{"id":574425,"date":"2020-09-09T03:50:38","date_gmt":"2020-09-09T03:50:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/what-were-tracking-on-9-september-2020\/"},"modified":"2020-09-09T03:50:38","modified_gmt":"2020-09-09T03:50:38","slug":"what-were-tracking-on-9-september-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/what-were-tracking-on-9-september-2020\/","title":{"rendered":"What we\u2019re tracking on 9 September 2020"},"content":{"rendered":"

Even if you\u2019re not an infrastructure geek, you\u2019ll want to read this morning\u2019s Hardhat <\/strong>interview with the European Investment Bank\u2019s Alfredo Abad<\/strong>, who covers everything from where the EIB is allocating funds (transportation, wastewater) to why it\u2019s not yet on board with what we think is one of the most critical programs the Madbouly government has yet announced: The push to improve water security through desalination.<\/p>\n

The EIB was an early pioneer in putting \u201ceverything green\u201d at the center of its investment <\/strong>decisions<\/strong>, and the twin imperatives of climate change and ESG are only going to accelerate that trend across asset classes and sectors going forward.<\/p>\n

Hardhat is one of two weekly deep dives we take into the industries that are shaping our <\/strong>economy \u2014 and our future. <\/strong>It\u2019s presented each Wednesday in association with our friends at Orascom Construction, and we\u2019re proud to have CIRA as our partner for Blackboard, our weekly look at the business of education, which appears every Monday.<\/p>\n

What industry should we dive into next? <\/strong>Our plans for this fall and winter include starting research on two more industry verticals (among other products) and we\u2019d love to hear from readers \u2014 what do you want to learn about next? Let us know on editorial@enterprise.press.<\/p>\n

\n

<\/a> The sell-off resumed on the EGX yesterday<\/strong> as the benchmark index slumped 1.7% by the closing bell. Every sector finished the session in the red, led by NBFS, real estate, and tech. Clothing company Dice saw the biggest losses, closing 7.7% in the red, while Telecom Egypt fell 7% a day after a report suggested<\/a> that Saudi Telecom may be looking to reduce its offer for Vodafone\u2019s 55% stake in Vodafone Egypt. Index heavyweight CIB remained comparatively unscathed, falling only 0.4%. Trading was moderate, with EGP 1.2 bn-worth of shares changing hands \u2014 8% above the trailing 90-day average. The EGX30 has now fallen 4.5% since shares began their slide on 30 August, and is down 21.6% year-to-date<\/strong>.<\/p>\n

The downbeat performance here at home mirrored developments in the global markets,<\/strong> which saw last week\u2019s US tech sell-off<\/a> gather pace. Benchmark Wall Street indices fell for the third consecutive session as investors continued to bail on tech stocks following an unprecedented five-month boom that saw valuations reach dot-com-esque levels. Tesla\u2019s James Bond villain-in-waiting saw his stock record its worst ever single-day performance as the tech-dominated Nasdaq lost 4.4%, leaving it 11% off its peak last Wednesday. The S&P 500 lost almost 3% and the Dow closed 2.3% in the red.<\/p>\n

After shrugging off events on Wall Street on Monday, European stocks sold-off yesterday,<\/strong> with indices across the continent losing 1-2% by the close of play.<\/p>\n

EM stocks, meanwhile, have an entirely different problem:<\/strong> The escalating covid case rate in major emerging markets since late July is starting to put pressure on equities, with the MSCI EM Index falling almost 3% during the period, Bloomberg<\/a> reports.<\/p>\n

Oil prices also took another tumble yesterday<\/strong>, with Brent crude falling more than 5% to USD 39.93\/bbl \u2014 the first time it has dropped below the USD 40 since June \u2014 and US crude plunging 7.2% to USD 36.89\/bbl. Unyielding covid infection rates in countries like India, the US, UK and Spain have dampened the demand outlook for the rest of the year, and Saudi Arabia\u2019s state oil company Aramco on Sunday cut its October selling prices, Reuters<\/a> reports.<\/p>\n

Asian shares are down this morning in early trading this morning <\/strong>and both European and US futures are in the red.<\/p>\n

\n

Today is the last day to vote in the Senate run-off elections<\/strong>, which will see the remaining 26 elected members nominated to sit in the upper chamber. The first-round of voting last month saw 174 representatives elected<\/a> to the 300-seat Senate. The president will appoint the remaining 100 members after the results of the run-off are announced on Wednesday, 16 September.<\/strong><\/p>\n

\n

The Health Ministry <\/strong>reported<\/a><\/strong> 187 new covid-19 infections yesterday<\/strong>, up from 178 the day before. Egypt has now disclosed a total of 100,228 confirmed cases of covid-19. The ministry also reported 19 new deaths, bringing the country\u2019s total death toll to 5,560. We now have a total of 79,886 confirmed cases that have fully recovered.<\/p>\n

Russian airliner, Aeroflot, will relaunch flights between Cairo and Moscow today,<\/strong> operating three trips a week, according to an AeroFlot statement<\/a>. Today\u2019s Aeroflot flight is already fully booked, said Egypt\u2019s ambassador in Moscow Ehab Nasr in an interview with Sada El Balad\u2019s Azza Moustafa (watch, runtime: 7:38<\/a>).<\/p>\n

Dutch flag carrier KLM also <\/strong>makes its return to Egypt today<\/a><\/strong> following a three-year <\/strong>hiatus.<\/strong> The airline will operate two weekly flights between Cairo and Amsterdam from 9 September to 25 October.<\/p>\n

