{"id":584838,"date":"2023-04-06T00:00:00","date_gmt":"2023-04-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/"},"modified":"2023-04-06T00:00:00","modified_gmt":"2023-04-06T00:00:00","slug":"this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/","title":{"rendered":"THIS MORNING: More high-yield CDs + Net foreign reserves inch up in March"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, wonderful people, and a very happy THURSDAY. <\/span><span style=\"font-weight:400;\">The newsflow is being slightly kinder to us this morning \u2014 and it\u2019s much appreciated at the end of a long, busy week. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The first of the next run of holidays is confirmed: <\/span><span style=\"\">Both public and private sector <\/span><span>workers will take Monday, 17 April off in observance of Sham El Nessim, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0BNL8Rkb2kqTeGd758PhNDiQcgxtn1x1u6t78PLrLrBfrhhQJ4SfYq9QnJPKzCASfl\" style=\"\">cabinet said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. You can expect the central bank and EGX to follow suit with announcements soon.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">There\u2019s more where that came from: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Coptic Easter falls on Sunday, 16 April. It\u2019s typically a bank holiday, but not a national holiday (though it should be.) <\/span><\/li>\n<li><span style=\"font-weight:400;\">Eid El Fitr should land on or around Friday, 21 April (it\u2019s still not clear what days will be official holidays);<\/span><\/li>\n<li><span>Tuesday, 25 April, is Sinai Liberation Day,<\/span><span> for which we\u2019ll likely have a day off on Thursday, 27 April.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">M&A is the theme of THE BIG STORIES here at home<\/span><span style=\"\"> t<\/span><span style=\"font-weight:700\">his morning:<\/span><span style=\"\"> The bidding war for <\/span><span>state-owned paint maker Pachin continues after Eagle Chemicals upped<\/span><span style=\"font-weight:400;\"> its bid once again, and Amman-based hygiene products manufacturer Fine has acquired Alexandrian health and beauty company Easy. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MORE CDs-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt1\"><\/a><\/span><span style=\"font-weight:700\">Banque du Caire matches Big Two state banks\u2019 new high-yield CDs: <\/span><span style=\"\">State-owned <\/span><span>Banque du Caire followed the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d7c51cd-eaa8-45aa-ab9d-d54a246175f3\" style=\"\">NBE and Banque Misr<\/a><\/span><span> to offer a fixed, three-year certificate of deposit at a 19% rate, and a three-year declining-rate certificate that starts at 22% before falling to 18% in the second year and 16% in the third year, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bdc.com.eg\/bdcwebsite\/personal\/certificates-and-deposits\/certificates-of-deposits.html\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. Both are paid out monthly, while the fixed certificate also has quarterly and annual payout options at lower rates. The minimum deposit is EGP 10k. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Al Baraka Bank Egypt <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.facebook.com\/AlBarakaBankEg\/posts\/pfbid0iYjwixtBTyKHdUQ2JXdM2qYXXTYLCa8T51H2gVc1AyMRj1yjpRpi4ntaC2z3Qmz7l\" style=\"\">launched a three-year CD<\/a><\/span><span style=\"font-weight:700\"> at a variable interest rate of at least 19<\/span><span style=\"font-weight:700\">%<\/span><span>, disbursed monthly. The minimum deposit is EGP 1k. Al Baraka joins private-sector lenders <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ffafccf-53bb-4520-b54f-7477d4245097\" style=\"\">CIB<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a4f3b0b-8509-4ae7-a187-137f5f5b5a75\" style=\"\">aiBank<\/a><\/span><span> following the NBE and Banque Misr\u2019s lead and bringing new CDs to the market after the central bank raised interest rates by 200 basis points last week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- Charitable CDs: <\/span><span style=\"\">Nasser Social Bank partnered with the state\u2019s Decent Life social <\/span><span>support initiative to issue three-year, 15% certificates, according to statements by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02SstnZ95a9ChHbHvreSsYPRYG4b5VxUuQuGCEWo6she7UB14BRjq6km4hwEeGJmaBl?