{"id":578052,"date":"2022-12-14T04:00:43","date_gmt":"2022-12-14T04:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/"},"modified":"2022-12-14T04:00:43","modified_gmt":"2022-12-14T04:00:43","slug":"this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/","title":{"rendered":"THIS MORNING: It\u2019s Fed day + A big day for Moroccan (and Arab) football"},"content":{"rendered":"<p><strong>Good morning, friends, and welcome to another busy news day. <\/strong>There\u2019s no rest for the wicked as we look at a flood of M&A and FX news, Fed day in the US of A, and speculation that the Central Bank of Egypt could go for a snap interest rate hike ahead of the IMF\u2019s planned Friday board meeting to review our request for a USD 3 bn facility.<\/p>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><strong>The US-Africa Leaders\u2019 Summit continues in Washington today:<\/strong> President Abdel Fattah El Sisi is among the 49 African heads of state in Washington this week for the US-Africa Leaders\u2019 Summit. Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0D8vbs8WWxyLUCt6G1A6s7NLsRuC5KqFx8Wmwz1AFLJwSAgMLWgqx9k3j72ywatWyl\">confirmed<\/a> this morning that the president had landed in the US capital, and said that he would be meeting with a number of senior US officials, CEOs and African leaders, though it didn\u2019t name names.<\/p>\n<p><strong>Transport Minister Kamel El Wazir is in the UK <\/strong>to attend meetings of the International Maritime Organization (IMO), the ministry <a href=\"https:\/\/bit.ly\/3j2kbzo\">said<\/a> yesterday.<\/p>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><strong>Will we finally close an IMF facility this week?<\/strong> The IMF\u2019s executive board will discuss Egypt\u2019s request for a new extended fund facility on Friday, 16 December. Egypt and the Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">reached a staff-level agreement<\/a> for a USD 3 bn, 46-month loan program at the end of October, but the arrangement needs the sign off from the board before the loan can start to be disbursed.<\/p>\n<p><strong>An unscheduled CBE meeting this week?<\/strong> Al Ahly Pharos elaborated on their prediction for this year\u2019s final policy meeting in a note on Monday, writing that the Monetary Policy Committee could devalue the EGP by another 15% to rein in the parallel market and hike interest rates by 200 bps in an unscheduled meeting. BNP Paribas are of the same opinion, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fa71ef5-a161-4019-8ffb-b183f952ca63\">predicting<\/a> the EGP to fall to 33 against the greenback by the end of the year and 37 during the next quarter. The derivatives markets are also pegging the currency significantly below the current market rate, with 12-month non-deliverable forwards <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-06\/imf-board-to-discuss-egypt-next-week-as-loan-approval-awaited?sref=mmeFTDW1\">changing hands at EGP 30<\/a> last week.<\/p>\n<p><strong>MEANWHILE- The IMF agreed yesterday to offer Ghana a USD 3 bn lifeline <\/strong>after reaching a staff-level, the lender said in <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/12\/12\/pr22427-imf-reaches-staff-level-agreement-on-a-3-billion-three-years-ecf-with-ghana\">a statement<\/a> yesterday. Ghana joins Egypt, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62b5496d-bf12-4a6c-86f3-bdfc53a5f41f\">Bangladesh<\/a>, Lebanon, Pakistan, Sri Lanka, and Zambia in requesting IMF facilities this year.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>PSA- Two days until the e-invoicing deadline:<\/strong> Companies have until Thursday to register with the Tax Authority\u2019s e-invoicing system. Only 150k companies had signed up to the new system ahead of the previous deadline of 15 December, according to the Tax Authority\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">most recent tally<\/a> at the end of November, which is well below a sought goal of 1 mn companies to register under the system.<\/p>\n<p><strong>REMEMBER- This deadline no longer applies to the self-employed:<\/strong> The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">pushed the deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">widespread opposition<\/a> to the system.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Jerome-Powell-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>It\u2019s Fed day:<\/strong> We\u2019ll find out this evening by how much the Federal Reserve will raise interest rates when its final policy meeting wraps. The consensus is that policymakers will begin to ease the pace of the tightening cycle with a 50-bps hike but signal that it will continue to raise rates into 2023. Faced with soaring inflation, the central bank has embarked on its most aggressive series of rate hikes in years, raising rates by 375 bps since March including four consecutive 75-bps hikes.<\/p>\n<p><strong>The market got what it wanted ahead of the big day:<\/strong> Unexpectedly cool <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">inflation data<\/a> out yesterday gave the Fed more room to start a dovish pivot, further raising market expectations for a smaller hike today. The consumer price index fell to 7.1% in November, below the 7.3% expected by analysts, and down from 7.7% the month before. This is the lowest reading since December 2021, and will give further confidence to those who believe that we\u2019ve passed peak inflation.<\/p>\n<p><strong>Conditions will stay tight in 2023:<\/strong> Inflation may be past its peak but it remains well above target in the US, the EU and the UK, meaning central banks will continue to raise rates into 2023 albeit at a slower pace, the <a href=\"https:\/\/www.ft.com\/content\/ac621c8b-74b5-441f-a7f5-b733687210ac\">Financial Times<\/a> writes. \u201cInflation is decelerating and the pace of rate rises is smaller, but central banks are still going to be hiking by larger amounts than historically,\u201d Silvia Ardagna, chief European economist at Barclays, said.<\/p>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>WORLD CUP- Morocco will play arguably the biggest game in their history tonight<\/strong> when they face off against France in the semi-final of the World Cup. The Atlas Lions have the rest of the Middle East and Africa behind them when they take to the field at 9pm tonight, making history as the first-ever African team to make it to the last four of the competition.<\/p>\n<p><strong>It\u2019s going to be tough:<\/strong> France are the strongest team left in the competition and will be favorites to get their hands on the trophy for the second consecutive tournament. A lethal strike force of Kylian Mbappe, Antoine Griezmann and Olivier Giroud will test Morocco\u2019s battle-hardened defense to the max and their never-say-die attitude means that Morocco can expect a strong response if they find themselves in the lead.