{"id":643266,"date":"2024-09-05T00:00:00","date_gmt":"2024-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/05\/to-cut-or-not-to-cut-that-is-the-question\/"},"modified":"2024-09-05T00:00:00","modified_gmt":"2024-09-05T00:00:00","slug":"to-cut-or-not-to-cut-that-is-the-question","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/05\/to-cut-or-not-to-cut-that-is-the-question\/","title":{"rendered":"To cut, or not to cut, that is the question"},"content":{"rendered":"

Good morning, friends.<\/strong> It\u2019s finally Thursday and the weekend is nearly upon us. But there\u2019s still one whole work day to go that may be more eventful than the most with the Central Bank of Egypt set to decide on our interest rate path ahead later today and details of Egypt-bound investments from Turkey and China coming our way starting to filter through the local press.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- It\u2019s decision time for the MPC: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting later today to review rates. The committee delivered <\/a>a 600 bps rate hike<\/a> following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after and has not changed them since, citing its commitment to sustaining the current trajectory of inflation moderation. <\/p>\n

The polls are in: <\/strong>The central bank is once again expected to leave interest rates unchanged as persisting inflationary pressures keep potential rates at bay, according to all analysts and economists surveyed by Enterprise<\/a> in a poll earlier this week. Those polled by Reuters agree, with 14 of the 15 that the newswire spoke to predicting that rates will be held steady and one penciling in a 100 bps rate cut.<\/p>\n

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<\/a> #2- It\u2019s day two of the Forum on China-Africa Cooperation and news of Egypt-bound<\/strong> investments have already been making the rounds: <\/strong>China National Building<\/a>Material Company (CNBM)<\/a> is interested in setting up a specialized 5 mn sqm industrial zone in Ain Sokhna, CNBM representatives told<\/a> Suez Canal Economic Zone (SCZone) head Gamal Walid El Din yesterday. The proposed zone would focus on renewable energy industries \u2014 including wind turbine blades for electricity generation and solar energy systems.<\/p>\n

And yet another Chinese auto manufacturer has signaled its interest in manufacturing<\/strong> their vehicles here<\/strong>, with officials from the privately owned Great Wall Motors<\/a> \u2014 more commonly known as just GWM \u2014 discussing ways to localize our auto industry with El Din.<\/p>\n

Watch this space for more investment news, courtesy of the Chinese public and private<\/strong> sectors: <\/strong>Prime Minister Moustafa Madbouly is also attending the three-day event<\/a> and will apparently ink a number of MoUs and contracts related to \u2014 still as of yet unspecified \u2014 investments in the Suez Canal Economic Zone and the Egyptian telecommunications sector. The day before the forum kicked off, we got news that the country is extending a CNY 100 mn development grant \u2014 currently worth around EGP 681 mn or USD 14 mn \u2014 in order to implement a number of new joint projects.<\/p>\n

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<\/a> #3- It\u2019s the third and last of the <\/strong>Egypt International Airshow<\/a><\/strong>, which kicked off earlier this week in El Alamein. The event covers all things aviation, bringing together participants from over 300 companies from more than 100 countries. It also features exhibitions from 200+ companies, discussions from industry leaders, and even aircraft flyovers and displays.<\/p>\n

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#4- The two-day US-Egypt Joint Economic Committee wraps up in Washington today,<\/strong> with government and business representatives set to discuss improving partnerships between American and Egyptian private sector companies, according to an Investment Ministry statement<\/a> out last month.<\/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

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> #1- Kouchouk to address AmCham next Tuesday: <\/strong>Finance Minister Ahmed Kouchouk will be speaking at AmCham\u2019s monthly luncheon on 10 September. The event \u2014 which will be moderated by Grant Thornton Managing Partner Kamel Saleh \u2014 will be held at Cairo\u2019s Nile Ritz Carlton from 1-4pm. Register to attend here<\/a>.<\/p>\n

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#2- Technology conference <\/strong>Tech Invest 5<\/a><\/strong> is scheduled for Tuesday, 10 September <\/strong>with a long list of experts in the field set to attend \u2014 including CIT Minister Amr Talaat and Information Technology Industry Development Agency CEO Ahmed Elzaher. The event will bring together over 200 tech companies, 50 investors, and 20 incubators and accelerators. The conference is taking place next Tuesday in New Cairo. Get your ticket for the event here<\/a>. <\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

PSA-<\/p>\n

Your phone bill may be getting pricier: <\/strong>Authorities are looking into requests by local telecom players to hike their prices in response to increased operating costs following the float of the EGP and higher fuel prices, an anonymous government official told Asharq Business<\/a>. <\/p>\n

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WEATHER- Temperatures are continuing to slowly down from their summer highs in<\/strong> Cairo today,<\/strong> with a high of 33\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a similar story in Alexandria and along the North Coast<\/strong>, with a high of 32\u00b0C and a low of 24\u00b0C.<\/p>\n

And over the weekend, <\/strong>expect to see temperatures remaining the same in the capital and likewise 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