__cft__[0]=AZXmev43QtvW2OFuFsS-IKqTNU7fax5FziJ5s5K187WK13I7AIsXEd5INZtcodeM4adbnc6T1fQHQU3rlKhznjo2ywYSCwTkxBua18r9FOldgb3vQLkg8TY11V6VVp-qsun3p09XfCTHazbPDJNopiTxAUY8eAP047NfWTBPbIkNBa-XcY4YduKxAibRrCIKNlNlSDdhxTLAA-S5y5ToaAui&__tn__=%2CO%2CP-R\" style=\"\">Social Solidarity Ministry<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=784917082708972&extid=NS-UNK-UNK-UNK-IOS_GK0T-GK1C&mibextid=1YhcI9R&ref=sharing\" style=\"\">Decent Life initiative<\/a><\/span><span style=\"font-weight:400;\">. Half of the proceeds from the CDs go to investors, while the other half go to support the initiative. The minimum buy-in is EGP 500 and the CDs are open to both individual and institutional investors. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><span><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">DATA POINT #1- Egypt\u2019s net foreign reserves inched up to USD 34.45 bn in March<\/span><span>from<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebd9db7c-659b-4a3b-95af-bcb6dca699cb\" style=\"\">USD 34.35 bn in February<\/a><\/span><span>, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/04\/05\/10\/21\/net-international-reserves-at-the-end-of-march-2023\" style=\"\">central bank data<\/a><\/span><span>. Reserves have been on a gentle upward slope the past seven months and are now up by more than USD 1.3 bn since the end of August. Reserves fell <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1081735e-da66-4ffd-a584-d44e361d6b8c\" style=\"\">20%<\/a><\/span><span style=\"font-weight:400;\">last year on the back of the war on Ukraine and tougher financial conditions. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">DATA POINT #2- Another month of record revenues for the Suez Canal: <\/span><span style=\"\">Suez Canal <\/span><span>revenues<\/span><span> jumped 39% y-o-y in March to an all-time monthly high of USD 832.2 mn, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/mu8y7exp\" style=\"\">Al Mal<\/a><\/span><span> reports, citing official data. Some 2.2k vessels transited the canal last month, up nearly 21% y-o-y. March also saw the canal set a new daily record for transiting vessels, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4483b830-f9c7-4c76-8db7-44bbbe627c08\" style=\"\">with 107 vessels<\/a><\/span><span style=\"font-weight:400;\"> crossing on 13 March. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DATA POINT #3- The country has 2.3 months\u2019 worth of wheat in strategic reserves<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Pto5NgBgqTJAi1GFf6Qigmr4ZmYnbXE4XMeaBukL3dybPLTm7McDvx752jvZkihBl\" style=\"\">Supply Minister Ali El Moselhy said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. We have strategic reserves of rice sufficient for 3.5 months, sugar for 4 months, and vegetable oils for 4.3 months. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The wheat harvest season begins this month: <\/span><span>The government is hoping to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/991426a8-1f58-441f-8d4e-4e5e151fdfb5\" style=\"\">buy 4 mn tons<\/a><\/span><span style=\"font-weight:400;\"> of wheat this harvest season, slightly less than the 4.2 mn tons it procured last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">A jump in the price of high-end smokes: <\/span><span style=\"\">Philip Morris brands Marlboro and L&M will <\/span><span>cost <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92f9e00-ad28-4ebc-b2f8-cc0a82deb144\" style=\"\">EGP 4.00-6.00 more<\/a><\/span><span> per pack starting today, according to a document <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2023\/4\/5\/2394692\" style=\"\">published<\/a><\/span><span> in the local press. Packs of Marlboro will now sell for EGP 54.00, while L&M will cost EGP 39.00. The hikes come shortly after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb8b74-4d98-4ec1-8265-040a9793a901\" style=\"\">state-owned Eastern Company<\/a><\/span><span style=\"font-weight:400;\">raised the prices of most of its cigarettes by EGP 1.00-3.00.