{"id":578683,"date":"2023-01-10T04:13:48","date_gmt":"2023-01-10T04:13:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/food-was-pricier-than-ever-in-2022-goldman-bankers-to-get-the-boot-this-week\/"},"modified":"2023-01-10T04:13:48","modified_gmt":"2023-01-10T04:13:48","slug":"food-was-pricier-than-ever-in-2022-goldman-bankers-to-get-the-boot-this-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/food-was-pricier-than-ever-in-2022-goldman-bankers-to-get-the-boot-this-week\/","title":{"rendered":"Food was pricier than ever in 2022 + Goldman bankers to get the boot this week"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>World food prices hit an all-time high in 2022: <\/strong>Supply chain havoc that began during the pandemic and went into overdrive following the outbreak of war in Ukraine helped stoke food prices to an all-time high last year. The <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">UN Food and Agriculture Organisation\u2019s (FAO) food price index<\/a> averaged 143.7 points in 2022, up 14.3% from 2021 \u2014 its highest reading since records began in 1990.<\/p>\n<p><strong>But we should be past the worst of food inflation: <\/strong>The food price index declined for the ninth consecutive month in December, inching down 1.9% m-o-m to 132.4 points on the back of a steep drop in the price of vegetable oils and moderate declines in the prices of cereal and meat. \u201cCalmer food commodity prices are welcome after two very volatile years,\u201d Reuters quotes FAO Chief Economist Maximo Torero as saying.<\/p>\n<p><strong>Goldman Sachs sets up the chopping block: <\/strong>The Wall Street major is set to cut some 3.2k jobs this week as it continues to implement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f263dcbf-0b0b-4794-b7f5-39aa5af46584\">cutbacks that began<\/a> last fall, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-09\/goldman-sachs-gs-to-cut-about-3-200-jobs-after-cost-review?leadSource=uverify wall\">Bloomberg<\/a> reports. More than a third of the job cuts will take place in Goldman\u2019s core trading and banking units, the business newswire reports, after business was hit by last year\u2019s dealmaking drought and increased market volatility ahead of a predicted global recession. The firm\u2019s headcount increased by a third in the last four years to number some 49k.<\/p>\n<p><strong>Signs point to the eurozone escaping a deep recession: <\/strong>The EUR rose nearly 1% against the USD yesterday after November data showed record-low eurozone unemployment and robust manufacturing output in Germany, leading investors to wager on a shallower recession in the bloc, the <a href=\"https:\/\/www.ft.com\/content\/c508fbaf-3469-440c-97bf-49b1a6111670\">Financial Times<\/a> reports.<\/p>\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>16,097<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +10.3%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 27.55<\/p>\n<\/td>\n<td>\n<p>Sell 27.63<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 27.45<\/p>\n<\/td>\n<td>\n<p>Sell 27.55<\/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>16.25% deposit<\/p>\n<\/td>\n<td>\n<p>17.25% lending<\/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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,647<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: +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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,170<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -0.4%)<\/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>3,322<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -0.4%)<\/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>3,892<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +0.4%)<\/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>7,725<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +3.7%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>4,069<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: +7.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 79.80<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.91<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/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 1,874.90<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 17,167<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +4.2%)<\/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 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 2.77 bn (73.3% above the 90-day average). Regional investors were net sellers. The index is up 10.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Qalaa Holdings (+6.3%), Credit Agricole Egypt (+3.7%) and CIB (+2.2%).<\/p>\n<p><strong>In the red: <\/strong>Juhayna (-3.2%), GB Auto (-3.0%) and CIRA Education (-2.2%).<\/p>\n<p><strong>It\u2019s a mixed picture for Asian markets in early trading this morning<\/strong>, while futures suggest major European and US indices will open to a wall of red later on today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>World food prices hit an all-time high in 2022: Supply chain havoc that began during the pandemic and went into overdrive following the outbreak of war in Ukraine helped stoke food prices to an all-time high last year. The UN Food and Agriculture Organisation\u2019s (FAO) food price index averaged 143.7 points in 2022, up 14.3% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578684,"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":[317,72,683,119,260,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-commodities","tag-enterpriseam","tag-fao","tag-financial-markets","tag-goldman-sachs","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"44b4e397-6ae8-485c-bb6d-424ddce9519f","is_powered_by":true,"section_story_id":"02625e22-633e-4f05-b86d-6a3c08ed7abf","story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/145.jpg","photo_position":"above","related_issue":[578665],"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>Food was pricier than ever in 2022 + Goldman bankers to get the boot this week - 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\/10\/food-was-pricier-than-ever-in-2022-goldman-bankers-to-get-the-boot-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Food was pricier than ever in 2022 + Goldman bankers to get the boot this week\" \/>\n<meta property=\"og:description\" content=\"World food prices hit an all-time high in 2022: Supply chain havoc that began during the pandemic and went into overdrive following the outbreak of war in Ukraine helped stoke food prices to an all-time high last year. 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The Food and Agriculture Organization (FAO) index fell 8.6% to 140.9 points during the month, marking\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546201,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/emerging-market-investors-expect-imf-to-back-risky-debt-global-food-prices-eased-slightly-in-april\/","url_meta":{"origin":578683,"position":3},"title":"Emerging-market investors expect IMF to back risky debt + global food prices eased (slightly) in April","author":"enterpriseam admin","date":"8 May 2022","format":false,"excerpt":"Expectations of IMF support are driving gains in some of the riskiest EM debt markets: Emerging-market debt has been battered by a tightening monetary environment as central banks crack down on inflation, losing 6% last month alone. 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