{"id":604955,"date":"2018-12-18T04:16:25","date_gmt":"2018-12-18T04:16:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/"},"modified":"2018-12-18T04:16:25","modified_gmt":"2018-12-18T04:16:25","slug":"more-what-were-tracking-on-18-december-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/","title":{"rendered":"More what we\u2019re tracking on 18 December 2018"},"content":{"rendered":"<p><b>The Financial Regulatory Authority is expected to rule on 23 December <\/b>on Beltone Financial\u2019s appeal of a <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/04\/fra-suspends-beltones-investment-banking-arm-for-six-months-2\/\">six-month suspension<\/a> handed to its investment banking arm, Beltone attorney <a href=\"https:\/\/alborsaanews.com\/2018\/12\/17\/1162294\">Osman Mowafi said<\/a> yesterday after the FRA heard the firm\u2019s argument. The closely watched case could have wide impact on everything from how bookbuilding (the process of figuring out how much stock to allocate to which investor, at what price) is regulated in Egyptian IPOs to the mood in the wider investment banking community.<\/p>\n<p><b>President Abdel Fattah El Sisi\u2019s visit to Vienna continues today. <\/b>The visit has thrust into the spotlight Egypt\u2019s role in preventing illegal migration to Europe, an issue on which <a href=\"https:\/\/enterprise.press\/stories\/2016\/09\/27\/merkel-says-eu-needs-turkey-style-agreement-with-egypt-tunisia\/\">Austria and Germany have pressed Egypt since at least the fall of 2016<\/a>, as we have previously reported. Both countries have suggested Egypt could land a Turkey-style incentives package. Egypt has already done a lot of clamp down in the flow of migrants and is believed to have been <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/20\/the-eu-is-courting-egypt-for-a-revived-incentives-for-immigrants-plan\/\">talking with the EU since late summer<\/a> on a <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/15\/shoukry-eus-migration-commissioner-continue-talks-on-illegal-migration\/\">series of incentives<\/a>. We have more in this morning\u2019s Speed Round, below.<\/p>\n<p><b>Reminder: <\/b>The emphasis on migration to Europe comes as Egypt takes over the presidency of the African Union in 2019.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <b>The US stock market is on track for its worst December since the Great Depression<\/b>, <a href=\"https:\/\/www.cnbc.com\/2018\/12\/17\/worst-start-to-december-for-the-stock-market-since-great-depression.html\">CNBC reports<\/a> in what has become the business story of the week. The Dow is down 7.8% for the month and the S&P 500 is off 7.6% after slides yesterday, putting them on pace for their worst December performance since 1931, the broadcaster says. This is despite December \u201ctypically [being] a very positive month for markets.\u201d Yesterday\u2019s sell-off brought US stocks to their lowest level in 14 months, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-12-16\/asia-stocks-set-to-edge-lower-after-u-s-drop-markets-wrap?srnd=premium-middle-east\">Bloomberg<\/a> notes.<\/p>\n<p><b>What\u2019s going on? <\/b>Investors are <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/world-stocks-slide-as-global-growth-worries-deepen-idUSKBN1OH02E?il=0\">spooked about the global growth outlook<\/a> and are jittery ahead of the US Federal Reserve\u2019s interest rate decision, due tomorrow after the Fed\u2019s two-day meeting wraps. \u201cIt\u2019s a treacherous market right now,\u201d one observer <a href=\"https:\/\/www.wsj.com\/articles\/global-stocks-await-cues-on-future-fed-policy-11545035789?mod=hp_lead_pos5\">told the WSJ<\/a>, noting that \u201cinvestor sentiment has shifted\u201d and that the \u201c\u2018buy-the-dip\u2019 mentality used to work really well, and prior downturns were short lived. This time it hasn\u2019t happened.\u201d <b>The US retail sector is the bellwether to watch<\/b>, <a href=\"https:\/\/www.ft.com\/content\/4a3ddd90-ffe3-11e8-aebf-99e208d3e521\">the FT suggests<\/a>, noting that shares here are \u201con course for their biggest quarterly sell-off since the financial crisis\u201d despite a bullish Christmas sales forecast as the sector is at the center of \u201cconcerns about the global economy\u201d and The Donald\u2019s trade war with China.<\/p>\n<p><b>Oil is also taking it on the chin, as is the greenback.