{"id":583019,"date":"2023-02-05T00:00:00","date_gmt":"2023-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/this-evening-private-sector-activity-remains-in-contraction-territory-again-in-january-former-pm-sherif-ismail-laid-to-rest\/"},"modified":"2023-02-05T00:00:00","modified_gmt":"2023-02-05T00:00:00","slug":"this-evening-private-sector-activity-remains-in-contraction-territory-again-in-january-former-pm-sherif-ismail-laid-to-rest","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/this-evening-private-sector-activity-remains-in-contraction-territory-again-in-january-former-pm-sherif-ismail-laid-to-rest\/","title":{"rendered":"THIS EVENING: Private sector activity remains in contraction territory again in January + Former PM Sherif Ismail laid to rest"},"content":{"rendered":"

Good afternoon, wonderful people.<\/span> We have a relatively brisk start to this first full work week<\/span> of February, with a little bit of everything happening.<\/span><\/p>\n

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

<\/span>Private sector starts the year with sharper contraction: <\/span>Activity in Egypt\u2019s<\/span> no<\/span>n-oil private sector contracted at a quicker pace in January, according to <\/span>S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a><\/span>. January\u2019s PMI reading fell to 45.5 in January from 47.2 a month earlier \u2014 marking the 26th consecutive month of contraction \u2014 as high inflation and the weakening EGP continue to weigh on businesses. <\/span><\/p>\n

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

Picking up where we left off this morning, the international business press is still mostly<\/span> leading with the US shooting down a suspected Chinese spy balloon.<\/span> The story is on the front pages of the <\/span>Financial Times<\/a><\/span>, <\/span>CNBC<\/a><\/span>, <\/span>Bloomberg<\/a><\/span>, and the <\/span>Wall Street Journal<\/a><\/span>.<\/span><\/p>\n

HAPPENING NOW-<\/span><\/p>\n

Former Prime Minister Sherif Ismail\u2019s military funeral is currently underway<\/span>, with President<\/span> Abdel Fattah El Sisi and several government officials in attendance, according to an Ittihadiya <\/span>statement<\/a><\/span>. Ismail passed away yesterday at the age of 67 following a battle with illness. <\/span><\/p>\n

TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/span> and get a chance to break bread<\/span> with us:<\/span> 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.<\/span><\/p>\n

We\u2019re asking you to share your expectations<\/span> 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.<\/span><\/p>\n

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

Want to have a meal with us?<\/span> 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.<\/span><\/p>\n

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