** 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

<\/a> <\/p>\n

SIGN OF THE TIMES-<\/p>\n

<\/a> Demand for Coke and Pepsi is fizzling out:<\/strong> Consumer boycotts of soda-makers Coca-Cola and PepsiCo have led sales of the quintessentially American soda brands to plummet in Muslim-majority countries, as consumers reject longtime symbols of US corporate and cultural hegemony in light of the US\u2019 enabling of the ongoing Israeli assault on Gaza, writes Reuters<\/a>. <\/p>\n

Volumes of Coke sold in Egypt reportedly declined by double-digit percentage points <\/strong>in the first six months of 2024, the newswire added. By contrast, local soda manufacturer V7 exported three times as many bottles of its soft drinks as it did last year \u2014 a sign that Pepsi and Coke\u2019s loss may be local soda producers\u2019 gain. Across the region more broadly, market researcher NielsenIQ estimated that beverage sales of Western companies have declined by 7% across the MENA region in the first six months of 2024.<\/p>\n

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

With no one story dominating headlines in the business press this morning, we bring you <\/strong>a smattering of news at the intersection of business and US politics<\/strong>, alongside a heads-up on OPEC\u2019s latest output hike deliberations.<\/p>\n

White House may axe Nippon Steel\u2019s acquisition of US Steel<\/strong>, with Joe Biden reportedly close to blocking the Japanese company\u2019s USD 14.9 bn bid in light of<\/a> \u201cnational security concerns\u201d \u2014 a concern that many Washington insiders and experts in the field have privately ridiculed<\/a>. Election year politics are truly glorious.<\/p>\n

The timing of the news is far from coincidental<\/strong>, with the move \u2014 which Trump and Harris also say they support \u2014 understood<\/a> to be a pivot to unionized workers in the swing state of Pennsylvania concerned about the takeover ahead of the November election. <\/p>\n

For Trump, it\u2019s not only his poll numbers that are slipping:<\/strong> Shares in the Republican nominee\u2019s Trump Media & Technology Group took a tumble<\/a> yesterday, wiping all the company\u2019s gains since January. Under a lock-up agreement, Trump is unable to sell his shares until the end of this month and has had to sit tight as his majority stake in the company lose more than half its value since March.<\/p>\n

ON WALL STREET\u2013 Nvidia\u2019s terrible Tuesday may not have been as bad as we told<\/strong>, as the AI chip goliath rejected<\/a> a Bloomberg report<\/a> saying that it had been subpoenaed in an antitrust probe being carried out by the US Department of Justice.<\/p>\n

IN THE OIL MARKETS- OPEC+ is considering <\/strong>delaying<\/a><\/strong> a planned 180k bpd output hike in <\/strong>October<\/strong> after prices fell to their lowest level in a year. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. It\u2019s finally Thursday and the weekend is nearly upon us. 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It\u2019s finally Thursday and the weekend is nearly upon us. 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Before we get down to it though, as we say every six weeks... It\u2019s interest rate day here in Egypt: The Central Bank of Egypt will meet later today to review\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":632462,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/12\/what-were-tracking-this-week-59\/","url_meta":{"origin":643266,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"12 February 2018","format":false,"excerpt":"It\u2019s interest rate week, and the folks on the sell side aren\u2019t so certain we\u2019ll see a rate cut: The central bank\u2019s Monetary Policy Committee meets on Thursday to review rates.Our friends at Pharos think the MPC is most likely to maintain rates, but if a cut does come, it\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","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":578306,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/this-morning-expect-another-mega-rate-hike-when-the-central-bank-meets-later-today\/","url_meta":{"origin":643266,"position":2},"title":"THIS MORNING: Expect another mega-rate hike when the central bank meets later today","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Good morning, dear readers, and congratulations on making it to the end of another week. Like many of you, we're going to be turning on our OoO responders on Sunday and having ourselves an extended weekend for the Christmas break. We'll be back in your inboxes on Monday at the\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\/2022\/12\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650597,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/28\/what-were-tracking-this-week-201\/","url_meta":{"origin":643266,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"28 March 2017","format":false,"excerpt":"Market sees CBE keeping rates on hold: The central bank\u2019s Monetary Policy Committee (MPC) meets on Thursday to decide on the basic interest rates. 14 out of 15 economists surveyed by Reuters expects the bank will hold overnight deposit rates at 14.75% and overnight lending rates at 15.75%. The lone\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","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":595490,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/","url_meta":{"origin":643266,"position":4},"title":"Central Bank of Egypt cuts rates by 100 bps, in line with expectations","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"In line with expectations, CBE cuts rates: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month\u2019s inflation figures, which hit a six-year low, as well as declining unemployment and\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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636223,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/27\/what-were-tracking-this-week-93\/","url_meta":{"origin":643266,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"27 December 2017","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee will meet tomorrow to review key interest rates. The emerging consensus seems to be that the meeting won\u2019t see interest rates cut after a surprise m-o-m surge in inflation in November.","rel":"","context":"In "What We\u2019re Tracking This Week"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643266","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=643266"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643266\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643267"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643266"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643266"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}