THE BIG STORY here at home: Next year\u2019s fiscal budget will soon be signed into law<\/span>after MPs gave it their final stamp of approval yesterday. The budget debate was short but not all that sweet, with several opposition and independent MPs voicing their worries over high levels of government borrowing. We have the full story in our Legislation Watch section, below. <\/span><\/p>\n <\/a> <\/span>AND- The EGX is back:<\/span> Trading on the EGX will resume today after a technical glitch caused <\/span>the system to go down yesterday afternoon, the bourse said in <\/span>a bulletin<\/a><\/span>. The bourse <\/span>yesterday denied rumors<\/a><\/span> that the disruption was caused by a cyberattack and said it was working with Nasdaq to resolve the issue. Enterprise was unable to reach an EGX representative for comment yesterday.<\/span><\/p>\n EGX boss Ramy El Dokany yesterday took to the airwaves to confirm there was n<\/span>o foul play at work<\/span>, telling Kelma Akhira\u2019s Lamees El Hadidi that technical glitches are common across global exchanges<\/span>(<\/span>watch, runtime: 4:29<\/a><\/span>). Transactions that took place before trading came to a halt yesterday have been executed and traders\u2019 data is secure, he said. The topic was also covered by Lubna Assal on Al Hayah Al Youm (<\/span>watch, runtime: 4:28<\/a><\/span>).<\/span><\/p>\n The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location. <\/span><\/p>\n TAP OR CLICK <\/span>HERE<\/a><\/span> if you want to express interest in attending. <\/span>We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p>\n Do you want to become a commercial partner? <\/span>Email mtaalab@enterpriseadvisory.com.<\/span><\/p>\n STAY TUNED for more detail <\/span>about our exciting agenda in the weeks to come. <\/span><\/p>\n <\/p>\n HAPPENING TODAY- <\/span><\/p>\n <\/span><\/a> <\/span>Iraqi PM in Cairo:<\/span> I<\/span>raqi Prime Minister Mohammed Shia Al Sudani<\/span> arrived in Cairo <\/span>yesterday ahead of today\u2019s Iraqi-Egyptian joint higher committee meeting, according to a cabinet <\/span>statement<\/a><\/span>. <\/span>Prime Minister Moustafa Madbouly and Al Sudani are expected to sign some <\/span>10 MoUs<\/a><\/span> in the fields of reconstruction, housing, labor, and sports, and to preside over a bilateral business forum. International Cooperation Minister Rania Al Mashat yesterday <\/span>met with<\/a><\/span> Iraqi Trade Minister Atheer Al Ghurairy to lay the groundwork for the signing of the agreements. <\/span><\/p>\n <\/a> <\/span>In the House: <\/span>The House of Representatives will hold plenary sessions today on<\/span> a number of foreign agreements. They include two grants from the European Bank for Reconstruction and Development to renovate the Cairo Metro, and one to expand the Takaful and Karama program; bills on Egypt\u2019s membership of the African Continental Free Trade Agreement and the African Space Agency; and five laws licensing the Oil Ministry to contract the Egyptian General Petroleum Corporation and foreign companies to explore for oil in the Med. <\/span><\/p>\n DATA POINTS- <\/span><\/p>\n #1- More than 194 kg of gold entered Egypt in 30 days:<\/span> Egyptians have brought more <\/span>than 194 kg of gold into the country since the government relaxed customs rules in a bid to stabilize the gold market, the Finance Ministry <\/span>said<\/a><\/span> yesterday. <\/span>Under the new rules<\/a><\/span>, Egyptians living abroad are able to bring up to 100-150 grams of gold into the country without paying customs fees.<\/span><\/p>\n Gold prices<\/span> are still elevated: <\/span>The price of 21-carat gold has risen 50% to <\/span>EGP 2,56<\/a><\/span>0<\/a><\/span> per gram since the beginning of the year as savers look for safe havens to hedge against the weaker EGP.