{"id":580961,"date":"2023-01-30T13:28:14","date_gmt":"2023-01-30T13:28:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/tonight-blinken-meets-el-sisi-shoukry-for-palestine-israel-talks-adani-group-meltdown-rolls-on\/"},"modified":"2023-01-30T13:28:14","modified_gmt":"2023-01-30T13:28:14","slug":"tonight-blinken-meets-el-sisi-shoukry-for-palestine-israel-talks-adani-group-meltdown-rolls-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/tonight-blinken-meets-el-sisi-shoukry-for-palestine-israel-talks-adani-group-meltdown-rolls-on\/","title":{"rendered":"TONIGHT: Blinken meets El Sisi, Shoukry for Palestine-Israel talks + Adani Group meltdown rolls on"},"content":{"rendered":"

Happy Monday, wonderful people.<\/strong> It\u2019s already been a busy start to the week, and we have a sneaking suspicion we\u2019re not going to see things slowing down much over the next few days.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Blinken talks Palestine-Israel conflict with El Sisi, Shoukry:<\/strong> US Secretary of State Anthony Blinken discussed the escalating tensions between Palestine and Israel during a meeting earlier today with President Abdel Fattah El Sisi, according to an Ittihadiya statement<\/a>. Blinken \u2014 who arrived in Cairo yesterday and is likely en route to Israel as we hit dispatch on this afternoon\u2019s issue \u2014 reiterated Washington wants to work closely with Egypt to help restore calm following several days of airstrikes from Israel and attacks from Palestinian citizens. Blinken also sat down with Foreign Minister Sameh Shoukry for a separate meeting to touch on Egypt-US relations, alongside developments in Sudan and Libya, Reuters<\/a> reports.<\/p>\n

Expect Blinken\u2019s visit to drive <\/strong>the conversation on Egypt in the press for the next few<\/strong> days:<\/strong> Blinken\u2019s arrival in Cairo in the midst of escalating tension between Israel and Palestine has already got a lot of ink in the foreign press, with Reuters, Haaretz<\/a> and the National<\/a> all giving space to Egypt\u2019s longstanding role as a mediator between Palestine and Israel.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Adani meltdown continues:<\/strong> The massive sell-off of Adani Group\u2019s shares following blistering fraud allegations has so far wiped nearly USD 72 bn off the stock market value of the Indian coal conglomerate\u2019s flagship company, Bloomberg<\/a> reports. Shares of flagship Adani Enterprises fell 2% while Adani Total Gas and Adani Transmission plummeted by 20% on Monday. Billionaire Gautam Adani\u2019s 413-page rebuttal<\/a> to the fraud claims \u2014 made last week by US investment research firm Hindenburg Research, which holds short positions in Adani Group \u2014 have done little to pacify investor concerns about the corporate governance of his business. The market meltdown coincides with Adani Enterprises\u2019 secondary offering, which was planned to fund green hydrogen projects, Enterprise Climate noted this morning<\/a>.<\/p>\n

The story is still getting front-page play<\/strong> in the Financial Times<\/a>, the Wall Street Journal<\/a>, Reuters<\/a>, and CNBC<\/a><\/p>\n

<\/a> Driving the conversation throughout the rest of the week: We\u2019re heading into a series of<\/strong> interest rate hikes. <\/strong>Global central banks are set to bump up interest rates in the days ahead to their highest levels since the financial crisis, the Financial Times<\/a> reports. The Federal Reserve is expected to raise interest rates<\/a> 25 bps in its two-day monetary policy meeting tomorrow and Wednesday \u2014 pushing rates to the highest levels since September 2007, albeit at a slower pace than the 50 bps hike in its December meeting. Analysts expect the Bank of England (BoE) and the European Central Bank<\/a> (ECB) to hike rates by 50 bps to their highest since fall 2008.<\/p>\n

Remember when \u201ctransient\u201d was the word of the day? Investors are worried this means<\/strong> inflation is more persistent than they thought:<\/strong> While slowing inflation spurred hopes that central banks will slow the pace of their rate hikes and caused bond markets to rally<\/a> this month, price growth is expected to remain above the Fed and ECB targets of 2% in the medium term. Inflation still stands at 6.5% in the US and 9.2% in the EU. \u201c[It] is going to be super difficult again for the Fed to \u2026 get inflation down to that magical 2% number without putting us into a recession,\u201d one analyst told the FT. \u201cThe credit markets are effectively pricing in a no-recession outcome. But that\u2019s not the consensus base case that most economists are forecasting,\u201d said another.<\/p>\n

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** <\/strong>TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/strong> and get a chance to have lunch<\/strong> with us:<\/strong> Give us your thoughts on how 2022 panned out for your business and industry, and what you\u2019re expecting in the year ahead in our Enterprise Reader Survey.<\/p>\n

We\u2019re asking you to share your expectations<\/strong> on the EGP \/ USD rate in 2023, how you\u2019re managing expenses amid the rising cost of living, where you see your industry as a whole heading, and whether you expect to make fresh investments \u2014 among a few other questions we ask our community on a regular basis. As is our custom, we\u2019ll be sharing the results with all of you in a few weeks\u2019 time to help you shape your view of the year.<\/p>\n

You can <\/strong>take the Reader Survey here<\/a><\/strong> \u2014 it won\u2019t take more than a few minutes to complete.<\/p>\n

Want to have lunch with us?<\/strong> Leave your name, email, mobile number, and where you work in the box for \u201cIs there anything else you want to tell us.\u201d We\u2019ll be inviting eight participating readers to breakfast at one of our favorite restaurants.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n