{"id":581012,"date":"2023-02-01T13:38:02","date_gmt":"2023-02-01T13:38:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/this-evening-madbouly-cabinet-to-announce-details-of-privatization-plans-next-week\/"},"modified":"2023-02-01T13:38:02","modified_gmt":"2023-02-01T13:38:02","slug":"this-evening-madbouly-cabinet-to-announce-details-of-privatization-plans-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/this-evening-madbouly-cabinet-to-announce-details-of-privatization-plans-next-week\/","title":{"rendered":"THIS EVENING: Madbouly Cabinet to announce details of privatization plans next week"},"content":{"rendered":"

Good afternoon, ladies and gentlemen.<\/strong> We\u2019re just about at the end of the work week, after making it through what felt like a very, very long January.<\/p>\n

** <\/strong>TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/strong> and get a chance to break bread <\/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 a meal 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 a meal at one of our favorite restaurants.<\/p>\n

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

<\/a> We\u2019re going to have a privatization plan \u2014 with at least 20 companies in the chute \u2014 next<\/strong> week:<\/strong> The Madbouly Cabinet will unveil its plan to sell stakes in at least 20 state-owned firms following its meeting next week, Prime Minister Moustafa Madbouly said at a press conference today (watch, runtime 15:05<\/a>). Madbouly did not specify a timeline for the plan, which will include some combination of EGX listings and stake sales to strategic investors. The prime minister also did not provide the names of any companies that will be included in the plan.<\/p>\n

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

It\u2019s decision day at the Fed: <\/strong>The US Federal Reserve is expected to raise rates by 25 bps to a target range of 4.5-4.75% in its ongoing fight against inflation at the end of its two-day policy meeting later today, Bloomberg<\/a> reports. The decision would mark a second shift down towards a more moderate pace of monetary tightening in response to signs of cooling inflation and slowing growth. The Fed in December stepped down the pace of its interest rate hikes to 50 bps following four consecutive 75-bps hikes.<\/p>\n

The fight against inflation is far from over: <\/strong>The Fed is expected to signal that more interest rate hikes are coming in its statement accompanying the rate announcement as well as in Fed Chair Jerome Powell\u2019s press conference later today. \u201cWith financial markets anticipating that the Fed will stop raising rates soon and possibly even cut them later this year, analysts say Powell will need to push back against such optimism,\u201d says the Associated Press<\/a>.<\/p>\n

How much more tightening is left to go? <\/strong>Policymakers believe that rates need to reach north of 5% and stay there \u2014 for an unspecified period \u2014 to reign in price growth, according to Bloomberg.<\/p>\n

The Fed meeting is everywhere in the international business press:<\/strong> AP<\/a> | Financial Times<\/a> | Bloomberg<\/a> | CNBC<\/a><\/p>\n

The ECB will follow tomorrow:<\/strong> The European Central Bank is expected to hike up rates by 50<\/a>bps<\/a> in its meeting on Thursday to tackle unyielding core inflation, which remained at an all-time high of 5.2% in January, the Financial Times<\/a> reports. While eurozone inflation has declined to 8.5% in January<\/a> from 9.2% in December on the back of falling energy prices, it\u2019s not enough to dissuade the ECB from hiking rates to curb core inflation, which is a superior measure of price growth as it excludes food and energy prices, the FT adds.<\/p>\n

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