{"id":623718,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/government-rejects-proposal-to-hike-the-price-of-subsidized-sugar-plus-hsbc-juhayna-nokia-samih-sawiris-fti-touristik-egyptair-podcast-productions\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"government-rejects-proposal-to-hike-the-price-of-subsidized-sugar-plus-hsbc-juhayna-nokia-samih-sawiris-fti-touristik-egyptair-podcast-productions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/10\/government-rejects-proposal-to-hike-the-price-of-subsidized-sugar-plus-hsbc-juhayna-nokia-samih-sawiris-fti-touristik-egyptair-podcast-productions\/","title":{"rendered":"Government rejects proposal to hike the price of subsidized sugar. PLUS: HSBC + Juhayna, Nokia, Samih Sawiris\u2019 FTI Touristik, EgyptAir, Podcast Productions"},"content":{"rendered":"<p class=\"tag-border-left\">COMMODITIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Government scraps sugar price hike proposal: <\/strong>The cabinet has turned down a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ebd8a65-dc04-49bb-849e-d21e620b9efb\/\" style=\"\" rel=\"noopener\">proposal<\/a> from the Supply Ministry to raise the price of subsidized sugar to EGP 18 from EGP 12.6 per kilo, Supply Minister Ali El Moselhy told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1799754988232548673\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>El Moselhy unveiled the proposal last week, explaining that the state currently spends more than EGP 23 in subsidies on every kilo of subsidized sugar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state is also pulling the brakes on sugar imports: <\/strong>The government won\u2019t be importing sugar for a while, El Moselhy said, adding that the private sector is expected to import some 250k tons of sugar over the next three months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh details on Juhayna\u2019s sustainability-lined loan from HSBC: <\/strong>Dairy giant Juhayna renewed an EGP 450 mn sustainability-linked facility from our friends at HSBC back last week, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/715.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>, adding more color to an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/071aec1d-f26b-4a72-9c25-e3a460f679da\/the-supply-ministry-wants-less-imported-wheat-and-more-local-wheat.-plus:-news-from%253cmark%253e-hsbc%253c%2Fmark%253e-and-mountain-view\" style=\"\" rel=\"noopener\">announcement made last week<\/a>. The terms of the loan \u2014 originally signed in November \u2014 will be based on several KPIs, such as reducing emissions by 18.7% by 2025 compared to 2021 and ramping up health and safety training hours by 20% compared to 2022.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nokia eyes Egypt as major regional manufacturing hub:<\/strong> Nokia phone manufacturer HMD Global is planning to export 4.6 mn mobile phones a year from Egypt to other African nations, HMD Global CEO Jean-Francois Baril told CIT Minister Amr Talaat, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0WpbzZLHsAQFDNhoJ5DAi5gUfEBnnDNAZFMjWMgstHuutyiXUUYtju2TVKhZ5R7mwl\" style=\"\" rel=\"noopener\">statement<\/a>. The company also plans to roll out 2 mn phones a year for the local market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** You can check out our Inside Industry rundown of the localization of our smartphone<\/strong><strong> industry <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7ff33f6-996f-40d3-9dc5-daf8dd6f06e9\" style=\"\" rel=\"noopener\">here<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Samih Sawiris majority-owned FTI unable to pay USD 143 mn owed to Egyptian partner following bankruptcy: <\/strong>FTI Group, the parent company of Europe's third-largest tour operator FTI Touristik, <a target=\"_blank\" href=\"https:\/\/www.fti-group.com\/en\/press\/fti-group-press-releases-and-information\/detail\/news\/companies-of-the-fti-group-file-for-insolvency\" style=\"\" rel=\"noopener\">filed for insolvency<\/a> last week and reportedly owes the equivalent of USD 143 mn to its Egyptian partner Meeting Point Egypt, according to a document sent to the Egyptian Hotel Association that was seen by <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64641\/%D9%88%D8%AB%D9%8A%D9%82%D8%A9-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B3%D8%A7%D9%88%D9%8A%D8%B1%D8%B3-%D8%A7%D9%84%D9%85%D9%81%D9%84%D8%B3%D8%A9-%D8%AA%D8%AA%D8%B9%D8%AB%D8%B1-%D9%81%D9%8A-%D8%B3%D8%AF%D8%A7%D8%AF-143-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%88%D9%83%D9%8A%D9%84%D9%87%D8%A7-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D9%8A-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The German company\u2019s debts to its Egyptian partner are said to include dues that are owed to Egyptian hotels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What led to the insolvency?<\/strong> Lower-than-expected booking figures and suppliers' demands for upfront payments seen across the globe were among the causes that brought about the downfall of the Samih Sawiris majority-owned company. A consortium led by US tourism investment firm Certares has offered to acquire the company for EUR 1 and invest EUR 125 mn in it.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EgyptAir to launch Cairo-El Alamien flights starting next month:<\/strong> EgyptAir will start operating flights between Cairo and El Alamein from 11 July till 14 September, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EGYPTAIR\/posts\/pfbid0367Dhk7EfHeZMyfQiyHWt43XWgj5DUBZN2apdDx5Z1iuffR9NGPg2VbRaQdnz1vTpl\" style=\"\" rel=\"noopener\">statement<\/a> from the national flag carrier. EgyptAir will run flights from Cairo to El Alamein on Thursdays and Saturdays and from El Alamein to Cairo on Fridays and Sundays.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUPS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More funds incoming for Potcast Productions:<\/strong> Podcast production startup <a target=\"_blank\" href=\"https:\/\/www.thepotcastproductions.com\/\" style=\"\" rel=\"noopener\">The<\/a><a target=\"_blank\" href=\"https:\/\/www.thepotcastproductions.com\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.thepotcastproductions.com\/\" style=\"\" rel=\"noopener\">Potcast Productions<\/a> (TPP) has raised an undisclosed amount in a pre-seed funding round that drew investments from Innovative Media Productions and investor Ahmed Tarek Khalil, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/769.pdf\" style=\"\" rel=\"noopener\">statement<\/a> from the startup. The fresh funds will go into improving TPP\u2019s content production, expanding its marketing, and launching new podcast series.