{"id":595359,"date":"2019-09-24T04:40:59","date_gmt":"2019-09-24T04:40:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/what-were-tracking-on-24-september-2019\/"},"modified":"2019-09-24T04:40:59","modified_gmt":"2019-09-24T04:40:59","slug":"what-were-tracking-on-24-september-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/what-were-tracking-on-24-september-2019\/","title":{"rendered":"What we\u2019re tracking on 24 September 2019"},"content":{"rendered":"

While the business community and foreign investors alike continue to digest events of this past weekend<\/b>, you can expect the domestic press to be preoccupied today by events over in New York.<\/p>\n

That\u2019s where the United Nations General Assembly\u2019s <\/b>general debate<\/b><\/a> kicks off today at 3 pm CLT.<\/b> President Abdel Fattah El Sisi is among the world leaders set to address the assembly. El Sisi, who has been in New York for two days in the run-up to the gathering, also met with US President Donald Trump yesterday and delivered a speech on Egypt\u2019s universal health coverage at a high-level meeting. We have the full rundown in this morning\u2019s Speed Round, below.<\/p>\n

The UN headquarters saw no shortage of discussions on climate change this week<\/b>, with high-profile Swedish teenage activist Greta Thunberg railing against world leader at the UN Climate Action Summit yesterday for their failure to take action on global warming, according to Reuters<\/a>. And that\u2019s to say nothing of her \u201csteely look\u201d<\/a> at The Donald, who in words and deeds is one of the world\u2019s top climate-change deniers.<\/p>\n

A total of 87 multinationals with a combined market cap of USD 2.3 tn have committed to a campaign to keep global warming below 1.5\u00b0C<\/b>, as part of the UN Global Compact<\/a>, the Financial Times reports<\/a>. The initiative, which launched earlier this year, requires signatory companies to set independently verified targets and create decarbonization plans within two years to start reducing their emissions.<\/p>\n

CIB has made a pledge along the same line, promising make climate action and sustainability \u201ccentral to its business\u201d <\/b>as it joined a coalition of 130 banks worldwide representing over USD 47 tn in assets,\u201d according to a statement released yesterday. The statement emerged from the launch of the Principles for Responsible Banking, touted as the \u201cbeginning of the most significant partnership to date between the global banking industry and the UN.\u201d Learn more in CIB\u2019s statement here (pdf)<\/a>.<\/p>\n

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Back at home, the central bank\u2019s Monetary Policy Committee will meet on Thursday to review key interest rates.<\/b> Seven of the eight economists we surveyed<\/a> expect the CBE to cut interest rates by 50-150 bps on the back of unexpectedly low inflation figures in August<\/a>. Naeem Brokerage told us yesterday it\u2019s expecting a 150 bps cut on the back of potentially lower inflation in September. The firm also cited a high real interest rate and a favorable base effect. Goldman Sachs and Abu Dhabi Commercial Bank, meanwhile, are forecasting a 100 bps rate cut, according to Bloomberg<\/a>.<\/p>\n

Conferences and events taking place this week:<\/p>\n