{"id":586555,"date":"2023-05-14T00:00:00","date_gmt":"2023-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/telecom-egypt-stake-sale-and-falling-gold-prices-headline-talk-shows\/"},"modified":"2023-05-14T00:00:00","modified_gmt":"2023-05-14T00:00:00","slug":"telecom-egypt-stake-sale-and-falling-gold-prices-headline-talk-shows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/telecom-egypt-stake-sale-and-falling-gold-prices-headline-talk-shows\/","title":{"rendered":"Telecom Egypt stake sale and falling gold prices headline talk shows"},"content":{"rendered":"

The economy dominated the airwaves last night<\/span> in the wake of the Telecom Egypt stake sale <\/span>and the introduction of new measures aimed at curbing soaring local gold prices.<\/span><\/p>\n

The reaction to the Telecom Egypt sale: <\/span>Kelma Akhira\u2019s Lamees El Hadidi was the only one <\/span>to cover the successful sale of a 10% stake in Telecom Egypt (TE) to investors, bringing on former EGX board member Ihab Said to discuss what it means for the government\u2019s privatization efforts (<\/span>watch, runtime: 8:54<\/a><\/span>). The sale will be conducted in EGP, meaning that no new FX will enter the country should the buyers be local, he pointed out. We have the full details in this morning\u2019s Privatization Watch, above. <\/span><\/p>\n

Talks over the sale of TE\u2019s 45% stake in Vodafone Egypt are<\/span> still happening<\/span>, Said said, <\/span>adding that they <\/span>were stalled<\/a><\/span>due to disagreement over the stake sold. \u201cI expect, over the coming period, that we see this sale happening,\u201d he added. TE\u2019s stake in Vodafone Egypt has received interest from the <\/span>Qatari<\/a><\/span> and <\/span>Abu Dhabi<\/a><\/span>wealth funds. <\/span><\/p>\n

Peace in Gaza?<\/span>Israel and Islamic Jihad agreed to an Egypt-mediated ceasefire yesterday, <\/span>putting an end to days of violence. <\/span>Palestine\u2019s factions will respect the ceasefire, <\/span>Emad Gad, deputy director of Al Ahram Center for Political and Strategic Studies, told El Hekaya (<\/span>watch, runtime: 12:35<\/a><\/span>). The two sides had no choice but to accept Egypt\u2019s mediation of the situation because the Biden administration was not going to step in, he added. Kelma Akhira also covered the news (<\/span>watch, runtime: 2:54<\/a><\/span>).<\/span><\/p>\n

Gold prices drop:<\/span> Local gold prices have dipped following <\/span>the decision last week<\/a><\/span> to allow <\/span>people to bring gold into the country without paying customs. The price of 21-carat gold has fal<\/span>len around 8% s<\/span>ince Wednesday to <\/span>EGP 2,350 per gram<\/a><\/span>. <\/span>\u201cGold prices have dropped<\/span> after people started feeling like there is a sufficient supply in the market,\u201d Hani Milad, head of Federation of Egyptian Chambers of Commerce\u2019s (Fedcoc) gold and jewelry division, told Al Hayah Al Youm (<\/span>watch, runtime: 5:29<\/a><\/span>). \u201cWe will start to see an abundance of gold in the market which will help local gold prices match international prices,\u201d he added<\/span><\/p>\n

More about the decision: <\/span>It applies to both Egyptians and foreigners entering the country, <\/span>Assistant Supply Minister Ibrahim Ashmawy told Kelma Akhira (<\/span>watch, runtime: 4:24<\/a><\/span>| <\/span>2:05<\/a><\/span> | <\/span>2:06<\/a><\/span>). He explained that the decision doesn\u2019t have any regulations yet but the government has learnt from previous experiences \u2014 such as the car import scheme \u2014 not to overcomplicate the rules. El Hekaya (<\/span>watch, runtime: 3:14<\/a><\/span>) and Masa\u2019a DMC (<\/span>watch, runtime: 5:00<\/a><\/span>) also dedicated some airtime to gold prices.<\/span><\/p>\n

FACT CHECK- Food subsidies aren\u2019t going anywhere:<\/span> The Madbouly government will not be <\/span>replacing food subsidies with cash handouts, <\/span>cabinet said<\/a><\/span> yesterday after <\/span>local media<\/a><\/span> misinterpreted comments made by ITDA head Ibrahim Ashmawy. \u201cTransitioning from ration cards to cash handouts is not supported at the moment due to ongoing economic conditions, price hikes, and inflation,\u201d Ashmawy told Kelma Akhira\u2019s El Hadidi (<\/span>watch, runtime: 3:42<\/a><\/span> | <\/span>3:29<\/a><\/span>), adding that ration cards have become part of Egyptian culture that all point against that move. <\/span><\/p>\n

Ashmawy defends recent price hikes: <\/span>\u201cPrice adjustments are always happening in response <\/span>to inflation and global price changes \u2014 wheat, oil, sugar,\u201d he said. The Supply Ministry <\/span>raised the prices<\/a><\/span> of almost all subsidized commodities sold to ration card holders earlier this month and indicated it would <\/span>make further incremental price hikes<\/a><\/span>. \u201cThese are all tiny increases that don't match up with inflation levels,\u201d he added.<\/span><\/p>\n

Also on the airwaves:<\/span><\/p>\n