<\/span><\/p>\n #2- GDP time machine: <\/span>The Planning Ministry has released <\/span>GDP data<\/a><\/span> going back more than four decades, it said in <\/span>a statement<\/a><\/span> yesterday. <\/span><\/p>\n <\/p>\n 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 Most of the international press is focused on Florida, <\/span>where former US president Donald <\/span>Trump is today scheduled to make his first appearance in a Miami court on federal charges including the alleged mishandling of classified documents. A <\/span>Reuters\/Ipsos<\/a><\/span> poll found a vast majority of Republicans believe the case is politically motivated. (<\/span>Washington Post<\/a><\/span> | <\/span>NYT<\/a><\/span>| <\/span>AP<\/a><\/span>). <\/span><\/p>\n <\/a> <\/span>The business press is all about the Fed:<\/span> The US Federal Reserve is <\/span>expected to keep its<\/a><\/span>benchmark interest rate unchanged<\/a><\/span> within the 5.0-5.25% range following its two-day policy meeting, which kicks off today. This would be the first pause since the central bank began aggressively tightening policy in March last year, which has seen rates rise 500 bps. <\/span><\/p>\n It\u2019s a tough call: <\/span>The Fed has to make a difficult choice between holding rates steady to <\/span>avert further pressure on a strained banking system, and continuing to hike rates to stamp out inflation. \u201cThey\u2019re between a rock and a hard place,\u201d former Reserve Bank of India Governor Raghuram Rajan told the <\/span>Wall Street Journal<\/a><\/span>. Complicating matters: Uncertainty around the likelihood of a recession and the ongoing threat of stagflation, writes the <\/span>Financial Times<\/a><\/span>.<\/span><\/p>\n But there\u2019s positive mood music in the business pages: <\/span>The S&P 500 and the Nasdaq both<\/span> closed at their highest in more than a year yesterday as investors anticipated a pause in rate hikes, the <\/span>Wall Street Journal<\/a><\/span>, <\/span>FT<\/a><\/span>, and <\/span>Reuters<\/a><\/span> report. The heads of investment banking giants Morgan Stanley and Goldman Sachs both <\/span>told the FT<\/a><\/span> they\u2019re seeing \u201cgreen shoots\u201d in the business environment. <\/span><\/p>\n FACT CHECK- <\/span><\/p>\n Aldar isn\u2019t acquiring <\/span>Capital Group Properties (FKA Imkan Misr):<\/span>Emirati real <\/span>estate giant Aldar Properties<\/span> has <\/span>denied a media report claiming that it had entered negotiations to acquire <\/span>Capital Group Properties (CGP)<\/span>,<\/span>CNBC Arabia<\/a><\/span>reports, citing company sources. <\/span>Asharq Business<\/a><\/span> reported yesterday that Aldar is in talks to acquire the company in light of the \u201cmassive losses that [CGP] has lately incurred thanks to the devaluation of the EGP and the rise in construction costs,\u201d quoting one of two unnamed sources who it said was in the know. These challenges were compounded by the company's decision to offer installment plans over 14 years, the source added.<\/span><\/p>\n ICYMI-<\/span><\/p>\n Missed this week\u2019s Inside Industry?<\/span> In our weekly vertical exploring all things industry and <\/span>manufacturing, <\/span>we talked to glass manufacturer Pyramid Glass<\/a><\/span> in the first installment of a new monthly series where we profile home-grown and international manufacturers in Egypt.<\/span><\/p>\n CIRCLE YOUR CALENDAR-<\/span><\/p>\n <\/a><\/span>Green projects have more time to apply for Smart Green Projects round 2:<\/span> The application deadline for the second iteration of the <\/span>Smart Green Projects initiative<\/a><\/span>has <\/span>been extended<\/a><\/span>until the end of June.<\/span>Eligible projects must use tech solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the first round of the initiative, among other requirements. Eligible projects can apply <\/span>here<\/a><\/span>. <\/span><\/p>\n![](\"https:\/\/ent.news\/2023\/6\/636.jpg\")
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