{"id":598862,"date":"2019-06-11T04:00:21","date_gmt":"2019-06-11T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/"},"modified":"2019-06-11T04:00:21","modified_gmt":"2019-06-11T04:00:21","slug":"what-were-tracking-on-11-june-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/","title":{"rendered":"What we\u2019re tracking on 11 June 2019"},"content":{"rendered":"<p><b>We hate to open on a down note, but yesterday wasn\u2019t a great day for macro indicators:<\/b> Both the purchasing managers\u2019 index and inflation data for May rolled back progress seen in April, with non-oil business activity slipping back into contraction territory and inflation spiking to 14.1% from 13% the month before. Analysts say that the increase was more than expected, and is already driving speculation that any potential interest rate cut will be pushed back, particularly as we await the inflationary effects of the fuel subsidy cuts due to take place next month. We have chapter and verse in this morning\u2019s Speed Round below.<\/p>\n<p><b>Meanwhile, the budget debate continues in the House of Representatives <\/b>today as MPs work toward bringing in a finished document in time for the start of the new fiscal year on 1 July. <b>And if they miss the mark? <\/b>There\u2019s no US-style government shutdown here, folks \u2014 the current budget rolls forward and becomes the 2019-2020 budget until the new document is approved by the House and signed-off by President Abdel Fattah El Sisi.<\/p>\n<hr class=\"grey-line\">\n<p><b>On with the day\u2019s proceedings:<\/b> Energy will be the subject of a number of meetings and conferences today, including the <a href=\"http:\/\/www.ome.org\/\">Observatoire M\u00e9diterran\u00e9en de l'Energie<\/a> (OME) in Paris, at which Oil Minister Tarek El Molla will deliver a keynote address, according to a ministry statement <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=10062019&id=ffb7107a-df4a-4d98-9677-6fdce1f05a57\">picked up by Ahram Gate<\/a>. Then there\u2019s <a href=\"http:\/\/www.szwgroup.com\/offshore-mena-congress-2019\/\">Offshore Congress MENA<\/a>, taking place at the InterContinental Semiramis today and tomorrow.<\/p>\n<p><b>Also this week is the <\/b><a href=\"http:\/\/english.ahram.org.eg\/News\/335754.aspx\"><b>African Anti-Corruption Forum<\/b><\/a><b> (AACF)<\/b>, which will be held in Sharm El Sheikh on Wednesday and Thursday.<\/p>\n<p><b>Lots more is happening before summer break:<\/b> Among the events you may want to mark on your calendars:<\/p>\n<ul>\n<li>Our friends at Pharos are holding their <a href=\"https:\/\/ent.news\/2019\/6\/617.pdf\">annual investor conference (pdf)<\/a> in Hurghada this month from 19-20 June;<\/li>\n<li>President Abdel Fattah El Sisi is expected to attend <a href=\"https:\/\/cca.eventbank.com\/event\/u-s-africa-business-summit-2019-11813\/\">US-Africa Business summit<\/a>in Mozambique, which runs from 18-21 June;<\/li>\n<li>Middle East & Africa Rail Show will take place at the Egypt International Exhibition Center, Nasr City on 16-18 June;<\/li>\n<li><a href=\"https:\/\/www.terrapinn.com\/exhibition\/seamless-north-africa\/index.stm\">Seamless North Africa<\/a> will be held at the Nile Ritz-Carlton on 17-18 June;<\/li>\n<li><a href=\"http:\/\/platforms-root-technologies.com\/ctw\/\">Cairo Technology Week<\/a> is running next week at the Hilton Heliopolis on 17-19 June.<\/li>\n<\/ul>\n<p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-09\/emerging-markets-caught-between-rate-cut-euphoria-and-trade-woes\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2060.jpg?ssl=1\"><\/a><\/p>\n<p><b>Emerging markets appear to be getting a reprieve from the recent trade-induced downslide:<\/b> EM equities <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-09\/most-mideast-markets-rise-as-traders-return-to-desks-inside-em\">have posted<\/a> their second consecutive week of gains, while EM debt has entered its longest winning streak since January 2018, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-09\/emerging-markets-caught-between-rate-cut-euphoria-and-trade-woes\">according to Bloomberg<\/a>.<\/p>\n<p><b>Middle East shares are also looking up:<\/b> Most exchanges in the region have rebounded since the Eid break. Both the EGX and the Tadawul closed yesterday up 1.7%.<\/p>\n<p><b>This is good news, right?<\/b> Although a reduction in equity-market volatility is obviously welcome, this is being driven by hopes that the US Federal Reserve will soon move to cut rates. To be clear, the Fed will only return to easing unless it believes that an economic downturn is a serious possibility. The Fed committee that sets interest rates next meets 18-19 June.