{"id":629405,"date":"2018-05-30T04:11:32","date_gmt":"2018-05-30T04:11:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/what-were-tracking-on-30-may-2018\/"},"modified":"2018-05-30T04:11:32","modified_gmt":"2018-05-30T04:11:32","slug":"what-were-tracking-on-30-may-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/what-were-tracking-on-30-may-2018\/","title":{"rendered":"What we\u2019re tracking on 30 May 2018"},"content":{"rendered":"<p><strong>UK Investment Minister Graham Stuart is in town<\/strong> today for the second day of meetings with stump for opportunities in financial services, tech and education. We had an exclusive sit-down with Stuart yesterday, during which he told us the UK is <strong>committing c. USD 1.6 bn in financing to a more than USD 10 bn petrochemical complex<\/strong> being developed by Basil El Baz\u2019s Carbon Holdings. We have chapter and verse on the financing for Tahrir Petrochemicals Corporation and other announcements in today\u2019s speed round.<\/p>\n<p>In our chat yesterday, Stuart stressed <strong>the UK\u2019s interest in boosting economic ties as Egypt grows into a regional economic power<\/strong>. The minister is meeting with his Egyptian counterpart, Sahar Nasr, as well as Trade Minister Tarek Kabil and Higher Education Minister Khaled Abdel Ghaffar and held talks yesterday with Oil Minister Tarek El Molla.<\/p>\n<p><strong>Is it is just us, or do people seem to _need_ to worry right now? <\/strong>While the Emerging Markets Zombie Apocalypse continues to simmer in the background, the global financial community has something else to worry about this morning, the pundits tell us: <strong>The prospect of a political and financial meltdown in Europe<\/strong>, our largest trade partner, <strong>thanks to political turbulence in Italy.<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Italian politics sparked a global equities selloff yesterday <\/strong>that is the lead story in every international business publication we track this morning. Asian shares extended the rout today, <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/worsening-italian-crisis-batters-financial-markets-idUSKCN1IV004?il=0\">Reuters notes<\/a>.<\/p>\n<p><strong>So, what happened in Italy yesterday? <\/strong>A political crisis over who forms the next government \u201cspooked international markets on Tuesday,\u201d the <a href=\"https:\/\/www.ft.com\/content\/f1655aa4-6320-11e8-a39d-4df188287fff\">Financial Times<\/a> reports, \u201cafter its central bank chief warned that Rome was on the cusp of losing investors\u2019 hard-won trust, sending European and US bank shares lower as traders gauged which lenders could weather a new eurozone storm.\u201d<\/p>\n<p><strong>Bank shares in Italy, the US and the UK really took it on the chin. <\/strong>Citi, JPMorgan, Bank of America and Morgan Stanley were all down 4% or more yesterday. Investors flocked to the greenback, the yen and US treasuries, where the 10-year yield declined 15 bps to 2.78%.<\/p>\n<p><strong>Where does it go from here? <\/strong><a href=\"https:\/\/www.cnbc.com\/2018\/05\/29\/italy-could-be-the-next-greece--only-much-worse.html\">CNBC<\/a> quotes analysts who it says think Italy could be \u201cthe next Greece \u2014 only much worse,\u201d with one noting that \u201cItaly\u2019s economy is 10 times larger than that of Greece.\u201d The <a href=\"https:\/\/www.cnbc.com\/2018\/05\/29\/heres-why-markets-are-so-scared-of-the-latest-italian-political-drama.html\">best (and most balanced) explainer<\/a> we\u2019ve read so far is Patti Domm\u2019s Market Insider piece for CNBC. The hand-wringing suggests we are looking at consequences as far reaching as Italy <strong>dumping the euro<\/strong>, another <strong>Greece-style crisis<\/strong> or even <strong>Brexit<\/strong>, Mark II. It\u2019s the apocalypse \u2014 run.<\/p>\n<p><strong>Where did this Italian political crisis come from, anyway? <\/strong>The country\u2019s president, Sergio Mattarella, decided on Sunday to block the formation of a eurosceptic government, <a href=\"https:\/\/www.wsj.com\/articles\/italy-sparks-global-fear-of-fresh-euro-crisis-1527596280\">the WSJ said<\/a>, reviving \u201clongstanding worries about the broader stability of the eurozone\u201d amid the specter of a \u201cfresh round of elections that could strengthen the hand of antieuro forces.\u201d It all has George Soros worrying about \u201c<strong>another major financial crisis<\/strong>,\u201d <a href=\"https:\/\/www.ft.com\/content\/c5958712-6313-11e8-a39d-4df188287fff\">the FT<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-05-29\/soros-sees-new-global-financial-crisis-brewing-eu-under-threat\">Bloomberg<\/a> add.<\/p>\n<p><strong>Do we all have financial PTSD? <\/strong>Much of the global financial press (and a certain type of investor) really seem to need, deep in their bones, for there to be another global financial crisis. It feels a bit like those of us who had trouble re-adapting to a 9am-5pm work day, five days a week, after years post-2011 that were punctuated nearly every week by, \u201cOh no, \u2018X\u2019 road is closed because of protests ahead of the Latest Friday of Idiocy, let\u2019s send the staff home.