{"id":603936,"date":"2023-08-23T00:00:00","date_gmt":"2023-08-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/23\/how-many-more-brics-in-the-wall\/"},"modified":"2023-08-23T00:00:00","modified_gmt":"2023-08-23T00:00:00","slug":"how-many-more-brics-in-the-wall","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/23\/how-many-more-brics-in-the-wall\/","title":{"rendered":"How many more Brics in the wall?"},"content":{"rendered":"

Good morning, wonderful people, and happy Wednesday to you all. <\/strong>Corporate news dominates the headlines this morning, with the sole story of note out of government being a modest dip in unemployment. <\/p>\n

(That said: The Big Two state-owned banks literally \u201cmade bank\u201d last year, according to financials released yesterday.)<\/p>\n

<\/a> ELECTION 2024- <\/strong> The National Election Authority (NEA) will soon announce the timetable for the 2024 <\/strong> presidential election<\/strong>, the chairman of the authority Walid Hamza told the media yesterday. The NEA is currently finalizing logistical arrangements for the poll, he said. National Dialogue and State Information Service boss Diaa Rashwan has previously said to expect the process to get underway this December. <\/p>\n

<\/a> COVID WATCH- <\/strong> New covid variant lands in Egypt: <\/strong>Authorities have detected the first two cases of the new sub-variant of covid-19 \u2014 EG.5 \/ Eris \u2014 that is currently spreading elsewhere around the world, the Health Ministry said<\/a> yesterday. The ministry said that this new strain of the virus has mild symptoms, adding that it is closely monitoring the situation both locally and globally. <\/p>\n

Eris isn\u2019t all: <\/strong>Scientists around the world are now tracking another new variant, BA.2.86, which although described as a \u201cradically different\u201d strain of the virus, doesn\u2019t yet appear to be any stronger or more transmissible than existing variants.<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

<\/a> Brics summit continues: <\/strong>The leaders of Brazil, Russia, India, China and South Africa will continue discussions about trade, investment, and geopolitics in Johannesburg today on the second day of the Brics annual summit<\/a>.<\/p>\n

First day divisions: <\/strong> Chinese president Xi Xinping \u2014 who has been pushing for the bloc to aggressively challenge the G7\u2019s geopolitical dominance by expanding its membership \u2014 didn\u2019t attend an event with the other leaders yesterday, though met with South African President Cyril Ramaphosa<\/a> ahead of the summit to discuss how to expand its global influence. Remarks made by Brazilian president Luiz Inacio Lula da Silva, though, pointed to division in the ranks. \u201cWe do not want to be a counterpoint to the G7, G20 or the United States,\u201d he said during an online broadcast yesterday,according to Reuters<\/a>. \u201cWe just want to organize ourselves.\u201d<\/p>\n

Egypt is one of the countries who wants in: <\/strong> Egypt is among the 20 countries to have submitted a bid<\/a> to become a member of the bloc, having earlier this year became a member country<\/a> of its multilateral lender. President Abdel Fattah El Sisi is among the heads of state that have received invites<\/a> to Johannesburg, though the presidency is yet to confirm whether he plans to attend. <\/p>\n

<\/a> #2- Tansik results out today: <\/strong> Prospective students who applied for places in public universities during the second phase of tansik will know by Wednesday where they\u2019re heading, the Higher Education Ministry said<\/a> yesterday. The third and final phase will be announced after the results are announced.<\/p>\n

HAPPENING THIS WEEK- <\/strong><\/p>\n

<\/a> #3- The financial markets will have their eyes on Wyoming this week <\/strong> when global central bankers, economists and policymakers head to Jackson Hole for an annual meeting of central bank officials<\/a>. US Federal Reserve Chairman Jerome Powell\u2019s speech will be the headline event as investors try to gauge where interest rates are heading in the coming months. The event runs Thursday through Saturday. <\/p>\n

PSA- <\/strong>The Egyptian Tax Authority is reminding lan<\/a> dlords<\/a> who rent properties to notify the authority within a month of the start of the lease so they can start paying tax on their rental income.<\/p>\n

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THE BIG STORIES ABROAD- <\/strong><\/p>\n

It\u2019s a mixed picture on the global front pages this morning: <\/strong>The war in Ukraine<\/a>, the recent wildfires in Hawaii<\/a>, Trump\u2019s legal troubles<\/a>, and the Chinese economy<\/a> are all making headlines, with no single story dominating the global conversation.<\/p>\n

Another US debt ceiling debate this year? <\/strong> Goldman Sachs thinks so, writing in a note that it thinks it \u201cmore likely than not\u201d that the government shuts down later this year as Democrats and Republicans argue about federal spending, according to Reuters<\/a>.<\/p>\n

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

CHECK OUT OUR AGENDA- <\/strong><\/p>\n

The Enterprise Finance Forum is taking place on 18-19 September at <\/strong> the St. Regis Hotel in Cairo. <\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n

This is our first two-day event<\/strong>,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS. <\/p>\n

Our full agenda will be out at month\u2019s end. Among the topics we\u2019ll be discussing: <\/strong><\/p>\n