{"id":577723,"date":"2022-12-04T03:56:59","date_gmt":"2022-12-04T03:56:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/this-morning-mps-to-discuss-competition-act-today-g7-agrees-russia-oil-price-cap\/"},"modified":"2022-12-04T03:56:59","modified_gmt":"2022-12-04T03:56:59","slug":"this-morning-mps-to-discuss-competition-act-today-g7-agrees-russia-oil-price-cap","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/this-morning-mps-to-discuss-competition-act-today-g7-agrees-russia-oil-price-cap\/","title":{"rendered":"THIS MORNING: MPs to discuss Competition Act today; G7 agrees Russia oil price cap"},"content":{"rendered":"<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Good morning, folks. We\u2019re only two days away from meeting with some of you at the <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/\">Enterprise Climate X Forum<\/a><\/strong><strong> at the Grand Egyptian Museum on Tuesday, 6 December. <\/strong>We kick things off with a networking and standing breakfast at 8am CLT, followed by panel discussions and live interviews on:<\/p>\n<ul>\n<li>What are green hydrogen and NWFE? Why do they matter to businesses, banks and investors?<\/li>\n<li>How are CEOs across global emerging markets dealing with (and being constrained by) climate change?<\/li>\n<li>What\u2019s keeping bankers awake at night when it comes to climate finance?<\/li>\n<li>Meet the startup and VC in line to be Egypt\u2019s first climate b\u2019naires.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#agenda\">You can read the full agenda here<\/a><\/strong><strong>. <\/strong><\/p>\n<p><strong>** Have you confirmed your attendance?<\/strong> We\u2019ll be sending you later today the QR code you\u2019ll need to gain admission to the Grand Egyptian Museum, along with a Google Maps link and some other pointers \u2014 including a reminder that the event takes place under Chatham House Rules. Only confirmed invitees who can present their personal QR codes will be able to gain admission to the GEM on event day.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>Competition Act up for a vote in the House: <\/strong>The House of Representatives is set to discuss and vote on draft amendments to the 2005 Competition Act when it reconvenes today. The House Economic Affairs Committee last week held <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eadfc091-174c-41db-bf19-a1e4cf62e7b7\">two closed-door meetings<\/a> on the amendments, which were attended by Egyptian Competition Authority head Mahmoud Momtaz and Financial Regulatory Authority chief Mohamed Farid.<\/p>\n<p><strong>Shoukry in the House<\/strong>: Foreign Minister Sameh Shoukry will deliver an address at the House Foreign Affairs Committee on the outcomes of last month\u2019s COP27 summit in Sharm.<\/p>\n<p><strong>Wildcat building law lands in the House<\/strong>: The House Housing Committee will begin discussing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3045baa9-e5b2-4a13-a2f2-e1bdab5bc4c6\">legislation<\/a> today aimed at making it easier for owners of illegal buildings to go legit. The discussions come days after the Senate gave the bill a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f56078e-2404-44a0-ab75-953a03ea0232\">final approval<\/a> last week after three days of debate.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3c8bf0f-0f62-45ff-9ba1-9a3edd9b892e\">The Egyptian Mercantile Exchange (EMX)<\/a><\/strong><strong> will hold its third session today at 2pm<\/strong>, the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0x5fy6Nsj1uTLqsJ7VuhgcSaRXKUgRnmKVdzuEhKKKtnndN4PSKvkpMzPcRNx3DRdl\">Supply Ministry said<\/a> last week following its second trading day. The new commodities exchange hosted a second sale of Russian wheat from state grain supplier GASC Wednesday. Bidding on the 10k tons of grain was twice oversubscribed at an offer price of EGP 9.75k per ton, according to the statement. The EMX kicked off at the start of last week with an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3c8bf0f-0f62-45ff-9ba1-9a3edd9b892e\">offer by GASC<\/a> of 12k tons of Russian wheat that was also nearly twice oversubscribed.<\/p>\n<p><strong>HAPPENING THIS WEEK-<\/strong><\/p>\n<p><strong>Key news triggers to keep an eye on this week:<\/strong><\/p>\n<ul>\n<li><strong>PMI: <\/strong>Data measuring activity in Egypt\u2019s non-oil private sector will be released tomorrow, 5 December.<\/li>\n<li><strong>Inflation:<\/strong> Inflation data for November will land on Thursday, 8 December.<\/li>\n<li><strong>Foreign reserves figures <\/strong>for November should be out sometime this week.<\/li>\n<li><strong>Interest rates: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/foodafrica-expo.com\/\">Food Africa 2022<\/a><\/strong><strong> kicks off at Egypt International Exhibitions Center tomorrow<\/strong> and runs until Wednesday. More than 440 exhibitors from 28 countries will be at the food expo.