{"id":582235,"date":"2023-03-05T00:00:00","date_gmt":"2023-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/this-morning-its-pmi-day-uber-fares-hiked-again\/"},"modified":"2023-03-05T00:00:00","modified_gmt":"2023-03-05T00:00:00","slug":"this-morning-its-pmi-day-uber-fares-hiked-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/this-morning-its-pmi-day-uber-fares-hiked-again\/","title":{"rendered":"THIS MORNING: It\u2019s PMI day + Uber fares hiked (again)"},"content":{"rendered":"

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Good morning, friends, and welcome to a very brisk news morning <\/span>as we start this first full week of March.<\/span><\/p>\n

EGP WATCH- EGP undervalued by 30% says Credit Suisse:<\/span> Credit Suisse thinks the <\/span>fair value of the EGP is 30% higher than current levels, setting the real USD exchange rate at 23.8, according to <\/span>Al Mal<\/a><\/span>, <\/span>which <\/span>says it <\/span>obtained a copy of the note from the Swiss bank. The<\/span> <\/span>official exchange rate<\/span> on Thursday put the EGP at 30.78 after slipping another 0.3% during the day. <\/span>By contrast, Societe Generale says it sees the EGP at 34.00 by the end of the month, according to a <\/span>Bloomberg<\/a><\/span> report.<\/span><\/p>\n

<\/span>Net foreign assets deteriorate in January:<\/span> The net foreign liability position of the Egyptian <\/span>banking system widened to USD 21.7 bn in January from USD 20 bn the month before following <\/span>two mont<\/span>hs of <\/span>improvement<\/a><\/span>, according to an EFG Hermes client note, which picked up central bank data. Commercial banks were responsible for much of the decline, with their liabilities growing by USD 1.4 bn to USD 13.1 bn.<\/span><\/p>\n

PSA #1- Your Uber just got pricier: <\/span>Ride-hailing app Uber has raised its prices for the <\/span>second time in a month<\/a><\/span>, this time in response to the government\u2019s decision to <\/span>raise fuel prices<\/a><\/span> by as much as 11% last week. The<\/span> minimum charge <\/span>for UberX, UberX Saver and Uber Comfort has increased by 7.5-8% whil<\/span>e the base rate<\/span> is by as much as 11%, according to an email sent to Uber customers over the weekend. <\/span><\/p>\n

PSA #2- It\u2019s going to be hot and windy today<\/span>, with the mercury hitting an unseasonably warm <\/span>35\u00b0C and the wind picking up some time around 11am CLT, raising the prospect of anything from blowing dust to a modest sandstorm. <\/span><\/p>\n

PSA #3- We have 18 days (and just two weekends) left before Ramadan<\/span>, which gets <\/span>underway on or about Thursday, 23 March. Maghreb will be at 6:08pm CLT.<\/span><\/p>\n

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

It\u2019s <\/span>PMI day:<\/span> S&P Global will release Egypt\u2019s February purchasing managers\u2019 index just after <\/span>we hit \u201csend\u201d on this morning\u2019s issue. <\/span>The 26-month contraction in Egypt\u2019s private sector <\/span>accelerated in January<\/a><\/span> as inflation fuelled by the devaluation of the EGP weighed on business activity.<\/span><\/p>\n

It\u2019s the final day of the <\/span>Egypt CSR & Sustainable Development Forum<\/a><\/span> in <\/span>Hurghada<\/span>.<\/span><\/p>\n

The Senate is back in session <\/span>and its various committees have a busy day ahead:<\/span><\/p>\n