\u201d<\/p>\n<p><strong>Abraaj has lost two more senior executives<\/strong>, the <a href=\"https:\/\/www.wsj.com\/articles\/two-senior-executives-resign-from-abraaj-1527618866\">Wall Street Journal<\/a> reports, saying that the CFO and COO of the embattled outfit\u2019s private equity unit have followed out the door our friend Mustafa Abdel Wadood (former managing partner) and the firm\u2019s head of impact investing. Now-former COO Matthew McGuire reportedly said in an email to staff that he was stepping down because of \u201crecent developments\u201d after just three months in his role. The Dubai-based emerging markets private equity firm has been under fire since high-profile investors forced an audit of how funds in a USD 1 bn healthcare fund were used. (The fund in question is not the one through which Abraaj invested in Egyptian healthcare opportunities.)<\/p>\n<p><strong>Okay, is there an antidote to all the negativity out there? <\/strong>Not so much this morning. People, globally, are in a reasonably grumpy mood. That said, we can offer you this:<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Cairo is the cheapest big city in the UBS Global Cities Ranking 2018.<\/strong> The study, which ranks cities by purchasing power and earnings, saw Cairo fall to the bottom of the 77 cities named in the report. Just to give you a sense as to how cheap we are, a haircut (<a href=\"http:\/\/www.4-traders.com\/UBS-GROUP-19156942\/news\/UBS-Prices-Earnings-report-compares-the-cost-of-living-in-77-cities-worldwide-finds-Zurich-is-w-26671390\/?utm_medium=RSS&utm_content=20180529\">one of the 128 goods and services measured<\/a>) in Cairo costs on average USD 7.50, while in Zurich (which topped the list) a standard haircut for women costs USD 94.30. To get the perspective on the <a href=\"https:\/\/www.theguardian.com\/business\/2018\/may\/29\/london-tumbles-in-city-rankings-for-rent-and-shopping-ubs-survey\">earnings side<\/a>, Egyptian bus drivers make USD 860 per annum, while those lucky enough to drive in Luxembourg make USD 99,241 a year. <strong>You can checkout the list and run your own price analysis at the <\/strong><a href=\"https:\/\/www.ubs.com\/microsites\/prices-earnings\/en\/explore\"><strong>UBS microsite<\/strong><\/a> when it comes back online, as it was down as of dispatch.<\/p>\n<p><strong>Sleeping in on the weekend could save your life. <\/strong>Don\u2019t get enough sleep on weekdays? You have 65% higher mortality rate than your peers if you get five hours\u2019 sleep a night or less. Scary, right? But there may be a remedy: Researchers have found that people who sleep too little during the week had no increase in mortality risk <strong>as long as they slept longer on weekends<\/strong>, <a href=\"https:\/\/www.theguardian.com\/science\/2018\/may\/23\/weekend-lie-ins-could-help-you-avoid-an-early-death-study-says\">the Guardian<\/a> reports.<\/p>\n<p><strong>Global green banking principles to go live in November? <\/strong>Our friends at CIB were one of 26 global financial institutions that helped draft new global banking principles that \u201calign with the UN Sustainable Development Goals and the Paris Agreement on climate change.\u201d The UN Environmental Programme Finance Initiative will look to drive change worldwide by capitalizing on \u201cthe influence banks have on other industries.\u201d The green banking principles will launch in November at a global event in France, <a href=\"https:\/\/www.cibeg.com\/English\/News\/Pages\/CIB-contributes-to-the-UNEP-FI-Banking-Principles.aspx\">CIB notes in a statement<\/a>.<\/p>\n<p><strong>Your Ramadan rundown for today:<\/strong><\/p>\n<p><strong>Bank hours <\/strong>run 09:30 am to 01:30 pm for customers and from 09:00 am to 02:00 pm for employees, CBE announced.<\/p>\n<p><strong>The EGX is running shorter trading hours. <\/strong>The trading session kicks off at 10:00 am, but closes at 1:30 pm. <a href=\"http:\/\/www.egx.com.eg\/English\/newsdetails.aspx?NewsID=173218\">Tap or click here for the full schedule<\/a>.<\/p>\n<p><strong>We\u2019re looking at reasonably good weather for the rest of the week, <\/strong>with the mercury set to hover between 32\u00b0C and 34\u00b0C all the way through Friday. A spell of warmer weather is on the horizon starting Saturday, according to the long-range forecast on our favorite weather app.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>So, when do we eat?<\/strong> For those of us observing, Maghrib is at 6:50 pm CLT today. You\u2019ll have until 3:11 am tomorrow to finish your sohour.