{"id":578263,"date":"2022-12-21T04:04:30","date_gmt":"2022-12-21T04:04:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/"},"modified":"2022-12-21T04:04:30","modified_gmt":"2022-12-21T04:04:30","slug":"this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/","title":{"rendered":"THIS MORNING: Another year with no state-funded Hajj trips + SBF extradition today"},"content":{"rendered":"<p><strong>Good morning ladies and gents.<\/strong> There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. Here in Egypt we have a crucial central bank policy meeting tomorrow and \u2014 as the IMF\u2019s Egypt mission chief reminds us \u2014 the probable unwinding of the dreaded L\/C requirement by next week (more on that in the news well, below). Meanwhile abroad, the Bank of Japan just breathed new life into the 2022 rollercoaster ride that is the global financial markets \u2014 check out this morning\u2019s Planet Finance for more on that.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><strong>It\u2019s the Central Bank of Egypt\u2019s final policy meeting of the year on Thursday:<\/strong> Most analysts in a <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-central-bank-seen-raising-interest-rates-by-200-bps-2022-12-20\/\">Reuters poll<\/a> are expecting policymakers to close out 2022 with another king-size 200-bps rate hike to support the currency and tackle rising inflation \u2014 chiming with the majority of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f634c395-5dfb-40bf-a4fe-388c6fe8a1b5\">those we surveyed<\/a> last week. Seven of the nine analysts and economists we spoke to are forecasting the central bank to raise rates, five of which see a 200-bps hike. This would take the policy rate to 15.25%, its highest level since early 2019.<\/p>\n<p><strong>PSA #1- MPs are now on a two-week break:<\/strong> The House of Representatives will be back in session on 2 January.<\/p>\n<p><strong>PSA #2- Another year with no state-funded Hajj trips: <\/strong>The Awqaf Ministry is once again <a href=\"https:\/\/ar.awkafonline.com\/?p=92669\">suspending<\/a> state-funded Hajj pilgrimages, making this the third consecutive year that the government has canceled its annual free Hajj trips. The action was <a href=\"https:\/\/english.ahram.org.eg\/News\/365823.aspx\">first taken in<\/a><a href=\"https:\/\/english.ahram.org.eg\/News\/365823.aspx\">2020<\/a> when the ministry decided to redirect those funds to support those affected by the pandemic.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Trump-tax-returns-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>THERE ARE THREE BIG STORIES ABROAD THIS MORNING-<\/strong><\/p>\n<p><strong>#1- Trump\u2019s tax returns are finally going public<\/strong> after a House committee yesterday voted to release them. (<a href=\"https:\/\/apnews.com\/article\/business-donald-trump-richard-neal-c697c4e300948a9e2638d0d9fbbe2f96?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_02\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/usa-trump-taxes-congress\/u-s-house-committee-to-release-redacted-trump-tax-filings-idUSKBN2T40O6\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/livecoverage\/donald-trump-tax-returns-release-house-committee\">WSJ<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/12\/20\/trump-tax-returns-house-democrats\/\">Washington Post<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/12\/20\/us\/trump-taxes-news\">NYT<\/a>)<\/p>\n<p><strong>#2- Sam Bankman-Fried will be extradited to the US from the Bahamas today<\/strong> to face a range of criminal charges related to the collapse of crypto exchange FTX. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-21\/bankman-fried-to-fly-to-us-on-wednesday-escorted-by-fbi-agents?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/20\/indicted-ftx-founder-sam-bankman-fried-to-return-to-us-after-hearing.html\">CNBC<\/a>)<\/p>\n<p><strong>#3- Elon Musk will abide by the results of this week\u2019s poll<\/strong> and will appoint a new CEO to take charge at Twitter as soon as one is found. (<a href=\"https:\/\/apnews.com\/article\/elon-musk-spacex-twitter-inc-technology-business-c99e4be605cd867d44879768059b5e7a?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_04\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/technology\/musk-says-hell-step-down-twitter-ceo-after-finding-replacement-2022-12-21\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-21\/musk-to-run-twitter-software-servers-teams-after-new-ceo-found?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/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><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>SIGN OF THE TIMES- Tech startups are scrambling amid funding drought: <\/strong>Silicon Valley tech startups are working overtime to keep themselves afloat and are turning to alternative sources of finance following a steep decline in VC funding, the <a href=\"https:\/\/www.ft.com\/content\/d12a4baa-53c6-4256-b125-d25622f9555f\">Financial Times<\/a> reports. Companies are looking at bridge loans and structured equity in efforts to avoid being forced to cut their valuations in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea5eb9c7-6b0c-428f-a102-78b147e5f7c9\">down<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea5eb9c7-6b0c-428f-a102-78b147e5f7c9\">rounds<\/a>.<\/p>\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>2022: A year of headwinds for infrastructure players.