,3759,5831,645,162,639,651,132,1124],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574335","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-amazon","tag-apple","tag-capmas","tag-china","tag-donald-trump","tag-elon-musk","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-forbes","tag-jeff-bezos","tag-joe-biden","tag-khaled-el-sayyad","tag-labor","tag-middle-east","tag-nasdaq","tag-politics","tag-prime-capital","tag-semiconductor-manufacturing-international-corporation","tag-semiconductors","tag-sports","tag-technology","tag-tesla","tag-trade","tag-work-from-home","wpautop","entry"],"acf":{"mongo_id":"770c1c8a-0828-4ba3-8bca-c492319df068","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574333],"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 Monday, 7 September 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\/09\/07\/what-were-tracking-on-monday-7-september-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 Monday, 7 September 2020\" \/>\n<meta property=\"og:description\" content=\"The EGX30 closed yesterday in the red in the first session since last week\u2019s selloff on Wall Street: The index lost 1% during trading yesterday, continuing a poor run of form that has seen it finishing in the red for six consecutive sessions. 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They gave their approval on a law setting up Egypt\u2019s first sovereign wealth fund and the Press and Media Acts. Expect future legislation issues this week\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642577,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/17\/what-were-tracking-on-17-august-2017\/","url_meta":{"origin":574335,"position":1},"title":"What we\u2019re tracking on 17 August 2017","author":"enterpriseam admin","date":"17 August 2017","format":false,"excerpt":"It\u2019s interest rate day, and consensus is you can expect the central bank to leave rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting today to decide on interest rates. A Reuters poll of economists found them expecting the CBE to leave rates unchanged after last\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622806,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/14\/what-were-tracking-on-14-october-2018\/","url_meta":{"origin":574335,"position":2},"title":"What we\u2019re tracking on 14 October 2018","author":"enterpriseam admin","date":"14 October 2018","format":false,"excerpt":"A thought to keep in mind as we get this show on the road: The real secret to greater productivity is to only do that which you really enjoy. The shortest column we\u2019ve ever read in the Guardian is also one of the best. ** #4 Shorter cooling-off period, new\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626089,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/30\/what-were-tracking-on-29-august-2018-2\/","url_meta":{"origin":574335,"position":3},"title":"What we\u2019re tracking on 29 August 2018","author":"enterpriseam admin","date":"30 August 2018","format":false,"excerpt":"At long last, a shuffle of governors? At least nine new governors will reportedly be sworn in today for Cairo, Giza, Marsa Matrouh, Ismailia, and Aswan, among others sources close to the matter tell Al Masry Al Youm. The list of new governors includes youth, technocrats, as well as former\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622208,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/us-federal-reserve-signals-slowdown-on-2019-rate-hikes\/","url_meta":{"origin":574335,"position":4},"title":"US Federal Reserve signals slowdown on 2019 rate hikes?","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"US Fed signaling slowdown on 2019 rate hikes? Meanwhile, US Federal Reserve boss Jay Powell gave markets a shot in the arm when he suggested yesterday that US interest rates are \u201cjust below \u2026 neutral\u201d levels. 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