{"id":605636,"date":"2023-09-04T00:00:00","date_gmt":"2023-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/japans-foreign-minister-is-in-town-today\/"},"modified":"2023-09-04T00:00:00","modified_gmt":"2023-09-04T00:00:00","slug":"japans-foreign-minister-is-in-town-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/japans-foreign-minister-is-in-town-today\/","title":{"rendered":"Japan\u2019s foreign minister is in town today"},"content":{"rendered":"

Good morning, everyone, and welcome to a blockbuster morning for news<\/strong>, where the top headlines include the surprise sale of a large stake in Eastern to a UAE-based company and confirmation that Eni and its partners are planning a massive ramp-up in investment here. <\/p>\n

^^ We have the rundown on both stories in this morning\u2019s news well, below. But first:<\/p>\n

<\/a> EGP WATCH- Is the parallel market for greenbacks cooling? <\/strong>The EGP is reportedly now trading at 38-39 per USD in the parallel market \u2014 down from highs of 41 last week \u2014 as local banks step in to meet demand among importers for the greenback, Al Arabiya<\/a> reports, citing unnamed sources. A large number of local banks have begun covering the hard currency needs of importers under certain unspecified conditions, the news outlet reports. The official exchange rate has remained pegged at EGP 30.96 since March. <\/p>\n

Remember: The parallel market is, by definition, not transparent. <\/strong>Nobody has anything approaching \u201creal\u201d price discovery, meaning it\u2019s near impossible to say with certainty \u201cwhat the rate is\u201d at any given moment in time \u2014 and that swings without regard to fundamentals are the norm. The EGP has lost almost half of its value against the USD since March 2022, and reduced inflows of hard currency has helped fuel a resurgent parallel market.<\/p>\n

PSA- You may want to avoid the 26 July road for a while: <\/strong>A 400-meter segment of the 26th of July Axis has been shut down for six months for the construction of the Sixth of October monorail, according to a sta<\/a> tem<\/a> ent<\/a> by Giza governorate. The road closed on Saturday in both directions from the top of the Nile Valley Street tunnel to the beginning of Lebanon Bridge. Detours are in effect, but don\u2019t expect Google Maps to know them anytime soon.<\/p>\n

UPDATE- <\/strong> The contract signed<\/a> between Egyptian National Railways, Thales Group and Orascom Construction to upgrade the signaling systems on the Cairo-Beni Suef railway line <\/strong> is worth EUR 340 mn, according to a statement (pdf)<\/a> put out by Orascom yesterday. The initial statement from the Transport Ministry on Friday didn\u2019t disclose the contract\u2019s value.<\/p>\n

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

<\/a> The Japanese FM is in Cairo: <\/strong> Japan\u2019s chief diplomat Yoshimasa Hayashi will hold talks with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry during his visit to Egypt today, according to a statement<\/a> from the embassy. He will also hold a three-way meeting with Shoukry and Jordan\u2019s foreign minister, Ayman Safadi. Hayashi was in Jordan yesterday, where he announced that Tokyo will extend a USD 100 mn loan to support the country\u2019s electricity reforms, according to Reuters<\/a>.<\/p>\n

This comes four months after the Japanese prime minister <\/strong>visited Egypt<\/a><\/strong>, during which the countries upgraded bilateral ties to a strategic partnership.<\/p>\n

It\u2019s Labor Day in the United States and Canada<\/strong>, so markets there are closed and your friends in finance will be celebrating the last \u2018real\u2019 weekend of summer.<\/p>\n

<\/a> Africa pharma expo: <\/strong> It\u2019s the second day of the Pharmaconex<\/a> exhibition at the Egypt International Exhibition Centre. The event runs through to Tuesday.<\/p>\n

<\/a> Climate talks in Kenya: <\/strong> Climate leaders from across the continent will gather in the Kenyan capital today for the three-day Africa Climate Summit<\/a>. Egypt\u2019s UN high-level climate champion, Mahmoud Mohieldin, will be among those in attendance.<\/p>\n

Erdogan to discuss grain pact with Putin: <\/strong> Turkish president Recep Tayyip Erdogan will attempt to persuade Russian leader Vladimir Putin to re-enter the Black Sea grain pact with Ukraine during talks in Sochi this week, according to Reuters<\/a>. Moscow pulled out of the agreement in July and reimposed a partial blockade on Ukraine\u2019s ports, threatening to provoke a fresh global food crisis.<\/p>\n

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

GO EAT HERE- The grand opening of F\u00f4u. <\/strong>What do you do when you\u2019re a rising star in the field of corporate law? If you\u2019re arbitration lawyer Farah El Charkawy<\/a>, late of Zulficar and Parters, you attend top European culinary schools (including Alain Ducasse in France) and then open your own patisserie (Instagram<\/a> | website<\/a>). F\u00f4u\u2019s grand opening is tomorrow (Tuesday, September 5) at 8pm <\/strong>in Zamalek at Marakez\u2019s wonderful Villa M. Mabrouk, Farah \u2014 we can\u2019t wait to taste what you\u2019re creating. <\/p>\n

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<\/a> PMI figures out tomorrow: <\/strong> S&P Global will publish August purchasing managers index figures for Egypt on 5 September. Private-sector activity has finally been showing signs of life<\/a> in recent months, with the perma-contraction easing gradually over the past four months.<\/p>\n

Foreign reserves figures will be out any day now. <\/strong> Expect the central bank to release figures for August before the week is out.<\/p>\n

G20 summit: <\/strong> G20 leaders (sans Xi<\/a> and Putin<\/a>) will gather in New Delhi for the 2023 G20 summit on Saturday and Sunday. We\u2019re also expecting an Egyptian delegation at the gathering, though it\u2019s unclear which ministers will be in attendance. <\/p>\n

Nigeria, newest G20 member? <\/strong> Nigeria is weighing membership in the G20, as President Bola Tinubu sets to attend the G20 Summit in India at the invitation of India\u2019s PM Narendra Modi. (Reuters<\/a>)<\/p>\n

Bright Star 2023: <\/strong>The Egypt and US-led Bright Star military exercises started on Friday, and will continue through to 14 September. Some 19 countries are taking part in the drills while 15 others will be on hand as observers.. (Armed Forces statement<\/a>)<\/p>\n

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FURTHER AFIELD- <\/strong>Other local news triggers to keep your eyes on as we move through September:<\/p>\n