{"id":637102,"date":"2017-11-08T04:04:20","date_gmt":"2017-11-08T04:04:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/08\/what-were-tracking-on-08-november-2017\/"},"modified":"2017-11-08T04:04:20","modified_gmt":"2017-11-08T04:04:20","slug":"what-were-tracking-on-08-november-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/08\/what-were-tracking-on-08-november-2017\/","title":{"rendered":"What we\u2019re tracking on 08 November 2017"},"content":{"rendered":"<p>As it was yesterday, we\u2019re looking at another day in which the global business and political elite are squarely focused on developments in Saudi Arabia in the wake of Crown Prince Mohamed bin Salman\u2019s crackdown on corruption:<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Oil prices rose yesterday to their highest level in two years<\/strong> on tensions in KSA, with Brent crude breaking the USD 64 barrier yesterday. Oil was already on the upswing before the Saudi corruption crackdown, but analysts are <a href=\"https:\/\/www.ft.com\/content\/0c998692-c317-11e7-b2bb-322b2cb39656\">drawing a fairly direct link<\/a> between it and yesterday\u2019s surge. <a href=\"https:\/\/www.cnbc.com\/2017\/11\/06\/saudi-power-struggle-means-oil-prices-will-hit-70-before-50.html\">A CNBC piece predicting<\/a> that \u201c<strong>oil prices are more likely to rise toward USD 70 a barrel<\/strong> than sink back to USD 50\u201d is getting wide traction.<\/p>\n<p><strong>Arab stock markets were among the world\u2019s worst performers yesterday in the wake of the corruption crackdown<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-11-07\/arab-stocks-sink-most-in-world-as-rising-political-tension-bites\">Bloomberg reports<\/a>. \u201cInvestors have been hammered with bad news on the geopolitical front \u2026 It\u2019s not easy to see what is coming next. Some individuals and institutions are trying to dump assets that are tied to the investigations, there is selling pressure,\u201d Nabil Al Rantisi, Managing Director of Mena Corp. Financial Services, says.<\/p>\n<p><strong>Market players think government funds are supporting the Saudi market, preventing bigger drops.<\/strong> \u201cI think the government funds, led by the Public Investment Fund, are supporting the market \u2026 Look at other markets, all are down by more than a couple of percentage points in the last three days, while Saudi is the only market which is still holding up \u2026 The government needs to show that financial markets are taking the move positively and business is as usual in Saudi, while the reality is something else,\u201d Joice Mathew, head of equity research at United Securities says.<\/p>\n<p><strong>Asset freezes expanding? <\/strong>The corruption crackdown, led by Crown Prince Mohammed bin Salman, is also reportedly expanding beyond those already detained, as sources say the central bank \u201cordered lenders in the kingdom to freeze the accounts of dozens of individuals who aren\u2019t under arrest.\u201d Saudi Arabia\u2019s attorney general said that <strong>the arrests were <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-11-06\/saudi-arabia-said-to-freeze-bank-accounts-of-corruption-suspects\"><strong>only \u201cphase one\u201d<\/strong><\/a><strong> of a drive against corruption<\/strong>.<\/p>\n<p><strong>The arrests appear to have the backing of US President Donald Trump<\/strong>, <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/927672843504177152?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2017-11-06%2Fsaudi-arabia-said-to-freeze-bank-accounts-of-corruption-suspects\">who tweeted on Monday<\/a>, \u201cI have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing...Some of those they are harshly treating have been \u201cmilking\u201d their country for years [exclamation mark].\u201d<\/p>\n<p><strong>Other developments from the kingdom yesterday and overnight: <\/strong>MbS accused Iran of having <a href=\"https:\/\/www.ft.com\/content\/eaf5b226-c38f-11e7-a1d2-6786f39ef675\">committed \u201can act of war\u201d<\/a> when it supplied Houthi rebels with missiles used to launch an attack on Riyadh. Former Lebanese Prime Minister Saad Hariri <a href=\"https:\/\/www.wsj.com\/articles\/lebanese-prime-minister-saad-hariri-leaves-saudi-arabia-1510063771\">left Riyadh yesterday<\/a>, dispelling rumors he was being held against his will in KSA. And the last khawaga journalist to have interviewed Alwaleed bin Talal has filed the lengthy <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2017-11-07\/i-dined-with-alwaleed-in-the-desert-days-before-his-arrest\">\u201cI Dined With Alwaleed in the Desert Days Before His Arrest\u201d<\/a> for Bloomberg, in which he recounts how the two discussed politics and watched football together 10 days before Alwaleed\u2019s arrest.