<\/p>\n<p><strong>The Knowledge Hub Universities and Nova University Lisbon\u2019s <\/strong><strong><a href=\"https:\/\/tkh.edu.eg\/nova-university-lisbon-inaugurated-its-first-branch-outside-portugal-and-europe-at-the-knowledge-hub-universities\/\">newly inaugurated<\/a><\/strong><strong> Cairo <\/strong><strong>campus will host the <\/strong><strong><a href=\"https:\/\/www.reimagine-education.com\/\">QS Reimagine Education<\/a><\/strong><strong> awards and conference this Tuesday and Wednesday<\/strong>, 6-7 December<strong>. <\/strong>The hybrid event will also take place online and at the Wharton School campus in Pennsylvania, and offers awards of up to USD 50k for innovative projects in higher education.<\/p>\n<p><strong>This week in the House:<\/strong><\/p>\n<ul>\n<li><strong>MONDAY- Western Desert exploration agreements:<\/strong> The General Assembly will discuss three oil exploration agreements in the Western Desert signed with Energean and Croatia-based INA; Kuwait Energy Egypt; and Egyptian National Petroleum For Exploration and Development Company (Enpedco).<\/li>\n<li><strong>MONDAY- FRA boss to discuss fintech regs: <\/strong>Financial Regulatory Authority Chairman Mohamed Farid will appear before the House Economic Affairs Committee to discuss the legislative impact of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f049004-ee6e-4195-97fa-1f5e92cad0c3\">amendments<\/a> to the Fintech Act and the Capital Market Law.<\/li>\n<li><strong>TUESDAY- Samir in the hot seat:<\/strong> Trade and Industry Minister Ahmed Samir will face questions from MPs on issues facing manufacturers, including on licensing and exports, as well as what the ministry is doing to solve the crisis in the automotive industry.<\/li>\n<\/ul>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/messi-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>WORLD CUP-<\/strong><\/p>\n<p><strong>It\u2019s day 15 of the World Cup and the second day of the knockouts<\/strong> (all times CLT):<\/p>\n<ul>\n<li><strong>Mbappe v Lewandowski:<\/strong> Group D winners <strong>France<\/strong> play Group C runners-up <strong>Poland<\/strong> at<strong> 5pm<\/strong>.<\/li>\n<li><strong>The Three Lions v The Lions of Teranga:<\/strong> Group B winners <strong>England<\/strong> will take on Group A runners-up and Afcon champions <strong>Senegal<\/strong> at <strong>9pm<\/strong>.<\/li>\n<\/ul>\n<p><strong>The Netherlands + Argentina are the first to book their places in the quarter-finals:<\/strong> Louis van Gaal\u2019s Dutch team eased past the US in the first of the tournament\u2019s round of 16 games, beating them 3-1 at the Khalifa International Stadium. Argentina won 2-1 against Australia, with Lionel Messi scoring in his 1k career appearance to beat late legend Diego Maradona's tournament total. The two teams will meet each other in the quarter-finals on Friday, 9 December.<\/p>\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>It\u2019s a mixed bag in the foreign press this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-price-cap-is-dangerous-will-not-curb-demand-our-oil-2022-12-03\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-03\/russia-won-t-accept-60-price-cap-on-its-oil-kremlin-says?srnd=premium-middle-east\">Bloomberg<\/a> are leading with Russia\u2019s rejection of the G7\u2019s newly-announced oil price cap (more on this below); the founder of collapsed crypto exchange FTX, Sam Bankman-Fried, is continuing to try and save his reputation with a new round of interviews with <a href=\"https:\/\/www.ft.com\/content\/1e435a4e-e8f9-4330-be84-99c516630d4a\">the Financial Times<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/ftx-founder-sam-bankman-fried-says-he-cant-account-for-billions-sent-to-alameda-11670107659\">the Wall Street Journal<\/a>; and <a href=\"https:\/\/www.nytimes.com\/2022\/12\/03\/us\/politics\/georgia-senate-runoff-black-voters.html\">the New York Times<\/a> is focusing on Tuesday\u2019s Senate run-off vote in Georgia.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH- <\/strong><\/p>\n<p><strong>Western countries agree to cap the price of Russian<\/strong> <strong>crude starting tomorrow: <\/strong>G7 countries, the EU, and Australia finally agreed to cap prices of Russian oil at USD 60 per barrel, according to a UK government <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-and-allies-announce-price-cap-of-60-on-russian-oil\">statement<\/a>, after intense discussions that saw EU countries struggle to agree on an appropriate price. An EU and UK ban on the import of Russian seaborne crude will go into effect simultaneously. The cap seeks to limit Moscow\u2019s oil export revenues as part of ongoing sanctions amid the war in Ukraine.