{"id":638365,"date":"2017-10-03T03:30:08","date_gmt":"2017-10-03T03:30:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/03\/what-were-tracking-on-03-october-2017\/"},"modified":"2017-10-03T03:30:08","modified_gmt":"2017-10-03T03:30:08","slug":"what-were-tracking-on-03-october-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/03\/what-were-tracking-on-03-october-2017\/","title":{"rendered":"What we\u2019re tracking on 03 October 2017"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Thursday will be a day off after all (for most of us):<\/strong> The <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/10\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%A8%D8%AE%D8%B5%D9%88%D8%B5-%D8%A7%D8%AC%D8%A7%D8%B2%D8%A9-6%D8%A7%D9%94%D9%83%D8%AA%D9%88%D8%A8%D8%B1.pdf\">central bank announced<\/a> yesterday afternoon that all banks will be given Thursday off in observance of Armed Forces Day, giving us a nice long weekend. The government had earlier declared Thursday a holiday for government employees and staff at state-owned companies. The CBE\u2019s move effectively closes the financial system, but there were mixed reports yesterday evening on whether private schools and other businesses would close their doors for the day.<\/p>\n<p><strong>The central bank also announced that its net international reserves <\/strong><a href=\"http:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/Net-International-Reserves-reached-US$-36534-6-mn-at-the-end-of-September,-2017.aspx\"><strong>increased fractionally<\/strong> to<\/a> USD 36.535 bn at the end of September, up from USD 36.143 bn <a href=\"http:\/\/af.reuters.com\/article\/africaTech\/idAFZYN4Q4J00\">a month earlier<\/a>.<\/p>\n<p><strong>It\u2019s PMI day: <\/strong>Egypt\u2019s purchasing managers\u2019 index reading for September will be released this morning just after we dispatch today\u2019s issue. <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases?language=en\">You\u2019ll find it here<\/a> once it lands.<\/p>\n<p><strong>Finance Minister Amr El Garhy will announce tax figures for FY2016-17 at a press conference today at 9:00am CLT, <\/strong><a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1199812\">according to Al Masry Al Youm<\/a>. The ministry is expected to have exceeded its targets on tax collection for the first time ever by as much as 33%, <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/07\/tax-revenues-for-fy2016-17-exceed-targets-for-the-first-time-ever-by-c-33\/\">the minister had previously said<\/a>, and is likely to surpass the EGP 473.2 bn target outlined in Egypt\u2019s USD 12 bn loan agreement with the IMF. The announcement will also include figures for the first quarter of FY2017-18.<\/p>\n<p>On a related note, <strong>the Real Estate Tax Authority wants to collect EGP 10 bn by 2023, <\/strong>up from EGP 2 bn now, authority chief Samia Hussein said yesterday, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1199785\">according to AMAY<\/a>.<\/p>\n<p>Meanwhile, <strong>we\u2019re very pleased to note this morning that our friend Hassan Abdou is back in the game<\/strong>, having accepted the post of executive chairman at Gemini Holding, the Sawiris Family office, <a href=\"https:\/\/ent.news\/2017\/10\/765.pdf\">the firm announced in a statement (pdf)<\/a>. Gemini\u2019s investments include OTMT and Beltone Financial as well as real estate, oil and gas, mining, and media in Egypt and around the world. The executive chairman slot was created for Hassan and sees him return to Sawirisland, where he has a mandate to drive \u201cperformance within and across investments while optimizing long term sustainability for the Family Office.\u201d We first met Hassan, a veteran of the finance industry since the 1990s, back in 2003 when he led transactions that created and grew Wind Telecom and Weather Investments, and he\u2019s one of life\u2019s good guys \u2014 as good and decent at the Game of Life as he is at that of business. Said Naguib Sawiris of the appointment: \u201cHassan is a highly experienced and successful manager and entrepreneur who created significant value for the Orascom Telecom and Weather Investment companies. His appointment is a step up of the talents and strengths of the Family Office team.\u201d<\/p>\n<p>Across the pond: <strong>Wait, there\u2019s a reason why I employ diplomats?<\/strong> \u201cThe White House said Monday that President Donald Trump has confidence in Secretary of State Rex Tillerson, a day after Mr. Trump said the chief diplomat was \u2018wasting his time\u2019 by trying to negotiate with North Korea,\u201d <a href=\"https:\/\/www.wsj.com\/articles\/trump-says-not-the-time-to-talk-with-north-korea-1506973297\">the Wall Street Journal reports<\/a>.<\/p>\n<p><strong>Nobel Prize season kicked off yesterday<\/strong> with the announcement that <a href=\"https:\/\/www.nobelprize.org\/nobel_prizes\/medicine\/laureates\/2017\/press.html\">the 2017 Nobel Prize in Physiology or Medicine was awarded to<\/a> Jeffrey C. Hall, Michael Rosbash, and Michael W. Young for their discoveries of molecular mechanisms controlling the circadian rhythm. \u201cTheir discoveries explain how plants, animals and humans adapt their biological rhythm so that it is synchronized with the Earth's revolutions.\u201d <strong>The 2017 Nobel Prize for Physics will be announced today,<\/strong> followed by the prize for chemistry on Wednesday. The peace prize will be announced on Friday and the Prize for economic sciences will be awarded on Monday.<\/p>\n<p><strong>PSA- You may want to lay off the ibuprofen. <\/strong>Are you running enough distance or lifting heavy enough that \u201cvitamin I\u201d is part of your vocabulary? Whether you\u2019re popping ibuprofen, naproxen or another NSAID after a heavy workout, you might want to think again. Setting aside what it could be doing to the kidneys of endurance athletes, the rest of us could be sabotaging our gains by dosing up, <a href=\"https:\/\/www.nytimes.com\/2017\/07\/05\/well\/move\/bring-on-the-exercise-hold-the-painkillers.html\">the New York Times\u2019 always-readable Gretchen Reynolds reports<\/a>. A recent study found \u201canti-inflammatory painkillers might slightly impair muscles\u2019 ability to regenerate and strengthen after hard workouts.