{"id":576942,"date":"2022-11-03T04:00:03","date_gmt":"2022-11-03T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/this-morning-its-pmi-day-hegazi-u-turns-on-plans-for-licensing-private-tutors\/"},"modified":"2022-11-03T04:00:03","modified_gmt":"2022-11-03T04:00:03","slug":"this-morning-its-pmi-day-hegazi-u-turns-on-plans-for-licensing-private-tutors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/this-morning-its-pmi-day-hegazi-u-turns-on-plans-for-licensing-private-tutors\/","title":{"rendered":"THIS MORNING: It\u2019s PMI day + Hegazi u-turns on plans for licensing private tutors"},"content":{"rendered":"

Good morning, friends, and happy THURSDAY. <\/strong>It\u2019s the last workday before the start of COP27. We wish all of our friends descending on Sharm nothing but the best and look forward to seeing you back in the capital city on 20 November\u2026<\/p>\n

PSA #1- Your weekend weather is looking fantastic<\/strong>. Look for a daytime high of 26\u00b0C in Cairo on both Friday and Saturday, with an overnight low of 14\u00b0C. Folks landing in Sharm can expect a high tomorrow of 29\u00b0C, with the mercury dipping to 22\u00b0C at night.<\/p>\n

PSA #2- Clocks change in North America this weekend<\/strong> \u2014 New York, Boston and Toronto will be seven hours behind us when you wake up on Sunday morning. Keep that in mind as you schedule calls next week.<\/p>\n

PSA #3- The November issue of our monthly Your Wealth won\u2019t be out this weekend. <\/strong>We usually publish on the first Friday of each month, but we\u2019re going to hold fire until Friday, 18 November \u2014 just two days before the kickoff of the 2022 Fifa World Cup, which just happens to be the subject of this month\u2019s issue.<\/p>\n

THURSDAY KUDOS to TE investor relations boss Sarah Shabayek, who was named this <\/strong>year\u2019s best investor relations professional<\/strong> in Egypt in the 2022 Middle East Investor Relations Association awards<\/a>. The team at CIB got the nod for top corporate performer in Egypt. Also: A tip of the hat to our friends Sofia Elboury<\/strong> and Abhishek Kumat<\/strong> at FAB, who took home the gong for best corporate in MENA and in the UAE. Sofia was also named best IR professional in the UAE.<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

It\u2019s PMI day:<\/strong> We\u2019ll know how Egypt\u2019s private sector fared in October a few moments after we hit send on this morning\u2019s issue when S&P Global releases the latest purchasing managers\u2019 index. A 22-month contraction in private sector activity didn\u2019t show signs of abating in September<\/a> as high inflation continued to weigh on demand and output. You\u2019ll find the release here at 6:15am CLT.<\/a><\/p>\n

Adipec 2022 continues in Abu Dhabi:<\/strong> It\u2019s the final day of the oil and gas expo in Abu Dhabi.<\/p>\n

The highlight of day three for Egypt:<\/strong> A meeting between Oil Minister Tarek El Molla and Adnoc representatives to discuss investment in the Egyptian petroleum sector, according to a statement<\/a> from the Egyptian OIl Ministry.<\/p>\n

PSA #3- You won\u2019t be hearing anything out of the House of Representatives for the next <\/strong>two weeks:<\/strong> The House has adjourned for two weeks for the COP27 summit, which starts next week. MPs will return on 20 November, while senators are back a week earlier on 13 November.<\/p>\n

\n

<\/a> Food producers are catching a break:<\/strong> Customs authorities have released some thousands of shipments the past 48 hours, Alaa Ezz, secretary-general of Federation of Egyptian Chambers of Commerce (FEDCOC), said<\/a> yesterday. The Supply Ministry said<\/a> Monday that authorities would immediately begin to release goods held up at port because of FX shortages, and pledged to clear all inputs by the end of the week. Most of the goods released in the past two days have been production inputs for food manufacturers.<\/p>\n

