{"id":615537,"date":"2024-02-20T00:00:00","date_gmt":"2024-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/20\/us-to-call-for-temporary-gaza-ceasefire-in-un-resolution\/"},"modified":"2024-02-20T00:00:00","modified_gmt":"2024-02-20T00:00:00","slug":"us-to-call-for-temporary-gaza-ceasefire-in-un-resolution","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/20\/us-to-call-for-temporary-gaza-ceasefire-in-un-resolution\/","title":{"rendered":"US to call for temporary Gaza ceasefire in UN resolution"},"content":{"rendered":"

Good morning, folks. <\/strong>We may have been off to a slow start this week in local business news, but it seems that everyone\u2019s been saving up their announcements for today. <\/p>\n

We\u2019ve got a packed issue for you today<\/strong> with news that the Tamar field is set to triple its annual gas exports to Egypt, welcome news that tourism numbers in 2024 are still up despite instability in the region pushing some holidaymakers away, some not-so-welcome news that the value M&As in 2023 dropped on the back of geopolitical and macroeconomic challenges, and plenty more for you to dig into this morning. <\/p>\n

<\/a> <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #<\/strong>1- Egypt might have an ambitious new renewables target<\/strong>: <\/strong>Egypt is now aiming to have renewables make up 60% of its energy mix by 2030, according to an Oil Ministry statement<\/a> yesterday citing Oil Minister Tarek El Molla, which has already done the rounds in the local press<\/a>.<\/p>\n

Remember: <\/strong>Only a few months back in July, Electricity Minister Mohamed Shaker announced<\/a> an already ambitious new target that the country was aiming to increase renewables to cover 60% of the country\u2019s energy needs by 2040 \u2014 a whole decade later than the date given in yesterday\u2019s statement and a target 18 percentage points above existing goals for 2030 unveiled<\/a> in 2021. <\/p>\n

<\/a> #2- Another USD 1 bn from the IFC? <\/strong>The International Finance Corporation plans to invest some USD 1 bn in Egypt this year \u2014 the same amount invested in the country last year \u2014 Cheick-Oumar Sylla, the IFC\u2019s North Africa director, said yesterday, according to Al Borsa<\/a>. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> It\u2019s day two of the <\/strong>Egypt Energy Show<\/a><\/strong>at the Egypt International Exhibition Center in NewCairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production. President Abdel Fattah El Sisi opened the event yesterday and we have coverage of his time there in the news well, below.<\/p>\n

HAPPENING NEXT WEEK-<\/p>\n

<\/a> The tax policy framework is heading to the National Dialogue: <\/strong>The Finance Ministry will present its five-year tax policy framework to the National Dialogue next week, Finance Minister Mohamed Maait said in a<\/a>statement yesterday<\/a>.<\/p>\n

What we know about the tax policy:<\/strong> We first heard of the policy in October<\/a>, when a ministryofficial told us that the initiative aims to reassure investors and promote investment by introducing tax reductions for new projects and setting fixed, lower tax rates.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

DATA POINT- <\/p>\n

<\/a> Gov\u2019t trims next fiscal year\u2019s growth forecast:<\/strong> The Madbouly government has downgraded its growth forecast for the fiscal year 2024-2025 to 4.2%, Planning Minister Hala El Said told Asharq Business<\/a>. The new target is 0.5 percentage points below projections penciled in<\/a> last month.<\/p>\n

What others think: <\/strong>The International Monetary Fund sees Egypt\u2019s economy growing at a 4.7%<\/a>clip<\/a> in the next fiscal year \u2014 slightly below previous projections of 5.0% \u2014 while the World Bank is penciling in growth of 3.9%<\/a>.<\/p>\n

WAR WATCH-<\/p>\n

US to call for temporary Gaza ceasefire in UN resolution: <\/strong>After 230 days of Israel\u2019s war on Gaza that has killed over 29k Palestinians \u2014 two-thirds of which are women and children \u2014 the US will now call for<\/a> a temporary ceasefire. The US has reportedly<\/a> put forth a UN Security Council draft resolution calling for a temporary ceasefire and warning against a ground incursion into Rafah \u2014 now the world\u2019s most densely populated area hosting 1.5 mn people.<\/p>\n

Every EU member country \u2014 bar Hungary \u2014 warned Israel against launching a military<\/strong> offensive in Rafah<\/strong> in a joint statement<\/a> issued by the 26 countries. \u201cWe ask the Israeli government not to take military action in Rafah that would worsen an already catastrophic humanitarian situation and prevent the urgently needed provision of basic services and humanitarian assistance,\u201d the statement reads.<\/p>\n

WHILE OVER IN THE RED SEA- Crew abandons cargo ship after a Houthi missile<\/strong> struck the ship <\/strong>while it was passing through the Red Sea on its way to Bulgaria from the UAE. The UK-registered ship is at risk of sinking, according to a Houthi spokesperson. (Associated Press<\/a> | Financial Times<\/a>)<\/p>\n