<\/p>\n<p><strong>But anything is possible:<\/strong> Morocco has already beaten three teams ranked among the top 10 in the world. They shocked the world by knocking out Spain in the last-16 and Portugal in the quarter-finals, and beating Belgium 2-0 to top their group. Morocco also has the best defensive record in the competition, only conceding once (an own goal vs. Canada) in the five games they\u2019ve played. France aren\u2019t exactly impregnable, either, having conceded in all but one of their games (and losing to Tunisia 1-0).<\/p>\n<p><strong>Whoever wins will meet Messi in the final after Argentina swept Croatia aside<\/strong> in last night\u2019s game. Argentina became the first to reach the final, winning 3-0 against the 2018 runner-ups with two goals from Julian Alvarez and a penalty from Lionel Messi. Messi became Argentina\u2019s all-time top scorer in the tournament, surpassing Gabriel Batistuta\u2019s record with an 11th career World Cup goal.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Sam-Bankman-Fried-arrested-1600.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>Sam Bankman-Fried is Sam Bankman-[redacted]:<\/strong> The co-founder and CEO of the collapsed crypto exchange FTX has been accused of committing \u201cone of the biggest financial frauds in American history\u201d by the US Department of Justice, a day after he was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fa71ef5-a161-4019-8ffb-b183f952ca63\">arrested by Bahamian police<\/a> ahead of a possible extradition to the US. SBF has been charged with eight counts including money laundering, conspiracy to commit wire fraud, securities fraud, and campaign financing violations, and if found guilty, faces years behind bars. (<a href=\"https:\/\/www.reuters.com\/technology\/how-secret-software-change-allowed-ftx-use-client-money-2022-12-13\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/cryptocurrency-technology-business-united-states-government-us-securities-and-exchange-commission-32d27016350e3e175c500eeefaf2aa4d?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_09\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-13\/ftx-founder-bankman-fried-s-arrest-sets-up-possible-extradition-fight?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b62a2e86-ee61-4c4e-8ce3-418ae216d8a7\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ftxs-sam-bankman-fried-charged-with-criminal-fraud-conspiracy-11670951131\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/13\/live-updates-ftx-collapse-house-lawmakers-hold-hearing-following-arrest-of-founder-sam-bankman-fried.html\">CNBC<\/a>)<\/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 class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>Proposed amendments to a law on building violation reconciliations, which could eventually see the government reach reconciliation agreements on some wildcat buildings, could present a big opening for local real estate developers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and welcome to another busy news day. There\u2019s no rest for the wicked as we look at a flood of M&#038;A and FX news, Fed day in the US of A, and speculation that the Central Bank of Egypt could go for a snap interest rate hike ahead of the IMF\u2019s planned [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578053,"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":[6451,344,168,72,6368,349,316,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-abdel-fattath-el-sisi","tag-cryptocurrency","tag-diplomacy","tag-enterpriseam","tag-ftx","tag-interest-rates","tag-morocco","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3d6cda7b-c469-4244-84e8-f4f92851af2b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/283.jpg","photo_position":"above","related_issue":[578050],"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: It\u2019s Fed day + A big day for Moroccan (and Arab) football - 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\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\" \/>\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 Fed day + A big day for Moroccan (and Arab) football\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and welcome to another busy news day. There\u2019s no rest for the wicked as we look at a flood of M&amp;A and FX news, Fed day in the US of A, and speculation that the Central Bank of Egypt could go for a snap interest rate hike ahead of the IMF\u2019s planned [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-14T04:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS MORNING: It\u2019s Fed day + A big day for Moroccan (and Arab) football\",\"datePublished\":\"2022-12-14T04:00:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\"},\"wordCount\":1201,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abdel Fattath El Sisi\",\"cryptocurrency\",\"DIPLOMACY\",\"EnterpriseAM\",\"FTX\",\"interest rates\",\"Morocco\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\",\"name\":\"THIS MORNING: It\u2019s Fed day + A big day for Moroccan (and Arab) football - 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semi-finals of the CIB Egyptian Squash Open take place today; Egypt-Libya committee meeting today.","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Well, ladies and gentlemen: We have the meatiest workaday issue that we can remember to close out the week. Before we get down to it though, as we say every six weeks... It\u2019s interest rate day here in Egypt: The Central Bank of Egypt will meet later today to review\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":551834,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/tonight-regional-industrial-agreement-afoot-fed-anticipation-reaches-critical-levels-also-somalia-could-be-our-new-gerd-ally\/","url_meta":{"origin":578052,"position":2},"title":"TONIGHT: Regional industrial agreement afoot + Fed anticipation reaches critical levels. ALSO- Somalia could be our new GERD ally.","author":"enterpriseam admin","date":"25 July 2022","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to another macro-heavy Monday. Here at home, we have major trade and diplo news, while abroad, the world is eagerly anticipating how the Fed plans to move on inflation, which is fueling a potential global labor protest movement (more on that in today\u2019s\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555059,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/","url_meta":{"origin":578052,"position":3},"title":"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback\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":542671,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/11\/this-morning-egypts-afcon-2021-journey-begins-tonight-fed-vice-chair-resigns-amid-scandal\/","url_meta":{"origin":578052,"position":4},"title":"THIS MORNING: Egypt\u2019s Afcon 2021 journey begins tonight; Fed vice chair resigns amid scandal","author":"enterpriseam admin","date":"11 January 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. 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