{"id":585583,"date":"2023-04-26T00:00:00","date_gmt":"2023-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/this-morning-daylight-savings-is-coming-on-friday-plus-india-will-soon-be-the-worlds-most-populous-country-egypt-releases-ai-guidelines\/"},"modified":"2023-04-26T00:00:00","modified_gmt":"2023-04-26T00:00:00","slug":"this-morning-daylight-savings-is-coming-on-friday-plus-india-will-soon-be-the-worlds-most-populous-country-egypt-releases-ai-guidelines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/this-morning-daylight-savings-is-coming-on-friday-plus-india-will-soon-be-the-worlds-most-populous-country-egypt-releases-ai-guidelines\/","title":{"rendered":"THIS MORNING: Daylight savings is coming on Friday. PLUS: India will soon be the world\u2019s most populous country + Egypt releases AI guidelines"},"content":{"rendered":"

Good morning, wonderful people, and welcome back <\/span>from a much-deserved long break<\/span>. We hope you enjoyed it as much as we did \u2014 and that today and tomorrow are quietly productive for all those of you who are not bridging. <\/span><\/p>\n

The BIG STORY TODAY: We\u2019ve got a couple of big economy stories to <\/span>get us back into the swing of things. <\/span>S&P Global Ratings has left our credit rating unchanged, but downgraded its outlook on our debt to negative on worries over our ability to secure external financing. The Madbouly government, meanwhile, is boosting its spend on social support programs and subsidies in what it is positioning as a bid to take some of the bite out of high inflation. <\/span><\/p>\n

<\/a> <\/span>PSA #1a- Daylight savings is coming this Friday: <\/span>That\u2019s right, folks. Get ready for some <\/span>semi-jet lagged confusion and tardiness. Friday, 28 April, will be the first day of daylight savings \u2014 our first since 2016 \u2014 which will see Cairo Local Time (CLT) pushed forward by one hour. <\/span>The move<\/a><\/span>, which breezed through the House of Representatives earlier this month, was made with an eye towards potentially cutting down our natural gas consumption.<\/span><\/p>\n

PSA #1b- Make sure you check your departure time <\/span>if you\u2019re flying out \u2014 expect your flight to leave one hour later. <\/span><\/p>\n

<\/a> <\/span>PSA #2- Next week is another short one: <\/span>We\u2019ve got a three-day weekend next week to ease <\/span>us all back in<\/span>to work mode, after Prime Minister Moustafa Madbouly made Thursday, 4 May, a holiday for the public and private sector to mark Labor Day, which falls on 1 May.<\/span><\/p>\n

<\/a> <\/span>SOUND SMART- India will become the world\u2019s most populous country this week:<\/span> India\u2019s <\/span>population is expected to surpass China before the end of the week to reach 1,425,775,850, <\/span>Reuter<\/a><\/span>s<\/a><\/span> reports citing<\/span> UN projections.<\/span>Go deeper into what this means here.<\/a><\/span><\/p>\n

<\/span><\/p>\n

\n

DATA POINT-<\/span>Imports worth USD 23 bn have been released from our ports since <\/span>January<\/span>, said Finance Minister Mohamed Maait, adding that priority continues to be given to key commodities, food, medicine, and manufacturing components, according to <\/span>a ministry statement<\/a><\/span>. <\/span><\/p>\n

One reason inflation has remained sticky in recent months is \u201csupply issues including a backlog\u201d <\/span>of imports resulting from since-scrapped regulations on goods entering the country, central bank governor Hassan Abdalla<\/a><\/span> noted earlier this month. <\/font><\/span><\/p>\n

<\/span><\/a> <\/span>ALSO- We now have our own charter for AI: <\/span>The <\/span>National Council for Artificial Intelligence<\/a><\/span> has launched a charter for the responsible use of AI. The <\/span>charter (pdf)<\/a><\/span> encourages the consideration of five main principles when developing and implementing AI:<\/span>human-centered design<\/span>, transparency, justice, accountability, and security, according to <\/span>a cabinet statement<\/a><\/span>.<\/span><\/p>\n

