{"id":600082,"date":"2019-01-20T04:09:21","date_gmt":"2019-01-20T04:09:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/20\/what-were-tracking-on-20-january-2019\/"},"modified":"2019-01-20T04:09:21","modified_gmt":"2019-01-20T04:09:21","slug":"what-were-tracking-on-20-january-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/20\/what-were-tracking-on-20-january-2019\/","title":{"rendered":"What we\u2019re tracking on 20 January 2019"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <b>It looks like we\u2019re going to have a short work week:<\/b> Thursday will be a day off for the public sector in observance of Revolution Day \/ Police Day, which falls on Friday, according to <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/%D9%82%D8%B1%D8%A7%D8%B1%D8%A7%D9%8B-%D8%A8%D8%A7%D8%B9%D8%AA%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%AE%D9%85%D9%8A%D8%B3-24-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D8%A5%D8%AC%D8%A7%D8%B2%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9-%D8%A8%D9%85%D9%86%D8%A7%D8%B3%D8%A8%D8%A9-%D8%B9%D9%8A%D8%AF-%D8%AB%D9%88%D8%B1%D8%A9-25-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D9%88%D8%B9%D9%8A%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D8%B7%D8%A91.aspx\">a Cabinet statement on Thursday<\/a>. This makes it likely financial markets will follow suit, but there was no word from the central bank or the stock exchange at dispatch time this morning.<\/p>\n<p><b>There can be no better way to start (what could be) a short work week than with good news on the FDI front: <\/b>Mercedes-Benz is announcing it could resume production in Egypt, and we got welcome news on the investment front from both the EBRD and the OECD. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n<p><b>France\u2019s Minister of the Economy and Finance, Bruno Le Maire, is in Cairo today<\/b> to meet with President Abdel Fattah El Sisi ahead of French President Emmanuel Macron\u2019s visit to the capital at the end of the month, <a href=\"https:\/\/eg.ambafrance.org\/%D8%B2%D9%8A%D8%A7%D8%B1%D8%A9-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%88%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%8A%D8%AF-%D8%A8%D8%B1%D9%88%D9%86%D9%88\">according to the French Embassy in Cairo<\/a>. La Maire is also scheduled to discuss economic cooperation with Prime Minister Moustafa Madbouly and members of the Cabinet\u2019s economic group. We have more on Macron\u2019s expected visit in this morning\u2019s Egypt in the News section, below.<\/p>\n<p><b>Guess who\u2019s not coming to town?<\/b> As the bickering on Capitol Hill rumbles on, US President Donald Trump has canceled House Speaker Nancy Pelosi\u2019s planned tour of Egypt, Afghanistan and Belgium, citing the continued government shutdown, <a href=\"https:\/\/af.reuters.com\/article\/commoditiesNews\/idAFW1N1XN013\">Reuters reports<\/a>. In response, the top House Democrat <a href=\"https:\/\/www.reuters.com\/article\/us-usa-shutdown\/house-speaker-pelosi-accuses-trump-of-endangering-u-s-troops-lawmakers-idUSKCN1PC11Z\">accused<\/a> Trump of endangering the lives of US troops stationed in Afghanistan by making her visit public. Popcorn, anyone?<\/p>\n<p>(Speaking of the shutdown: 1) <a href=\"https:\/\/www.ft.com\/content\/e07ee43a-1b26-11e9-b93e-f4351a53f1c3\">it is starting to hit US growth<\/a>, the head of the NY Fed warns and 2) The Donald <a href=\"https:\/\/www.nytimes.com\/2019\/01\/19\/us\/politics\/trump-proposal-daca-wall.html\">may be offering an olive branch of a form<\/a>, saying he will extend some protection against deportation to undocumented immigrants if he gets a few bn in funding for his border wall.)<\/p>\n<p><b>Foreign Minister Sameh Shoukry is attending an Arab economic summit <\/b>that <a href=\"http:\/\/www.sis.gov.eg\/Story\/137086\/Shoukry-arrives-in-Beirut-to-participate-in-Arab-economic-summit?lang=en-us\">kicks off in Beirut today<\/a> against the usual backdrop of regional bickering. The emir of Qatar will also be attending the Arab Economic and Social Development Summit, <a href=\"https:\/\/www.reuters.com\/article\/us-arabs-summit-qatar\/qatar-emir-to-attend-beiruts-arab-economic-summit-idUSKCN1PD0AX\">Reuters reports<\/a>. Several Arab leaders have said they will not be participating.<\/p>\n<p><b>Our friends at AmCham will be hosting today ICT Minister Amr Talaat <\/b>at their monthly luncheon. <a href=\"https:\/\/www.amcham.org.eg\/login\/login.asp?ReturnUrl=%2Fcyberlink%2Fevents%2Fregister%2F1186\">You can register for the event here<\/a>.