<\/a> U-TURN WATCH- <\/strong>Licensing private tutoring centers is just an \u201cidea\u201d: <\/strong>Education Minister Reda Hegazi is walking back proposals<\/a> to start licensing private tutoring centers following backlash, stressing that it was just an \u201cidea\u201d and not a decision. Hegazi\u2019s statements sparked controversy, with many worried that licensing the private tutoring industry would replace schools as a main venue for education and teaching in the country. The industry continues to be part of the informal economy and isn\u2019t governed by legislation \u2014 Hegazi\u2019s idea to require them to get licenses (or at least incorporate as businesses) is one still worth considering.<\/p>\n

THE BIG STORIES ABROAD-<\/strong><\/p>\n

Dominating the front pages of the global business press this morning:<\/strong> The Federal Reserve\u2019s decision to hike interest rates by another 75 bps yesterday. We have more on that in this morning\u2019s Planet Finance, below.<\/p>\n

Good news on wheat: <\/strong>Russia has agreed to rejoin the agreement that allows Ukraine to safely export grain through the Black Sea, averting a fresh crisis in global food supplies. Moscow suspended its participation in the UN- and Turkey-brokered pact last week following a drone attack on its Black Sea fleet but yesterday backtracked on the decision, saying that Ukraine had provided assurances it would not use the safe corridor for military action. (Reuters<\/a> | FT<\/a> | Bloomberg<\/a> | BBC<\/a>)<\/p>\n

Bad news on wheat: Egypt\u2019s wheat contracts with Argentinian suppliers may now be in <\/strong>jeopardy<\/strong> as the country faces its weakest harvest in almost a decade due to a severe drought, according to Reuters<\/a>. The government in the coming days is expected to allow exporters to delay shipments, potentially forcing Egypt to renegotiate contracts.<\/p>\n

Tigray truce: <\/strong>Ethiopia and Tigray rebel forces yesterday agreed to lay down their weapons, raising hopes of a permanent end to the two-year civil war that has killed thousands and displaced mns. (Reuters<\/a>)<\/p>\n

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

COUNTDOWN TO COP (3 days to go)-<\/strong><\/p>\n

This morning\u2019s <\/strong>Enterprise Climate has a rundown<\/a><\/strong> on what you need to know <\/strong>ahead of the kickoff of COP27 on Sunday<\/p>\n

A message to world leaders ahead of COP:<\/strong> FM Sameh Shoukry urged world leaders and negotiators to take \u201cmeaningful and tangible steps\u201d to implement the 2015 Paris Agreement, days ahead of COP27 in Sharm, the Associated Press<\/a> reported, citing a four-page letter by Shouky to participants. \u201cWe aim to restore the \u2018grand bargain\u2019 at the center of the Paris Agreement and our collective multilateral climate process,\u201d he said. Shoukry said COP27 comes at a time of mounting challenges, including a failure by G20 nations to draft an agreement on climate and a lack of \u201cconcrete agreements\u201d on climate finance at this year\u2019s fall World Bank and IMF meetings.<\/p>\n

ALSO- PM Rishi Sunak has decided to attend COP after all<\/strong>, he said on Twitter<\/a>.<\/p>\n

DATA POINT- Investment in clean energy across emerging markets is at less than a tenth <\/strong>of what\u2019s needed <\/strong>as part of a drive to limit global warming to 1.5\u00b0C, a BloombergNEF<\/a> report showed.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

A delegation of Italian agricultural firms will<\/strong> visit Egypt in the second week of <\/strong>December <\/strong>to explore potential cooperation with local companies, Italian Ambassador to Cairo Michael Caron told Trade and Industry Minister Ahmed Samir in a meeting, according to a cabinet statement<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