Other countries are looking to set boundaries for the new tech:<\/span> In China, <\/span>new rules<\/a><\/span> mean AI-generated content will have to \u201cembody core socialist values and must not contain any content that subverts state power.\u201d US and EU regulators, meanwhile, are looking into \u201cguardrails\u201d for AI to reduce the risk of spreading harmful content.<\/span><\/p>\n

Correction 26 April 2023: <\/font><\/i><\/span><\/p>\n

A previous version of this article incorrectly stated that EGP 23 bn worth of imports have been released since the beginning of the year.<\/font><\/i><\/span><\/p>\n

<\/span><\/font><\/i><\/p>\n

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\n Get Enterprise<\/b> daily
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

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

<\/a> <\/span>The international press is all over Biden\u2019s 2024 re-election bid: <\/span>US President Joe <\/span>Biden yesterday officially announced (<\/span>watch, runtime: 3:04<\/a><\/span>) that he will run for re-election next year to \u201cfinish the job.\u201d Current Vice-President Kamala Harris will run alongside him once again. If Biden secures another four years in office he will leave the White House at age 86, extending his run as the oldest serving US president. Biden may once again face off against former US President Donald Trump, who has already launched his bid for the Republican nomination despite being the subject of ongoing criminal investigations. (<\/span>Reuters<\/a><\/span> | <\/span>AP<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>FT<\/a><\/span> | <\/span>BBC<\/a><\/span> | <\/span>CNBC<\/a><\/span> | <\/span>WSJ<\/a><\/span>| <\/span>Washington Post<\/a><\/span>)<\/span><\/p>\n

SPEAKING OF ELECTIONS- Greece will hold parliamentary elections on 21 May<\/span>after President Katerina Sakellaropoulou approved the move to dissolve the country\u2019s current parliament and elect a new one, <\/span>Reuters<\/a><\/span> reported. <\/span><\/p>\n

IN THE GLOBAL BUSINESS PRESS- The banking crisis lives on: <\/span>US lender First Republic <\/span>Bank\u2019s shares saw nearly half their value wiped out on Tuesday after the bank\u2019s 1Q 2023 <\/span>earnings (pdf)<\/a><\/span> registered bigger outflows than expected amid banking volatility in March, the <\/span>Wall Street Journal<\/a><\/span> reports. Customers pulled some USD 100 bn from the bank amid fears of contagion following the abrupt collapse of Silicon Valley Bank, the 1Q results showed \u2014 leading First Republic\u2019s shares to drop 49% to close at a record low of USD 8.10. The bank will need \u201cto pull off the mother of all pivots to survive,\u201d one analyst wrote. <\/span><\/p>\n

AND- Alexandria\u2019s <\/span>Mohamed Mahdy<\/a><\/span> has taken home a <\/span>World Press Photo<\/a><\/span> award <\/span>for his <\/span>multimedia chronicle of a fishing community<\/a><\/span> in El Max. <\/span><\/p>\n

<\/a><\/span><\/p>\n

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking <\/span>place on Monday, 15 May.<\/span> The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).<\/span><\/p>\n

Why exports & FDI?<\/span> In the wake of successive floats of EGP, exports and FDI have never been more important to our economy \u2014 or our businesses. We\u2019re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. <\/span>Expect it to be heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/span>You can learn more on our conference website here<\/a><\/span>.<\/span><\/p>\n

And what better place to discuss moving our goods than Egypt\u2019s original logistics zone \u2014 the Nile. <\/span>That\u2019s why we\u2019re looking forward to holding the event by the river\u2019s vistas <\/span>at the Four Seasons, Nile Plaza. <\/span><\/p>\n

Some of the biggest names in business and finance are on board \u2014 are you?<\/span> The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:<\/span><\/p>\n

Banking partners:<\/span> Banque Misr | Al Baraka Bank | Emirates NBD | HSBC <\/span><\/p>\n

Lead partners:<\/span> DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr<\/span><\/p>\n

Event partners: <\/span>Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities <\/span><\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/span> Ping a note to <\/span>Moustafa, our head of commercial, here<\/a><\/span>.<\/span><\/p>\n