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

One story is dominating the front pages of the global business press this morning:<\/strong> Two of the US\u2019 biggest credit card lenders are getting married. Capital One is acquiring Discover Financial Services in a USD 35 bn all-stock transaction, it said in a statement<\/a> overnight. The transaction will see Discover shareholders receiving 1.0192 shares in Capital One for every share in Discover, \u201crepresenting a premium of 26.6% based on Discover\u2019s closing price of USD 110.49 on February 16, 2024,\u201d the statement said. The merged company will see Capital One shareholders holding 60% and Discover shareholders taking the remaining balance. <\/p>\n

The story got plenty of ink:<\/strong>Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | CNBC<\/a> | Reuters<\/a> <\/p>\n

Yulia Navalnaya accuses Putin of killing her husband and vows to carry on the<\/strong> struggle:<\/strong> Yulia Navalnaya, the widow of the recently deceased Alexei Navalnaya, declared<\/a> that she would continue her late husband\u2019s work and called on Russian citizens to rally around her in her efforts to \u201cbuild a free Russia.\u201d<\/p>\n

WHILE OVER IN TECH NEWS- US, EU, and UK are joining forces to launch an operation against Lockbit<\/strong>, the notorious ransomware gang that has launched cyberattacks against some of the world\u2019s largest organizations \u2014 and even some Egyptian ones<\/a> in recent months.<\/p>\n

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CORRECTION- <\/strong>In yesterday\u2019s issue, we mistakenly reported that Egypt Post\u2019s investment armPost for Investment could invest as much as EGP 6 bn throughout the year. Egypt Post will be doing the investing and not Post for Investment. The story<\/a> has been updated on our website. <\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We take a look atwhat Egypt is doing to move towards its goal of turning theSuez Canal green by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We may have been off to a slow start this week in local business news, but it seems that everyone\u2019s been saving up their announcements for today. We\u2019ve got a packed issue for you today with news that the Tamar field is set to triple its annual gas exports to Egypt, welcome […]<\/p>\n","protected":false},"author":1,"featured_media":615538,"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":[72,6984,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-middle-east-politics","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4649e92d-a0d3-4c7a-aa32-9cd0b088fd52","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1892.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US to call for temporary Gaza ceasefire in UN resolution","related_issue":[615535],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.909dbd73-2cda-4b16-acda-4015aa72dc81.mp3"},"yoast_head":"\nUS to call for temporary Gaza ceasefire in UN resolution - 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\/2024\/02\/20\/us-to-call-for-temporary-gaza-ceasefire-in-un-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US to call for temporary Gaza ceasefire in UN resolution\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. We may have been off to a slow start this week in local business news, but it seems that everyone\u2019s been saving up their announcements for today. 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Look for a high temperature of 30\u00b0C in Cairo\u2026","rel":"","context":"In "What We're Tracking Today"","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\/4\/1848.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622206,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/what-were-tracking-on-29-november-2018\/","url_meta":{"origin":615537,"position":2},"title":"What we\u2019re tracking on 29 November 2018","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"It\u2019s a big news morning on this last business day of November, and we\u2019re set to start December on a busy note: The net foreign reserves figure for November is due out from the central bank next week;The defense expo EDEX 2018 kicks off on Monday; Uber CEO Dara Khosrowshahi\u2026","rel":"","context":"In "What We're Tracking Today"","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":567888,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/what-were-tracking-on-10-december-2020\/","url_meta":{"origin":615537,"position":3},"title":"What we\u2019re tracking on 10 December 2020","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Good morning, friends. We made it through another week together. There are just 21 days left in 2020, if you \u2014 like us \u2014 are keeping count. *** We\u2019re a bit late this morning because one of our cloud services is glitching this morning. We\u2019ve addressed most of the problem,\u2026","rel":"","context":"In "What We're Tracking Today"","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":630273,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/17\/630273\/","url_meta":{"origin":615537,"position":4},"title":"It\u2019s a very busy news\u2026","author":"enterpriseam admin","date":"17 April 2018","format":false,"excerpt":"It\u2019s a very busy news morning at home and abroad, ladies and gentlemen.","rel":"","context":"In "What We're Tracking Today"","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":630278,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/17\/international-business-news-on-17-april-2-18\/","url_meta":{"origin":615537,"position":5},"title":"International business news on 17 April 2-18","author":"enterpriseam admin","date":"17 April 2018","format":false,"excerpt":"Meanwhile, other stories worth a moment of time during your commute this morning: Netflix proves that people are simply hungry for good content, beating Wall Street expectations as it added 7.4 mn new subscribers (5.5 mn of them internationally) this past quarter, the WSJ reports. 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