{"id":637668,"date":"2017-11-22T03:54:34","date_gmt":"2017-11-22T03:54:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/22\/what-were-tracking-on-22-november-2017\/"},"modified":"2017-11-22T03:54:34","modified_gmt":"2017-11-22T03:54:34","slug":"what-were-tracking-on-22-november-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/22\/what-were-tracking-on-22-november-2017\/","title":{"rendered":"What we\u2019re tracking on 22 November 2017"},"content":{"rendered":"

<\/a> Cigarette prices are going up, and the local press is already losing its mind in a <\/strong>pre-emptive fit of nicotine withdrawal. <\/strong>The House of Representatives voted yesterday to amend the Value-Added Tax Act to increase the schedule tax on tobacco, Ahram Online reports<\/a>. The move follows a petition by the Finance Ministry that has passed the House Budget Committee in record time before getting the nod from the House in plenary session.<\/p>\n

How much more are they going to cost? <\/strong>Cigarettes sold for less than EGP 18 will see a EGP 3.50 increase per pack, while those sold at EGP 18-30 will see a EGP 5.50 price jump. Packs currently going for over EGP 30 will now cost EGP 6.50 more each.<\/p>\n

When does it go into effect? <\/strong>Finance Minister Amr El Garhy told talk show hosts last night that he expects President Abdel Fattah El Sisi to sign off on the tax hike later this week.<\/p>\n

How much will state coffers net \u2014 and what will El Garhy do with the windfall? <\/strong>Finance Minister Amr El Garhy told the House Budget Committee that the increase is expected to generate between EGP 7 bn and EGP 8 bn in new revenue. Funding from the tax grab will go towards spending on social welfare programs and on implementing the EGP 600 mn Universal Healthcare Act.<\/p>\n

PM threw his weight behind the bill? <\/strong>\u201cThe quick and sudden submission of the bill for a vote came after Prime Minister Sherif Ismail paid a surprise visit to parliament on Tuesday morning to discuss the increase with speaker Abdel-Aal,\u201d Ahram Online\u2019s Gamnal Essam El-Din reports.<\/p>\n

It\u2019s the only story the domestic press can talk about this morning. <\/strong>The story has topped headlines in almost every local paper<\/a> with updates across the news cycle as if they were covering a natural disaster. It also dominated last night\u2019s airwaves (see Last Night\u2019s Talk Shows, below). It\u2019s also just about the only tax that even the smokers among us will full-throatedly cheer. <\/strong>We say this in the most secular way possible: They\u2019re called sin taxes for a reason.<\/p>\n

Schneider Electric is organizing the 2017 <\/strong>Innovation Summit Egypt<\/strong><\/a> starting from<\/strong> today and until Friday<\/strong>, where it will launch its EcoStruxure architecture and platform for end-to-end IoT-enabled solutions. CEO and Chairman Jean-Pascal Tricoire will attend the summit, as will the ministers of electricity and CIT.<\/p>\n

Looking at how to balance your personal portfolio? Stay in equities and look at both <\/strong>Europe and emerging markets<\/strong>, writes self-styled personal finance \u2018guru\u2019 Ken Fisher (personal website<\/a>), the former equities analyst and founder of Fisher Investments<\/a> who enjoys moonlighting as a columnist and author. \u201cI don\u2019t see this bull market ending soon.<\/strong> Markets tend to look forward only about 3-30 months, focusing most closely on the next 12-18. In that span, what I see looks positive. Economic drivers are strong. Corporate earnings are zooming globally. High and rising leading economic indices say more growth is in store.\u201d Read the full piece in the FT here<\/a> or check out a rundown on his FT Money Ask Me Anything appearance here<\/a>.<\/p>\n

Uber hid a data breach <\/strong>that compromised the personal data of some 50 mn users and another 7 mn drivers, the Financial Times reports<\/a>, saying prosecutors in New York have opened an investigation. The ride-sharing service is believed to have paid USD 100k to hackers to have them destroy the information, but failed to tell customers or regulators about the incident. The company\u2019s new CEO has apologized and says he\u2019s ordered an investigation. Bloomberg<\/a> and the Wall Street Journal<\/a> also have the story. It\u2019s unlikely the data on that bank-issued piece of plastic you use to make purchases has been leaked<\/strong>, from what we can gather. Uber\u2019s statement on the breach is here.<\/a> Advice for affected riders is here<\/a> and for affected drives is here<\/a>.<\/p>\n

Pixar\u2019s John Lasseter is the latest figure in the US to fall in what appears to be a <\/strong>[redacted] harassment scandal<\/strong> broken by the Hollywood Reporter<\/a>. Lasseter said yesterday he would \u201ctake \u2018a six-month sabbatical\u2019 after unspecified \u2018missteps\u2019 that made some staffers feel \u2018disrespected or uncomfortable,\u2019\u201d the New York Times notes<\/a>.<\/p>\n

