{"id":629802,"date":"2018-04-02T04:59:02","date_gmt":"2018-04-02T04:59:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/02\/what-were-tracking-on-01-april-2018\/"},"modified":"2018-04-02T04:59:02","modified_gmt":"2018-04-02T04:59:02","slug":"what-were-tracking-on-01-april-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/02\/what-were-tracking-on-01-april-2018\/","title":{"rendered":"What we\u2019re tracking on 01 April 2018"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Could the Ride-Hailing Apps Act pass the House today?<\/strong> The House of Representatives is expected to discuss the Ride-Hailing Apps Act today in its first plenary session after a 25-day recess, <a href=\"https:\/\/www.youm7.com\/story\/2018\/4\/1\/%D9%8A%D9%88%D9%85-%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%89-%D8%AD%D8%A7%D9%81%D9%84-11-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%AA%D8%AD%D8%AA-%D8%A7%D9%84%D9%82%D8%A8%D8%A9-%D8%BA%D8%AF%D8%A7-%D9%88%D8%A5%D9%86%D8%B4%D8%A7%D8%A1\/3722847\">according to Youm7<\/a>. It remains unclear whether the discussion will culminate in a vote on the legislation, which has been fast-tracked through Cabinet and <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/01\/ride-hailing-apps-act-gets-preliminary-approval-from-house-committees\/\">House committees<\/a> after the Administrative Court ordered last month that Uber and Careem be shut down. The law has rubbed most stakeholders the wrong way, and the Council of State (Maglis El Dawla) is also now calling the legislation\u2019s constitutionality into question. We have the full story in Speed Round, below.<\/p>\n<p><strong>Parliament could receive the FY2018-19 state budget today<\/strong>, with House Speaker Ali Abdel Aal expected to refer it to the House Planning and Budgeting Committee during today\u2019s session, <a href=\"https:\/\/www.youm7.com\/story\/2018\/4\/1\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%AD%D9%8A%D9%84-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D9%88%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D8%A5%D9%84%D9%89-%D9%84%D8%AC%D9%86%D8%A9\/3723192\">Youm7 reports<\/a>. Discussions on the budget will only officially begin following Finance Minister Amr El Garhy address to the assembly, the date for which has yet to be set. <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/29\/pm-receives-fy2018-19-budget-for-review-before-shipping-it-off-to-the-house-by-31-march\/\">Last we heard<\/a>, Cabinet was awaiting sign-off from President Abdel Fattah El Sisi before shipping the budget to the House of Representatives.<\/p>\n<p><strong>The House general assembly will also discuss today a draft law establishing the Supreme Anti-Terrorism and Anti-Extremism Committee<\/strong>, which Cabinet <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/04\/ismail-cabinet-forms-new-supreme-anti-terrorism-and-extremism-committee\/\">approved in January<\/a>, as well as reports from various House committees on the Consumer Protection Act and a draft law that would regulate food trucks and carts.<\/p>\n<p><strong>Also on the docket for today:<\/strong> Holding final plenary session votes on legislation regulating the National Women\u2019s Council, a bill that would give incentives for innovation and scientific research, and amendments to the law on reclaiming state-owned land.<\/p>\n<p>After today\u2019s flurry of votes, <strong>the House will then go back into recess for the remainder of the week in observance of Easter. <\/strong><\/p>\n<p><strong>The results of the presidential elections are due to be announced today at 3:00 pm.<\/strong> Preliminary results showed President Abdel Fattah El Sisi won 92% of the vote with a turnout just north of 40%.<\/p>\n<p><strong>Pharos Holdings will be holding a two-day investor conference headlined \u2018In Search of Egypt Alpha\u2019 today and tomorrow. <\/strong>The event, set to see a number of senior government officials in attendance, is expected to host around 40 companies from a range of industries, Chairman and CEO Elwy Taymour <a href=\"https:\/\/ent.news\/2018\/3\/384.pdf\">said in a statement (pdf)<\/a>. The opening day will see panel discussions on the energy and petrochemicals, while the second day will see meetings between fund managers and company reps.<\/p>\n<p><strong>And the yields keep tumbling down:<\/strong> Average yields on Egypt\u2019s three- and nine-month treasury bills fell at an auction on Sunday, <a href=\"http:\/\/www.cbe.org.eg\/en\/Auctions\/Pages\/AuctionsEGPTBills.aspx\">CBE data showed<\/a>. Yields on three-month bills fell to 17.63% from 17.99% at the last similar sale a week earlier, while yields on nine-month bills decreased to 16.88% from 17.33%. Dropping yields have raised concerns that Egyptian treasuries will be less attractive to portfolio investors and carry traders, especially after the central bank cut interest rates on Thursday by 100 bps. But <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\">as we noted yesterday<\/a>, few analysts see the carry trade losing momentum any time soon, with Egypt still looking like the hot EM trade.