{"id":578592,"date":"2023-01-05T04:03:54","date_gmt":"2023-01-05T04:03:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/this-morning-enjoy-the-long-weekend-folks\/"},"modified":"2023-01-05T04:03:54","modified_gmt":"2023-01-05T04:03:54","slug":"this-morning-enjoy-the-long-weekend-folks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/this-morning-enjoy-the-long-weekend-folks\/","title":{"rendered":"THIS MORNING: Enjoy the long weekend, folks"},"content":{"rendered":"<p><strong>Good morning, wonderful people. Happy Thursday \u2014 and a very Merry Christmas to everyone celebrating this weekend. <\/strong><\/p>\n<p><strong>THE BIG STORY here at home this morning is the Central Bank of Egypt\u2019s big move yesterday on the foreign exchange front. <\/strong>Hassan Abdalla allowed the EGP to slide nearly 7% against the greenback to 26.49. In parallel, the Big Two state-owned banks introduced one-year EGP certificates of deposit that offer a never-before-seen 25% interest rate.<\/p>\n<p><strong>What\u2019s the logic? Abdalla is looking for a market-clearing rate<\/strong> \u2014 the exchange rate at which folks clinging to USD are willing to convert them into local currency. In short:<\/p>\n<ul>\n<li><strong>The market will set the rate: <\/strong>By allowing the EGP to slide against foreign currencies, Abdalla is signaling to the market (and the IMF) that the central bank has indeed moved to what he has previously called a \u201cdurably flexible\u201d exchange rate.<\/li>\n<li><strong>And here\u2019s a sweetener: <\/strong>As Banque Misr\u2019s Mohamed El Etreby made clear yesterday, the idea is that the \u201climited-time-only\u201d 25% CDs will convince folks holding USD that now is the time to go longer on the local currency.<\/li>\n<\/ul>\n<p>^^ We have chapter and verse in this morning\u2019s news well, below.<\/p>\n<p><strong>THE BIG STORY ABROAD remains the standoff in the US House of <\/strong><strong>Representatives<\/strong> as the GOP-controlled chamber failed for a second day to elect a new speaker. Turned on by various flanks of his own party, Republican leader Kevin McCarthy was voted down in his quest for the post a fourth, fifth, and sixth time before the House managed to pass one vote \u2014 agreeing to adjourn for the night. The spectacle will continue when they give it another go today. Bloomberg, <a href=\"https:\/\/www.reuters.com\/world\/us\/us-house-republicans-face-showdown-over-mccarthys-speaker-bid-2023-01-04\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/house-speaker-vote-updates-669e23dc963da9579ab10e4b3da78911?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">AP<\/a>, <a href=\"https:\/\/www.wsj.com\/livecoverage\/kevin-mccarthy-house-speaker-vote-santos?mod=hp_lead_pos1\">WSJ<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/01\/04\/house-speaker-vote-live-updates-kevin-mccarthy\/\">WaPo<\/a> and <a href=\"https:\/\/www.nytimes.com\/live\/2023\/01\/04\/us\/house-speaker-vote\">NYT<\/a> all have more.<\/p>\n<p><strong>FROM THE REGION- Dubai has unveiled a USD 7.8 tn (AED 32 tn) economic plan <\/strong><strong>for the next decade. <\/strong>The plan aims to double the city-state\u2019s foreign trade and investments in efforts to bolster its role as a global financial hub, Dubai ruler Sheikh Mohammed bin Rashid said in a <a href=\"https:\/\/twitter.com\/HHShkMohd\/status\/1610592149707395072?cxt=HHwWgMC8ldzB_NksAAAA\">tweet<\/a> yesterday. The plan targets foreign trade income of AED 25.6 tn and foreign investments of AED 650 bn in total between now and 2023.<\/p>\n<hr class=\"grey-line\">\n<p><strong>PSA #1- Private sector + EGX will be off on Sunday: <\/strong>The private sector will be off next Sunday, 8 January in observance of Coptic Christmas, the Manpower Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DP8jp4Y3AB1vZp7UJbx42rYVWjYuGZrRMKrBH9K2x14jgP2b5xXrBkZnRTG5KDmnl\">confirmed in a<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DP8jp4Y3AB1vZp7UJbx42rYVWjYuGZrRMKrBH9K2x14jgP2b5xXrBkZnRTG5KDmnl\">statement<\/a>. The EGX will also be closed, the bourse said in a <a href=\"https:\/\/ent.news\/2023\/1\/EGX-Coptic-Christmas-2023.jpg\">separate statement<\/a>, following a similar announcement from the Central Bank of Egypt. Prime Minister Moustafa Madbouly had announced the day would be a national holiday earlier this week.<\/p>\n<p><strong>That means us, too: <\/strong>EnterpriseAM will be back in your inboxes at the appointed hour on Monday, 9 January.<\/p>\n<p><strong>PSA #2- We\u2019re in for very seasonable weather for Christmas weekend<\/strong>, with daytime highs of 20\u00b0C and overnight lows of 9\u00b0C all three days.