<\/p>\n<p><strong>Many of our friends and readers are still in London this morning for day three of the EFG Hermes London Conference.<\/strong> The firm says 290 fund managers and institutional investors are on London for meetings with 130 presenting companies representing 10 industries and 20 countries. \u201cThe inclusion of companies from Pakistan, Bangladesh, Sri Lanka, Georgia, Turkey, Uganda and Vietnam is driven by the Firm\u2019s strategy to provide investors access to new markets outside of MENA,\u201d said Group CEO Karim Awad. Speakers at the gathering include EGX boss Mohamed Farid as well as stock market bosses from Nigeria, Kenya and Pakistan. The gathering is taking place at Emirates Arsenal Stadium and wraps up tomorrow. <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/11\/London-Conference-2017-EN.pdf\">Tap here for the conference press release.<\/a><\/p>\n<p><strong>A 40-company delegation from the British Egyptian Business Association is in the UK for four days as of today<\/strong> to take part in Friday\u2019s <a href=\"http:\/\/menabritaintradeexpo.com\/index.html\">MENA Britain Trade Expo<\/a>, where infrastructure, financial services, renewable energy, and oil will be in the limelight.<\/p>\n<p><strong>The House of Representatives\u2019 Industry Committee is also expected to resume talks on the Automotive Directive today. <\/strong>The bill was amended for the third time after a German consultancy firm assisted the Trade and Industry Ministry in refining it. The law gives assemblers incentives to go further up the value chain into manufacturing.<\/p>\n<p>Also today, <strong>Electricity Minister Mohamed Shaker will inaugurate the first station at the Benban solar power complex in Aswan<\/strong>. Infinity Solar will become the first company to complete a solar power plant under the feed-in tariff program, connecting 50 MW of power to the national grid once trial operations conclude.<\/p>\n<p><strong>Election results from state and municipal races in the US are flowing in as we write this morning<\/strong>, and early indications show the Democrats posting gains. The Dems have taken the statehouse in Virginia and New Jersey and progressive mayor Bill de Blasio stomped to victory and a final term in New York. Political junkie like us? Head over to Politico for the blow-by-blow, and start with their <a href=\"https:\/\/www.politico.com\/story\/2017\/11\/06\/15-elections-you-should-be-watching-244601\">15 elections you should be watching.<\/a><\/p>\n<p><strong>Other miscellany worth checking out <\/strong>this morning, if you\u2019re looking for something to read during your commute:<\/p>\n<p>For basketball fans of a certain age: New York Knicks\u2019 great <a href=\"http:\/\/www.espn.com\/espn\/feature\/story\/_\/id\/21227209\/patrick-ewing-plans-bring-georgetown-hoya-back-prominence-new-head-coach\"><strong>Patrick Ewing is finally a head coach ... but not in the NBA<\/strong><\/a>, ESPN tells us in a very nice feature.<\/p>\n<p>From the Financial Times: <a href=\"https:\/\/www.ft.com\/content\/4c132202-c39d-11e7-a1d2-6786f39ef675\"><strong>Erratic Trump puzzles China\u2019s Americanologists.<\/strong><\/a> \u201cElite US experts in China\u201d are struggling to help Beijing \u201cmake sense of an unpredictable president.\u201d<\/p>\n<p><strong>Snap(chat) foundering: <\/strong>Longtime readers won\u2019t be surprised that we\u2019re kind of delighted that Snap, which delivered \u201c<a href=\"https:\/\/enterprise.press\/stories\/2017\/02\/10\/snap-incs-unusual-ipo-prospectus\/\">the most shareholder-unfriendly governance in an initial public offering, ever<\/a>,\u201d has seen its shares plunge again after posting disappointing revenue and growth figures. Party\u2019s over, folks: <a href=\"https:\/\/www.wsj.com\/articles\/snap-quarterly-loss-more-than-triples-1510089379\">The company\u2019s shares nosedived as much as 20%<\/a> \u201cafter the company said its quarterly loss more than tripled.