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK Investment Minister Graham Stuart is in town today for the second day of meetings with stump for opportunities in financial services, tech and education. We had an exclusive sit-down with Stuart yesterday, during which he told us the UK is committing c. USD 1.6 bn in financing to a more than USD 10 bn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629405","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"56814afc-47c5-48e1-aa01-78def6c4047f","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[629403],"teaser":"","voice_url":""},"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>What we\u2019re tracking on 30 May 2018 - 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\/2018\/05\/30\/what-were-tracking-on-30-may-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 30 May 2018\" \/>\n<meta property=\"og:description\" content=\"UK Investment Minister Graham Stuart is in town today for the second day of meetings with stump for opportunities in financial services, tech and education. We had an exclusive sit-down with Stuart yesterday, during which he told us the UK is committing c. 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And the jockeying over a potential production cut to prop up prices is well underway ahead of next Thursday\u2019s\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":629409,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/uk-government-to-provide-usd-1-6-bn-funding-package-to-carbon-holdings-tahrir-plant-uk-investment-minister\/","url_meta":{"origin":629405,"position":1},"title":"UK government to provide USD 1.6 bn funding package to Carbon Holdings\u2019 Tahrir plant -UK Investment Minister","author":"enterpriseam admin","date":"30 May 2018","format":false,"excerpt":"EXCLUSIVE- The UK will be providing Carbon Holdings\u2019 Tahrir Petrochemicals Corporation with \u201can unprecedented\u201d USD 1.6 bn financing package through UK Export Finance, the country\u2019s export credit agency, UK Minister of Investment Graham Stuart told us in an interview in Cairo yesterday.TPC could help double Egypt\u2019s total exports, catalyze industrial\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645390,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/19\/what-were-tracking-on-19-july-2017\/","url_meta":{"origin":629405,"position":2},"title":"What we\u2019re tracking on 19 July 2017","author":"enterpriseam admin","date":"19 July 2017","format":false,"excerpt":"CIB confirmed to Reuters\u2019 Ehab Farouk yesterday it is allowing clients to buy up to USD 2k each month without requiring any proof of travel, but that any additional sums require documentation. Banque Misr is also allowing its clients to buy up to USD 2,000, but caps it there. A\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":629480,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/ismail-stuart-discuss-possibility-of-uk-business-delegation-visit-to-cairo\/","url_meta":{"origin":629405,"position":3},"title":"Ismail, Stuart discuss possibility of UK business delegation visit to Cairo","author":"enterpriseam admin","date":"31 May 2018","format":false,"excerpt":"Ismail, Stuart discuss possibility of UK business delegation visit to Cairo: UK Investment Minister Graham Stuart and Prime Minister Sherif Ismail discussed the possibility of sending a British business delegation to Egypt to explore potential investment opportunities, according to a Cabinet statement. Ismail told Stuart, during a meeting in Cairo\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631044,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/08\/what-were-tracking-on-08-march-2018\/","url_meta":{"origin":629405,"position":4},"title":"What we\u2019re tracking on 08 March 2018","author":"enterpriseam admin","date":"8 March 2018","format":false,"excerpt":"Greetings from Dubai, where we will shortly join every listed company from Omm El Donia in boarding planes back home to spend the weekend with family. Today, we have the next-to-last installment of our coverage from here in the form of an interview with EFG Hermes Frontier boss Ali Khalpey.\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":647299,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/08\/what-were-tracking-on-08-may-2017\/","url_meta":{"origin":629405,"position":5},"title":"What we\u2019re tracking on 08 May 2017","author":"enterpriseam admin","date":"8 May 2017","format":false,"excerpt":"The central bank is selling USD 1 bn worth of one-year, USD-denominated treasury bills today. The bills\u2019 settlement date is 9 May and they mature on 8 May, 2018.The House Budget Committee is due to start discussing today the state\u2019s 2017-18 budget. Separately, Al Borsa reports that Finance Minister Amr\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629405","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=629405"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629405\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629403"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629405"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629405"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}