<\/b> US crude closed below USD 50 per barrel yesterday for the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-12-17\/oil-halts-slide-near-51-on-signs-of-u-s-production-slowdown?srnd=premium-middle-east\">first time in some 14 months<\/a>. What\u2019s more, \u201cInstitutional investors have sharply reversed their outlook for the USD in the past three months and expectations have risen that the US stock market will fall in 2019,\u201d according to a quarterly survey of 200 asset allocators in London cited by the <a href=\"https:\/\/www.ft.com\/content\/f98aa020-ff99-11e8-aebf-99e208d3e521\">Financial Times<\/a>. \u201c<b>The last few months have spooked investors<\/b>,\u201d said David Bowers, head of research at Absolute Strategy Research. \u201cPeople are fastening their seat belts for a pretty bumpy year [in 2019].\u201d<\/p>\n<p><b>So, what should you expect the US Fed to do tomorrow? <\/b>The US central bank will likely hike rates for the fourth time this year to 2.25-2.50%, but <a href=\"https:\/\/www.ft.com\/content\/6b0833c6-020f-11e9-99df-6183d3002ee1\">there are signs<\/a> that the US central bank will slow the pace of interest rate hikes in 2019.<\/p>\n<p><b>Also worth a moment of your time this morning:<\/b><\/p>\n<p><b>What do 10 of the world\u2019s largest asset managers predict will happen in 2019? <\/b>The Financial Times\u2019 fund management desk asked 10 CIOs with USD 21 tn in combined AUM what they expect, and it boils down to a year marked by market volatility, trade tensions and lots of talk about Brexit in a year full of downside for the global economy. <b>(<\/b><a href=\"https:\/\/www.ft.com\/content\/c971bfb9-a418-33eb-9247-4b02e8815a7d\"><b>Read<\/b><\/a><b>)<\/b><\/p>\n<p><b>Goldman Sachs faces criminal charges in Malaysia<\/b>, which is demanding more than USD 3 bn in fines for the firm\u2019s alleged involvement in a corruption case involvingastate investment fund, <a href=\"https:\/\/www.ft.com\/content\/71815708-01d0-11e9-99df-6183d3002ee1\">the Financial Times<\/a>. Lax oversight allowed the firm to ignore clear warning signs, the <a href=\"https:\/\/www.wsj.com\/articles\/goldman-sachs-ignored-1mdb-warning-signs-in-pursuit-of-asian-business-11545088802?mod=hp_lead_pos1\">WSJ adds<\/a> in an investigation. Goldman has fought back, describing itself as a \u201cvictim of deceptive Malaysian officials,\u201d <a href=\"https:\/\/www.cnbc.com\/2018\/12\/17\/goldman-sachs-says-it-was-lied-to-in-1mdb-scandal-that-has-plagued-its-stock.html\">CNBC<\/a> writes. <a href=\"https:\/\/www.reuters.com\/article\/malaysia-politics-1mdb-goldman\/malaysia-files-criminal-charges-against-goldman-sachs-in-1mdb-probe-idUSK7N1IX029\">Reuters also had the story<\/a>.<\/p>\n<p><b>Tunisian activists took the streets yesterday <\/b>in Sidi Bouzid, the same town in which the January 2011 self-immolation of a fruit seller named Mohamed Bouazizi helped set off the Arab Spring, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-12-17\/seeing-red-tunisians-protest-on-arab-spring-anniversary?srnd=premium-middle-east\">Bloomberg reports<\/a>. Activists modeling themselves on France\u2019s Yellow Vest protesters were demanding lower prices and more jobs.<\/p>\n<p><b>MUST READ for anyone thinking about binning the 9-to-5 in middle age: <\/b><a href=\"https:\/\/www.wsj.com\/articles\/when-couples-retireand-then-start-a-business-11545016141\">When couples retire \u2014 and then start a business<\/a>, via the Wall Street Journal.<\/p>\n<p><b>Not ready to retire?<\/b> You can still push back against the 9-to-5 grind, <a href=\"https:\/\/www.axios.com\/movement-against-9-to-5-jobs-employee-time-off-ab7eb5ad-0a1e-4d15-b8f7-d9fcf9885fd4.html\">Axios reports<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Regulatory Authority is expected to rule on 23 December on Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm, Beltone attorney Osman Mowafi said yesterday after the FRA heard the firm\u2019s argument. The closely watched case could have wide impact on everything from how bookbuilding (the process of figuring [&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":[72,3222,287,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604955","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-federation-of-egyptian-chambers-of-commerce","tag-smes","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"51ea1d28-7a3b-458a-ac6e-623134c824c3","order":"0","is_powered_by":true,"section_story_id":"aaa4dc94-dea9-438a-802c-e52240056bb2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[604951],"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>More what we\u2019re tracking on 18 December 2018 - 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\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More what we\u2019re tracking on 18 December 2018\" \/>\n<meta property=\"og:description\" content=\"The Financial Regulatory Authority is expected to rule on 23 December on Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm, Beltone attorney Osman Mowafi said yesterday after the FRA heard the firm\u2019s argument. The closely watched case could have wide impact on