{"id":622702,"date":"2018-10-10T05:44:45","date_gmt":"2018-10-10T05:44:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/what-were-tracking-on-10-october-2018\/"},"modified":"2018-10-10T05:44:45","modified_gmt":"2018-10-10T05:44:45","slug":"what-were-tracking-on-10-october-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/what-were-tracking-on-10-october-2018\/","title":{"rendered":"What we\u2019re tracking on 10 October 2018"},"content":{"rendered":"

The EGX30 was basically flat yesterday<\/strong>, closing down 0.1% after closing on Monday at as 12-month low under pressure from the emerging markets turbulence and margin calls for local investors. Global Telecom fell 4.7% and Edita 7.1% yesterday, according to Reuters<\/a>. EFG Hermes, meanwhile, rose 1.7% after a senior company exec said it was closing in on the acquisition of Nigeria\u2019s brokerage Primera Africa (we have more on that in the Speed Round, below).<\/p>\n

<\/a> ** #3\u00a0SIGN OF THE TIMES- Retail component of Sarwa\u2019s IPO 2.7x oversubscribed so far:<\/strong> The domestic press suggested earlier this week that Sarwa Capital had run into low retail appetite for the domestic tranche of its offering, leading us to warn you to take those reports with a cup or two of salt. Where the original report said Sarwa was less than 50% covered, \u201csources at the EGX<\/a>\u201d now say the offering was 2.7x oversubscribed heading into this morning. Today is the last day of the retail subscription period. The consumer and structured finance company had previously announced<\/a> that its institutional offering was 10.38x oversubscribed, with shares priced at EGP 7.36 apiece. Trading is expected to begin on 15 October.<\/p>\n

The central bank is expected to announce September inflation figures today<\/strong>. Annual headline inflation rose to 14.2% in August, from 13.5% in July, while core inflation inched up to 8.8% against 8.5% the month before<\/p>\n

Egypt, Greece, Cyprus\u2019 heads of states will meet in Crete today<\/strong> for a tripartite summit that will cover East Med gas, security cooperation, and migration, among other issues.<\/p>\n

Egypt will reportedly select a manager for its new sovereign wealth fund \u201cwithin days,\u201d<\/strong> Planning Ministry sources tell Youm7<\/a>. Some 160 of a total 220 applicants have been disqualified from the running due to incomplete data. Some 400 individuals had applied for the manager\u2019s position and other posts at the SWF. A parallel drive to find temporary office space for the fund is ongoing, according to cabinet spokesperson Nader Saad<\/a>. The executive regulations for the law governing the SWF should be with Cabinet for review by mid-October, our sources had told us<\/a>.<\/p>\n

Egypt-born Dina Powell could be The Donald\u2019s next UN ambassador <\/strong>after the resignation yesterday of Nikki Haley, who some analysts are now eulogizing<\/a> as having been among the last \u201cvoices of moderation\u201d in the Trump administration. Politico<\/a> says Powell, a senior Goldman Sachs exec and former White House official, \u201cis said to be strongly considering the job but also weighing family concerns.\u201d Conservatives are, naturally enough, concerned Powell is too \u201cglobalist\u201d for the job.<\/p>\n

\u201cPrivate business built modern China. Now the government is pushing back,\u201d <\/strong>the New York Times writes. \u201cChina may be stepping back from the free-market, pro-business policies that transformed it into the world\u2019s No. 2 economy\u2026State-controlled companies increasingly account for growth in industrial production and profits, areas where private businesses once led. China has stepped up regulation of online commerce, real estate and video games. Companies could face higher taxes and employee benefit costs. Some intellectuals are calling for private enterprises to be abolished entirely.\u201d (Read)<\/strong><\/a><\/p>\n

The line between legal and business advice is blurring ever faster<\/strong>, say senior lawyers, writes the Financial Times as part of a package of stories on law in Europe. Just as consulting outfits born of what were once audit firms now want to be your comms agency, now lawyers are expanding their traditional remits by offering business advice. Read Law firms confront a question of identity<\/strong><\/a>.<\/p>\n

Saudi Arabia is taking it on the chin over the disappearance of journalist Jamal Khashoggi<\/strong>, with the consensus in the international community and in media circles being that he was killed, dismembered and his body spirited out of KSA\u2019s consulate in Istanbul in a Mercedes van. Turkish security sources allege that the hit was ordered at the highest level in Saudi and that a 15-person kill squad flew in to Turkey to do the deed. The New York Times has the best rundown<\/a>, Britain\u2019s foreign secretary has tweeted a warning to the kingdom<\/a> (have him ask the Canadians how well that works), and even the Financial Times is demanding answers<\/a> in an editorial.<\/p>\n

In miscellany today:<\/strong><\/p>\n