{"id":591552,"date":"2019-12-10T04:28:24","date_gmt":"2019-12-10T04:28:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/what-were-tracking-on-10-december-2019\/"},"modified":"2019-12-10T04:28:24","modified_gmt":"2019-12-10T04:28:24","slug":"what-were-tracking-on-10-december-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/what-were-tracking-on-10-december-2019\/","title":{"rendered":"What we\u2019re tracking on 10 December 2019"},"content":{"rendered":"

It\u2019s another day in which the House dominates the nation\u2019s news agenda<\/strong>, but there\u2019s still no sign of the much-awaited cabinet shuffle. Pundits in the nation\u2019s capital now say it\u2019s today or after the World Youth Forum, which gets underway this weekend and ends a week from today.<\/p>\n

A Lebanese business delegation is in Egypt<\/strong> to talk public-private sector cooperation as part of regular meetings organized by the Egyptian Lebanese Businessmen Association, according to Al Shorouk<\/a>.<\/p>\n

Rameda Pharma shares make their EGX debut tomorrow<\/strong>, trading under the ticker RMDA.<\/p>\n

Also making its trading debut tomorrow: Saudi <\/strong>Aramco<\/strong>, where Bloomberg<\/a> argues that policymakers have gone to great lengths to ensure the shares have a strong debut. Look for \u201ca lot\u201d of the proceeds from the transaction to be deployed locally<\/a>, the business information service suggests.<\/p>\n

The US Federal Reserve will tomorrow wrap up its final meeting of 2019.<\/strong> Given Fed chair Jay Powell\u2019s statements<\/a> last month, it\u2019s pretty much a dead cert that interest rates will remain unchanged at 1.5%-1.75% heading into 2020.<\/p>\n

Speaking of the Fed:<\/p>\n

enterprise<\/a><\/p>\n

<\/a> The story of the morning in the global business press: The man who in many ways <\/strong>invented the modern role of the central bank governor has died. <\/strong>Paul Volcker, who led the US Fed in the \u201870s and \u201880s, was 92. Volcker\u2019s time at the helm of the US central bank is most widely known for successfully addressing runaway inflation that coincided with a period of economic stagnation. Perhaps most importantly, Volcker, who \u201cpersonified the idea of doing something politically unpopular but economically necessary\u201d<\/strong> helped cement the notion of a politically independent central bank in modern times, the New York Times says<\/a>. \u201cHe became one of the most unpopular Fed chairmen in history for pushing interest rates as high as 20% to break the soaring inflation that consumed the US economy in the 1970s. But his actions succeeded in bringing [down] inflation, making Mr. Volcker one of the most successful central bankers in history,\u201d the Wall Street Journal says in an obit<\/a>.<\/p>\n

Volker, a fly-fishing enthusiast, had a long career as a public servant<\/strong>, most recently coming out of retirement in his 80s to advise then-US president Barack Obama. But he made more in one day in the 1990s than he did in 30 earlier years of service when the investment bank he had helmed was bought out. Check out additional obits in the Financial Times<\/a> and Bloomberg<\/a>.<\/p>\n

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Is Trump about to curb stomp the WTO?<\/strong> The press is all but signing the death warrant for the World Trade Organization this morning as the US looks set to veto the appointment of judges to its dispute settlement body. The move would effectively cripple the appeals body, which is responsible for adjudicating country-to-country disputes. The Financial Times<\/a> warns of \u201cserious damage\u201d to the global trading system, the Wall Street Journal<\/a> says the US is \u201cthreatening the global body\u2019s survival,\u201d while a headline in the Nation<\/a> literally reads \u201cRIP, World Trade Organization?\u201d<\/p>\n

enterprise<\/a><\/p>\n

Assets held by ETFs <\/strong>may be surging<\/a><\/strong>, but investors are pulling out record amounts of<\/strong> cash:<\/strong> Outflows from US-equity focused mutuals and exchange-traded funds have reached a record USD 135.5 bn this year, the Wall Street Journal reports<\/a>, citing Refinitiv data. Analysts say that the deterioration of US-China trade relations and concerns over a possible US recession has driven investors to exit equity funds and move into bonds and money-market funds.<\/p>\n

The robots are coming for the millenials:<\/strong> The impact of workplace automation needs to be spread more evenly among generations, or younger members of the workforce who don\u2019t have employment protections risk becoming alienated, argues Ferdinando Giugliano in Bloomberg<\/a>. Read that alongside this piece from the Wall Street Journal<\/a> out overnight, which argues that US factories are now demanding white-collar education for blue-collar work<\/strong>, suggesting that within three years, more US manufacturing workers will have college degrees than not.<\/p>\n

Bloomberg is out with a profile of Khaldoon Al Mubarak<\/a><\/strong>: Mubadala CEO, Manchester City chairman, and special envoy to China.<\/p>\n

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Predictions for 2020 are rolling in:<\/strong><\/p>\n