{"id":577120,"date":"2022-11-10T04:00:51","date_gmt":"2022-11-10T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/this-morning-its-science-day-at-cop27-the-crypto-markets-are-tanking-this-morning\/"},"modified":"2022-11-10T04:00:51","modified_gmt":"2022-11-10T04:00:51","slug":"this-morning-its-science-day-at-cop27-the-crypto-markets-are-tanking-this-morning","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/this-morning-its-science-day-at-cop27-the-crypto-markets-are-tanking-this-morning\/","title":{"rendered":"THIS MORNING: It\u2019s Science Day at COP27 + the crypto markets are tanking this morning"},"content":{"rendered":"

Good morning, friends, and welcome to the final workday of the week <\/strong>\u2014 at least for those of you who are not in Sharm, where tomorrow is not the weekend, but instead decarbonization day. Have heart: COP27 takes a mandatory one-day break on Sunday.<\/p>\n

It\u2019s another big day of business news: <\/strong>We\u2019ve now announced 28 GW of new renewable energy generation capacity, have lined up bns of other green investment, and finance day saw the EGX announce a new continental carbon market. We have all of this and more in this morning\u2019s news well \u2014 and you can check out additional coverage in Enterprise Climate<\/a> to get more of the regional flavor.<\/p>\n

HAPPENING TODAY-<\/p>\n

Day five of COP27 is <\/strong>Science Day<\/a><\/strong>, where sessions will be focusing on advances in climate science and the impacts of climate change on ecosystems, biodiversity, and global communities in a bid to ensure actionable steps are based on credible science. Youth & Future Generations Day<\/a><\/strong> will be happening at the same time, bringing high-level policymakers together with representatives of the Conference of Youth<\/a> to present the \u201cglobal youth statement.\u201d<\/p>\n

THIS WEEKEND- <\/strong>Friday is decarbonization day, and Saturday is adaptation and agriculture day.<\/p>\n

MEANWHILE-<\/strong> World leaders in Sharm are continuing to press for the release of imprisoned rights activist Alaa Abdel Fattah, who said on Sunday he would stop drinking water. US President Joe Biden is <\/strong>expected<\/a><\/strong> to bring up Abdel Fattah\u2019s case when he arrives in Sharm tomorrow<\/strong>. The issue dominates the conversation on Egypt in the foreign press, as we note in this morning\u2019s Egypt in the News. Also below: The nation\u2019s talk show hosts are also covering the story as our ambassador to the UN pushes back on the subject and Foreign Minister Sameh Shoukry hit the airwaves last night.<\/p>\n

AND- World leaders continue to talk behind the scenes about the shape of an agreement <\/strong>or communique at the end of the summit. <\/strong>Don\u2019t expect to hear anything until the final day of the gathering.<\/p>\n

PLAY WITH THIS- <\/strong>Climate Trace<\/a><\/strong> is a new interactive tool that zeroes in on the estimated emissions of the world\u2019s top 70k-or-so polluters, including airports, plants and refineries in our part of the world.<\/p>\n

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IN MEMORIAM- GB Auto\u2019s Raouf Ghabbour passed away yesterday at age 69<\/strong> after a long battle with cancer.<\/p>\n

Raouf was one of the good guys.<\/strong> A leading figure in our community, he became CEO in 1985 of a decades-old family business, growing it and taking it public in a landmark IPO. Raouf went on to transform the business a second time, taking it outside the nation\u2019s borders and turning it into a pioneer of Egypt\u2019s now-booming non-bank financial services industry. The business\u2019 GB Capital unit has become a business that\u2019s even more compelling than the core automotive unit.<\/p>\n

He was smart, hilarious, and profane \u2014 and thoughtful, kind, and one hell of a strategist.<\/strong> Raouf was a guy who reveled in the intricacies of the distribution and retail industries, but who built a world-class assembly and manufacturing business and prided himself in creating meaningful jobs that made a lasting contribution to the nation\u2019s economic development.<\/p>\n

Raouf Ghabbour was a patriot in the best sense of the word.<\/strong> He thought critically about a country he loved and \u2014 in his own, colorful way \u2014 was never shy about making sure everyone knew where we were doing well, and where we could do better. We\u2019ll miss you, Doc. <\/strong><\/p>\n

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DRIVING MARKETS TODAY-<\/strong><\/p>\n

<\/a> EGX WATCH- The EGX30 jumped <\/strong>4.6% yesterday<\/strong>, a day after Fitch\u2019s decision to cut Egypt\u2019s credit outlook to negative sent the benchmark index down 1.5%. Yesterday\u2019s trading session \u2014 the best since the central bank announced the EGP float<\/a> last month \u2014 came on the same day as the Qatari sovereign wealth fund deposited another USD 1 bn at the Central Bank of Egypt while it continues to negotiate acquiring stakes in several Egyptian companies. We have more on this in this morning\u2019s news well, below.<\/p>\n

EGP WATCH- <\/strong>The EGP was stable against the greenback yesterday, closing at 24.4344 compared to 24.4153 on Tuesday, according to central bank figures.<\/p>\n

US inflation figures for October are out today<\/strong> and traders will be hoping for a positive release that could keep the Federal Reserve from making its fifth-consecutive 75-bps interest rate hike next month. Despite the Fed embarking on its most aggressive tightening cycle in years, inflation has fallen back only slightly from 40-year highs in June. Analysts are forecasting prices to have cooled slightly y-o-y in October but still expect inflation to remain elevated, potentially meaning another huge rate hike in December, according to Bloomberg<\/a>.<\/p>\n

NEXT WEEK-<\/strong><\/p>\n

Five to seven agreements will be signed with companies to export renewable <\/strong>energy at the SCZone<\/strong>, Planning Minister Hala El Said told Bloomberg Asharq (watch, runtime: 1:36<\/a>). The SCZone has long been expected to sign agreements with international companies to establish green hydrogen and ammonia plants at COP27. Initial agreements worth bns of USD have been signed this year, the most recent of which was with Maersk for a huge USD 15 bn facility<\/a> capable of producing 3 mn tons of fuel a year.<\/p>\n

NEXT YEAR-<\/strong><\/p>\n

Taqa Arabia IPO next year? Wait and see.<\/strong> An EGX debut for Qalaa Holding subsidiary Taqa Arabia next year<\/a> will depend on market conditions, Chairman Ahmed Heikal told CNBC Arabia yesterday (watch, runtime: 7:00<\/a>). \u201cMarket conditions are unstable. We have an agreement with shareholders to offer Taqa Arabia on the EGX next year, but this would depend on global and local conditions and other factors,\u201d he said.<\/p>\n

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

The Enterprise Climate X Forum, our first industry-specific conference, is taking place on <\/strong>Tuesday, 6 December. <\/strong>The Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business \u2014 and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/strong><\/p>\n

Stay tuned very soon when we reveal the venue. <\/strong>You\u2019ll love it, we promise.<\/p>\n

Some of the biggest names in business and finance are on board \u2014 are you? <\/strong>The Enterprise Climate X Forum is taking place with the generous support of our friends, including:<\/p>\n