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/533db1f4-8779-11e9-a028-86cea8523dc2\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2881.jpg?ssl=1\"><\/a><\/p>\n<p><b>We\u2019re not the only ones who like to grumble. <\/b>A number of private-sector companies in Saudi Arabia are griping at the negative impact of de facto Saudi ruler Mohamed Bin Salman\u2019s reforms, <a href=\"https:\/\/www.ft.com\/content\/533db1f4-8779-11e9-a028-86cea8523dc2\">according to the FT.<\/a> \u201cThere are about 7,000 industrial firms in Saudi Arabia and many of them are losing money or barely making money,\u201d says a foreign executive. The real estate sector appears to be also feeling the heat from \u201cSaudification\u201d \u2014 the process of weeding out foreign workers from sectors. That, coupled events including the murder of the columnist Kamal Khashoggi and the extended stay packages offered to select wealthy guests at the Ritz Carlton, has left the private sector and foreign investors waiting in the sidelines of an ambitious reform program that depends on them, the salmon-colored paper says.<\/p>\n<p><b>\u201cWhere\u2019s my money?\u201d said everybody to Abraaj:<\/b> The now-defunct private equity firm still hasn\u2019t paid many of its foreign workers their end-of-service benefits, <a href=\"https:\/\/www.wsj.com\/articles\/abraaj-collapse-highlights-u-a-e-s-foreign-worker-pension-plight-11560078001\">sources tell the WSJ<\/a>. The company has reportedly only paid out a quarter of what it owes to its foreign workers, while some employees who worked for more than 10 years at the firm are yet to receive any payment.<\/p>\n<p><b>A \u201cminiature time bomb\u201d in Gulf human resources regulations?<\/b> Abraaj\u2019s situation points to a wider regulatory problem in the Gulf, where companies are not required to set aside cash to cover end-of-service benefits. A 2018 report by Willis Towers Watson estimated that almost 90% of companies in the Gulf have no plans in place to fund the payments, leading one analyst to describe the situation as a \u201cminiature time bomb,\u201d the FT reports.<\/p>\n<p><b>UAE is the first country to approve Uber-Careem merger:<\/b> March\u2019s mega-merger of the MENA ride-hailing superpowers finally got the green light from UAE regulators yesterday, <a href=\"https:\/\/www.menabytes.com\/uae-approves-uber-careem-deal\/\">MENABytes reports<\/a>. So far as we know, <b>the Egyptian Competition Authority still objects <\/b>to the tie-up.<\/p>\n<hr class=\"grey-line\">\n<p><b>International headlines<\/b> worth a moment of your time this morning:<\/p>\n<ul>\n<li><b>One step closer to impeachment?<\/b> Special counsel Robert Mueller has agreed to pass key evidence to Congress that could reveal whether President Donald Trump attempted to obstruct justice during the Russia investigation. (<a href=\"https:\/\/www.nytimes.com\/2019\/06\/10\/us\/politics\/mueller-judiciary-committee.html\">New York Times<\/a>)<\/li>\n<li><b>This trade war just got personal:<\/b> Trump has threatened to immediately impose new tariffs on Chinese imports if President Xi Jinping doesn\u2019t personally meet him at the upcoming G20 conference in Japan. (<b><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-10\/trump-says-he-ll-raise-tariffs-on-china-again-if-xi-skips-g20?srnd=premium\">Bloomberg<\/a><\/b>)<\/li>\n<\/ul>\n<p><b>WEATHER PSA:<\/b> Our favorite weather app tells us that it will be overcast in the capital today, with daytime highs reaching 38\u00baC and lows of 23\u00baC. Expect more sun tomorrow, with temperatures dipping slightly to 22-35\u00baC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We hate to open on a down note, but yesterday wasn\u2019t a great day for macro indicators: Both the purchasing managers\u2019 index and inflation data for May rolled back progress seen in April, with non-oil business activity slipping back into contraction territory and inflation spiking to 14.1% from 13% the month before. Analysts say that [&hellip;]<\/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":[279,72,274,182,185,127,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598862","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-budget-watch","tag-enterpriseam","tag-house-of-representatives","tag-inflation","tag-pmi","tag-politics","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"d9a9cfee-417a-4d25-adc4-e6406214bec3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[598860],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What we\u2019re tracking on 11 June 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\/06\/11\/what-were-tracking-on-11-june-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 11 