{"id":600396,"date":"2019-01-29T04:26:26","date_gmt":"2019-01-29T04:26:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/what-were-tracking-on-29-january-2019\/"},"modified":"2019-01-29T04:26:26","modified_gmt":"2019-01-29T04:26:26","slug":"what-were-tracking-on-29-january-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/what-were-tracking-on-29-january-2019\/","title":{"rendered":"What we\u2019re tracking on 29 January 2019"},"content":{"rendered":"

The EGP gained ground against the USD yesterday for the first time in \u2026 forever? <\/b>The EGP was changing hands at about 17.66 to the greenback yesterday, up from around 18.00 last Wednesday. The surprise gain has sparked speculation market-wide; we have the rundown on just about every scenario imaginable in this morning\u2019s Speed Round, below.<\/p>\n

Egypt and France signed 40 agreements worth a whopping EUR 1.6 bn<\/b> on French President Emmanuel Macron\u2019s second day in Egypt. His visit ends today. We have more on this, too, in this morning\u2019s Speed Round.<\/p>\n

<\/a> The Fed starts its first meeting of 2019 today, and the expectation is that it will leave interest rates on hold: <\/b>The US Federal Reserve\u2019s Federal Open Market Committee (FOMC) is set to hold its first policy meeting of 2019 today. The two-day meeting will end tomorrow, and there\u2019s not traditionally a press conference by the Fed chairman after the January meeting. Emerging markets watchers are keeping a close on the meeting: Since the December policy meeting, the word from the Fed has suggested that it may slow the previously expected pace of rate hikes in 2019. The USD slipped on Monday in anticipation of the Fed meeting<\/b> as well as approaching US-China trade talks, Reuters notes<\/a>.<\/p>\n

It\u2019s also earnings week in the US of A:<\/b> The FOMC meeting coincides with Apple, Amazon, Microsoft Facebook, Tesla and Qualcomm all reporting earnings this week, which pundits hope will help breathe some life back into equity markets that were roiled in 4Q2018, the Wall Street Journal<\/a> reports.<\/p>\n

Now, speaking of those US-China trade talks:<\/b><\/p>\n

<\/a><\/p>\n

News that the United States has hit Huawei with \u201csweeping\u201d criminal charges is the top story <\/b>in the global business press this morning. Meng Wanzhou, the company\u2019s chief financial officer (and daughter of the company\u2019s founder) also faces charges of stealing American technology and breaking US sanctions against Iran. Meng, who was arrested last month in Canada on the US charges, is due in a Vancouver area court<\/a> today. The story leads this morning on the Financial Times<\/a>, Wall Street Journal<\/a>, the New York Times<\/a>, CNBC<\/a>, Reuters<\/a> and elsewhere.<\/p>\n

It\u2019s now anyone\u2019s guess whether the trade talks scheduled for Thursday and Friday will go ahead<\/b>.The talks were designed to try to reach an agreement that would avoid US tariffs on some USD 200 bn of Chinese goods rising to 25% from 10% in March. Asian shares were trading lower<\/a> at dispatch time this morning in the wake of the Huawei news.<\/p>\n

Western mobile operators are pulling back from Huawei: <\/b>Vodafone\u2019s group chief executive said last week that the network operator would \u201cpause\u201d further use of Huawei<\/a> in its core networks amid the ongoing security row, and Australia\u2019s TPG has \u201ccancelled plans to roll out the country\u2019s fourth mobile network\u201d<\/a> after the government there banned Huawei as a supplier of 5G network technology.<\/p>\n

What does Huawei do in Egypt? <\/b>Plenty. The company sells mobile phones, computers and other consumer electronic goods and provides communications infrastructure to players ranging from telephone companies Telecom Egypt<\/a> and Etisalat Misr<\/a> to real estate player TMG<\/a>, among others. And we\u2019re not alone: A top Huawei official said in 2016 that the company had built more than 70% of the 4G networks in Africa.<\/p>\n

\n

The African Cup of Nations will start a week later<\/b> than planned, Reuters reports<\/a>, saying the move will give players an additional rest after Ramadan. The tournament will now kick-off on June 21 and the final will be played on July 19.<\/p>\n

In miscellany this morning:<\/p>\n