{"id":577825,"date":"2022-12-06T04:01:46","date_gmt":"2022-12-06T04:01:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/high-food-prices-could-be-the-new-normal\/"},"modified":"2022-12-06T04:01:46","modified_gmt":"2022-12-06T04:01:46","slug":"high-food-prices-could-be-the-new-normal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/high-food-prices-could-be-the-new-normal\/","title":{"rendered":"High food prices could be the new normal"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>MBS eyes Credit Suisse:<\/strong> Credit Suisse\u2019s new investment bank has garnered interest from Saudi Arabia\u2019s Crown Prince Mohamed bin Salman, who reportedly is among a group of investors considering making a USD 1 bn investment, informed sources tell <a href=\"https:\/\/www.wsj.com\/articles\/credit-suisses-investment-bank-spin-out-attracts-saudi-crown-prince-11670194263?mod=hp_lead_pos2\">the Wall Street Journal<\/a>. The Saudi royal could put up half of the money, potentially alongside former Barclays CEO Bob Diamond\u2019s Atlas Merchant Capital, the people said.<\/p>\n<p><strong>Tough times:<\/strong> The scandal-hit, financially-stricken Swiss lender is spinning off its investment bank as part of efforts to raise CHF 4 bn in capital. The Saudi National Bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4df13cc3-149b-4aec-a760-c9029bdaea3d\">is participating<\/a> in the capital increase, and will become its single-largest shareholder in the process.<\/p>\n<p><strong>Food prices remain unchanged in November:<\/strong> Global food prices measured by the <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">UN Food<\/a><a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">Price Index<\/a> were flat in November as falling grain, dairy and meat prices offset rising oil and sugar costs.<\/p>\n<p><strong>But high food prices are set to become the new normal<\/strong> as the war in Ukraine and climate change continue to cause supply problems, according to <a href=\"https:\/\/www.ft.com\/content\/8fa961a0-1d21-45f6-b15e-3fdc8e16c093\">the Financial Times<\/a>. Though global food prices have eased from record highs in recent months, economists and analysts expect costs to remain much higher than the pre-covid norm.<\/p>\n<p><strong>The high inflation-growth slowdown combo is putting emerging markets across the <\/strong><strong>world in a bind:<\/strong> The risk of policy errors by central banks in emerging economies is growing, as the combination of slowing economic growth and soaring inflation put them in a tight spot, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-04\/emerging-markets-risk-policy-error-trying-to-fight-both-inflation-and-recession?sref=mmeFTDW1\">Bloomberg<\/a> writes. Countries from Europe and Asia to Africa and Latin America are trying to balance the conflicting need to raise interest rates and crack down on inflation, and lower them to soften the economic slowdown.<\/p>\n<p><strong>ALSO WORTH NOTING-<\/strong><\/p>\n<ul>\n<li><strong>Jumia is relocating its senior management from Dubai to Africa: <\/strong>The NYSE-listed ecommerce startup is shutting down its Dubai office and moving its senior management to the African markets they oversee in a bid to cut losses, the company\u2019s acting head Francis Dufay told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-04\/jumia-moves-top-bosses-to-africa-from-dubai-in-profit-push?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a>. Jumia founders Sacha Poignonnec and Jeremy Hodara were <a href=\"https:\/\/www.ft.com\/content\/cb1fcc33-473a-420f-8065-4e3533e54f63\">forced to quit the firm<\/a> last month.<\/li>\n<li><strong>Turkey finally gets a break: <\/strong>Turkish inflation slowed for the first time since May 2021 thanks to the base effect and the stabilization of the TRY. Consumer prices rose 84.4% y-o-y in November, compared to 85.5% the month prior. (<a href=\"https:\/\/ent.news\/2022\/12\/Press_Release-Turkish-Inflation-November-2022.pdf\">Statement (pdf)<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-05\/erdogan-s-fastest-inflation-is-set-for-first-fall-in-over-a-year?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Vodafone boss to step down this month:<\/strong> Vodafone CEO Nick Read will resign this month after four years at the helm of the company. During his tenure the company\u2019s share price has halved and concerns about growth have persisted. Vodafone cut its full-year profit forecast last month, worsening a bad year that has seen its share price fall by a fifth. The company\u2019s CFO, Margherita Della Valle, will take over on an interim basis. <a href=\"https:\/\/www.reuters.com\/business\/media-telecom\/vodafone-ceo-nick-read-step-down-2022-12-05\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/9e31a53c-079a-4542-ab94-8b5f247bc65b\">FT<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>14,328<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: +19.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.55<\/p>\n<\/td>\n<td>\n<p>Sell 24.63<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.55<\/p>\n<\/td>\n<td>\n<p>Sell 24.61<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,419<\/p>\n<\/td>\n<td>\n<p>-2.8% (YTD: -7.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,465<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +23.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,352<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,999<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: -16.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,568<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,957<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -8.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 83.04<\/p>\n<\/td>\n<td>\n<p>-3.0%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.62<\/p>\n<\/td>\n<td>\n<p>-10.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,780.80<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 16,970<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: 63.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.8% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (53.9% above the 90-day average). Foreign investors were net sellers. The index is up 19.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>Housing and Development Bank (+18.4%), GB Auto (+4.8%) and CIB (+3.9%).<\/p>\n<p><strong>In the red: <\/strong>Rameda Pharma (-3.0%), Qalaa Holding (-2.4%) and Sidi Kerir Petrochemicals (-2.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MBS eyes Credit Suisse: Credit Suisse\u2019s new investment bank has garnered interest from Saudi Arabia\u2019s Crown Prince Mohamed bin Salman, who reportedly is among a group of investors considering making a USD 1 bn investment, informed sources tell the Wall Street Journal. The Saudi royal could put up half of the money, potentially alongside former [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577826,"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":[7210],"tags":[317,9115,115,72,119,182,1317,122,219,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-commodities","tag-credit-suisse","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-mohammed-bin-salman","tag-planet-finance","tag-saudi-arabia","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"e0f16e2a-c624-4476-ac7e-09d4b05a6839","is_powered_by":true,"section_story_id":"6618a586-42fe-473e-a1be-9d880268af20","story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/102.jpg","photo_position":"above","related_issue":[577799],"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>High food prices could be the new normal - 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\/06\/high-food-prices-could-be-the-new-normal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High food prices could be the new normal\" \/>\n<meta property=\"og:description\" content=\"MBS eyes Credit Suisse: Credit Suisse\u2019s new investment bank has garnered interest from Saudi Arabia\u2019s Crown Prince Mohamed bin Salman, who reportedly is among a group of investors considering making a USD 1 bn investment, informed sources tell the Wall Street Journal. 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