{"id":583170,"date":"2023-02-12T00:00:00","date_gmt":"2023-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/five-egyptian-banks-get-ratings-downgrade-from-moodys-death-toll-from-turkey-syria-quakes-rises-above-28k\/"},"modified":"2023-02-12T00:00:00","modified_gmt":"2023-02-12T00:00:00","slug":"five-egyptian-banks-get-ratings-downgrade-from-moodys-death-toll-from-turkey-syria-quakes-rises-above-28k","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/five-egyptian-banks-get-ratings-downgrade-from-moodys-death-toll-from-turkey-syria-quakes-rises-above-28k\/","title":{"rendered":"Five Egyptian banks get ratings downgrade from Moody\u2019s + Death toll from Turkey-Syria quakes rises above 28k"},"content":{"rendered":"

Good afternoon, wonderful people.<\/span> It\u2019s thus far a calmer-than-expected start to the news<\/span> week, but we know better than to think this lull will last long.<\/span><\/p>\n

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

<\/span>Five banks get ratings downgrade, outlook upgrade from Moody\u2019s:<\/span> Moody\u2019s<\/span> downgraded the long-term local currency deposit ratings for the National Bank of Egypt, Banque Misr, Banque du Caire, and CIB to B2 from B3, while AlexBank was downgraded to B2 from B1, <\/span>the ratings agency said<\/a><\/span>. The agency changed its local currency deposit outlook for all five banks to positive from stable. <\/span><\/p>\n

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

Survivors continue to be found in Turkey and Syria, reports the foreign press<\/span>, as the<\/span> death toll rises above 28k, making it the deadliest natural disaster in more than<\/span> 90<\/span> years in both countries. The Centre for Research on the Epidemiology of Disasters has noted the high fatality rate of earthquakes due to the difficulty in predicting when and where they will hit, and that most occur in low-income countries with already vulnerable populations. <\/span><\/p>\n

Coverage is turning to report on the after effects of the earthquake<\/span>, including the presence<\/span> of looters, spread of disease among survivors and the detention or arrest of as many as 95 people in Turkey regarding the soundness of buildings that collapsed. Turkish President Recep Tayyip Erdogan has pledged to rebuild more than 100k homes within a year, as more than 1.1 mn people are living in temporary accommodation centers in Turkey, with 80k in hospital. <\/span>Reuters<\/a><\/span>, <\/span>the Financial Times<\/a><\/span> and the <\/span>Washington Post<\/a><\/span> all have updates on the story.<\/span><\/p>\n

HAPPENING NOW- President Abdel Fattah El-Sisi is heading to Dubai to attend the <\/span>World<\/a><\/span>Government Summit<\/a><\/span>, where Egypt is the guest of honor, according to an <\/span>Ittihadiya statement<\/a><\/span>. The president is leading a high-level government delegation that will participate in the Davos-like gathering, which will see policymakers from around the world discuss global trends, according to Emirati state news agency <\/span>WAM<\/a><\/span>. El Sisi is set to meet with senior officials at regional and global financial and economic organizations during the summit, according to the statement.<\/span><\/p>\n

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