{"id":608830,"date":"2023-10-26T00:00:00","date_gmt":"2023-10-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/countries-force-emergency-session-on-gaza-at-the-un-general-assembly-as-us-blocks-ceasefire\/"},"modified":"2023-10-26T00:00:00","modified_gmt":"2023-10-26T00:00:00","slug":"countries-force-emergency-session-on-gaza-at-the-un-general-assembly-as-us-blocks-ceasefire","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/countries-force-emergency-session-on-gaza-at-the-un-general-assembly-as-us-blocks-ceasefire\/","title":{"rendered":"Countries force emergency session on Gaza at the UN General Assembly as US blocks ceasefire"},"content":{"rendered":"

<\/a> Good morning, folks:<\/strong> A bit of good news to open the issue before the inevitable war talk\u2026<\/p>\n

We\u2019ll all get an extra hour in bed tonight:<\/strong> Daylight saving time comes to an end at midnight tonight so don\u2019t forget to turn back your clocks and enjoy that extra hour of sleep tomorrow morning.<\/p>\n

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<\/a> The UN General Assembly is holding an emergency meeting today:<\/strong> With the United States and the UK continuing to block calls for an immediate ceasefire at the UN Security Council, other countries will try to force the issue with a vote at the UN General Assembly today. <\/p>\n

Jordan and Mauritania are among <\/strong>14 countries<\/strong> to have requested an emergency session<\/strong>\u201cas rapidly as possible\u201d to address the crisis in Gaza. \u201cIn light of the gravity of the situation, due in particular to the siege and military aggression by Israel \u2026 that has killed thousands of civilians \u2026 and inflicted catastrophic humanitarian conditions, risking further dangerous destabilization of the situation,\u201d the two countries wrote in a letter<\/a> to the chairman.<\/p>\n

Remember:<\/strong> The US has twice voted down Security Council resolutions that would have called for an immediate ceasefire. Russia and Brazil have both put forward resolutions to bring an end to the fighting, though the US will only countenance a \u201cpause\u201d in the fighting and has insisted that the council recognize Israel\u2019s right to self-defense.<\/p>\n

Just symbolism, or\u2026?<\/strong> The plight of the Palestinians has historically found huge support in the General Assembly, and while any vote is non-binding, any outpouring of global opposition to the conflict will be an embarrassment for the US-Israel axis and could increase the heat on Washington to push for a sustained ceasefire.<\/p>\n

It goes without saying, but the conflict is still dominating the global conversation this <\/strong>morning:<\/strong>Bloomberg<\/a>, the New York Times<\/a> and the Washington Post<\/a> are all covering the increasingly vocal global opposition to the war with varying degrees of surprise.<\/p>\n

Also getting attention in the US press:<\/strong> The parallel universe that is the US House of Representatives, where the right wing of the Republican Party got their guy in the speaker\u2019s chair. Outspoken Trumpist Mike Johnson is the man tasked with bringing together a divided Republican caucus just as lawmakers resume the seemingly intractable negotiations over the budget, with a government shutdown just weeks away. Smooth sailing ahead then. (CNN<\/a> | Washington Post<\/a> | Bloomberg<\/a> | Reuters<\/a> | NYT<\/a> | Wall Street Journal<\/a>)<\/p>\n

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WATCH THIS SPACE-<\/strong><\/p>\n

<\/a> #1-<\/strong>Investors are doing DD on United Bank, and could wrap it up by December:<\/strong>Strategic investors interested in acquiring shares in Central Bank of Egypt-owned lender United Bank have begun due diligence, Chairman Ashraf El Kady told CNBC Arabia (watch, runtime: 3:04<\/a>). The bank expects them to complete due diligence before the end of the year, he said. <\/p>\n

Who\u2019s interested?<\/strong> A number of international financial institutions<\/a> are reportedly interested in acquiring shares in the lender, including the local units of Mashreq, Cr\u00e9dit Agricole, and the National Bank of Kuwait as well as international financial investors. El Kady did not provide any further information on interested investors.<\/p>\n

Remember:<\/strong> United Bank attracted interest from Saudi Arabia\u2019s sovereign wealth fund before talks collapsed<\/a> over differences over the valuation amid uncertainty over the exchange rate. The CBE owns 99.99% of the bank.<\/p>\n

<\/a>#2-<\/strong>BRICS eyes its first-ever syndicated loan and we may get a slice:<\/strong> The New Development Bank, established by the BRICS group of emerging economies, is seeking its inaugural syndicated loan of USD 1.25 bn with a three-year tenor, writes Bloomberg<\/a>, citing sources familiar with the matter. The Shanghai-based lender aims to use the loan for infrastructure and renewable energy financing in member states Brazil, India, China, and South Africa, as well as Egypt and Bangladesh, the people said. Interested Asian and Middle Eastern banks have until the end of November to submit their commitments. <\/p>\n

Remember:<\/strong> Egypt, alongside Saudi Arabia, the UAE, Iran, Ethiopia, and Argentina, were<\/a>recently invited<\/a> to join BRICS and are expected to become members next year.<\/p>\n

#3- Egypt\u2019s securitization pipeline is looking healthy<\/strong>, with at least EGP 2.3 bn worth of issuances in the pipeline for next month if reports in the local press yesterday are to be believed:<\/p>\n