<\/p>\n<p><strong>PSA #3- There\u2019s a 90% chance of up to 5 mm of rain on Sunday evening<\/strong>, our favourite weather app says, suggesting we\u2019ll start the work week on Monday with cooler temperatures (a daytime high of 16\u00b0C) and a possibility of 3-4 mm of rain.<\/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>Warm European weather drives natural gas prices below pre-Ukraine war levels:<\/strong> Unseasonably warm weather in Europe is continuing to push down natural gas prices, with benchmark futures falling as much as 8.7% to their lowest level in 11 months, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-04\/europe-gas-falls-again-as-warm-weather-brings-relief-for-markets?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>. If temperatures stay high and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0924942-d112-4dc1-9d44-4618c4dd9026\">alternative energy sources<\/a> like wind power continue to record level outputs, further falls are likely, which would offer some measure of relief for depleting natural gas inventories. But governments continue to urge energy saving measures, as the coldest parts of winter are still to come and natural gas prices remain well above the five-year average.<\/p>\n<p><strong>Oil prices are also on the decline:<\/strong> The fresh covid outbreak in China unleashed by Beijing\u2019s loosening of yearslong restrictions has sent crude oil prices tumbling this week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-03\/oil-holds-steep-decline-as-demand-concerns-pushed-to-the-fore?sref=mmeFTDW1\">Bloomberg<\/a> reports. WTI crude fell almost 10% over the last two days, while Brent futures closed down more than 5% for the day yesterday at USD 77.84 a barrel.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The House of Representatives adjourned on Tuesday<\/strong> and will reconvene plenary sessions on Sunday, 15 January.<\/p>\n<p><strong>The key news triggers as we start a new month:<\/strong><\/p>\n<ul>\n<li><strong>Inflation<\/strong> figures for <strong>December<\/strong> will be released on <strong>Tuesday, 10 January<\/strong>.<\/li>\n<li>The<strong> national dialogue<\/strong> will kick off on <strong>Saturday, 14 January<\/strong>.<\/li>\n<li>The government\u2019s <strong>fuel pricing committee <\/strong>will meet this month to <strong>decide quarterly fuel prices<\/strong>.<\/li>\n<li>Global movers and shakers will descend on <strong>Davos<\/strong> for the<strong> World Economic Forum\u2019s annual meetings<\/strong> on <strong>16-20 January<\/strong>.<\/li>\n<li>The <strong>IMF<\/strong> will publish an <strong>updated World Economic Outlook<\/strong> towards the end of the month.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<div class=\"stand-out\">\n<p><strong>ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help<\/strong><strong> us build some very cool new things.<\/strong> <a href=\"https:\/\/enterprise.press\/\">Enterprise<\/a> \u2014 the essential daily read on what\u2019s happening in business, finance, economics and policy in Egypt and the wider region \u2014 is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.<\/p>\n<p><strong>NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. <strong>Those who successfully complete the program will then be offered full-time positions on staff.<\/strong><\/p>\n<p><strong>During the program you will learn:<\/strong><\/p>\n<ul>\n<li><strong>The key news stories and trends shaping business<\/strong> and the economy in Egypt and the region, across various sectors;<\/li>\n<li><strong>Business and finance for non-finance people:<\/strong> Whether it's industry jargon, key concepts, or simply how to read a an income statement;<\/li>\n<li><strong>How to construct an Enterprise story:<\/strong> From idea formulation down to the structure, style, and tone of writing;<\/li>\n<li><strong>The ins and outs of a newsroom, <\/strong>including how to develop sources that will give you the key insights needed to tell a complete story;<\/li>\n<li><strong>How to communicate these stories<\/strong> with the confidence and language of an insider.<\/li>\n<\/ul>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention \u201cwriting development program\u201d in your subject line.