{"id":585315,"date":"2023-04-13T00:00:00","date_gmt":"2023-04-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/this-evening-cib-shares-on-a-tear-some-of-the-self-employed-dont-have-to-get-on-the-e-invoicing-system\/"},"modified":"2023-04-13T00:00:00","modified_gmt":"2023-04-13T00:00:00","slug":"this-evening-cib-shares-on-a-tear-some-of-the-self-employed-dont-have-to-get-on-the-e-invoicing-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/this-evening-cib-shares-on-a-tear-some-of-the-self-employed-dont-have-to-get-on-the-e-invoicing-system\/","title":{"rendered":"THIS EVENING: CIB shares on a tear + Some of the self-employed don\u2019t have to get on the e-invoicing system"},"content":{"rendered":"

Good afternoon, wonderful people, and a very happy THURSDAY to us all.<\/span> While any<\/span> Thursday is a happy occasion, this one is particularly sweet as we slide into a four-day weekend in observance of Coptic Easter on Sunday and Sham El Nessim on Monday. <\/span><\/p>\n

That means EnterprisePM will be off next Sunday and Monday<\/span> \u2014 but we\u2019ll be back in your<\/span> inboxes at the usual time on Tuesday. <\/span><\/p>\n

We\u2019ll all be back to work on Tuesday and Wednesday before breaking again for another<\/span> long weekend for Eid El Fitr and Sinai Liberation Day.<\/span> The Central Bank of Egypt <\/span>confirmed today<\/a><\/span> the nation\u2019s banks will close their doors from Thursday, 20 April until Tuesday, 25 April and will resume operating as of Wednesday, 26 April. Cabinet has already confirmed the holiday for public sector workers. <\/span><\/p>\n

ALSO- Ramses II is doing okay:<\/span> The statue of King Ramses II inside the Grand Hall of<\/span> the Grand Egyptian Museum is not at risk of being affected by rainfall that leaked into the hall, the Tourism Ministry said in <\/span>a statement<\/a><\/span>. The statement came after videos circulated on social media and WhatsApp groups showing this week\u2019s showers leaking through the museum\u2019s ceiling.<\/span><\/p>\n

** SO, WHEN DO WE EAT?<\/span> We\u2019ll be breaking our fasts at 6:21pm CLT today. You have until <\/span>4:00am tomorrow morning to hydrate and grab a bite to eat. <\/span><\/p>\n

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

<\/span>#1- Lawyers, pharmacists, and doctors get their way with the e-invoicing<\/span> system:<\/span> Self-employed individuals \u2014 including lawyers, pharmacists, and doctors \u2014 who exclusively work directly with the end consumer or customer are no longer required to register with the Egyptian Tax Authority\u2019s e-invoicing system, according to a <\/span>statement<\/a><\/span>. However, self-employed individuals will need to register with the system if they do business with other entities that are required to operate under the e-invoicing system, the statement notes. The decision comes after <\/span>widespread opposition to e-invoicing<\/a><\/span>.<\/span><\/p>\n

#2- CIB shares are on a tear:<\/span> EGX30 heavyweight CIB saw its shares soar 14.5% today,<\/span> pushing up the index to close 5.5% up. The EGX30 year-to-date return is now 21.1%, putting it in bull market territory. <\/span><\/p>\n

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

The realignment: Iran officially <\/span>re-opened its embassy in Saudi Arabia yesterday<\/span>, <\/span>Reuters<\/a><\/span> reports.<\/span>The move was coordinated last month when <\/span>officials from the two countries met in China<\/a><\/span>in a watershed moment to resume diplomatic ties in talks brokered by Beijing after a 7-year political deadlock. The Saudis will also be reopening their embassy in Tehran. The relationship between the two countries had soured over the Yemen war, alleged attacks on oil facilities, and the execution of a Shi\u2019ite cleric by the Kingdom. <\/span><\/p>\n

Qatari-Bahrain relations are also getting restored,<\/span>Reuters<\/a><\/span> also reported. Diplomatic links are thawing after a large numbers of countries in the region \u2014 including Egypt, Saudi Arabia and the UAE \u2014 had a falling-out with the peninsular country over its support of Islamist movements in 2017. The story is getting ink in the international press: <\/span>Euronews<\/a><\/span> | <\/span>AP News<\/a><\/span> | <\/span>DW<\/a><\/span> | <\/span>France 24<\/a><\/span><\/p>\n

ALSO- <\/span>Italy\u2019s business elite gets a shake up:<\/span> Some of Italy\u2019s biggest state-controlled<\/span> enterprises have new leadership as the country\u2019s right-wing Prime Minister Giorgia Meloni revamps sectors ranging from energy to defense, reports <\/span>Bloomberg<\/a><\/span>. Of the three most significant company roles in the country, only Claudio Descalzi, CEO of oil giant Eni, will continue another three years in his role, while state-controlled energy and defense companies Enel and Leonardo will both see new leadership. The restructuring comes as Europe realigns its priorities on the back of limited gas supplies and military rearmament as the war in Ukraine rages on.<\/span><\/p>\n

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