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Zamalek is now coachless: <\/span><span style=\"\">Zamalek FC has let go of its entire coaching staff and <\/span><span>benched four players for the remainder of the season in response to latest defeat, Zamalek board member Gamal Abdel Hamid said (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=LCUPs1Oa_Ko\" style=\"\">watch, runtime: 4:26<\/a><\/span><span>). The football club <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/6\/51\/494172\/Sports\/Egyptian-Football\/Zamalek-suffer-another-league-defeat-in-thrilling-.aspx\" style=\"\">lost 3-2<\/a><\/span><span> against Al Masry on Tuesday. The new coaching team should be unveiled soon, Abdel Hamid said. The news received attention from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/lifestyle\/sports\/zamalek-fire-entire-coaching-staff-after-latest-defeat-2023-04-05\/#\" style=\"\">Reuters<\/a><\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The World Bank is releasing its latest MENA Economic Update this afternoon: <\/span><span style=\"\">Ominous<\/span><span>ly titled \u201cAltered Destinies,\u201d the multilateral lender\u2019s latest <\/span><span>regional growth report<\/span><span> looks \u201cin depth at how even temporary increases in the price of food can have lasting impacts across generations in terms of education, health and future income prospects.\u201d The World Bank downgraded its economic growth forecast for Egypt in the current fiscal year by 0.2 percentage points to 4.8% in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a100d25-6904-4b6e-87f7-46eb8b43da69\" style=\"\">most recent update<\/a><\/span><span> in October. <\/span><span>The bank is presenting the April update in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/live.worldbank.org\/events\/altered-destinies-middle-east-north-africa-economic-update\" style=\"\">livestreamed event<\/a><\/span><span> at 3pm CLT. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** SO, WHEN DO WE EAT? <\/span><span style=\"\">We\u2019ll be breaking our fasts at 6:16pm CLT today. You have until <\/span><span>4:09am tomorrow morning to hydrate and grab a bite to eat. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NEXT WEEK- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Legislators are back in session: <\/span><span style=\"\">The Senate reconvenes on Sunday, 9 April, and the Hous<\/span><span>e is back in session on Tuesday, 11 April<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019ll find out how inflation is faring: <\/span><span style=\"\">The CBE and Capmas will be out with March inflation <\/span><span>data on Monday, 10 April. Headline inflation hit a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43c9a65b-6ab3-459d-b3b2-f9114f0fb374\" style=\"\">five-and-a-half-year high of 31.9%<\/a><\/span><span style=\"font-weight:400;\"> in February, while food prices and core inflation both rose at their fastest rates ever. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The IMF and the World Bank kick off their <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\" style=\"\">annual Spring Meetings<\/a><\/span><span style=\"\">on Monday. <\/span><span>Policymakers, private sector execs, civil society reps, and academics will converge on the lenders\u2019 headquarters in <\/span><span>Washington DC<\/span><span style=\"font-weight:400;\"> to discuss the state of the global economy. Expect central banks\u2019 struggle to balance bringing down inflation and protecting growth to dominate the agenda, amid uncertainty in the global financial markets triggered by the US banking crisis. The meetings run until Sunday, 16 April. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The IMF will also on Monday release <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2023\/04\/11\/world-economic-outlook-april-2023\" style=\"\">chapters two and three<\/a><\/span><span style=\"font-weight:700\">of its April World Economic<\/span><span style=\"font-weight:700\"> Outlook,<\/span><span style=\"font-weight:400;\"> which tackle rising interest rates and public debt. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARKET WATCH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Saudi Aramco raises prices for crude to Asia: <\/span><span style=\"\">Saudi state-owned Aramco is raising the price <\/span><span>of all its oil to Asia following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f74faf71-b787-416f-a5a6-c46420406dfb\" style=\"\">OPEC\u2019s shock production cut<\/a><\/span><span> earlier this week. Aramco hiked the price of its key Arab Light crude to Asia by USD 0.30 to hit USD 2.80 a barrel starting next month, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-05\/saudi-arabia-hikes-prices-for-asian-oil-sales-after-opec-cuts?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">reports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"font-weight:400;\"> The surprise move by the Saudi-led oil cartel to cut more than 1 mn barrels per day from the market led Brent crude prices to jump their most in a year to trade at around USD 85 a barrel. Some analysts are now predicting Brent could pass the USD 100 mark by the summer on the back of the OPEC cuts. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Trump continues to lead the conversation in the foreign press: <\/span><span style=\"\">US President <\/span><span>Donald Trump\u2019s legal battle is still getting wide play in the international press after he pleaded not guilty to 34 felony counts in a hush money case. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/us\/trump-facing-criminal-charges-calls-defunding-fbi-2023-04-05\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.npr.org\/2023\/04\/05\/1168215663\/trump-stormy-daniels-defamation-lawsuit\" style=\"\">NPR<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/edition.cnn.com\/politics\/live-news\/donald-trump-court-charges-04-05-23\/index.html\" style=\"\">CNN<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bbc.com\/news\/world-us-canada-65184050\" style=\"\">BBC<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theguardian.com\/us-news\/2023\/apr\/05\/trump-polling-republican-party-favorite-indictment\" style=\"\">The Guardian<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/04\/05\/arts\/television\/donald-trump-arraignment.html\" style=\"\">New York Times<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CLOSER TO HOME- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Israeli forces stormed the Al-Aqsa mosque in Jerusalem for a second time late on <\/span><span style=\"font-weight:700\">Wednesday <\/span><span>even after a first raid earlier in the day drew condemnation from Arab states and appeals from the US to de-escalate tensions, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/edition.cnn.com\/2023\/04\/05\/middleeast\/israel-al-aqsa-mosque-clash-intl-hnk\/index.html\" style=\"\">CNN<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theguardian.com\/world\/2023\/apr\/05\/palestinians-injured-after-israeli-police-raid-al-aqsa-mosque-again\" style=\"\">Guardian<\/a><\/span><span> report. Egypt was among countries in the region to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KvBuEp\" style=\"\">condemn<\/a><\/span><span style=\"font-weight:400;\"> the first raid, which saw more than 350 Palestinians arrested and at least 12 injured. The Arab League also released a statement condemning the first raid following an emergency meeting yesterday afternoon. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE REALIGNMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt5\"><\/a><\/span><span style=\"font-weight:700\">#1- Saudi + Iranian FMs will today hold their first formal meeting in seven years:<\/span><span>Saudi Foreign Minister Prince Faisal bin Farhan Al Saud will meet with this Iranian counterpart, Hossein Amir-Abdollahian, in Beijing today as the two sides look to build on last month\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/saudi-iran-agree-to-restore-diplomatic-relations-99390\/\" style=\"\">China-brokered pact<\/a><\/span><span> and restore diplomatic relations, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/top-saudi-iranian-diplomats-meet-china-official-media-2023-04-05\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">reports. According to an Iranian official, the diplomats will discuss appointing ambassadors and reopening embassies, which have been shuttered since 2016 when the two countries severed ties.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why this matters:<\/span><span style=\"\"> Saudi Arabia and Iran last month pledged to reopen embassies and restart security <\/span><span>cooperation in a shock agreement that could ease years of tensions between the fierce regional rivals. The pact also saw the emergence of China as a serious power broker in the region, achieving a major diplomatic success that left the US on the sidelines.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- The final piece of the puzzle in Syria:<\/span><span style=\"\"> The Russian, Turkish, Syrian, and Iranian deputy <\/span><span>ministers held talks this week in efforts to mend ties between Damascus and Ankara and finally bring the 12-year war in Syria to an end, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-04\/russia-turkey-syria-and-iran-discuss-ankara-damascus-agreement?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span>reports<\/span><span>. The officials discussed preparations for a high-level meeting between their foreign ministers, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mid.ru\/ru\/foreign_policy\/news\/1861792\/\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> from the Russian foreign ministry.