{"id":602315,"date":"2019-03-25T04:00:30","date_gmt":"2019-03-25T04:00:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/25\/what-were-tracking-on-25-march-2019\/"},"modified":"2019-03-25T04:00:30","modified_gmt":"2019-03-25T04:00:30","slug":"what-were-tracking-on-25-march-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/25\/what-were-tracking-on-25-march-2019\/","title":{"rendered":"What we\u2019re tracking on 25 March 2019"},"content":{"rendered":"<p class=\"web-image\"><a href=\"https:\/\/www.wsj.com\/articles\/stock-market-rally-trips-on-global-growth-fears-11553425200\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/842.png?ssl=1\"><\/a><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>Let\u2019s kick off the day with some doom and gloom, shall we? <\/b>Sentiment is a bit glum this morning as global markets face their first trading day of the week. The expectation is that key economic data due this week from the US and \u201cother wealthy nations\u201d including the UK, France and Canada could \u201cenlighten the debate over whether the global economy is in the midst of a temporary dip or headed toward a more serious downturn,\u201d the <a href=\"https:\/\/www.wsj.com\/articles\/stock-market-rally-trips-on-global-growth-fears-11553425200\">Wall Street Journal<\/a> writes.<\/p>\n<p><b>Asian markets aren\u2019t waiting. <\/b>They largely sat out Friday\u2019s selldown (which saw the S&P 500, Euro Stoxx and MSCI EM all close down just shy of 2%), but they\u2019re making up for it today: The Nikkei is down more than 3% this morning and shares in Australia and South Korea are also in the red, <a href=\"https:\/\/www.cnbc.com\/2019\/03\/25\/asia-markets-treasury-yields-global-economy-currencies-in-focus.html\">CNBC<\/a> reports.<\/p>\n<hr class=\"grey-line\">\n<p>Closer to home: <b>The House of Representatives will hold its final round of consultations on the proposed constitutional amendments today and Thursday<\/b>, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/328764\/Egypt\/Politics-\/Egypts-constitutional-amendments-to-be-ready-midAp.aspx\">according to Ahram Online<\/a>. The final amendments should be voted on within the House and ready for a national referendum by mid-April, Speaker Ali Abdel Aal said.<\/p>\n<p><b>Foreign Minister Sameh Shoukry heads to Washington today<\/b> to meet with his American counterpart Mike Pompeo, picking talks up where they left off during Pompeo\u2019s January visit to Egypt, <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/2642072535864676?__tn__=-R\">according to a ministry statement.<\/a><\/p>\n<p><b>It\u2019s day two of the World Tourism Organization\u2019s regional meeting <\/b>in Cairo. Tourism Minister Rania Al Mashat spoke yesterday on the need for the industry to modernize, empower women and embrace sustainability, <a href=\"http:\/\/english.ahram.org.eg\/NewsContentP\/3\/328763\/Business\/Egypts-tourism-minister-presents-tourism-promotion.aspx\">Ahram Online<\/a> reports. Al Mashat also <a href=\"http:\/\/english.ahram.org.eg\/News\/328773.aspx\">confirmed<\/a> that the ministry would abide with a court ruling that overturned a <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/25\/new-fees-on-umrah-dominate-the-airwaves\/\">recent government decision<\/a> to increase umrah fees.<\/p>\n<p><b>The <\/b><a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\"><b>Cityscape Egypt<\/b><\/a><b> real estate conference continues today.<\/b> The associated expo runs Wednesday-Saturday.<\/p>\n<p><b>Swiss Foreign Minister Ignazio Cassis is in town <\/b>for talks as he delivers a speech at an event marking 110 years of Swiss-Egyptian trade, <a href=\"https:\/\/ww.egyptindependent.com\/swiss-foreign-minister-to-visit-cairo\/\">Egypt Independent<\/a> reports.<\/p>\n<p><b>Also happening this week:<\/b><\/p>\n<ul>\n<li><b>It\u2019s interest rate week<\/b> as the central bank decides on Thursday what to do with interest rates. Our poll this month has <a href=\"https:\/\/enterprise.press\/#tldr-story-01\">six of 10 economists projecting a rate cut<\/a> of 50-100 bps. The CBE\u2019s overnight deposit rate is 15.75%, while its overnight lending rate is 16.75%.