{"id":609386,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/ftxs-sam-bankman-fried-found-guilty-in-crypto-trial-of-the-decade\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"ftxs-sam-bankman-fried-found-guilty-in-crypto-trial-of-the-decade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/ftxs-sam-bankman-fried-found-guilty-in-crypto-trial-of-the-decade\/","title":{"rendered":"FTX\u2019s Sam Bankman-Fried found guilty in crypto trial of the decade"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and welcome to a business-heavy morning. <\/strong>The big stories today center on energy and FX, with cabinet extending budget cutbacks through June 2024 at the same time as it raised the price of petrol at the pumps by 14%. Notably, the oil ministry held back from raising the price of diesel, suggesting consumers will not be paying more for mass transport or goods including fruits and vegetables. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The energy theme continues with suggestions that imports of natural gas from Israel are <\/strong><strong>back up to c. 25% <\/strong>of their pre-war levels. That\u2019s progress, but does little to suggest we\u2019re about to see planning power outages dialing back to one hour per day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>HAPPENING TODAY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- It\u2019s PMI day. <\/strong>Look for the S&amp;P Global PMI for Egypt <a target=\"_blank\" href=\"https:\/\/www.pmi.spglobal.com\/Public\/Release\/PressReleases?language=en\" style=\"\" rel=\"noopener\">here<\/a> at around 7:15am CLT. Soaring inflation and shortages of raw materials led the contraction in private-sector activity to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37e16884-e004-4518-b66e-ae943f37c2b8\" style=\"\" rel=\"noopener\">deepen in September<\/a> after slow and gradual improvements over the previous five months. Saudi and Qatar gauges are also due out today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Senate will reconvene today after a two-week break <\/strong>to discuss a report that recommends setting up a voluntary carbon market on the EGX to \u201cstimulate industries to reduce carbon dioxide emissions and encourage clean sources of production and the creation of a low carbon economy.\u201d FRA boss Mohamed Farid met with some 35 company representatives <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3970df8b-271f-4122-a3be-6b0daecbe995\" style=\"\" rel=\"noopener\">last month<\/a> to discuss how to pick up the pace on establishing what would be Africa\u2019s first carbon credit platform, initially expected to launch <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/facb23b0-ce8f-482b-98b6-c5ded1a74b26\" style=\"\" rel=\"noopener\">earlier this year<\/a>. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>PSA- Foreign residents of Egypt have until 15 December to sort out their legal <\/strong><strong>status in the country<\/strong>, including making sure they have not overstayed their visas, the state-run MENA news agency <a target=\"_blank\" href=\"https:\/\/www.mena.org.eg\/en\/news\/dbcall\/table\/textnews\/id\/10423296\" style=\"\" rel=\"noopener\">reported<\/a> on Thursday, citing an unnamed security source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1-<\/strong><strong> Calling the EGP : USD exchange rate: <\/strong>Fitch Solutions' director of MENA country risk, Ramona Moubarak, tells us that she expects to see the EGP drop to between 40-45 against the greenback in 1Q 2024. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Bank, meanwhile, sees the EGP sliding to 37 against the greenback by the end of year, from the current official rate of EGP 30.96, according to <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5b7bh3mm\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Pundits expect the EGPto devalue against the greenback when it is floatedafter the December presidential election. The USD is now changing hands at about EGP 47.00 on the prallel market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- NDP HQ developer to be revealed \u201cwithin days\u201d: <\/strong>The consortium of developerstasked with revamping the site of the former National Democratic Party headquarters in downtown Cairo will be announced within days, Sovereign Fund of Egypt CEO Ayman Soliman told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4x4dncnr\" style=\"\" rel=\"noopener\">Asharq Business<\/a> on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> A consortium of Saudi Egyptian Developers (SED) and the UAE\u2019s Al Shafar GeneralContracting (ASGC) Group is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">reportedly<\/a> poised to work on the USD 5 bn development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Three int\u2019l offers for Wataniya: <\/strong>We\u2019ll know before the end of the year who is buying a stake in filling station owner Wataniya, Soliman said, adding that three offers from international investors have been submitted to buy the military-owned company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We previously counted six bidders: <\/strong>Shell and China\u2019s North Petroleum <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed23d6b6-3314-4600-8e5c-af1f5ef906a4\" style=\"\" rel=\"noopener\">recently joined<\/a> TaqaArabia, Abu Dhabi National Oil Company (Adnoc), Emirates National Oil Company (ENOC), and Saudi firm Petromin as the companies that have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9326a491-9645-49df-b489-e36f40100021\" style=\"\" rel=\"noopener\">reportedly submitted offers<\/a> for the Wataniya stake. Bids range between USD 250 mn and USD 280 mn, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZXJioH\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported in August.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza is still dominating the world\u2019s attention this morning<\/strong> as the conflict enters its fifth week. US Secretary of State Antony Blinken\u2019s (so-far) unsuccessful trip to the region is making the headlines after both Israel and Arab diplomats rebuffed his call for a \u201chumanitarian pause\u201d during talks in Tel Aviv and Amman. Blinken now heads to Turkey where he\u2019ll try to convince an increasingly hostile Erdogan that continuing the bombing is the best route to solving the conflict.