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why this matters:<\/span><span style=\"\"> Efforts among Arab nations to end Syria\u2019s international isolation have <\/span><span>accelerated in recent weeks, with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee7ae7a6-533e-42e3-9ca3-173c7d4b4e25\" style=\"\">Egypt<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36adb057-8423-4f7e-a75a-e1c9c4a55433\" style=\"\">Saudi Arabia<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/471a1094-c344-4681-8611-be3dd03fd28f\" style=\"\">the UAE<\/a><\/span><span style=\"font-weight:400;\"> all making diplomatic advances amid a push to bring the country back into the Arab League and normalize relations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Israel-Iran tensions are rising:<\/span><span style=\"\"> The Israeli military has intensified airstrikes on Iran-linked <\/span><span>targets in Syria, with near-daily bombings over the past week, and Iran yesterday said it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-05\/iran-shoots-down-drone-near-isfahan-military-site-state-tv-says?srnd=premium-middle-east\" style=\"\">downed a drone<\/a><\/span><span> near a military site in the center of the country. Tehran blamed Israel for a drone attack earlier this year that hit military targets. Israel similarly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/israel-syria-iran-drone-airstrike-596f2f6c9286bade186ba39a85cbee07\" style=\"\">accused Iran<\/a><\/span><span style=\"font-weight:400;\"> of sending a drone into Israeli airspace on Monday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/632.jpg?ssl=1\"\/><\/a><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We are delighted to share with you that the Enterprise Exports & FDI Forum <\/span><span style=\"\">will be taking <\/span><span style=\"\">place on<\/span><span style=\"font-weight:700\"> Monday, 15 May <\/span><span style=\"\">at the<\/span><span style=\"font-weight:700;\"> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DO YOU WANT TO ATTEND?<\/span><span style=\"\"> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">TAP OR CLICK HERE<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">to request a spot at this exclusive event<\/a><\/span><span style=\"\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WANT TO BECOME A COMMERCIAL PARTNER?<\/span><span> Ping a note to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:mtaalab@inktankir.com\" style=\"\">Moustafa, our head of commercial, here<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The regional realignment continues apace<\/p>\n","protected":false},"author":1,"featured_media":584839,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[204,317,168,72,655,91,127,338,162,7103,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banking","tag-commodities","tag-diplomacy","tag-enterpriseam","tag-foreign-reserves","tag-oil-and-gas","tag-politics","tag-retail","tag-sports","tag-suez-canal","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"017ba7cf-a464-4565-a7d1-6ee25275a18e","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/4\/290.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Banque du Caire, Al Baraka Bank Egypt launch high-yield CDs. PLUS: Net foreign reserves inch up in March + Saudi, Iranian FMs meet today","related_issue":[584836],"teaser":"The regional realignment continues apace","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.160528ba-5a8b-4fa8-8b65-7fe71f30f8c2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: More high-yield CDs + Net foreign reserves inch up in March - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: More high-yield CDs + Net foreign reserves inch up in March\" \/>\n<meta property=\"og:description\" content=\"The regional realignment continues apace\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-06T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/290.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS MORNING: More high-yield CDs + Net foreign reserves inch up in March\",\"datePublished\":\"2023-04-06T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\"},\"wordCount\":1732,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/290.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"commodities\",\"DIPLOMACY\",\"EnterpriseAM\",\"foreign reserves\",\"oil and gas\",\"politics\",\"retail\",\"sports\",\"Suez Canal\",\"What We're Tracking Today\",\"wheat\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-morning-more-high-yield-cds-net-foreign-reserves-inch-up-in-march\/\",\"name\":\"THIS MORNING: More high-yield CDs + Net foreign reserves inch up in March - 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