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning ladies and gents. There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. Here in Egypt we have a crucial central bank policy meeting tomorrow and \u2014 as the IMF\u2019s Egypt mission chief reminds us \u2014 the probable unwinding of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578264,"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":[271,344,984,104,637,72,6368,1061,349,894,123,1010,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-central-bank-of-egypt","tag-cryptocurrency","tag-donald-trump","tag-economy","tag-elon-musk","tag-enterpriseam","tag-ftx","tag-hajj","tag-interest-rates","tag-social-media","tag-startups","tag-twitter","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"efc9ce20-dc13-4cda-966c-ae3d938f22b1","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/445.jpg","photo_position":"above","related_issue":[578261],"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: Another year with no state-funded Hajj trips + SBF extradition today - 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\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Another year with no state-funded Hajj trips + SBF extradition today\" \/>\n<meta property=\"og:description\" content=\"Good morning ladies and gents. There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. 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There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. Here in Egypt we have a crucial central bank policy meeting tomorrow and \u2014 as the IMF\u2019s Egypt mission chief reminds us \u2014 the probable unwinding of [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-12-21T04:04:30+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/445.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS MORNING: Another year with no state-funded Hajj trips + SBF extradition today","datePublished":"2022-12-21T04:04:30+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/"},"wordCount":513,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/445.jpg?fit=%2C&ssl=1","keywords":["Central Bank of Egypt","cryptocurrency","Donald Trump","economy","Elon Musk","EnterpriseAM","FTX","hajj","interest rates","social media","startups","Twitter","What We're Tracking Today"],"articleSection":["What We're Tracking Today"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/this-morning-another-year-with-no-state-funded-hajj-trips-sbf-extradition-today\/","name":"THIS MORNING: Another year with no state-funded Hajj trips + SBF extradition today - 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We have just three weeks left until the \u201ctrue\u201d kickoff of Sahel season. We\u2019re looking forward to some sun, sand and salt water as much as all of you are, but \u2026 wow, do we have a lot to get done\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":547810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/","url_meta":{"origin":578263,"position":1},"title":"THIS MORNING: Inflation + foreign reserves figures out today; Fed could step up rate hikes to tame inflation","author":"enterpriseam admin","date":"7 July 2022","format":false,"excerpt":"We\u2019re almost there, ladies and gentlemen: One working day remains before we all depart for a well-earned week off to mark the Eid holiday \u2014 although judging by the news flow right now, most of the country already seems to be in vacation mode. The EGX (pdf) confirmed yesterday that\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":578306,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/this-morning-expect-another-mega-rate-hike-when-the-central-bank-meets-later-today\/","url_meta":{"origin":578263,"position":2},"title":"THIS MORNING: Expect another mega-rate hike when the central bank meets later today","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Good morning, dear readers, and congratulations on making it to the end of another week. Like many of you, we're going to be turning on our OoO responders on Sunday and having ourselves an extended weekend for the Christmas break. We'll be back in your inboxes on Monday at the\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\/2022\/12\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582647,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/this-morning-the-cbe-is-allowing-you-to-transfer-more-money-via-instapay-the-svb-fiasco\/","url_meta":{"origin":578263,"position":3},"title":"THIS MORNING: The CBE is allowing you to transfer more money via InstaPay + The SVB fiasco","author":"enterpriseam admin","date":"12 March 2023","format":false,"excerpt":"Daily, monthly and per-transaction limits are all increasing","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\/2021\/5\/smartphones-1600px-2.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546764,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/this-morning-privatization-strategy-unveiled-this-week-pm-in-abu-dhabi-a-terrible-2022-for-emerging-markets\/","url_meta":{"origin":578263,"position":4},"title":"THIS MORNING: Privatization strategy unveiled this week?; PM in Abu Dhabi; A terrible 2022 for emerging markets","author":"enterpriseam admin","date":"29 May 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to yet another blockbuster morning for business news. It\u2019s a morning that we think sets up another very busy week, with the Madbouly government\u2019s privatization strategy and a possible investment pact with the UAE being the two most-anticipated developments on which we\u2019ll be keeping\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":551014,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/this-evening-were-waiting-on-the-cbes-decision-on-rates-environment-ministry-to-go-in-depth-on-egypts-national-climate-strategy-for-2050\/","url_meta":{"origin":578263,"position":5},"title":"THIS EVENING: We\u2019re waiting on the CBE\u2019s decision on rates + Environment Ministry to go in depth on Egypt\u2019s National Climate Strategy for 2050","author":"enterpriseam admin","date":"19 May 2022","format":false,"excerpt":"Good afternoon, wonderful people, and welcome (finally) to THURSDAY. 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