{"id":597488,"date":"2019-07-29T03:49:47","date_gmt":"2019-07-29T03:49:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/what-were-tracking-on-29-july-2019\/"},"modified":"2019-07-29T03:49:47","modified_gmt":"2019-07-29T03:49:47","slug":"what-were-tracking-on-29-july-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/what-were-tracking-on-29-july-2019\/","title":{"rendered":"What we\u2019re tracking on 29 July 2019"},"content":{"rendered":"

The Fawry IPO is up and running as retail investors requested 1 mn shares on the first day of the retail offering<\/b>, the local press reports<\/a>. There\u2019s still a long way to go for the offering to be fully subscribed \u2014 there are a total of 35 mn shares up for grabs until 5 August \u2014 but it\u2019s something to keep an eye on as it tests the waters of the anemic Egyptian IPO market ahead of bigger offerings to come. Further IPO details are available here<\/a> and here<\/a>.<\/p>\n

The <\/b>Fab15 conference<\/b><\/a> is on its second day in El Gouna<\/b>, bringing together participants from over 1,600 Fab Labs worldwide. The event runs from 28 July-2 August in El Gouna, before moving to Cairo on 3-4 August.<\/p>\n

The seventh edition of the National Youth Conference kicks off tomorrow<\/b> at the new administrative capital. The last iteration of the conference was held one year ago.<\/p>\n

<\/p>\n

The two-day Fed meeting begins tomorrow:<\/b> The Financial Times<\/a> is still entertaining the idea that it may go big and surprise us with a 50 bps cut. As yesterday\u2019s Reuters\u2019 survey<\/a> and the above graphic attest, the market emphatically believes that 25 bps is all we\u2019re getting. But some analysts \u2014 such as Steven Oh, head of fixed income at PineBridge Investments \u2014 still believe that the Fed could spring a surprise. \u201cThere\u2019s a case to provide a more impactful insurance cut right now and then pause to see how the economic data plays out,\u201d he says. \u201cThe market will be disappointed by a [quarter point] cut.\u201d<\/p>\n

<\/a> EMs won\u2019t necessarily outperform, and the USD probably won\u2019t weaken if the Fed moves ahead with a rate cut<\/b>, simply because the Fed is not the only central bank whose policy factors into global conditions, Ivan Martchev writes for MarketWatch<\/a>. Europe and Japan\u2019s \u201csubpar economic performance \u2026 is demanding that central banks keep their [quantitative easing] policies, in effect keeping interest rate differentials in favor of the USD.\u201d Martchev says he is \u201chaving trouble seeing light at the end of the tunnel for the great global experiment called quantitative easing\u201d that most other developed economies\u2019 central banks are still in the middle of.<\/p>\n

A trade agreement between the US and China, on the other hand, could give emerging markets a temporary boost<\/b> by improving global trade volumes and spurring a USD selloff \u201cdue to its safe-haven status,\u201d Martchev says. But that very same agreement would also bode well for the US trade deficit and, by extension, the USD.<\/p>\n

\n

Sabic is the latest chemical giant to feel the demand shock:<\/b> Saudi Basic Industries Corp\u2019s (Sabic) net profit fell by more than two thirds in 2Q2019 as global demand for chemicals and plastics falls. Financial statements show<\/a> that profits fell to SAR 2.12 bn in 2Q from SAR 6.7 bn a year ago \u2014 the lowest level since 2009. Other major chemical companies, including BASF and DowDuPont, have also issued profit warnings this year as the industry feels the effects of the global slowdown.<\/p>\n

Apple and Intel signed a USD 1 bn agreement that will see Apple acquire the majority of Intel\u2019s smartphone modem division<\/b>, the tech giant announced on Thursday<\/a>. The acquisition, which is expected to close next quarter, would see 2,200 Intel employees join Apple. The agreement covers Apple\u2019s acquisition of the employees, intellectual property, and other equipment. Fun fact: Apple was Intel\u2019s only modem customer, says CNBC<\/a>.<\/p>\n

<\/a> Netflix shed USD 26 bn in market value after its disappointing second-quarter earnings report last week drove its shares down 20%<\/b>, according to Forbes<\/a>. Netflix founder Reed Hastings\u2019 net worth also took a hit, dropping USD 850 mn to USD 3.4 bn. \u201cThe downturn comes during an otherwise positive year. Shares had risen 35% between January 1 and July 17. On that day, Netflix published its quarterly results, which showed a decline of 126,000 U.S. subscribers, compared with an expected gain of 300,000. Globally, it added 2.7 mn subscribers, far short of its forecast of 5 mn.\u201d The streaming service is planning to offer subscriptions to India\u2019s mobile users for less than half of the country\u2019s cheapest rate to beef up its subscriber base.<\/p>\n

Investors are catching on to climate change:<\/b> Fights are breaking out in boardrooms as investors push companies for low-carbon solutions, the Financial Times reports<\/a>. \u201cWe are saying to these companies that [climate change is everyone\u2019s] problem. Every company, and its directors, needs to think how they will be affected,\u201d said Natasha Landell-Mills, head of stewardship at Sarasin & Partners, a British asset manager. Pressure was initially brought on boardrooms of fossil fuel companies, but investors are now calling on executives of food producers, chemical makers and car manufacturers to adopt environmentally-friendly policies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Fawry IPO is up and running as retail investors requested 1 mn shares on the first day of the retail offering, the local press reports. There\u2019s still a long way to go for the offering to be fully subscribed \u2014 there are a total of 35 mn shares up for grabs until 5 August […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[184,147,115,72,519,9594,349,78,10811,219,388,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597488","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-apple","tag-climate-change","tag-emerging-markets","tag-enterpriseam","tag-fawry","tag-intel","tag-interest-rates","tag-ipo-watch","tag-mas","tag-saudi-arabia","tag-us-federal-reserve","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ece04caa-7a3f-4d91-9b62-56206c180646","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[597486],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 29 July 2019 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/what-were-tracking-on-29-july-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 29 July 2019\" \/>\n<meta property=\"og:description\" content=\"The Fawry IPO is up and running as retail investors requested 1 mn shares on the first day of the retail offering, the local press reports. 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Retail investors put in orders for 19.65 mn shares, handily covering the 18.83 mn shares offered by the pharma\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595622,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/egyptian-e-payments-platform-fawrys-private-placement-more-than-6x-oversubscribed\/","url_meta":{"origin":597488,"position":4},"title":"Egyptian e-payments platform Fawry\u2019s private placement more than 6x oversubscribed","author":"enterpriseam admin","date":"1 August 2019","format":false,"excerpt":"IPO WATCH- Fawry private placement more than 6x oversubscribed: The private placement portion of e-payments platform Fawry\u2019s initial public offering, which closed yesterday, was c.6.5x oversubscribed, sources close to the matter told the local press. The private placement constitutes 10% of the offering, which will see Fawry sell 36% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591282,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/02\/rameda-retail-offering-1-6x-oversubscribed-on-second-day-of-subscription\/","url_meta":{"origin":597488,"position":5},"title":"Rameda retail offering 1.6x oversubscribed on second day of subscription","author":"enterpriseam admin","date":"2 December 2019","format":false,"excerpt":"IPO WATCH- Rameda retail offering 1.6x oversubscribed on second day of subscription: Rameda Pharma\u2019s retail offering was 1.6x oversubscribed at the end of the second day of subscription yesterday, according to the local press. Retail investors bid for 29.96 mn shares from a total 18.83 mn shares on offer. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/626.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597488"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597488\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597486"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597488"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597488"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}