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people. Happy Thursday \u2014 and a very Merry Christmas to everyone celebrating this weekend. THE BIG STORY here at home this morning is the Central Bank of Egypt\u2019s big move yesterday on the foreign exchange front. Hassan Abdalla allowed the EGP to slide nearly 7% against the greenback to 26.49. In parallel, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578593,"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":[576,104,1419,72,248,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banque-misr","tag-economy","tag-egp","tag-enterpriseam","tag-national-bank-of-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8dc549b4-ee02-4b8c-a89e-ec0b4d286442","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/1\/85.jpg","photo_position":"above","related_issue":[578590],"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: Enjoy the long weekend, folks - 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\/2023\/01\/05\/this-morning-enjoy-the-long-weekend-folks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Enjoy the long weekend, folks\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. Happy Thursday \u2014 and a very Merry Christmas to everyone celebrating this weekend. THE BIG STORY here at home this morning is the Central Bank of Egypt\u2019s big move yesterday on the foreign exchange front. Hassan Abdalla allowed the EGP to slide nearly 7% against the greenback to 26.49. 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says the central bank didn\u2019t intervene in the market yesterday, signaling a hands-off approach to the exchange rate","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/648.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548774,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/egypt-could-opt-for-soft-egp-devaluation-to-stave-off-inflation-moodys\/","url_meta":{"origin":578592,"position":1},"title":"Egypt could opt for soft EGP devaluation to stave off inflation -Moody\u2019s","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Moody\u2019s is the latest to speculate on the fate of the EGP: Egyptian policymakers will likely choose to maintain a close watch on the EGP and allow it to ease gradually against the greenback to avoid exacerbating inflationary pressures, Moody\u2019s says in a report picked up by the regional press.The\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/344.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553229,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/egypts-central-bank-goes-for-durably-flexible-float-snap-rate-hike-as-cairo-lands-a-usd-3-bn-46-month-imf-loan\/","url_meta":{"origin":578592,"position":2},"title":"Egypt\u2019s central bank goes for \u201cdurably flexible\u201d float, snap rate hike as Cairo lands a USD 3 bn, 46-month IMF loan","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Hello, friends. Remember how we suggested a few hours ago that today was set to be a slow news day \u2014 and that we might be able to slide gently into the weekend? What the hell did we know? As it turned out: IT\u2019S FLOAT + IMF AGREEMENT DAY Hassan\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":550334,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/a-packed-first-day-at-the-egypt-economic-conference-2022\/","url_meta":{"origin":578592,"position":3},"title":"A packed first day at the Egypt Economic Conference 2022","author":"enterpriseam admin","date":"24 October 2022","format":false,"excerpt":"The first day of the Egypt Economic Conference 2022 saw speeches from government and central bank officials. Policymakers ran us through a brief history of our economy as they laid the groundwork to talk solutions today and tomorrow. President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly each took\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548740,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt\/","url_meta":{"origin":578592,"position":4},"title":"Hassan Abdalla is the new acting governor of the Central Bank of Egypt","author":"enterpriseam admin","date":"21 August 2022","format":false,"excerpt":"Meet the CBE\u2019s new acting chief: President Abdel Fattah El Sisi appointed Hassan Abdalla (bio), the former vice-chairman and managing director of Arab African International Bank (AAIB) and current chairman of state-owned media giant United Media Services, as acting governor of the Central Bank of Egypt (CBE) on Thursday, one\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549128,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/this-morning-its-pmi-day-abdalla-cabinet-are-working-on-monetary-and-fiscal-policy-as-imf-talks-continue\/","url_meta":{"origin":578592,"position":5},"title":"THIS MORNING: It\u2019s PMI day + Abdalla, cabinet are working on monetary and fiscal policy as IMF talks continue","author":"enterpriseam admin","date":"5 September 2022","format":false,"excerpt":"Good morning, nice people. 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