<\/li>\n<\/ul>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/84.jpg?ssl=1\"><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> Uber\u2019s USD 3.1 bn Careem takeover is imminent:<\/b> Uber is about to buy regional rival Careem with a final agreement expected today or tomorrow, <a href=\"https:\/\/www.ft.com\/content\/9682996a-4e5e-11e9-b401-8d9ef1626294\">the FT reports<\/a>. Two sources told the paper that Uber would buy out its Dubai-based competitor for USD 3.1 bn \u2014 a substantially larger sum than the USD 2 bn valuation bandied about last year. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-03-24\/uber-is-said-to-seal-3-1-billion-deal-to-buy-careem-this-week?srnd=premium-middle-east\">Bloomberg<\/a> also has the story.<\/p>\n<p><b>Look for comment today from the Egyptian Competition Authority<\/b>, which has <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/25\/egypt-competition-watchdog-warns-uber-and-careem-of-fines-up-to-egp-500-mn-each-in-case-of-merger\/\">threatened fines of EGP 500 mn for each<\/a> of the two companies if they go ahead with the merger, claiming it would be anti-competitive. Fines equivalent 1.9% of the value of a USD 3.1 bn merger for a multinational that\u2019s faced challenges getting traction in many EM? Not a bad price to pay, as one of the smartest PE guys we know suggested recently. ECA chief had a <a href=\"about:blank\">colorful no-comment<\/a> for Al-Mal yesterday.<\/p>\n<p><b>Dominating headlines in the west this morning: The verdict of the Mueller investigation is out.<\/b> The two-year investigation into The Donald\u2019s links to Russia has found that neither the president nor his campaign colluded with Russia in order to sway the 2016 presidential election, the <a href=\"https:\/\/www.nytimes.com\/2019\/03\/24\/us\/politics\/mueller-report-summary.html\">New York Times<\/a> says. He \u201cdid not find that the Trump campaign or anyone associated with it conspired or co-ordinated with Russia in its efforts to influence the 2016 US presidential election,\u201d US attorney-general William Barr <a href=\"https:\/\/thehill.com\/homenews\/administration\/435524-read-barrs-letter-to-congress-summarizing-mueller-findings\">wrote in a letter to Congress<\/a>. <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1109918388133023744\">Trump was ecstatic<\/a>. <a href=\"https:\/\/www.vox.com\/2019\/3\/24\/18279971\/nancy-pelosi-chuck-schumer-bill-barr-mueller-report\">Democrats weren\u2019t<\/a>.<\/p>\n<p><b>Every international outlet you can name is picking this up:<\/b> <a href=\"https:\/\/www.ft.com\/content\/42c1913e-4e48-11e9-b401-8d9ef1626294\">The FT<\/a>, <a href=\"https:\/\/www.wsj.com\/articles\/top-findings-from-muellers-report-to-be-sent-to-congress-within-the-hour-11553454918\">the WSJ<\/a> and <a href=\"https:\/\/www.washingtonpost.com\/world\/national-security\/republicans-and-democrats-brace-for-renewed-battles-over-mueller-report\/2019\/03\/23\/56d9f214-4db3-11e9-b79a-961983b7e0cd_story.html\">The WaPo<\/a>.<\/p>\n<p><b>Also worth knowing about this morning:<\/b><\/p>\n<ul>\n<li><b>Erdogan is promising to go after bankers including JP Morgan <\/b>for allegedly having tanked the TRY, promising they will \u201cpay a heavy price\u201d after upcoming elections. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-03-24\/erdogan-says-bankers-will-pay-after-election-for-currency-frenzy?srnd=premium-middle-east\">Bloomberg<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/79c27d9a-4e0e-11e9-9c76-bf4a0ce37d49\">FT<\/a> have the story.<\/li>\n<li><b>Ambitious economic reforms in Saudi Arabia are taking a toll<\/b>, with big names including Almarai and Fawaz Abdulaziz Alhokair facing challenges on the back of slowing demand and increased costs, <a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabias-economic-overhaul-is-backfiring-11553338819\">the WSJ says<\/a>. <\/li>\n<li><b>The outlook for Britain\u2019s financial sector is the worst since the 2008 crisis<\/b>, according to a survey that found business falling off a cliff at the country\u2019s 84 top financial firms, <a href=\"https:\/\/www.reuters.com\/article\/us-britain-eu-survey\/britains-financial-sector-has-gloomiest-outlook-since-2008-crisis-survey-idUSKCN1R6005?il=0\">Reuters<\/a> reports.