{"id":627595,"date":"2018-06-06T03:50:28","date_gmt":"2018-06-06T03:50:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/what-were-tracking-on-06-june-2018\/"},"modified":"2018-06-06T03:50:28","modified_gmt":"2018-06-06T03:50:28","slug":"what-were-tracking-on-06-june-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/what-were-tracking-on-06-june-2018\/","title":{"rendered":"What we\u2019re tracking on 06 June 2018"},"content":{"rendered":"

<\/a> Wait, did the Ismail Cabinet just resign? <\/strong>That\u2019s the tenor of the clickbait headlines from the local press on what is a standard procedure after the inauguration of a president. Prime Minister Sherif Ismail has submitted his cabinet\u2019s collective resignation to President Abdel Fattah El Sisi, who wassworn in for his second term<\/a><\/u> on Saturday. El Sisi promptly appointed the cabinet to continue in a caretaker capacity until a new government is formed, according to a statement from Ittihadiya<\/a><\/u>.<\/p>\n

You can still expect the Council of Ministers to hold its weekly meeting today <\/strong>as the rest of us sit around and speculate about who will be in and who will be out when the new cabinet is formed.<\/p>\n

New ambassadors coming?<\/strong> President El Sisi also held a meeting yesterday with newly appointed Egyptian ambassadors, according to Ittihadiya<\/a><\/u>. El Sisi urged them to present an \u201caccurate picture\u201d of Egypt\u2019s political and economic situation abroad. We have yet to hear the names of the ambassadors or their respective posts, but we\u2019ll be keeping an eye out.<\/p>\n

Separately, El Sisi said yesterday that Egypt will see \u201ca number of great achievements that will be inaugurated\u201d following the Eid El Fitr celebrations.<\/strong> He praised Egyptians for their patience during the economic reform measures, adding that in two years, he hopes people \u201cwill see Egypt in a different place,\u201d according to Youm7<\/a><\/u>.<\/p>\n

Jordan\u2019s King Abdullah tapped former World Bank economist Omar Al Razzaz with the task of forming a new government<\/strong>,Reuters reports<\/a><\/u>. Al Razzaz\u2019s appointment comes after protests against proposed tax increases and austerity measures led Prime Minister Hani Mulki to resign<\/a><\/u>. The Harvard graduate had worked with the World Bank in Washington and the Middle East and was education minister in the outgoing government.<\/p>\n

<\/a> Wall Street doesn\u2019t see the Emerging Markets Zombie Apocalypse spreading. <\/strong>\u201cThis year won\u2019t see a re-run of nightmare on EM street. That\u2019s the growing message from Wall Street, at least three of whose leading banks have been singing the praises of emerging markets, as well as more than a few money managers. And now, a former central banker has joined the chorus,\u201d Bloomberg reports<\/a><\/u>, name-checking Goldman Sachs, Morgan Stanley and Citigroup as among the optimists. This comes as emerging markets \u201csuffered their biggest portfolio outflows in a year and a half in May<\/strong>,\u201d according to data from the Institute of International Finance<\/a><\/u>. Some USD 12.3 bn fled the asset class last month, \u201csplit roughly equally between EM bonds and equities.\u201d<\/p>\n

Think M&A is the way to grow? Ask yourself how easy it will be to put the pieces together post-acquisition. <\/strong>Facebook is determined to make more money off your use of WhatsApp, and the WSJ has the inside story of why its founders left bns on the table on the way out of the door in protest. The warning signs were there from the beginning, and played out in odd contract clauses and fights over office noise \u2014 and who got the better bathrooms. Read: Behind the messy, expensive split between Facebook and WhatsApp\u2019s founders<\/a><\/u>.<\/p>\n

In miscellany this morning:<\/p>\n