{"id":578553,"date":"2023-01-04T03:56:37","date_gmt":"2023-01-04T03:56:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/this-morning-its-pmi-day-foreign-reserves-rose-usd-500-mn-in-december\/"},"modified":"2023-01-04T03:56:37","modified_gmt":"2023-01-04T03:56:37","slug":"this-morning-its-pmi-day-foreign-reserves-rose-usd-500-mn-in-december","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/this-morning-its-pmi-day-foreign-reserves-rose-usd-500-mn-in-december\/","title":{"rendered":"THIS MORNING: It\u2019s PMI day + foreign reserves rose USD 500 mn in December"},"content":{"rendered":"

Good morning folks, and happy almost-THURSDAY. <\/strong>We know we just had a long weekend, but this one still can\u2019t come soon enough.<\/p>\n

THE BIG STORIES OF THE DAY here at home <\/strong>include news that Qatar\u2019s Al Kuwari Group could be looking to snap up the Ramses Hilton hotel in Cairo for a reported USD 320 mn. Meanwhile, the EGX is drumming up interest in IPOs of state-owned companies it hopes could come this year.<\/p>\n

AND- Supply Minister Aly El Moselhy spent seven hours in the hot seat yesterday<\/strong>, telling MPs we\u2019re not going back to the days of Nasser as they criticized his ministry for not doing enough to tamp down rising consumer prices.<\/p>\n

^^ We have more on all three stories below.<\/p>\n

THE BIG STORY ABROAD is the political drama still unfolding in the US House of <\/strong>Representatives yesterday<\/strong>, as Republican leader Kevin McCarthy failed in three rounds of votes to be elected as speaker of the GOP-controlled chamber. Divisions in the Republican party, which won a slim majority in the lower chamber in November\u2019s midterm elections, saw McCarthy become the first majority party leader in a century to lose a first ballot for the post.<\/p>\n

What\u2019s next? The House will have to keep on voting<\/strong> until it can elect a speaker \u2014 whether McCarthy or another candidate \u2014 in the latest display of dysfunction on Capitol Hill in a polarized political climate. (Washington Post<\/a> | Financial Times<\/a> | BBC<\/a> | AP<\/a> | WSJ<\/a>)<\/p>\n

AND- FTX\u2019s Sam Bankman-Fried pleaded not guilty to all eight criminal charges <\/strong>he is facing after the collapse of his cryptocurrency exchange and affiliated hedge fund Alameda in a Manhattan federal court. His trial has been set for October, the Wall Street Journal<\/a> reports.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

It\u2019s PMI day: <\/strong>We\u2019ll find out how Egypt\u2019s private sector performed in December this morning when S&P Global publishes the first purchasing managers\u2019 index of 2023. We\u2019re expecting business activity in the private sector to have contracted for the 25th consecutive month<\/a> amid surging inflation caused in part by the weakening of the EGP. The release is due to land at 6.15 am CLT<\/strong>, shortly after we hit \u2018send\u2019 on this morning\u2019s issue \u2014 you\u2019ll find it here<\/a>. The index for the UAE is due out at the same time.<\/p>\n

Saudi\u2019s economy continues to grow: <\/strong>Saudi employment numbers jumped to near five-year highs in December on the back of a \u201csharp expansion\u201d in non-oil business activity, according to the PMI (pdf)<\/a>. The index came in at 56.9, well above the 50.0 mark that separates expansion from contraction, but below the 58.5 recorded in November.<\/p>\n

The EGX will be<\/strong>trialing an update (pdf)<\/a><\/strong> to its trading platform today and tomorrow<\/strong> from 3pm to 4:30pm. The update includes changes to the way stocks\u2019 daily closing price is calculated and approved.<\/p>\n

\n

<\/a> DATA POINT- Egypt\u2019s foreign reserves rose by more than USD 500 mn to register <\/strong>just over USD 34 bn at the end of December 2022<\/strong>, up from USD 33.5 bn<\/a> in November, according to central bank data<\/a> released yesterday. Reserves have been on the rise for four consecutive months and have now risen by more than USD 850 mn since the end of August, a reversal after falling 20% earlier in the year on the back of the war in Ukraine and tightening financial conditions globally.<\/p>\n

Foreign<\/strong> residents won\u2019t have to cough up FX to board a train:<\/strong> Foreigners residing in the country will not be charged in USD to book train tickets in the country, a source at the Transport Ministry told Enterprise yesterday. The decision to charge foreigners for train tickets in USD, announced last week, will only apply to tourists, the person said.<\/p>\n

Here\u2019s how much they\u2019ll be charged: <\/strong>A price list<\/a> published this week by the Egyptian National Railways Authority shows that tourists will be charged between USD 15 and USD 65 depending on the route and travel class. The move comes as officials continue to hunt for foreign exchange as Egypt looks to start emptying ports of backed-up goods.<\/p>\n

WATCH THIS SPACE- Movement on our COP green hydrogen agreements: <\/strong>The New and Renewable Energy Authority (NREA) is reportedly set to allocate land for the green hydrogen and green ammonia projects signed on the sidelines of COP27<\/a> during 1H 2023, Al Borsa<\/a> reports, citing unnamed NREA officials. The authority is set to meet with the companies that signed MoUs within two months to agree on next steps, the news outlet reports.<\/p>\n

\n
\n
\n
\n

\n Get Enterprise<\/b> daily
\n <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

The key news triggers as we start a new month:<\/strong><\/p>\n