\u201d<\/p>\n<p><strong>If you run a professional services firm, should you hire for insecurity? <\/strong>That\u2019s the suggestion from <a href=\"https:\/\/www.ft.com\/content\/ba0c9234-a2d7-11e7-9e4f-7f5e6a7c98a2\">Financial Times management editor Andrew Hill<\/a>, who writes that whether you\u2019re in investment banking or law, <strong>the best professionals just might be insecure overachievers<\/strong>. \u201cThe best client relationship builders in our firm are insecure. They are so hell-bent on making their clients feel good about them that they work overtime,\u201d he quotes the head of one firm as saying. \u201cPartners are earning over GBP 800k a year and the average guy here will be thinking, \u2018God, I\u2019m not worth it\u2019,\u201d the managing partner of a law firm told him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thursday will be a day off after all (for most of us): The central bank announced yesterday afternoon that all banks will be given Thursday off in observance of Armed Forces Day, giving us a nice long weekend. The government had earlier declared Thursday a holiday for government employees and staff at state-owned companies. The [&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-638365","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":"1ad0a51b-eff2-425a-8302-c46f755f17f9","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[638363],"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 03 October 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\/10\/03\/what-were-tracking-on-03-october-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 03 October 2017\" \/>\n<meta property=\"og:description\" content=\"Thursday will be a day off after all (for most of us): The central bank announced yesterday afternoon that all banks will be given Thursday off in observance of Armed Forces Day, giving us a nice long weekend. 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There\u2019s been no word from the Central Bank of Egypt on whether banks take the\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628973,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/the-ramadan-rundown-for-20-may-2018\/","url_meta":{"origin":638365,"position":1},"title":"The Ramadan rundown for 20 May 2018","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"Your Ramadan rundown for today: Bank hours run 09:30 am to 01:30 pm for customers and from 09:00 am to 02:00 pm for employees, CBE announced. The EGX is running shorter trading hours. The trading session will kicks off at 10:00 am, but closes at 1:30 pm. Tap or click\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":637723,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/what-were-tracking-on-23-november-2017\/","url_meta":{"origin":638365,"position":2},"title":"What we\u2019re tracking on 23 November 2017","author":"enterpriseam admin","date":"23 November 2017","format":false,"excerpt":"Prime Minister Sherif Ismail is in Germany today to receive treatment and undergo surgery for an unspecified illness,according to a statement from the cabinet on Wednesday. Ismail will be there for three weeks, the statement added. Cabinet spokesperson Ashraf Sultan made the rounds on the talk and news shows last\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":637782,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/what-were-tracking-this-week-105\/","url_meta":{"origin":638365,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"It\u2019s a four-day workweek: The EGX and public sector are taking the day off this Thursday in observance of the Prophet Muhammad's birthday, which formally falls on Friday 1 December. The central bank has yet to weigh in on whether banks will be taking the day off, but the if\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628722,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/headline-inflation-drops-as-core-inflation-inches-up-slightly-in-april\/","url_meta":{"origin":638365,"position":4},"title":"Headline inflation drops as core inflation inches up slightly in April","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"It\u2019s also interest rate week, ladies and gentlemen. And in advance of that: Headline inflation drops, core inflation up fractionally in April. Annual headline inflation rates dropped to 13.1% in April from 13.3% the month before, the central bank announced yesterday. Core inflation for the month inchedwas up fractionally at\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\/2018\/5\/2978.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646638,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/what-were-tracking-on-20-june-2017\/","url_meta":{"origin":638365,"position":5},"title":"What we\u2019re tracking on 20 June 2017","author":"enterpriseam admin","date":"20 June 2017","format":false,"excerpt":"IT\u2019S OFFICIAL: Eid Al-Fitr in Egypt will be a three-day break from Sunday, 25 June until Tuesday, 27 June, Prime Minister Sherif Ismail announced yesterday, according to AMAY. All public institutions will be closed on those days. The Central Bank of Egypt subsequently announced (pdf) banks will also be closed\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\/638365","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=638365"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/638365\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/638363"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=638365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=638365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=638365"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=638365"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=638365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}