everything from how bookbuilding (the process of figuring [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-18T04:16:25+00:00\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More what we\u2019re tracking on 18 December 2018\",\"datePublished\":\"2018-12-18T04:16:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\"},\"wordCount\":791,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Federation of Egyptian Chambers of Commerce\",\"SMEs\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/more-what-were-tracking-on-18-december-2018\/\",\"name\":\"More what we\u2019re tracking on 18 December 2018 - 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The event brought together 27 investors from 22 firms and institutions with aggregate assets under management of USD 5.5 tn to meet face-to-face with senior government officials and C-suite execs from top publicly traded companies. Investors met yesterday with President\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\/2018\/12\/4007.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604874,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/16\/what-were-tracking-this-week-and-beyond-43\/","url_meta":{"origin":604955,"position":1},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"16 December 2018","format":false,"excerpt":"FRA to look into an appeal by Raya\u2019s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil\u2019s mandatory tender offer (MTO) to take Raya private, local news reported. A prior hearing\u2026","rel":"","context":"In &quot;Up Next&quot;","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604604,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/what-were-tracking-on-9-december-2018\/","url_meta":{"origin":604955,"position":2},"title":"What we\u2019re tracking on 9 December 2018","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"It\u2019s shaping up to be another busy week as 2018 roars to a close and as those among us saddled with strategy and budget responsibility scramble to finish up their work. News triggers this week: The Africa 2018 conference ends today. The gathering was the source of plenty of announcements\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":604675,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/egypts-fra-to-hear-beltones-appeal-of-its-suspension-today\/","url_meta":{"origin":604955,"position":3},"title":"Egypt\u2019s FRA to hear Beltone\u2019s appeal of its suspension today","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"The Financial Regulatory Authority will hear today an appeal today by Beltone Financial of a six-month suspension handed to the firm\u2019s investment banking arm. The FRA had imposed the suspension following allegations of irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, whose shares plunged on the first\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592159,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/29\/mohamed-elakhdar-tapped-for-beltone-financials-investment-banking-arm-ceo\/","url_meta":{"origin":604955,"position":4},"title":"Mohamed ElAkhdar tapped for Beltone Financial\u2019s investment banking arm CEO","author":"enterpriseam admin","date":"29 December 2019","format":false,"excerpt":"_StoryTags_! Beltone, Investment Banking, Intro Group, CEO, Mohamed ElAkhdar MOVES- Mohamed ElAkhdar returns to Beltone as head of investment banking platform: Mohamed ElAkhdar (LinkedIn) is going back to Beltone after a nine-month stint at conglomerate Intro Group. ElAkhdar will become CEO and managing director of Beltone Financial\u2019s investment banking arm\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":674506,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/29\/cbe-reportedly-fines-fabmisr-and-other-banks-over-loan-violations\/","url_meta":{"origin":604955,"position":5},"title":"CBE reportedly fines FABMisr and other banks over loan violations","author":"enterpriseam admin","date":"29 October 2025","format":false,"excerpt":"Good afternoon, friends, and welcome to the homestretch. It\u2019s a calm day in the press, with few but impactful headlines making the rounds.THE BIG STORY TODAY- ?The CBE has reportedly fined FABMisr and other lenders over loans to Beltone Holding; Beltone denies wrongdoing. Asharq Business reported today that the Central\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1944.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604955","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=604955"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604955\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604951"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604955"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604955"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}