Insight into our fevered brains: Why are we talking about [redacted] harassment and <\/strong>\u201cpiece of plastic you use to make purchases\u201d? <\/strong>We\u2019re all grown-ups and should be able to read the word [redacted] in that last sentence. And even our resident 10-year-old dreams of having her own piece of plastic. But we do this so as not to anger the algorithms that govern our deliverability to your inbox every morning. The first [redacted] word does that outright. The second word, used in this context, would do the same. That\u2019s why we talk about freetrade rather than breaking it into two words as it should be. It\u2019s by we talk about banks issuing LGs rather than spelling out the words (the second one is the problem). And it\u2019s why we sometimes explain concepts rather than using simple words that would do the trick.<\/p>\n

PSA- Do you have kids? Or are you young enough that the hell that is K-12 education is <\/strong>still fresh in your mind? <\/strong>Go see Wonder<\/a>. Our word not good enough for you? Google it \u2014 it\u2019s getting great reviews. Check out takes from the New York Times<\/a> and Variety<\/a>, get the inside scoop on its marketing from Deadline<\/a> or check out the RJ Palacio book on which it was based<\/a>. Julia Roberts and Owen Wilson are perfect (not normally an adjective we\u2019d use for Mr. Wilson), and the child actors are \u2014 as Glenn Kenny rightly writes for the Times \u2014 simply perfect.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cigarette prices are going up, and the local press is already losing its mind in a pre-emptive fit of nicotine withdrawal. The House of Representatives voted yesterday to amend the Value-Added Tax Act to increase the schedule tax on tobacco, Ahram Online reports. The move follows a petition by the Finance Ministry that has passed […]<\/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-637668","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":"79438766-71fc-4398-8c68-728e7effcb76","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[637666],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 22 November 2017 - 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\/2017\/11\/22\/what-were-tracking-on-22-november-2017\/\" \/>\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 22 November 2017\" \/>\n<meta property=\"og:description\" content=\"Cigarette prices are going up, and the local press is already losing its mind in a pre-emptive fit of nicotine withdrawal. 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The new increases represent a rise in the fixed tax per pack. The old\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632849,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/21\/what-were-tracking-on-21-february-2018\/","url_meta":{"origin":637668,"position":1},"title":"What we\u2019re tracking on 21 February 2018","author":"enterpriseam admin","date":"21 February 2018","format":false,"excerpt":"Amr El Garhy is projecting revenues in FY2018-19 will reach EGP 1 tn, a first in the country\u2019s history, Finance Ministry sources told Al Mal on Tuesday. The statements come as the ministry has begun drafting the budget for the next fiscal year with the hope of introducing it to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597040,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/cigarette-prices-in-egypt-could-rise-in-october-on-the-back-of-a-tax-increase\/","url_meta":{"origin":637668,"position":2},"title":"Cigarette prices in Egypt could rise in October on the back of a tax increase","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"EXCLUSIVE- Cigarette prices could rise in October on the back of a sin tax increase: The prices of cigarettes may climb in October after a Finance Ministry committee finalized a draft proposal which would raise the ceiling on the taxable price brackets and tack on an additional EGP 0.5 to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569457,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/amendments-to-vat-tax-act-to-raise-sin-tax-in-egypt\/","url_meta":{"origin":637668,"position":3},"title":"Amendments to VAT Tax Act to raise sin tax in Egypt","author":"enterpriseam admin","date":"25 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Amendments to VAT Tax Act raises sin tax on tobacco products, imposes brand new taxes on e-cigs: Official tobacco prices will climb by varying rates on the back of amendments to the VAT Tax Act given a final nod by the House of Representatives yesterday, reports Masrawy. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/318.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650470,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/26\/what-were-tracking-on-26-march-2017\/","url_meta":{"origin":637668,"position":4},"title":"What we\u2019re tracking on 26 March 2017","author":"enterpriseam admin","date":"26 March 2017","format":false,"excerpt":"** Take our quarterly reader survey and we\u2019ll take at least two of you to lunch\u2026 What are the biggest challenges facing businesses in Egypt? Were the last three months good for doing business? Where do you and your business see the exchange rate stabilizing? Help us help you find\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648168,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/government-earmarks-extra-egp-46-bn-for-social-security-spending-to-combat-price-increases\/","url_meta":{"origin":637668,"position":5},"title":"Government earmarks extra EGP 46 bn for social security spending to combat price increases","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"The Ismail government has signed off on an EGP 46 bn social security package for FY2017-18, according to a statement from the Finance Ministry. 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