{"id":633656,"date":"2024-07-18T00:00:00","date_gmt":"2024-07-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/its-interest-rate-day\/"},"modified":"2024-07-18T00:00:00","modified_gmt":"2024-07-18T00:00:00","slug":"its-interest-rate-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/its-interest-rate-day\/","title":{"rendered":"It\u2019s interest rate day"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s shaping up to be another morning dominated by policy \u2014 Prime Minister Moustafa Madbouly\u2019s presser yesterday is taking over the local news cycle and we are sitting tight waiting for the House to vote on the new cabinet\u2019s policy later today. <\/p>\n

<\/a> SOME GOOD NEWS TO START OFF YOUR DAY- Prepare to bid farewell to power cuts \u2026 until mid-September<\/strong>, Madbouly said during a presser yesterday. <\/p>\n

** We have full coverage of Madbouly\u2019s presser in the news well, below. <\/strong><\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- The central bank\u2019s Monetary Policy Committee meets today to review rates. <\/strong>The CBE widely expected to keep interest rates unchanged for the second month in a row, according to the analysts and economists polled by Enterprise<\/a>.<\/p>\n

Analysts participating in a Reuters poll shared the same outlook<\/strong>, with the median forecast being that the CBE will leave rates on hold. One analyst is expecting a 100 bps rate cut.<\/p>\n

Where things currently stand: <\/strong>The overnight deposit rate stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and disc. rates at 27.75%. The MPC delivered a jumbo 600 bps rate hike<\/a> following a surprise monetary policy meeting in March, which coincided with the float of the EGP and a bigger package from the IMF. The central bank left rates unchanged<\/a> when it last met in May, citing a slowdown in growth rates and cooling inflation.<\/p>\n

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#2- It\u2019s the final day for institutional investors to subscribe for a piece of Act Financial<\/strong>, as the subscription window comes to a close. Retail investors have until Tuesday, 23 July to subscribe. The company is offering some 32% of the company<\/a> \u2014 360 mn shares \u2014 in the first IPO the EGX has seen in a year. The shares are being offered at a price of EGP 2.90 a pop, with the company aiming to raise around EGP 1.04 bn through the offering. <\/p>\n

Demand is through the roof: <\/strong>As of yesterday, the offering was 9x oversubscribed \u2014 the highest demand a subscription period has seen in six years, according to data seen by Enterprise. <\/p>\n

\n

<\/a> #3- MPs to vote on new gov\u2019t policy: <\/strong>The House of Representatives will vote on the new Madbouly government\u2019s policy later today, after the vote was moved up from Sunday, 21 July. The ad hoc committee reviewing the new cabinet\u2019s policy<\/a> unanimously approved<\/a> it earlier this week. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1-<\/strong> EU green hydrogen targets deemed \u201cunrealistic\u201d by European audit body:<\/strong> The European Court of Auditors believes that the European Commission\u2019s green hydrogen targets for 2030 are \u201coverly ambitious,\u201d and that the EU is unlikely to meet them by the end of the decade.<\/p>\n

The commission\u2019s response: <\/strong>\u201cOur work is far from finished \u2026 We now have to accelerate the deployment and uptake of renewable and low-carbon hydrogen in Europe and further develop this emerging market,\u201d the commission said in an emailed statement picked by Bloomberg<\/a>. <\/p>\n

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#2- Your overseas calls will cost you more:<\/strong> Mobile network operators will reportedly hike the price of international calls by 10-15% this week, industry insiders told Asharq Business<\/a>. \u201cThe price hikes will vary from country to country, depending on each telecom provider\u2019s agreements with its counterparts abroad,\u201d one source said.<\/p>\n

Remember:<\/strong> Telecom operators hiked their prices by 10-16%<\/a> at the beginning of 2024, after the National Telecom Regulatory Authority (NTRA) greenlit the move<\/p>\n

RED SEA WATCH-<\/p>\n

<\/a> Maersk says effects of Red Sea shipping disruptions extend to its entire network:<\/strong> Danish shipping giant Maersk said<\/a> on Wednesday that the impact of the ongoing Red Sea disruptions have extended beyond \u201cthe primary affected routes\u201d and has caused \u201ccongestion at alternative routes and transshipment hubs essential for trade with Far East Asia, West Central Asia, and Europe.\u201d<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

PSA-<\/p>\n

WEATHER- <\/strong>It\u2019s another hot day in Cairo, with a high of 38\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s also quite toasty in Alexandria<\/strong>, with a high of 34\u00b0C and a low of 24\u00b0C.<\/p>\n

And over the weekend<\/strong>, expect to see temps reach 39\u00b0C in the capital and 33\u00b0C for our friends on the Mediterranean.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

THE BIG STORY ABROAD-<\/span><\/p>\n

It\u2019s another day dominated by a mixed bag of news in the foreign press<\/strong>, with more updates from Trump and Biden\u2019s presidential campaigns and the Israel-Hamas ceasefire talks, and news of new faces helming major international banks. <\/p>\n

IN THE US-<\/strong><\/p>\n

#1- President Joe Biden was hit with another blow after testing positive for covid-19 <\/strong>and being forced to isolate, the White House confirmed yesterday<\/a>. In the meantime, Biden is still grasping on straws to keep his candidacy, with a veer to the left in his policy seeing him promise to erase medical debt, cap rent hikes, and impose restraints on the Supreme Court, Bloomberg<\/a> reports. <\/p>\n

#2- Former President Donald Trump sent tech stocks plunging yesterday after taking a dig at Taiwan<\/strong> \u2014 a key chip maker \u2014 to say it should pay for US defense, the Wall Street Journal<\/a> reports. The Nasdaq fell 2.8% to log its worst day since 2022. <\/p>\n

#3- HAPPENING NOW- Trump\u2019s running mate, JD Vance, is set to make his debut at the Republican National Convention<\/strong>, where the topic of the day is foreign policy and the war in Gaza. <\/p>\n

IN THE BUSINESS PRESS- <\/strong><\/p>\n

#1- HSBC <\/strong>appointed<\/a><\/strong> Lebanese-born Georges Elhedery, who has served as <\/strong>group CFO since January 2023, <\/strong>as group CEO <\/strong>effective 2 September. Elhedery \u2014 who has had nearly two decades of experience at the bank, mainly in the Middle East and Africa \u2014 succeeds Noel Quinn, who resigned earlier this year. WSJ<\/a>, Reuters<\/a>, and the Financial Times<\/a> are all out with profiles on Elhedery. <\/p>\n

#2- Meanwhile, Brookfield could see 36-year-old Connor Teskey become its next b\u2019naire CEO<\/strong>, who current CEO Bruce Flatt has been training to take on the role, Bloomberg<\/a> writes in its big take. <\/p>\n

CLOSER TO HOME- The latest round of Israel and Hamas\u2019 ceasefire talks are facing four sticking points: <\/strong>Whether Israel will keep its demands to bar Hamas from northern Gaza, whether Israel will be handed control over a key southern border corridor, which hostages will be released, and the commitment to a permanent ceasefire, Bloomberg<\/a> writes. <\/p>\n

On another note: The Emmys\u2019 nominations <\/strong>are out<\/a><\/strong>, with Netflix topping networks and FX shows Shogun and The Bear racking up dozens of nominations. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. It\u2019s shaping up to be another morning dominated by policy \u2014 Prime Minister Moustafa Madbouly\u2019s presser yesterday is taking over the local news cycle and we are sitting tight waiting for the House to vote on the new cabinet\u2019s policy later today. 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