<\/p>\n<p><strong>How it works: <\/strong>Shippers and ins. and maritime service providers from these countries cannot legally transport Russian crude and products sold for more than USD 60, with a mechanism in place to keep the price cap at least 5% below average market prices. Details should be published today in the EU\u2019s legal journal, <a href=\"https:\/\/www.reuters.com\/business\/energy\/holdout-poland-approves-eus-60-russian-oil-price-cap-with-adjustment-mechanism-2022-12-02\/\">Reuters<\/a> reports.<\/p>\n<p><strong>Russia says nyet<\/strong>: Russia \u201cwill not accept\u201d the set price cap, Russian news agency <a href=\"https:\/\/tass.com\/russia\/1545269\">Tass<\/a> reported Kremlin spokesman Dmitry Peskov as saying. \u201cWe are assessing the situation. Certain preparations for such a cap were made. We won\u2019t accept the price cap and we will inform you how the work will be organized once the assessment is over,\u201d Peskov said.<\/p>\n<p><strong>Russia has already kickstarted plan B: <\/strong>The Kremlin has assembled a \u201cshadow fleet\u201d of some 100 anonymous tankers to help circumvent the embargo and price cap, the <a href=\"https:\/\/www.ft.com\/content\/cdef936b-852e-43d8-ae55-33bcbbb82eb6\">Financial Times<\/a> reports, citing shipping brokers and analysts.<\/p>\n<p><strong>MEANWHILE- How will OPEC+ respond today?<\/strong> The alliance of oil producers is unlikely to agree to further supply cuts at its meeting today, five OPEC+ sources told <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-will-keep-oil-policy-unchanged-review-talks-sources-2022-12-03\/\">Reuters<\/a> yesterday. Some analysts, meanwhile, aren\u2019t convinced, telling <a href=\"https:\/\/www.cnbc.com\/2022\/12\/02\/opec-meeting-oil-output-cuts-on-the-table-ahead-of-russia-sanctions.html#\">CNBC<\/a> that they expect the cartel to follow up last month\u2019s shock move to tighten supply with further cuts.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> It\u2019s not quite a VC fund, and not quite a private equity firm, either: We break down what search funds are.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, folks. We\u2019re only two days away from meeting with some of you at the Enterprise Climate X Forum at the Grand Egyptian Museum on Tuesday, 6 December. We kick things off with a networking and standing breakfast at 8am CLT, followed by panel discussions and live interviews on: What are green hydrogen and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577724,"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":[317,6404,93,72,274,180,1341,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-commodities","tag-emx","tag-energy","tag-enterpriseam","tag-house-of-representatives","tag-legislation","tag-russia-ukraine-conflict","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c48d3c94-468c-4e07-ac89-53a7bfc842f5","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/33.jpg","photo_position":"above","related_issue":[577721],"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>THIS MORNING: MPs to discuss Competition Act today; G7 agrees Russia oil price cap - 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\/12\/04\/this-morning-mps-to-discuss-competition-act-today-g7-agrees-russia-oil-price-cap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: MPs to discuss Competition Act today; G7 agrees Russia oil price cap\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. We\u2019re only two days away from meeting with some of you at the Enterprise Climate X Forum at the Grand Egyptian Museum on Tuesday, 6 December. 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We\u2019re only two days away from meeting with some of you at the Enterprise Climate X Forum at the Grand Egyptian Museum on Tuesday, 6 December. 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Or are there?","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"Good morning, wonderful people. Climate is again the big story of the day, as you might expect with just three days of COP27 left to go. BUT, BUT, BUT\u2026 There\u2019s an outside chance that delegates could be staying in Sharm El Sheikh past Friday in a bid to reach an\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":548876,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today\/","url_meta":{"origin":577723,"position":1},"title":"THIS MORNING: Abdalla's first week as CBE governor + Egypt's second regional climate roundtable takes place today","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"Good morning, friends, and happy FRIDAY to you all. 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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 &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":577054,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/this-morning-us-midterms-are-still-eclipsing-cop27-in-the-global-press-global-golf-is-coming-to-egypt\/","url_meta":{"origin":577723,"position":3},"title":"THIS MORNING: US midterms are still eclipsing COP27 in the global press + global golf is coming to Egypt","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"Good morning, friends. 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