<\/p>\n<p><strong>Falling yields come amid concerns that interest in emerging market debt is tapering off.<\/strong> \u201cEmerging market funds are not seeing the inflows that they saw last year, investors are becoming more selective and issuers are making concessions on pricing,\u201d executive director of fixed income syndicate at JPMorgan Nick Darrant <a href=\"https:\/\/www.ft.com\/content\/67c80194-3011-11e8-ac48-10c6fdc22f03\">tells the Financial Times<\/a>. Inflows into EM debt funds are slowing, while higher bond yields have driven returns for the sector into negative territory. The JPMorgan global EM bond index has fallen 2.3% so far in 2018 after a 9.1% total return gain for 2017. <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/22\/em-bonds-may-have-lost-their-flavor-but-em-equities-hit-new-highs\/\">Last month, we noted<\/a> that EM debt has been underperforming compared to EM equities.<\/p>\n<p><strong>If history is a gauge, Saudi may not want to loudly celebrate its recent FTSE upgrade to EM status<\/strong>. \u201cQatar and the UAE, saw stock rallies fade after MSCI upgrades in May 2014, suggesting that Saudi Arabia could also see a slowdown of the flows,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-01\/saudi-arabian-emerging-market-status-comes-with-sobering-history\">writes Filipe Pacheco for Bloomberg<\/a>. Pakistan\u2019s main index lost 15% last year, even after MSCI gave it an EM upgrade last June. MSCI will make a decision on classifying Saudi Arabia in June.<\/p>\n<p>Other headlines of note this morning:<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>MUST READ for fintech types: Investment in fintech for capital markets fell by more than half in 2017<\/strong> compared to each of the previous two years, according to Boston Consulting Group, which says that USD 570 mn was invested in capital markets fintech companies last year against nearly USD 1.2 bn in each of 2015 and 2016. Companies focused on pre-trade activities won 39% of total investment in capital markets fintech companies, while those concussed on execution landed 35%. Just 4% went into the \u201c\u2018primary\u2019 area of issuing stocks and bonds, where bankers say technology has had almost no impact on their working practices in the past decade.\u201d (<a href=\"https:\/\/www.ft.com\/content\/2bd2a50a-3349-11e8-b5bf-23cb17fd1498\">Financial Times<\/a>)<\/p>\n<p><strong>An idea for the EGX to consider? Kuwait\u2019s stock exchange has launched a \u201cpremier market\u201d <\/strong>segment that groups together 16 of the nation\u2019s largest and most liquid companies. Premier segment members include NBK, Zain and Agility. Its \u201cmain market,\u201d comprising smaller and less-liquid companies, will have 148 members, while a third layer of illiquid names will be classified as the \u201cauction market.\u201d (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-03-31\/market-shake-up-deepens-in-kuwait-in-bid-to-draw-stock-investors\">Bloomberg<\/a>)<\/p>\n<p><strong>Bahrain\u2019s biggest oil find since 1932 dwarfs its present-day reserves<\/strong>, the nation\u2019s state-owned news service said, without giving figures. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-01\/bahrain-says-its-biggest-oil-find-since-1932-dwarfs-reserves\">Bloomberg<\/a>)<\/p>\n<p><strong>Have you shopped at Saks or Lord & Taylor in Canada or the United States? You\u2019ll want to keep an eye on your credit card statement.<\/strong> Canadian retailer Hudson\u2019s Bay, which owns the two iconic brands, said yesterday that \u201cmns\u201d of credit cards may have been stolen, making it one of the largest breaches involving payment cards in the past year. (<a href=\"https:\/\/www.reuters.com\/article\/us-hudson-s-bay-databreach\/saks-lord-taylor-hit-by-payment-card-data-breach-idUSKCN1H81E8\">Reuters<\/a>)<\/p>\n<p><strong>Continent of snitches: <\/strong>It looks like our fake-news snitch hotline inspired the European Commission, which is gearing up to crack down on social media platforms that play a role in online \u201cdisinformation,\u201d <a href=\"https:\/\/www.ft.com\/content\/dbc722b0-3407-11e8-ae84-494103e73f7f\">the Financial Times reports<\/a>. The move comes ahead of elections to the European Parliament, which the commission is concerned could see repeated patterns of social media algorithms driving content that would have an impact on voter opinion.<\/p>\n<p><strong>PSA- The Easter and Sham El Nessim long weekend is coming up: <\/strong>The two holidays fall on 8 and 9 April, respectively. We hope you\u2019re looking forward to a four-day weekend as much as we are. <strong>Enterprise will be off next Sunday and Monday <\/strong>in observance of the holidays.