{"id":614844,"date":"2024-02-08T00:00:00","date_gmt":"2024-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/08\/januarys-inflation-figures-should-be-out-soon\/"},"modified":"2024-02-08T00:00:00","modified_gmt":"2024-02-08T00:00:00","slug":"januarys-inflation-figures-should-be-out-soon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/08\/januarys-inflation-figures-should-be-out-soon\/","title":{"rendered":"January\u2019s inflation figures should be out soon"},"content":{"rendered":"

Good morning, friends.<\/strong> We lead this morning with a new development in the Ras El Hekma saga, more whispers about the IMF package, and the announcement of an EGP 180 bn package of tax breaks and social support measures. <\/p>\n

^^ Jump down to the news well if you\u2019d like to get straight into it. <\/p>\n

Among the things happening today <\/strong>that you\u2019ll want to know about:<\/p>\n

<\/a> #1- Cairo is hosting a new round of <\/strong>Israel-Gaza ceasefire talks. <\/strong>The Egypt and Qatar-sponsored talks aim to secure a truce in Gaza. We have the details in the news well, below. <\/p>\n

<\/a> #2- Attention, gold miners<\/strong>: Today is the deadline for the \u2014 three times extended<\/a> \u2014 international gold and minerals exploration tender<\/a> from the Shalateen Mining Company.<\/p>\n

INFLATION WATCH- <\/p>\n

<\/a> January inflation figures should be out soon. <\/strong>Both headline and core inflation are expected to have cooled in January on the back of a favorable base effect, according to a Reuters poll<\/a>. Economists expect annual inflation to fall to 32.5% in January from 33.7% in December<\/a>. <\/p>\n

What analysts think: <\/strong>\u201c[While annual inflation is expected to drop,] monthly inflation is estimated to have intensified,\u201d Naeem Brokerage\u2019s Allen Sandeep told the outlet. Meanwhile, Farouk Soussa of Goldman Sachs cautioned that \u201cthe inflation outlook in Egypt is highly uncertain, and will hinge largely on the extent of any devaluation of the official pound rate in the coming weeks or months.\u201d<\/p>\n

When can we expect the figures? <\/strong>Inflation data usually comes out on the 10th, but seeing as 10 February falls on a Saturday, we\u2019re expecting the data anytime between today and Saturday. <\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1- The deadline<\/strong> to apply for the <\/strong>Chicago Booth Executive Program<\/a><\/strong> in El Gouna is fast <\/strong>approaching.<\/strong> The two-week program will kick off on 22 June and offer executives from the Egyptian public and private sectors the skills to help them \u201cbecome better leaders for their organization and support Egypt\u2019s growth in the years ahead.\u201d The application door is open until Sunday.<\/strong><\/p>\n

#2- BEBA is serving real estate for breakfast: <\/strong>The British Egyptian Business Association is hosting a breakfast briefing<\/a> in two weeks\u2019 time to talk about measures taken by the government to increase real estate exports and how local developers are following suit. The event will take place on Wednesday, 21 February<\/strong> at the Conrad. You can find the registration form here<\/a>.<\/p>\n

** Real estate players chimed in with their proposals for the<\/strong> real-estate-for-FX scheme in a Hardhat <\/strong>published in December. You can check out the story here<\/a>. <\/p>\n

#3- Capital markets under the spotlight:<\/strong>Egypt\u2019s annual Capital Markets Summit will take place at the InterContinental Semiramis Hotel in Cairo on Monday, <\/strong>26 <\/strong>February<\/strong> under the theme Structural Reforms Sustaining Development, according to a statement (pdf)<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> The executive regulations for the new building reconciliation law will be out no <\/strong>later than<\/strong> 22 February<\/strong>, Justice Minister Omar Marwan told Prime Minister Moustafa Mabdouly during a meeting<\/a> held to review the implementation of the law. The law was ratified<\/a> in December and ever since thousands of violators had their ration cards revoked and a number of those working in related government units have been dismissed from their jobs. <\/p>\n

** We delved into the ins and outs of the new law in a <\/strong>Hardhat<\/a><\/strong> last year.<\/strong><\/p>\n

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DATA POINT-<\/p>\n

<\/a> The <\/strong>trade deficit narrowed by <\/strong>23%<\/strong> y-o-y to USD 36.9 bn in 2023<\/strong> thanks to a 14% dip in imports, according to a Trade Ministry statement<\/a>. Exports recorded USD 35.6 bn during the year.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

As has been the case most of this week, there\u2019s no single big story abroad <\/strong>that has captured the imaginations of the business or mainstream press. Among the stories you need to know about this morning \u2014 or might simply find interesting:<\/p>\n

Republican Nikki Haley lost to \u201cnone of these candidates\u201d<\/strong> in what the New York Times<\/a> calls an \u201cirrelevant\u201d Nevada primary, but she\u2019s still staying in the race in a bid to \u201cbroaden voters\u2019 imagination of what\u2019s possible, both for her prospects in the 2024 Republican presidential primary, and for the nation.\u201d<\/p>\n

The S&P hit a <\/strong>record high<\/a><\/strong>as strong earnings continued and tech stocks rallied. Among those reporting earnings: Uber posted an operating profit for the first time <\/strong>on a full-year basis<\/a>.<\/p>\n

MORNING DISTRACTIONS-<\/strong><\/p>\n