{"id":574625,"date":"2020-09-16T03:55:43","date_gmt":"2020-09-16T03:55:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/what-were-tracking-on-16-september-2020\/"},"modified":"2020-09-16T03:55:43","modified_gmt":"2020-09-16T03:55:43","slug":"what-were-tracking-on-16-september-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/what-were-tracking-on-16-september-2020\/","title":{"rendered":"What we\u2019re tracking on 16 September 2020"},"content":{"rendered":"

It\u2019s another busy news day as we hurtle toward the end of the week<\/strong>, so let\u2019s get this show started.<\/p>\n

<\/a> The Central Bank of Egypt has extended until the end of the year the decision to <\/strong>waive fees associated with EGP transfers and ATM withdrawals<\/strong> put in place on 15 March as part of its measures to drive transactions to online channels and cushion the economic impact of the covid-19 pandemic, a bank statement (pdf)<\/a> said. The bank will also defray itself the c. EGP 50 mn total cost of fees associated with withdrawals of pensions to alleviate the financial burden on the elderly, it said.<\/p>\n

And that\u2019s not all: <\/strong>There will be no fees for the opening of e-wallets, the issuance of prepaid cards, and balance transfers between mobile phone users. The CBE also instructed banks to waive fees for merchants on contactless \u201ctap & go\u201d transactions worth less than under EGP 600. The measures were designed to cut footfall at banks and financial institutions, promote social distancing, and gradually move Egypt toward becoming a cashless society, the statement added. The bank decided earlier this week not to extend payment holidays <\/strong>on bank facilities.<\/p>\n

We\u2019ll know today the results of last week\u2019s run-off elections for the Senate. <\/strong>The first round of voting last month saw 174 members elected to the newly-constituted upper chamber, and the run-off will determine the outcome in another 26. President Abdel Fattah El Sisi will appoint the remaining 100 members of the 300-seat Senate after the final results of the votes are announced.<\/p>\n

The Food Export Council will hold a meeting tomorrow with Brazil\u2019s ambassador to <\/strong>discuss increasing exports under the 2017 Mercosur Agreement<\/strong>, Youm7<\/a> reports. Egyptian exports to Brazil have surged 74%<\/a> in the three years since the trade agreement was signed.<\/p>\n

Today is the second day of the US Federal Reserve\u2019s meeting to review interest rates.<\/strong> The bank may announce new three-year interest rate projections and elaborate on its recent break with tradition to allow inflation to shoot past 2% and unemployment to fall further than previously allowed, per CNN<\/a>.<\/p>\n

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The Health Ministry <\/strong>reported<\/a><\/strong> 163 new covid-19 infections yesterday<\/strong>, down from 168 the day before. Egypt has now disclosed a total of 101,340 confirmed cases of covid-19. The ministry also reported 18 new deaths, bringing the country\u2019s total death toll to 5,679. We now have a total of 85,745 confirmed cases that have fully recovered.<\/p>\n

Egypt is strategically placed to serve as a distributor of Russia\u2019s Sputnik V <\/strong>covid-19 vaccine to Africa<\/strong>, Kirill Dmitriev, head of the Russian Direct Investment Fund, told MENA news agency, Al Mal<\/a> reports.<\/p>\n

The Emirati government has approved an emergency use of a vaccine candidate <\/strong>by China\u2019s Sinopharm<\/strong> and will give first access to \u201cfrontline workers,\u201d Foreign Ministry spokesperson Hend Al Otaiba said on Twitter<\/a>. Phase three trials conducted in the UAE involving 31k participants were successful, she said, paving the way for the government to begin rolling out the vaccine.<\/p>\n

Saudi Arabia is easing entry restrictions for some categories of visitors<\/strong>, according to a statement from EgyptAir yesterday<\/a>. As of today, EgyptAir will board Saudi nationals returning home; non-Saudis (including spouses and children) accompanying a Saudi citizen; and male travelers who already have a valid visa or work permit. Hit the link to see if your circumstances are covered and remember \u2014 you\u2019ll need to cough up the results of a PCR test completed no more than 48 hours before you board.<\/p>\n

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STC mulls IPO for internet services arm as Vodafone Egypt acquisition talks<\/strong> continue: <\/strong>Saudi Telecom Company (STC) is considering the sale of as much as 30% of its internet services subsidiary Solutions by STC in an IPO on the Saudi exchange next year that could value the company at c.USD 2.7 bn, Bloomberg<\/a> reports, citing sources familiar with the matter. STC has invited banks to pitch for the financial advisor role on the transaction, Reuters<\/a> said. The move comes as STC remains in talks<\/a> with Vodafone Group to purchase its 55% stake in Vodafone Egypt in a transaction that, if executed, could be the biggest-ever M&A in Egypt.<\/p>\n

Global demand for oil is likely to be even lower than previously feared <\/strong>as a resurgence in covid-19 cases around the world hits consumption, according to OPEC<\/a> and International Energy Agency (IEA)<\/a> forecasts published this week. The IEA now sees demand falling by 8.4 mn bbl\/day to 91.7 mn bbl\/day in 2020 (down from 8.1 mn bbl\/d forecast in August), while OPEC expects an even more dramatic fall of 9.5 mn bbl\/d, down 9.5% from last year. The gloomy outlook comes after BP suggested this week<\/a> that demand may have already started a terminal decline as the pandemic delivers a knockout blow to the fossil fuel.<\/p>\n

Also worth knowing this morning:<\/p>\n