{"id":633837,"date":"2024-07-22T00:00:00","date_gmt":"2024-07-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/biden-drops-out-of-the-presidential-race\/"},"modified":"2024-07-22T00:00:00","modified_gmt":"2024-07-22T00:00:00","slug":"biden-drops-out-of-the-presidential-race","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/biden-drops-out-of-the-presidential-race\/","title":{"rendered":"Biden drops out of the presidential race"},"content":{"rendered":"

Good morning, friends. <\/strong>It has been a busy 24 hours as the world tries to take in US President Joe Biden dropping out of the 2024 presidential race. Meanwhile, on the home front, the IMF Executive Board is scheduled to discuss the third review of our USD 8 bn loan program a week from now. <\/p>\n

AND SOME GOOD NEWS<\/strong>, especially if you\u2019re tired of cold calls from real estate salespeople trying to sell you units you have absolutely no interest in buying. The National Telecom Regulatory Authority is rolling out a feature that will alert people of marketing calls. <\/p>\n

^^ All that and more in the news well, below. <\/p>\n

<\/a> THE BLACKOUTS LIVE ON-<\/strong> We were prepared to celebrate our first 24 hours with no blackouts yesterday<\/strong>, but many of us still continued to experience power cuts despite Prime Minister Moustafa Madbouly promising that the government is halting rolling blackouts<\/a> until mid-September. We have more on the reason behind the continuation of the blackouts in the news well, below. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Egypt, Saudi talk energy cooperation:<\/strong> Newly-appointed Oil Minister Karim Badawi and Electricity Minister Mahmoud Esmat discussed ways to boost cooperation with Saudi Energy Minister Prince Abdulaziz bin Salman in Riyadh, according to a statement<\/a>. The two countries will set up committees to \u201cwork on priority areas of cooperation and identify the mechanisms for implementing them.\u201d <\/p>\n

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<\/a> #2- S<\/strong>ubsidized fertilizers could be getting pricier:<\/strong> The Madbouly government is considering raising the price of subsidized fertilizers by 30% to EGP 6,250 per ton, Asharq Business<\/a> reports, citing an unnamed government official.<\/p>\n

No surprise there: <\/strong>Industry players Enterprise spoke to last week<\/a> told us that they\u2019re waiting for the government to give them the greenlight to almost double their prices to EGP 8.8k per ton from their current EGP 4.5k. Raising prices will allow producers to offset the increase in cost resulting from the float of the EGP and the losses resulting from a dip in exports. <\/p>\n

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#3- Shorter workweeks for the summer time: <\/strong>Our friends at Youssef + Partners are implementing a four-day workweek during August as a means of improving its team\u2019s well-being and productivity, becoming the first Egyptian law firm to implement such an initiative, the firm told Enterprise. The firm also plans to implement a four-day workweek annually from June through August starting next year.<\/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

<\/a> Countdown to the long weekend: <\/strong>Banks<\/a>, the EGX<\/a>, and the public and private sectors will be off next Thursday in observance of the 23 July Revolution. <\/p>\n

WEATHER- <\/strong>It\u2019s another hot day in Cairo, with a high of 38\u00b0C and a low of 29\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s cooler in Alexandria<\/strong>, with a high of 34\u00b0C and a low of 25\u00b0C.<\/p>\n

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

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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

<\/a> US President Joe Biden has ended his reelection campaign<\/strong>, releasing a statement on X<\/a> saying that the decision is \u201cin the best interest of [his] party and the country\u201d and adding that he will \u201cfocus solely on fulfilling [his] duties as President for the remainder of [his] term.\u201d <\/p>\n

He quickly <\/strong>endorsed<\/a><\/strong> Vice President Kamala Harris<\/strong>, saying his selection of Harris as his running mate in 2020 was \u201cthe best decision [he\u2019s] made.\u201d Harris soon after expressed her \u201cintention to earn and win this nomination\u201d in an X post<\/a>.<\/p>\n

The narrative this morning is that Democrats are closing ranks around Harris as their <\/strong>candidate. She has built-in advantages:<\/strong> Because she\u2019s already on the ticket, she\u2019ll inherit<\/a> the Biden-Harris campaign\u2019s USD 96 mn war chest. Several of the figures tipped as potential Biden successors have already backed her, including North Carolina Governor Roy Cooper, California Governor Gavin Newsom, and Transport Secretary and 2020 presidential hopeful Pete Buttigieg, Reuters<\/a> reports. As of dispatch time, some 159 democrats have rallied behind Harris, according to a WaPo tracker<\/a>, including Democratic party chairs from all states<\/p>\n

But she could still face a challenge <\/strong>at the Democratic National Convention, scheduled for 19 August in Chicago. Some are still calling for an open primary where anyone can throw their hat in the ring. <\/p>\n

Unchartered territory:<\/strong> This is the first time since 1968 that a sitting president has not run for re-election and a candidate is selected outside of primaries and caucuses. <\/p>\n