HAVEN\u2019T REQUESTED AN INVITE YET?<\/span> If you\u2019re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please <\/span>fill out the form here<\/a><\/span> to signal your interest, letting us know your name, title and where you work.<\/span><\/p>\n

CIRCLE YOUR CALENDAR-<\/span><\/p>\n

The NBA Basketball Africa League <\/span>Nile Conference<\/a><\/span> group phase<\/span> kicks off today, 26 <\/span>April, and runs through 5 May at Hassan Moustafa Sports Hall in Sixth of October City, according to a <\/span>Youth and Sports Ministry<\/a><\/span> statement. Six African teams will go head-to-head in Cairo to secure one of four slots in the playoffs and finals in Kigali, Rwanda in May, where they will face the top four teams from the Sahara Conference group phase that took place in Senegal in March, the <\/span>NBA said<\/a><\/span>. <\/span><\/p>\n

Sustainable Debt Coalition Initiative to launch in 3Q 2023? <\/span>Some 20 countries are <\/span>interested in formally joining the sustainable debt alliance announced at last year\u2019s COP27 summit when it makes its official launch in September, <\/span>local media<\/a><\/span> reported Finance Minister Mohamed Maait as saying at the IMF \/ World Bank Spring Meetings earlier this month. The coalition brings together debtor and creditor countries, ratings agencies, DFIs, and MDBs in a bid to increase access to affordable green finance, reduce the cost of green debt and encourage fresh green investments among developing countries. <\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n

<\/span><\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/span> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/span><\/p>\n

In today\u2019s issue: <\/span>GCC and international investment is pouring into the government\u2019s Darah <\/span>Provincial Capitals Development Project to improve housing and infrastructure in key cities beyond Cairo. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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Though\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544940,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/this-morning-the-number-of-public-sector-workers-continued-to-fall-in-2021-oil-is-continuing-to-slide-this-morning\/","url_meta":{"origin":585583,"position":1},"title":"THIS MORNING: The number of public sector workers continued to fall in 2021 + Oil is continuing to slide this morning","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to hump day, where the big stories of the morning include a flurry of fundraising announcements and a huge day of diplomacy, with the latter seeing France promise to stand by us on food security amid disruption in the global wheat market. We have\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578629,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/this-morning-were-back-with-a-big-week-for-the-egyptian-economy\/","url_meta":{"origin":585583,"position":2},"title":"THIS MORNING: We\u2019re back with a big week for the Egyptian economy","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"Good morning, wonderful people, and welcome back to work. We hope you (and the kids trudging back to school) had a fantastic long weekend \u2014 and that everyone celebrating had a beautiful Christmas with family and friends.Where did we leave things off last week before the Vacation Neuralizer reset our\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/109.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558404,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/this-morning-russian-flights-to-the-red-sea-return-today\/","url_meta":{"origin":585583,"position":3},"title":"THIS MORNING: Russian flights to the Red Sea return today","author":"enterpriseam admin","date":"9 August 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to a fairly typical Monday on this holiday-shortened week. IT\u2019S A BIG DAY FOR: The tourism industry, as Russian flights return to the Red Sea. The first flights from Moscow to Egypt\u2019s Red Sea coast in six years are set to land in Hurghada\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558593,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/this-morning-its-all-back-to-school-all-the-time-qatars-new-ambassador-to-egypt-has-landed\/","url_meta":{"origin":585583,"position":4},"title":"THIS MORNING: It\u2019s all back-to-school, all the time + Qatar\u2019s new ambassador to Egypt has landed","author":"enterpriseam admin","date":"18 August 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to a pleasantly brisk news morning.THE BIG STORY THIS MORNING: Our back-to-school theme continues, with a big joint venture set to see bns in fresh investment pouring into the nation\u2019s red-hot education sector. Meanwhile, thanaweya amma results are out and pressure is ramping up\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-morning-cbe-odds-on-to-hike-rates-this-thursday-kenya-has-a-new-president\/","url_meta":{"origin":585583,"position":5},"title":"THIS MORNING: CBE odds-on to hike rates this Thursday + Kenya has a new president","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Good morning, friends, and welcome to a big news morning. 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