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Could the Ride-Hailing Apps Act pass the House today? The House of Representatives is expected to discuss the Ride-Hailing Apps Act today in its first plenary session after a 25-day recess, according to Youm7. It remains unclear whether the discussion will culminate in a vote on the legislation, which has been fast-tracked through Cabinet and [&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-629802","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":"d7fa06ac-3480-4812-a287-2e4f98b79f02","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[629800],"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 01 April 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\/04\/02\/what-were-tracking-on-01-april-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 01 April 2018\" \/>\n<meta property=\"og:description\" content=\"Could the Ride-Hailing Apps Act pass the House today? The House of Representatives is expected to discuss the Ride-Hailing Apps Act today in its first plenary session after a 25-day recess, according to Youm7. 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The regs cover a variety of regulatory procedures, including registration, licensing, taxes and social insurance \u2014 stipulating that all\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\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629418,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/house-transport-committee-proposes-variable-work-hour-based-tax-system-for-ride-hailing-apps\/","url_meta":{"origin":629802,"position":1},"title":"House Transport Committee proposes variable work hour-based tax system for ride-hailing apps","author":"enterpriseam admin","date":"30 May 2018","format":false,"excerpt":"House eyes complicated tax formula for Uber, Careem? The House of Representatives\u2019 Transportation Committee is proposing that the state scrap the idea of a standard base tax for ride-hailing company drivers, such as Uber and Careem, and implement instead a variable tax based on the number of days and hours\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":591571,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/govt-invites-ride-hailing-companies-to-discuss-ride-hailing-apps-act-exec-regs\/","url_meta":{"origin":629802,"position":2},"title":"Gov\u2019t invites ride-hailing companies to discuss Ride Hailing Apps Act exec regs","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"REGULATION WATCH- The government is inviting ride-hailing companies to come in for a talk about the executive regulations of the Ride-Hailing Apps Act, Masrawy reported. The regulations were made official in September after winning cabinet approval and being published in the Official Gazette, and the meetings now taking place are\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":631654,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/25\/house-transport-committee-pushes-ride-hailing-apps-act-to-top-of-its-agenda-to-expedite-discussion\/","url_meta":{"origin":629802,"position":3},"title":"House Transport Committee pushes Ride-hailing Apps Act to top of its agenda, to expedite discussion","author":"enterpriseam admin","date":"25 March 2018","format":false,"excerpt":"LEGISLATION WATCH- The House of Representatives\u2019 Transportation Committee is moving the Ride-hailing Apps Act to the top of its agenda. The committee intends to begin reviewing the bill as soon as it receives it from the Ismail Cabinet and intends to wrap up debate \u201cas fast as possible,\u201d chair Hisham\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":596459,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/white-taxis-are-launching-their-own-ride-hailing-app\/","url_meta":{"origin":629802,"position":4},"title":"White taxis are launching their own ride-hailing app","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"White-taxi drivers are launching their own ride-hailing app, developed by an Egyptian company, in October, Taxi Drivers\u2019 Union head Mahmoud Abdelhamid tells the local press. White-taxi drivers were supposedly launching this very same app back in 2016 at the height of their complaints over the growth of ride-hailing apps Uber\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628523,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/final-vote-on-ride-hailing-apps-act-postponed-in-house-on-account-of-controversial-clauses\/","url_meta":{"origin":629802,"position":5},"title":"Final vote on Ride-Hailing Apps Act postponed in House on account of controversial clauses","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Final House vote on Ride-Hailing Apps Act postponed amid backlash against data-sharing clauses: The Ride-Hailing Apps Act failed to breeze through a final vote in the House of Representatives yesterday, drawing heavy criticism for some of its most controversial clauses, which appear to not have been amended at\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629802","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=629802"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629802\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629800"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629802"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629802"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}