{"id":626142,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/this-evening-pm-gave-presser-to-address-the-rolling-power-outages-plus-banque-misr-nbe-increase-credit-card-limits-decease-fx-markup-fees\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"this-evening-pm-gave-presser-to-address-the-rolling-power-outages-plus-banque-misr-nbe-increase-credit-card-limits-decease-fx-markup-fees","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/this-evening-pm-gave-presser-to-address-the-rolling-power-outages-plus-banque-misr-nbe-increase-credit-card-limits-decease-fx-markup-fees\/","title":{"rendered":"THIS EVENING: PM gave presser to address the rolling power outages. PLUS: Banque Misr, NBE increase credit card limits, decease FX markup fees"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, friends, and happy hump day. <\/strong>We hope that it hasn\u2019t blacked out where you are as the rolling power outages continue in Om El Donia. <\/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\">THE BIG STORIES TODAY<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1-<\/strong> <strong>Madbouly addresses the extended blackouts:<\/strong> Prime Minister Mostafa Madbouly held a presser today to apologize to the people for the extended <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ecdbc47c-bd17-416c-9bd4-a6f86eaf3ae7\/\" style=\"\" rel=\"noopener\">duration of the power cuts<\/a> and to address the reasons behind it and the government\u2019s plans for the rest of the summer. Here are the main takeaways from the presser:<\/p>\n<ul>\n<li><strong>Yesterday\u2019s extended cuts came as a result of a gas field in a \u201cneighboring country\u201d being offline for a 12-hour period,<\/strong> Madbouly said, without specifying the country.<\/li>\n<li><strong>Power cuts to stop by the third week of July:<\/strong> There will no longer be any rolling blackouts by the third week of next month until the end of the summer to alleviate the effect on citizens amid soaring temperatures.<\/li>\n<li><strong>However, the power cuts will return after the end of the summer<\/strong> until the end of the year as previously announced.<\/li>\n<li><strong>The 3-hour power cuts will continue until the end of the week,<\/strong> before returning to two hours a day at the beginning of next week. <\/li>\n<li><strong>Gov\u2019t to spend USD 1 bn on fuel imports for power plants:<\/strong> Madbouly also announced a USD 1 bn plan to import fuel for power plants till the end of the year, in addition to USD 180 mn to import 300 tons of mazut next week.<\/li>\n<li><strong>All shops will close by 10pm at the latest starting next month, <\/strong>with the exception of supermarkets and pharmacies \u2014 which will be allowed to stay open until 1:00 AM.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a related note- Abu Qir Fertilizers halts production due to gas supply cuts:<\/strong> High temperatures, increasing electricity consumption prices and cuts to the regional gas supply have led Abu Qir Fertilizers to cease natural gas supplies to its plants \u201cuntil improvement in the operating conditions of the network,\u201d the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1579.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. Abu Qir operates three plants, all of which have halted activities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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\">#<strong>2- Banque Misr and NBE increase credit card limits, lower FX markup fees:<\/strong> Banque Misr and the National Bank of Egypt (NBE) are raising credit card limits by 50% and lowering their FX markup fees to 5% from 10%, Banque Misr and Federation of Egyptian Banks Chairman Mohamed El Etreby told <a target=\"_blank\" href=\"https:\/\/x.com\/CNBCArabia\/status\/1805493794902532363\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. The new limits bring Banque Misr\u2019s spending cap on its highest category of cards to the FX equivalent of EGP 300k while it rises to the FX equivalent of EGP 240k at NBE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Commercial International Bank (CIB) announced yesterday that it would be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0dbd8b6a-2edb-437d-b780-8adb3b1b61ec\/cib-halves-fx-markup-fees-to-5%2525-and-eases%253cmark%253e-card%253c%2Fmark%253e%253cmark%253e-limits%253c%2Fmark%253e-abroad\" style=\"\" rel=\"noopener\">lowering<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0dbd8b6a-2edb-437d-b780-8adb3b1b61ec\/cib-halves-fx-markup-fees-to-5%2525-and-eases%253cmark%253e-card%253c%2Fmark%253e%253cmark%253e-limits%253c%2Fmark%253e-abroad\" style=\"\" rel=\"noopener\">its FX markup fees and increasing spending limits<\/a>, with the bank\u2019s FX fee halving to 5% and monthly purchases abroad capped at the equivalent of EGP 100k-300k, up from EGP 75k-200k.