<\/p>\n<p><b>A two-day conference on reforming religious discourse in Egypt kicked off yesterday, <\/b><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/321999\/Egypt\/Politics-\/Egypts-Endowments-Minister-opens-conference-on-ref.aspx\">Ahram Online reports<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><b>The best thing we\u2019ve read about what has really led to two months of protest in Sudan: <\/b>Sudan must reform or seek a bailout to pull its economy out of a nosedive, writes <a href=\"https:\/\/af.reuters.com\/article\/topNews\/idAFKCN1PB1VK-OZATP\">Patrick Werr at Reuters<\/a>, suggesting that in our southern neighbor, as elsewhere, it\u2019s the economy, stupid: \u201cThe government has run up enormous budget deficits by subsidising the cost of fuel, bread and other products. To cover this deficit, it has expanded the money supply. But that has served to debase the currency, causing inflation to soar and the value of the Sudanese pound against other currencies to plummet \u2014 in turn pushing up the cost of subsidies and widening the deficit even further.\u201d<\/p>\n<p>In other Sudan news, the country <b>is set to receive USD 300 mn and 1.12 mn tonnes of fuel courtesy from the UAE,<\/b> as continued protests take their toll on the country\u2019s economy, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-18\/u-a-e-lending-300-million-to-crisis-hit-sudan-official-says?srnd=premium-middle-east\">according toBloomberg<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><b>Emerging market stocks were up Thursday after news that the US may begin lifting tariffs on imports from China. <\/b>The bounce came despite the US Treasury later denying the reports, <a href=\"https:\/\/www.reuters.com\/article\/emerging-markets\/emerging-markets-em-stocks-jump-on-us-china-trade-resolution-hopes-fx-subdued-idUSL8N1ZI1YP\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-18\/emerging-market-rebound-fizzles-as-growth-risks-loom-em-review\">Bloomberg<\/a> note. The short-term boost to EM equities did nothing to stop a slide in developing currencies against a strengthening USD.<\/p>\n<p><b>Less upbeat on EM: <\/b>The <a href=\"https:\/\/www.ft.com\/content\/b8bcad94-1985-11e9-b93e-f4351a53f1c3\">FT<\/a> warns against the pileup of foreign currency debt in emerging markets, saying higher funding costs and a slowdown in global growth may make debt service challenging, making \u201cthe pace of accumulation\u201d concerning, says Emre Tiftik, an economist with the Institute of International Finance. This could make it difficult for some markets to invest in productive sectors, and yet more borrowing is on the horizon.<\/p>\n<p><b>Hedgies, beware: The industry contracted last year for the first time since the financial crisis<\/b>, although the decline of assets under management was significantly less in 2018 than 2008 (USD 100 bn compared to USD 461 bn), the <a href=\"https:\/\/www.ft.com\/content\/a9f600ca-1b2f-11e9-b93e-f4351a53f1c3\">Financial Times<\/a> reports. Although the industry has boomed over the past 30 years, 4Q2018 saw outflows of USD 22.5 bn, which a leading data provider attributes to \u201cseveral factors, most notably investor reaction to steep losses in traditional asset investments and the sharp spike in equity market volatility leading to redemptions.\u201d<\/p>\n<p><b>PSA- It\u2019s a foggy morning across the country,<\/b> from the northern coast to the northern tip of Upper Egypt, the meteorological authority <a href=\"http:\/\/ema.gov.eg\/pdf\/db.png\">said yesterday<\/a>. Expect daytime highs of 18-19\u00b0C and overnight lows of 7-8\u00b0C in Cairo and Alexandria.<\/p>\n<p><b>That 30+\u00b0C weather you were warned last week to expect? <\/b>Not happening this week, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like we\u2019re going to have a short work week: Thursday will be a day off for the public sector in observance of Revolution Day \/ Police Day, which falls on Friday, according to a Cabinet statement on Thursday. This makes it likely financial markets will follow suit, but there was no word from [&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":[96,116,7106,168,115,898,72,164,491,261,3075,128,4570,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600082","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-china","tag-debt","tag-diplomacy","tag-emerging-markets","tag-emmanuel-macron","tag-enterpriseam","tag-equities","tag-france","tag-hedge-funds","tag-institute-of-international-finance","tag-opec","tag-schlumberger","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c5beb4e1-2b97-4689-83bd-95bd598a400f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[600080],"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 20 January 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\/01\/20\/what-were-tracking-on-20-january-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 20 January 2019\" \/>\n<meta property=\"og:description\" content=\"It looks like we\u2019re going to have a short work week: Thursday will be a day off for the public sector in observance of Revolution Day \/ Police Day, which falls on Friday, according to a Cabinet statement on Thursday. 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The IMF board had signed off on the results of the review in December, unlocking a USD 2 bn tranche of its USD 12 bn Extended Fund Facility to Egypt. The\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":634744,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/23\/what-were-tracking-this-week-76\/","url_meta":{"origin":600082,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"23 January 2018","format":false,"excerpt":"The EGX confirmed in an emailed statement that it will be closed on Thursday to mark the Revolution and \/ or Police Day, whatever it is that we observe on 25 January. Trading will resume on Sunday. Thursday is a national holiday.","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598736,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/what-were-tracking-on-03-june-2019\/","url_meta":{"origin":600082,"position":2},"title":"What we\u2019re tracking on 03 June 2019","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"It\u2019s official: We\u2019re on Eid break as of tomorrow morning \u2014 but you may still be fasting. Both the central bank and the EGX have confirmed that our five-day Eid El Fitr weekend begins tomorrow. Banks, capital markets (and, by extension, much of the private sector) are on holiday Tuesday\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":632228,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/what-were-tracking-this-week-56\/","url_meta":{"origin":600082,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"6 February 2018","format":false,"excerpt":"We\u2019re expecting an announcement sometime this week on the USD 4-5 bn eurobond issuance. Finance Minister Amr El Garhy said that the issuance, which will take place on the London and Luxembourg stock exchanges, is due any day now.Sudan and Egypt\u2019s foreign ministers and intelligence service chiefs will meet in\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637876,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/28\/what-were-tracking-on-28-november-2017\/","url_meta":{"origin":600082,"position":4},"title":"What we\u2019re tracking on 28 November 2017","author":"enterpriseam admin","date":"28 November 2017","format":false,"excerpt":"This four-day work week is fast approaching an end. Both the public and private sectors will be off on Thursday in observance of Prophet Muhammad\u2019s birthday, which officially falls on Friday 1 December.The French-Egyptian Sustainable City Week wraps up today, after five days of sessions and conferences that brought together\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":598421,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/what-were-tracking-on-26-may-2019\/","url_meta":{"origin":600082,"position":5},"title":"What we\u2019re tracking on 26 May 2019","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"Expect a slow(ish) news day today as we enter the last full work week of Ramadan, ladies and gentlemen. But what news there is? Well, it\u2019s big: The tax authority looks set to settle with Global Telecom Holding, potentially removing an overhang that has sapped sentiment on the EGX;The central\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\/600082","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=600082"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600082\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600080"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600082"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600082"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}