What happened? <\/strong>Biden made the decision and pushed his letter out on social media before telling most on his team. He made the move after a long meeting with a very small handful of trusted advisors. Want the inside story? Reuters<\/a> | Politico<\/a> | New York Times<\/a> | Axios<\/a> have more.<\/p>\n

Trump has already spoken out<\/strong>, saying he thinks Harris will be \u201ceasier to beat\u201d<\/a> than Biden. <\/p>\n

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CLOSER TO HOME- Israel <\/strong>said it shot down<\/a><\/strong> a missile launched from Yemen yesterday<\/strong>, in a continuation of escalated violence from the Houthis after Israel\u2019s first public strike against the Yemeni Houthis. The Houthis have so far launched attacks on Tel Aviv and Eilat, and have vowed to resume attacks on Israel. <\/p>\n

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HAPPENING THIS WEEK-<\/p>\n

The World Trade Organization<\/strong> will hold a general meeting in Geneva starting today and the Bank of Canada<\/strong> will meet tomorrow to review interest rates. Canada was the first G7 economy to cut interest rates in the current cycle.<\/p>\n

Benjamin Netanyahu is in Washington tomorrow <\/strong>and the opening ceremonies for the 2024 <\/strong>Paris Olympic Games <\/strong>take place on Friday.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We dive into the ins and outs of the new cabinet\u2019s education strategy. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. It has been a busy 24 hours as the world tries to take in US President Joe Biden dropping out of the 2024 presidential race. Meanwhile, on the home front, the IMF Executive Board is scheduled to discuss the third review of our USD 8 bn loan program a week from now. 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We\u2019re already in the middle of the short workweek and very much looking forward to the long weekend. THE BIG STORY TODAY Egypt\u2019s external debt registers record decline in May: Egypt\u2019s external debt dropped to USD 153.9 bn at the end of May, down by USD\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1730.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633707,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/fuel-committee-to-announce-quarterly-prices-very-soon\/","url_meta":{"origin":633837,"position":1},"title":"Fuel committee to announce quarterly prices \u201cvery soon\u201d","author":"enterpriseam admin","date":"18 July 2024","format":false,"excerpt":"Good afternoon, wonderful people. The weekend is finally here. We hope you all have your plans set to unwind and escape the scorching heatwave.THE BIG STORY TODAY- Fuel committee concludes meetings to decide quarterly prices: The government\u2019s fuel pricing committee has concluded its meetings to review fuel prices for the\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1480.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629536,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/03\/fedcoc-calls-for-shops-to-open-close-later-under-new-opening-hours\/","url_meta":{"origin":633837,"position":2},"title":"FEDCOC calls for shops to open, close later under new opening hours","author":"enterpriseam admin","date":"3 July 2024","format":false,"excerpt":"Good morning, friends. We will not only be welcoming a new fiscal year, but also a new government that is set to be sworn in later today. We\u2019ve got a packed issue for you today with a rundown of the who\u2019s in and who\u2019s out of the new cabinet, a\u2026","rel":"","context":"In "What We're Tracking Today"","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\/2024\/5\/1754.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609077,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/this-evening-car-for-fx-initiative-has-been-reinstated\/","url_meta":{"origin":633837,"position":3},"title":"THIS EVENING: Car-for-FX initiative has been reinstated","author":"enterpriseam admin","date":"30 October 2023","format":false,"excerpt":"Good afternoon friends and welcome to this Monday that brings us closer to the end of October. The focus of the local and international news cycle remains fixated on the continuing assault of Gaza.THE BIG STORY TODAY Your favorite car scheme is officially back: President Abdel Fattah El Sisi has\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/65.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616889,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/this-evening-customers-sold-c-egp-765-mn-in-fx-at-al-ahly-exchange-and-misr-exchange\/","url_meta":{"origin":633837,"position":4},"title":"THIS EVENING: Customers sold c.EGP 765 mn in FX at Al Ahly Exchange and Misr Exchange","author":"enterpriseam admin","date":"12 March 2024","format":false,"excerpt":"Good afternoon, folks, and happy hump day. Even with Ramadan, the news cycle hasn\u2019t slowed down and is still going strong with more updates after last week\u2019s float. So, when do we eat? Maghrib prayers are at 6:02 pm in the capital, and you\u2019ll have until 4:41 am tomorrow to\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633472,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/unified-ins-law-is-now-the-law-of-the-land\/","url_meta":{"origin":633837,"position":5},"title":"Unified Ins. Law is now the law of the land","author":"enterpriseam admin","date":"15 July 2024","format":false,"excerpt":"Good afternoon, friends and happy Monday. We are still waiting for the newscycle to pick up on the second day of the business week. Meanwhile\u2026PSA- We have another long weekend ahead. The public and private sectors will be off on Thursday 25 July in observance of the 23 July Revolution,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633837","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=633837"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633837\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/633838"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633837"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633837"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}