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>It wasn\u2019t a one-off:<\/strong> A group of UN experts have joined with the now-resigned <a target=\"_blank\" href=\"https:\/\/twitter.com\/raminho\/status\/1719385390086271164\" style=\"\" rel=\"noopener\">UN rights offici<\/a><a target=\"_blank\" href=\"https:\/\/twitter.com\/raminho\/status\/1719385390086271164\" style=\"\" rel=\"noopener\">al Craig Mokhiber<\/a> to <a target=\"_blank\" href=\"https:\/\/www.un.org\/unispal\/document\/gaza-is-running-out-of-time-un-experts-warn-demanding-a-ceasefire-to-prevent-genocide\/\" style=\"\" rel=\"noopener\">warn that<\/a> <strong> \u201cthe Palestinian people are at grave risk of genocide \u2026 <\/strong> Israel\u2019s allies also bear responsibility and must act now to prevent its disastrous course of action.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FTX founder Sam Bankman-Fried was found guilty <\/strong>of stealing from his cryptocurrency exchange\u2019s customers in New York on Thursday. The rise and fall of the once well-respected and influential figure in cryptocurrency may mark the beginning of a new wave of regulation against the mostly unregulated industry.<br \/><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/85037f03-ac26-4ccd-aa26-73c7a4856f19\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/currencies\/verdict-sam-bankman-fried-trial-ftx-guilty-4a54dbfe\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-02\/jury-has-reached-a-verdict-in-sam-bankman-fried-case\" style=\"\" rel=\"noopener\">Bloomberg<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Or check out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a> to which you can make direct donations via bank deposit and \/ or Fawry. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and welcome to a business-heavy morning. The big stories today center on energy and FX, with cabinet extending budget cutbacks through June 2024 at the same time as it raised the price of petrol at the pumps by 14%. Notably, the oil ministry held back from raising the price of diesel, suggesting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":609387,"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":[344,72,6368,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cryptocurrency","tag-enterpriseam","tag-ftx","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a31996ac-0dd6-4a92-b101-8917d9ec4f8d","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/11\/176.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FTX\u2019s Sam Bankman-Fried found guilty in crypto trial of the decade","related_issue":[609384],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.bb70bdd6-45c1-4a15-b2cf-efcb85f4dd55.mp3"},"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>FTX\u2019s Sam Bankman-Fried found guilty in crypto trial of the decade - 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\/2023\/11\/05\/ftxs-sam-bankman-fried-found-guilty-in-crypto-trial-of-the-decade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX\u2019s Sam Bankman-Fried found guilty in crypto trial of the decade\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and welcome to a business-heavy morning. The big stories today center on energy and FX, with cabinet extending budget cutbacks through June 2024 at the same time as it raised the price of petrol at the pumps by 14%. 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The big stories today center on energy and FX, with cabinet extending budget cutbacks through June 2024 at the same time as it raised the price of petrol at the pumps by 14%. 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We\u2019re following suit and will be back in your inboxes at the usual time on Monday morning.That said: We have plenty of news in a packed\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":548625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-morning-cbe-odds-on-to-hike-rates-this-thursday-kenya-has-a-new-president\/","url_meta":{"origin":609386,"position":1},"title":"THIS MORNING: CBE odds-on to hike rates this Thursday + Kenya has a new president","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Good morning, friends, and welcome to a big news morning. There\u2019s plenty of good news today, including the first tentative sign of renewed foreign appetite for Egyptian debt and another boost to our regional energy hub ambitions (from The Company Formerly Known As Delek and a compatriot).Also notable: Six of\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":598078,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/14\/what-were-tracking-on-14-may-2019\/","url_meta":{"origin":609386,"position":2},"title":"What we\u2019re tracking on 14 May 2019","author":"enterpriseam admin","date":"14 May 2019","format":false,"excerpt":"Good morning, friends, and welcome to the slowest news morning yet of Ramadan. Business is moving at a snail\u2019s pace between the heat and lack of caffeine, making the one big story of the day the still-unfolding mess in global markets. We have the full rundown in this morning\u2019s Speed\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":561177,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/what-were-tracking-on-29-march-2021\/","url_meta":{"origin":609386,"position":3},"title":"What we\u2019re tracking on 29 March 2021","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"Good morning, nice people. Mondays are typically the slowest news days of the week, but not so today \u2014 we have plenty going on.IT\u2019S A BIG DAY FOR: Our covid-19 vaccine rollout. Yesterday, we reported that it seems unlikely we\u2019re going to be getting anytime soon the 5 mn of\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":560713,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/what-were-tracking-on-10-march-2021\/","url_meta":{"origin":609386,"position":4},"title":"What we\u2019re tracking on 10 March 2021","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a very busy newsday. 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With apologies to the Colonel (bless his Fenian soul) the top news story of the day looks set to the arrival in Cairo today of\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\/609386","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=609386"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609386\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609387"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609386"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609386"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}