<\/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\">THE BIG STORY ABROAD<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a mixed bag on the front pages of the foreign press this afternoon: <\/strong>Several outlets are covering the soon-to-be-free Wikileaks founder Julian Assange, who has agreed to plead guilty to one criminal count of conspiring to obtain and disclose classified US national defense documents, writes <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/wikileaks-julian-assange-set-be-freed-after-pleading-guilty-us-espionage-charge-2024-06-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Assange\u2019s plea is part of a settlement that will allow him to return to Australia, after 14 years in the UK, seven of which were spent living in the Ecuadorian embassy to avoid extradition charges to Sweden.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Disruption is the status quo for supply chains: <\/strong>With Yemen\u2019s Houthis still attacking Red Sea vessels, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a84ea54-215b-4a3e-8010-534d1559908c\/global-manufacturers-look-to-air%253cmark%253e-freight%253c%2Fmark%253e-amid-attacks-in-the-red-sea-in-another-blow-to-shipping\" style=\"\" rel=\"noopener\">rocketing freight transport prices<\/a>, drought in the Panama Canal and strike threats from workers, disruption appears to be the norm for global supply chains, writes the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/24\/business\/global-shipping-rates.html\" style=\"\" rel=\"noopener\">NYT<\/a>, with the effects likely to hit inflation rates and election campaigns.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Microsoft faces antitrust violation: <\/strong>Microsoft is under the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/eb83bb45-84b3-4c58-9589-684029d23243\" style=\"\" rel=\"noopener\">Financial Times\u2019<\/a> microscope, after the world\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0dbd8b6a-2edb-437d-b780-8adb3b1b61ec\/cib-halves-fx-markup-fees-to-5%2525-and-eases-card-limits-abroad\" style=\"\" rel=\"noopener\">most valuable company<\/a> was charged with anti-competitive behavior by the European Commission on Tuesday, for giving its Teams app \u201cundue advantage\u201d by bundling the app with its Office suite.<\/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\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/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>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>World Bank funds to begin rolling in:<\/strong> The World Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08ac86e0-4ca3-41c5-9625-b8cef2fd97e9\/world-bank-greenlights-usd-700-mn-in-development-financing-for-egypt\" style=\"\" rel=\"noopener\">has announced that it will be providing Egypt with USD 700 mn in Development Policy Financing (DPF)<\/a> to help \u201csupport the country to shift toward more private sector participation, better macroeconomic and fiscal resilience, and a greener growth trajectory.\u201d<\/li>\n<li><strong>Egypt\u2019s banking sector can breathe easier in 2024, thinks Fitch Solutions:<\/strong> Foreign currency inflows and exchange rate stability <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e6b976b-97be-49cd-ab23-634778b1d5a7\/fx-inflows-and-exchange-rate-stability-boost-banking-sector-forecasts,-says-fitch-solutions\" style=\"\" rel=\"noopener\">following the float of the EGP in March and the country securing some USD 57 bn in financing<\/a> in 2024 have improved Fitch Solutions\u2019 forecasts for Egypt\u2019s banking sector.<\/li>\n<li><strong>A new investment from Saint-Gobain:<\/strong> French glass and building materials manufacturer Saint-Gobain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42b3454b-66f4-43f5-8971-4a8d173de195\/saint-gobain-eyes-usd-40-mn-glass-factory-in-egypt%25e2%2580%2599s-sadat-city\" style=\"\" rel=\"noopener\">has filed a proposal to set up a new USD 40 mn glass factory<\/a> in Sadat City.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>The heatwave continues tomorrow with a high of 39\u00b0C and a low of 25\u00b0C in Cairo, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, friends, and happy hump day. We hope that it hasn\u2019t blacked out where you are as the rolling power outages continue in Om El Donia. THE BIG STORIES TODAY #1- Madbouly addresses the extended blackouts: Prime Minister Mostafa Madbouly held a presser today to apologize to the people for the extended duration of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":626143,"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":[7213],"tags":[633,1874,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-mostafa-madbouly","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"a15624e4-078f-4b00-85de-9ad3652ad0cc","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/1604.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[626140],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.89b47a52-bb1b-4e4c-bc68-10abee29f268.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>THIS EVENING: PM gave presser to address the rolling power outages. 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