June 2019\" \/>\n<meta property=\"og:description\" content=\"We hate to open on a down note, but yesterday wasn\u2019t a great day for macro indicators: Both the purchasing managers\u2019 index and inflation data for May rolled back progress seen in April, with non-oil business activity slipping back into contraction territory and inflation spiking to 14.1% from 13% the month before. Analysts say that [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-11T04:00:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2019\/6\/2060.jpg\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What we\u2019re tracking on 11 June 2019\",\"datePublished\":\"2019-06-11T04:00:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/\"},\"wordCount\":927,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ent.news\/2019\/6\/2060.jpg\",\"keywords\":[\"budget watch\",\"EnterpriseAM\",\"House of Representatives\",\"inflation\",\"PMI\",\"politics\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/what-were-tracking-on-11-june-2019\/\",\"name\":\"What we\u2019re tracking on 11 June 2019 - 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Annual headline inflation cooled unexpectedly in April\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":598949,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/what-were-tracking-on-13-june-2019\/","url_meta":{"origin":598862,"position":1},"title":"What we\u2019re tracking on 13 June 2019","author":"enterpriseam admin","date":"13 June 2019","format":false,"excerpt":"Monday\u2019s inflation figures are still receiving attention as we prepare to slide into the weekend. Shuaa\u2019s Asset Management Portfolio Manager Aarthi Chandrasekaran tells Bloomberg TV that the spike in annual headline inflation to 14.1% in May will not have come as a surprise to the central bank, adding that the\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/2019\/6\/441.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559088,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/what-were-tracking-on-10-january-2021\/","url_meta":{"origin":598862,"position":2},"title":"What we\u2019re tracking on 10 January 2021","author":"enterpriseam admin","date":"10 January 2021","format":false,"excerpt":"Good morning, friends, and welcome to the first \u201creal\u201d workweek of 2021 in which pretty much everyone is back from their break. We have tons of news for you after a busy holiday weekend, so let\u2019s jump right in: Have we passed the second wave? That seems to be what\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":598908,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/what-were-tracking-on-12-june-2019\/","url_meta":{"origin":598862,"position":3},"title":"What we\u2019re tracking on 12 June 2019","author":"enterpriseam admin","date":"12 June 2019","format":false,"excerpt":"Inflation is driving the conversation on the economy today after news that annual headline inflation rose to 14.1% in Mayfrom 13% in April, dampening hopes for an interest rate cut. With fuel and electricity subsidy cuts expected by the end of the month, most research houses are calling an inflationary\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":594682,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/what-were-tracking-on-4-september-2019\/","url_meta":{"origin":598862,"position":4},"title":"What we\u2019re tracking on 4 September 2019","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Good morning, ladies and gentlemen. Can we start by saying how grateful we are that public schools are not yet back in session, meaning Cairo traffic is not at its worst these days? We expect that to change in a little over two weeks, though: Schools are expected to open\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":596950,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/what-were-tracking-on-14-july-2019\/","url_meta":{"origin":598862,"position":5},"title":"What we\u2019re tracking on 14 July 2019","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"Good morning, ladies and gentlemen, and welcome back from what we hope was a relaxing weekend with family and loved ones. We have a packed issue for you to start your week with, so let\u2019s get to it. The central bank chose to leave rates on hold last week: Not\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/598862","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=598862"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598862\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598860"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598862"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598862"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}