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5663cc9c-67df-43c6-ada3-abebe56fac56\/the%253cmark%253e-potcast%253c%2Fmark%253e-productions-company-secures-financing-round\" style=\"\" rel=\"noopener\">closed<\/a> an early funding round in April, which it said will help fuel its regional expansion plans, starting with Saudi Arabia and the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state currently spends more than EGP 23 in subsidies on every kilo of subsidized sugar<\/p>\n","protected":false},"author":1,"featured_media":623719,"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":[7209],"tags":[779,111,528,317,7106,880,72,183,2217,490,1027,1702,1844,123,777,8640,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ali-el-moselhy","tag-also-on-our-radar","tag-aviation","tag-commodities","tag-debt","tag-egyptair","tag-enterpriseam","tag-fintech","tag-hmd-global","tag-hsbc","tag-juhayna","tag-nokia","tag-samih-sawiris","tag-startups","tag-supply-ministry","tag-the-potcast-productions","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"7162d576-2cf2-4857-8028-b4aa81ea1d01","order":"8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/800.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian government rejects proposal to hike the price of subsidized sugar. PLUS: HSBC + Juhayna, Nokia, Samih Sawiris\u2019 FTI Touristik, EgyptAir, Podcast Productions","related_issue":[623705],"teaser":"The state currently spends more than EGP 23 in subsidies on every kilo of subsidized sugar","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.1b544fc6-97bf-4afa-aa83-adf68306e6fd.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>Government rejects proposal to hike the price of subsidized sugar. PLUS: HSBC + Juhayna, Nokia, Samih Sawiris\u2019 FTI Touristik, EgyptAir, Podcast Productions - 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\/06\/10\/government-rejects-proposal-to-hike-the-price-of-subsidized-sugar-plus-hsbc-juhayna-nokia-samih-sawiris-fti-touristik-egyptair-podcast-productions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government rejects proposal to hike the price of subsidized sugar. 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Another slow start to the business week here in Om El Donia as the temperatures start to rise once more. THE BIG STORY TODAY Pricier sugar ahead? Supply Minister Ali El Moselhy has proposed hiking the price of subsidized sugar to EGP 18 from EGP\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546814,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/bread-subsidies-arent-changing-in-the-near-future-el-moselhy-says\/","url_meta":{"origin":623718,"position":2},"title":"Bread subsidies aren\u2019t changing in the near future, El Moselhy says","author":"enterpriseam admin","date":"30 May 2022","format":false,"excerpt":"Scrapping bread subsidies for banknotes is shelved for now, El Moselhy tells Senate: The Sisi administration\u2019s previously-floated plan to replace subsidized bread with cash transfers is not going to happen anytime soon, Supply Minister Ali El Moselhy told the Senate yesterday. \u201cWe can begin to consider this policy some time\u2026","rel":"","context":"In &quot;Public policy&quot;","block_context":{"text":"Public policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/public-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597092,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/egypts-new-fuel-prices-are-beginning-to-show-their-impact-on-food\/","url_meta":{"origin":623718,"position":3},"title":"Egypt\u2019s new fuel prices are beginning to show their impact on food","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"The impact of higher fuel prices is beginning to touch food. Exhibit A: The Supply Ministry is studying raising the profit margin of subsidized bread bakeries to offset rising costs incurred by the latest fuel subsidy cuts, Al Mal cited an anonymous source as saying. The government could increase bakers\u2019\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621161,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/el-moselhy-continued-to-make-the-rounds-to-weigh-in-on-bread-price-hikes\/","url_meta":{"origin":623718,"position":4},"title":"El Moselhy continued to make the rounds to weigh in on bread price hikes","author":"enterpriseam admin","date":"2 June 2024","format":false,"excerpt":"Another carb-heavy night on the airwaves: The nation\u2019s talking heads didn\u2019t shift their attention from bread prices, following the Madbouly government\u2019s decision to slash bread subsidies, hiking the price of subsidized bread by 300%. Don\u2019t point the finger at the IMF: The IMF had nothing to do with the government\u2019s\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621047,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/30\/el-moselhy-on-bread-price-hikes\/","url_meta":{"origin":623718,"position":5},"title":"El Moselhy on bread price hikes","author":"enterpriseam admin","date":"30 May 2024","format":false,"excerpt":"Bread prices was the one topic of discussion on the airwaves last night after Prime Minister Moustafa Madbouly announced hikes to the price of subsidized bread.The rationale: \u201cThe decision to raise the price of subsidized bread will help the state keep the subsidy program going,\u201d Supply Minister Ali El Moselhy\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623718","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=623718"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623718\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/623705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/623719"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623718"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623718"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}