EgyptAir will begin <\/strong>operating three flights a week<\/a><\/strong> between Cairo and Moscow <\/strong>starting Thursday 17 September.<\/strong> Flights will run Saturdays, Tuesdays and Thursdays. Passengers will be required to present a negative PCR test result issued 72 hours before arrival in Moscow, as per Russia\u2019s anti-covid precautions.<\/p>\n

Globally: \u201cAstraZeneca stopped giving shots of its experimental coronavirus vaccine <\/strong>after a person participating in one of the company\u2019s studies got sick, a potential adverse reaction that could delay or derail efforts to speed an immunization<\/strong> against covid-19 for the world,\u201d Bloomberg<\/a> reports. CNBC<\/a> also has the story.<\/p>\n

\"enterprise\"<\/a><\/p>\n

Military talks between Turkey and Greece at NATO headquarters in Brussels have <\/strong>been postponed until Thursday, <\/strong>Reuters<\/a> reports, citing unnamed informed sources. With tensions flaring between the two countries<\/a> in recent weeks over Turkey\u2019s energy exploration in the eastern Mediterranean, the \u201cmilitary de-confliction\u201d talks will not attempt to resolve the territorial dispute, but try to establish a hotline between the two militaries and consistent use of naval call signs, to avoid incidents like the collision last month between Greek and Turkish warships.<\/p>\n

The Donald will host a signing ceremony on 15 September between Israel and the <\/strong>UAE<\/strong> to formalize last month\u2019s historic agreement to establish diplomatic ties, Reuters<\/a> reports, citing a senior White House official.<\/p>\n

Never trust the Brits:<\/strong> The UK is threatening to break international law to force through its version of a post-Brexit trade accord with the EU by the 31 January deadline with an air of nonchalance that has stakeholders concerned, the Associated Press<\/a> reports. The UK had agreed to maintain an open border between Northern Ireland (part of the UK) and EU member Ireland as part of the withdrawal agreement signed earlier this year, but is now trying to bypass that commitment to the understandable chagrin of the EU.<\/p>\n

This has raised fears that the UK is about to commit ritual seppuku by crashing out of the EU during the worst global recession of our lifetimes.<\/strong> The GBP-USD rate hit two-week lows yesterday<\/a> as traders priced in the growing risk of a hard Brexit.<\/p>\n

\n

US ELECTION WATCH- King Cheeto could be left searching for pennies as<\/strong> campaigning enters decisive phase:<\/strong> The Donald\u2019s re-election campaign is running short on cash after blowing more than three-quarters of its USD 1.1 bn war chest with 60 days still to go until election day, the New York Times<\/a> reports. With Trump having splurged USD 800 mn on fund-raising, staff, legal costs and a pre-convention ad-buy, the once-cash-strapped Biden campaign is raking in the donor money and now enjoys a huge financial advantage as campaigning enters the crucial final phase. The situation is so dire that Trump is reportedly now considering pumping in USD 100 mn of his own money<\/a> to see him through to election day.<\/p>\n

Attention all iSheep: Put 15 September in your diaries,<\/strong> as Apple hosts a \u201cspecial event\u201d to unveil the latest generation of (some of?) its flagship products, Reuters<\/a> reports. But don\u2019t expect a new iPhone <\/strong>just yet \u2014 Bloomberg<\/a> says the online-only event will focus almost exclusively on the Apple Watch, while the Apple blogosphere suggests it could also feature a new iPad.<\/p>\n

\"enterprise\"<\/p>\n

*** 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

In today\u2019s issue: <\/strong>We talk to Alfredo Abad, head of the European Investment Bank\u2019s Cairo office, about the bank\u2019s funding plans, obstacles to infrastructure development in Egypt, and how the economic downturn caused by the pandemic is likely to affect investment going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

Even if you\u2019re not an infrastructure geek, you\u2019ll want to read this morning\u2019s Hardhat interview with the European Investment Bank\u2019s Alfredo Abad, who covers everything from where the EIB is allocating funds (transportation, wastewater) to why it\u2019s not yet on board with what we think is one of the most critical programs the Madbouly government […]<\/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":[682,7286,107,880,244,93,72,7125,7196,498,235,127,270,218,117,1124],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574425","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-carbon-footprint","tag-climate","tag-covid-19","tag-egyptair","tag-electricity","tag-energy","tag-enterpriseam","tag-environment","tag-industry","tag-joe-biden","tag-labor","tag-politics","tag-russia","tag-turkey","tag-us","tag-work-from-home","wpautop","entry"],"acf":{"mongo_id":"6000d48a-dc88-4df7-a6c9-c743d0e2f90e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574423],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 9 September 2020 - 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The statement,\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561749,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/this-morning-european-investment-bank-faces-reckoning-over-allegations-of-toxic-workplace-em-green-bond-issuances-look-set-to-double-by-2023\/","url_meta":{"origin":574425,"position":1},"title":"THIS MORNING: European Investment Bank faces reckoning over allegations of toxic workplace + EM green bond issuances look set to double by 2023","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Good morning, everyone, and welcome to day eight of Ramadan. 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The bank will provide a EUR 120 mn loan to increase the capacity of the Alexandria West Wastewater\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/148.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594379,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/eib-considers-eur-90-mn-loan-for-tanta-damietta-railway-upgrade\/","url_meta":{"origin":574425,"position":5},"title":"EIB considers EUR 90 mn loan for Tanta-Damietta railway upgrade","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"The European Investment Bank (EIB) is looking at extending a EUR 90 mn loan to the government to upgrade the Tanta-Mansoura-Damietta railway line, according to its website. 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