{"id":597530,"date":"2019-07-30T04:14:31","date_gmt":"2019-07-30T04:14:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/what-were-tracking-on-30-july-2019\/"},"modified":"2019-07-30T04:14:31","modified_gmt":"2019-07-30T04:14:31","slug":"what-were-tracking-on-30-july-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/what-were-tracking-on-30-july-2019\/","title":{"rendered":"What we\u2019re tracking on 30 July 2019"},"content":{"rendered":"

We\u2019re starting to see signs of renewed momentum in the state privatization program:<\/b> State investment bank NI Capital is moving ahead with selecting private sector investment banks to quarterback the stake sales of e-Finance and Sidi Kerir Petrochemicals, and new details are emerging on the Alexandria Container and Cargo Handling Company\u2019s secondary offering. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n

Do we have Fawry\u2019s upcoming IPO to thank?<\/b> E-payments platform Fawry is well on its way to its EGX debut, with the private placement and retail offering both currently underway. Fawry\u2019s initial public offering, which will be Egypt\u2019s first since last October, will be a litmus test for the country\u2019s anemic IPO market ahead of other planned offerings.<\/p>\n

Foreign Minister Sameh Shoukry is heading to Greece and Cyprus today for what appears to be a one-day visit<\/b> to talk cooperation and regional issues with top officials, according to a ministry statement<\/a>. Shoukry is scheduled to meet with Greek Prime Minister Kyriakos Mitsotakis and Foreign Minister Nikos Dendias, as well as Cypriot President Nicos Anastasiades and Foreign Minister Nikos Christodoulides.<\/p>\n

The two-day National Youth Conference starts today at the new administrative capital.<\/b><\/p>\n

It\u2019s interest rate day in the US of A:<\/b> All eyes will be on Washington today and tomorrow as the US Federal Reserve holds the meeting that could see the first interest rate cut since 2008. The chance of a surprise seems slim, with markets 99.99% certain that a 25 bps cut is in the cards. The USD maintained two-month highs<\/a> against a basket of currencies yesterday in anticipation of the Fed meeting.<\/p>\n

<\/p>\n

Central banks may have to resort to more drastic measures<\/b> if governments fail to provide fiscal stimulus in the event of a severe economic slump, Simon Kennedy and Craig Stirling write in Bloomberg<\/a>. Why? <\/b>Restarting bond-buying programs is unlikely to have the effect that it did in 2008. Oxford Economics estimates that major central banks would have to buy up assets worth more than 20% of GDP to cope with just an average downturn.<\/p>\n

What are the options?<\/b> The Fed and the European Central Bank could take a leaf out of the Bank of Japan\u2019s book and start buying up equities and exchange-traded funds \u2014 a radical and potentially dangerous<\/a> policy experiment. Otherwise, negative interest rates \u2014 which bring a host of problems of their own<\/a> \u2014 could become the new normal if governments continue to hold out on fiscal stimulus.<\/p>\n

\n

Three names remain in the race for top IMF job:<\/b> World Bank CEO Kristalina Georgieva, former Dutch finance minister Jeroen Dijsselbloem, and Bank of Finland Governor Olli Rehn are the final three names competing for Christine Lagarde\u2019s old job as IMF managing director, the FT reports<\/a>. The job is likely to go to one of Dijsselbloem and Rehn, both of whom have support among Northern European countries. France has voiced support for Georgieva but IMF bylaws that prevent anyone over the age of 65 from getting the job would need to be changed for Paris to get its way.<\/p>\n

Five banks face USD 1 bn currency-rigging lawsuit in UK:<\/b> A group of five US and European banks are facing a USD 1 bn class-action lawsuit in the UK over allegations that they manipulated the global foreign-exchange market, Reuters reports<\/a>. Investors claim that JPMorgan, RBS, UBS, Barclays, and Citi rigged the currency markets between 2007 and 2013, and should compensate pension funds, businesses, and hedge funds. Global regulators have so far handed out more than USD 12 bn in fines<\/a> since 2013 to financial institutions found guilty of FX market manipulation.<\/p>\n