<\/li>\n<\/ul>\n<p><b>Apple is holding an event at 7pm CLT <\/b>at which it\u2019s expected to unveil its streaming service. <a href=\"https:\/\/www.apple.com\/apple-events\/livestream\/\">Watch it here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s kick off the day with some doom and gloom, shall we? Sentiment is a bit glum this morning as global markets face their first trading day of the week. The expectation is that key economic data due this week from the US and \u201cother wealthy nations\u201d including the UK, France and Canada could \u201cenlighten [&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":[104,72,219,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602315","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"19e0dfd0-833d-4cea-be1d-7dbe33cf798e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[602313],"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 25 March 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\/03\/25\/what-were-tracking-on-25-march-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 25 March 2019\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s kick off the day with some doom and gloom, shall we? Sentiment is a bit glum this morning as global markets face their first trading day of the week. 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The country reported a 4.4% drop in exports in December \u2014 the lowest drop in two years according to the FT \u2014 a result largely attributed to the trade war with\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":563152,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/this-morning-greek-pm-in-town-today-asian-stocks-fall-on-fed-meeting-europe-us-expected-to-follow-later-today\/","url_meta":{"origin":602315,"position":1},"title":"THIS MORNING: Greek PM in town today; Asian stocks fall on Fed meeting; Europe\/US expected to follow later today.","author":"enterpriseam admin","date":"21 June 2021","format":false,"excerpt":"Happy first day of summer, everyone, and welcome to the longest day of the year. It\u2019s a brisk news morning here in Egypt even if things are a bit sleepy abroad, so let\u2019s jump right in:WHAT\u2019S HAPPENING TODAY-Greek PM Kyriakos Mitsotakis is in Cairo today for talks with President Abdel\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":561213,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/what-were-tracking-on-30-march-2021\/","url_meta":{"origin":602315,"position":2},"title":"What we\u2019re tracking on 30 March 2021","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"Good morning, wonderful people. It\u2019s hump day, we know, but it\u2019s shaping up to be the best week in forever. Consider: The Suez Canal is open again now that the Ever Whatever is floated and chilling in the Great Bitter Lake.CI Capital has priced Taaleem\u2019s IPO on the Egyptian Exchange\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":599824,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/13\/what-were-tracking-on-13-january-2019\/","url_meta":{"origin":602315,"position":3},"title":"What we\u2019re tracking on 13 January 2019","author":"enterpriseam admin","date":"13 January 2019","format":false,"excerpt":"You want to pack this morning with nasty weather in mind. Depending on who you want to believe, we\u2019re looking at a cold (high of 16\u00b0C) and intermittently windy day that could bring with it a sand storm and \/ or rain.The 2019 investor conference season gets underway this morning\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":599575,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/03\/what-were-tracking-on-03-january-2019\/","url_meta":{"origin":602315,"position":4},"title":"What we\u2019re tracking on 03 January 2019","author":"enterpriseam admin","date":"3 January 2019","format":false,"excerpt":"News is slow this morning as more than a handful of members of the community are either \u201cbridging\u201d until after Coptic Christmas or simply taking it a bit easy. That makes Apple\u2019s rare warning that it will fall short of its sales forecast the story of the day. And as\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":602315,"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\/602315","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=602315"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602315\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602313"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602315"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602315"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}