CORRECTION- We originally noted the time change in North American incorrectly. This story was updated on 6 November 2022 to reflect the fact that Toronto and New York will be seven (not five) hours behind us.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and happy THURSDAY. It\u2019s the last workday before the start of COP27. We wish all of our friends descending on Sharm nothing but the best and look forward to seeing you back in the capital city on 20 November\u2026 PSA #1- Your weekend weather is looking fantastic. Look for a daytime high […]<\/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":[1703,184,116,7286,228,107,73,93,72,382,91,2261,195,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576942","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-adnoc","tag-apple","tag-china","tag-climate","tag-cop27","tag-covid-19","tag-education","tag-energy","tag-enterpriseam","tag-ethiopia","tag-oil-and-gas","tag-reda-hegazi","tag-tarek-el-molla","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"dc4e745b-7f23-41a8-90d3-213581a88460","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[576940],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: It\u2019s PMI day + Hegazi u-turns on plans for licensing private tutors - 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\/2022\/11\/03\/this-morning-its-pmi-day-hegazi-u-turns-on-plans-for-licensing-private-tutors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: It\u2019s PMI day + Hegazi u-turns on plans for licensing private tutors\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and happy THURSDAY. 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You may now rejoice: It is not just the last workday of the week, it is the final workday of COP27. We hope you\u2019re looking forward as much as we are to some downtime this weekend.PSA- Your weekend weather forecast is excellent if you\u2019re reading us in\u2026","rel":"","context":"In "What We're Tracking Today"","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":549771,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda\/","url_meta":{"origin":576942,"position":1},"title":"THIS MORNING: Egypt wants to include \u201closs and damage\u201d on the COP agenda","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Good morning, wonderful people, and happy THURSDAY. We hope the last business day of September treats you well and, as is our custom for seven of the eight years we\u2019ve been at this, we\u2019re sending off the month with Green Day\u2019s melancholic Wake me up when September ends. We hope\u2026","rel":"","context":"In "What We're Tracking Today"","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":543769,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/","url_meta":{"origin":576942,"position":2},"title":"THIS MORNING: EU-AU summit kicks off + Oil prices keep on rising","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Well, friends, we\u2019ve nearly made it through another workweek together. We hope you\u2019re looking forward to a relaxing weekend with family and friends as much as we are.THE BIG STORY here at home this morning? It\u2019s got to be energy, with news of everything from USD 1.5 bn in financing\u2026","rel":"","context":"In "What We're Tracking Today"","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":553557,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/this-morning-more-cop27-announcements-schools-are-closed-again-in-alexandria-due-to-bad-weather\/","url_meta":{"origin":576942,"position":3},"title":"THIS MORNING: More COP27 announcements + schools are closed again in Alexandria due to bad weather","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"Good morning, nice people, and happy almost-THURSDAY. It\u2019s another busy news day (as it so often is at this time of year), so let\u2019s jump right in:WHAT\u2019S HAPPENING TODAY-School\u2019s out in Alexandria, Matrouh for the second time this week: All schools across Alexandria and Matrouh will be closed today and\u2026","rel":"","context":"In "What We're Tracking Today"","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":577017,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/this-morning-the-cop27-leaders-summit-starts-today-meta-is-preparing-a-job-cull-of-epic-proportions\/","url_meta":{"origin":576942,"position":4},"title":"THIS MORNING: The COP27 leaders\u2019 summit starts today + Meta is preparing a job cull of epic proportions","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"Good morning, friends, and welcome to day two of COP27 in Sharm El Sheikh. The UN climate change summit is not the big story globally this morning \u2014 it\u2019s largely been edged off the front pages by the US midterm elections (voters head to the polls tomorrow), the prospect of\u2026","rel":"","context":"In "What We're Tracking Today"","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":550464,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/this-morning-russia-bails-on-ukraine-grain-pact-following-crimea-drone-attack\/","url_meta":{"origin":576942,"position":5},"title":"THIS MORNING: Russia bails on Ukraine grain pact following Crimea drone attack","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Good morning, wonderful people. 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