<\/p>\n

China is running out of patience with Hong Kong protests<\/b>, and has voiced strong support for Hong Kong leader Carrie Lam as anti-government protests continue to rock the territory. A spokesman for the Hong Kong and Macau Affairs office accused demonstrators of committing \u201cevil and criminal acts,\u201d while a spokeswoman described the violent clashes as \u201chorrendous incidents.\u201d The eight-week-old protests were sparked by an extradition bill that would have enabled Hong Kong citizens to be extradited to China to face trial. The BBC<\/a> and the Guardian<\/a> have more.<\/p>\n

<\/a> An unexpected pay gap: American mn\u2019aire women are earning more than their male counterparts<\/b>, recent Internal Revenue Service (IRS) data compiled by Bloomberg shows<\/a>. IRS data from 144.2 mn tax returns showed that women with seven-figure salaries earned an average USD 2.506 mn, compared to USD 2.477 mn for men.<\/p>\n

The latest ingenious solution for rising divorce rates? Get men home by midnight.<\/b> The governor of Ismailia seems to have drawn a connection between his governorate\u2019s increasing divorce rates and its male population\u2019s attachment to street coffee shops (qahwas). Governor Hamdy Othman is now making it mandatory for Ismailia\u2019s qahwa owners to close their doors at midnight during the winter, but will grant the Cinderella-men a one-hour curfew extension during the summer, reports Youm7<\/a>. The newspaper made no mention of the grounds of Othman\u2019s decision, but stated that the governorate has one of the nation\u2019s highest per capita divorce rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re starting to see signs of renewed momentum in the state privatization program: State investment bank NI Capital is moving ahead with selecting private sector investment banks to quarterback the stake sales of e-Finance and Sidi Kerir Petrochemicals, and new details are emerging on the Alexandria Container and Cargo Handling Company\u2019s secondary offering. We have […]<\/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":[204,116,72,2403,724,9337,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597530","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-banking","tag-china","tag-enterpriseam","tag-global-economy","tag-monetary-policy","tag-national-youth-conference","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"345a7a51-b56f-4a55-8d18-996922e72c3e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[597528],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 30 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\/30\/what-were-tracking-on-30-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 30 July 2019\" \/>\n<meta property=\"og:description\" content=\"We\u2019re starting to see signs of renewed momentum in the state privatization program: State investment bank NI Capital is moving ahead with selecting private sector investment banks to quarterback the stake sales of e-Finance and Sidi Kerir Petrochemicals, and new details are emerging on the Alexandria Container and Cargo Handling Company\u2019s secondary offering. 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The\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595670,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/04\/fawrys-private-placement-sees-strong-demand\/","url_meta":{"origin":597530,"position":3},"title":"Fawry\u2019s private placement sees strong demand","author":"enterpriseam admin","date":"4 August 2019","format":false,"excerpt":"IPO WATCH- Fawry\u2019s private placement 15.9x oversubscribed: Investors oversubscribed 15.9x to the private placement portion of Fawry\u2019s ongoing IPO, EFG Hermessaid in a statement (pdf). Sources close to the matter had incorrectly told the local press last week that the private placement was around 6.5x oversubscribed. About 69.3 mn shares,\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\/2019\/7\/Fawry-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610729,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/this-evening-fawrys-cybersecurity-investigation-concludes-that-no-critical-data-was-breached\/","url_meta":{"origin":597530,"position":4},"title":"THIS EVENING: Fawry\u2019s cybersecurity investigation concludes that no critical data was breached","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"Good afternoon friends, and welcome to this chilly Sunday. Our news cycle is picking up a lot of stories which foretells a busy week to come. THE BIG STORY TODAY It\u2019s a wrap on Fawry\u2019s cybersecurity investigation: Cybersecurity firm Group-IB has found that e-payments giant Fawry\u2019s live production environment was\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595717,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/what-were-tracking-on-05-august-2019\/","url_meta":{"origin":597530,"position":5},"title":"What we\u2019re tracking on 05 August 2019","author":"enterpriseam admin","date":"5 August 2019","format":false,"excerpt":"It\u2019s PMI day: The Emirates NBD purchasing managers\u2019 indexes for Egypt, the UAE, and Saudi Arabia are due out this morning at 6:15 am CLT. Non-oil business activity had remained in contraction territory in June, but the slowdown rate was softer than the month prior. You can find the PMI\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597530","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=597530"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597530\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597528"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597530"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597530"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}