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As it was yesterday, we\u2019re looking at another day in which the global business and political elite are squarely focused on developments in Saudi Arabia in the wake of Crown Prince Mohamed bin Salman\u2019s crackdown on corruption: Oil prices rose yesterday to their highest level in two years on tensions in KSA, with Brent crude [&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-637102","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":"eba52896-f758-4699-ba86-4c568a0f7bc3","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[637100],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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USD 107 bn) from settlement agreements it has reached so far with businessmen who were detained on corruption charges, a statement from the country\u2019s Center for International Communication\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":631487,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/20\/what-were-tracking-on-20-march-2018\/","url_meta":{"origin":637102,"position":1},"title":"What we\u2019re tracking on 20 March 2018","author":"enterpriseam admin","date":"20 March 2018","format":false,"excerpt":"Debating the Ismail government\u2019s deficit-reduction target: The analyst community is asking questions of the deficit reduction target in the draft FY2018-19 budget approved by cabinet on Sunday. The document sees the deficit falling to 8.4% of GDP against an expected 9.6-9.8% this year. Sigma Capital chief economist Aya Abdullah sees\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":636142,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/21\/saudi-authorities-continue-to-question-arrest-individuals-in-corruption-crackdown\/","url_meta":{"origin":637102,"position":2},"title":"Saudi authorities continue to question, arrest individuals in corruption crackdown","author":"enterpriseam admin","date":"21 December 2017","format":false,"excerpt":"The Great MBS Purge rolls on: Saudi Arabian authorities are questioning more people and freezing more bank accounts as part of its anti-corruption crackdown which saw princes and officials arrested, Bloomberg reports, citing people familiar with the matter. Authorities are working on settlements with some suspects, as the kingdom is\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":637567,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/20\/what-were-tracking-on-20-november-2017\/","url_meta":{"origin":637102,"position":3},"title":"What we\u2019re tracking on 20 November 2017","author":"enterpriseam admin","date":"20 November 2017","format":false,"excerpt":"A random thought before we get underway this morning: It is an honor to write each and every one of you. Thank you all for reading.On to the news: Foreign policy and international headlines dominated the conversation on Egypt yesterday and look set to do the same today.First up, President\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":624472,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/10\/more-of-what-were-tracking-today-for-10-september-2018\/","url_meta":{"origin":637102,"position":4},"title":"More of What We\u2019re Tracking Today for 10 September 2018","author":"enterpriseam admin","date":"10 September 2018","format":false,"excerpt":"Another day, another Abraaj takedown: Yesterday, it was the FT\u2019s turn to publish a long take on the rise and fall of Abraaj and its founder Arif Naqvi. What we found interesting in this one is just how much of the firm\u2019s recent misfortune hinged on the USD 1.8 bn\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":593508,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/what-were-tracking-on-01-october-2019\/","url_meta":{"origin":637102,"position":5},"title":"What we\u2019re tracking on 01 October 2019","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"Today\u2019s the day, ladies and gents: The House of Representatives reconvenes at 10am CLT today for its fifth and final legislative session before we\u2019ll elect not just MPs to the House, but also a new Senate, which was reconstituted under the new constitution. What\u2019s on the House\u2019s agenda as MPs\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\/637102","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=637102"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637102\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/637100"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=637102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=637102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=637102"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=637102"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=637102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}