{"id":645804,"date":"2017-07-31T03:53:57","date_gmt":"2017-07-31T03:53:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/what-were-tracking-on-30-july-2017-2\/"},"modified":"2017-07-31T03:53:57","modified_gmt":"2017-07-31T03:53:57","slug":"what-were-tracking-on-30-july-2017-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/what-were-tracking-on-30-july-2017-2\/","title":{"rendered":"What we\u2019re tracking on 30 July 2017"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EGX says goodbye to Mohamed Omran:<\/strong> As of yesterday noon, Mohamed Omran is no longer chairman of the EGX following a four-year run as head of the bourse. Omran said his goodbyes at a presser yesterday afternoon, <a href=\"http:\/\/www.ahram.org.eg\/News\/202342\/5\/606386\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%84%D9%89-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A7-%D8%AE%D9%84%D8%A7%D9%84--%D8%B3%D9%86%D9%88%D8%A7%D8%AA.aspx\">Al Ahram reports<\/a>. The newly constituted board of directors took their seats yesterday, helmed by the recently appointed <strong>vice chairman Mohsen Adel, who was reportedly appointed as acting chairman until a new one is named<\/strong>, <a href=\"http:\/\/www.youm7.com\/story\/2017\/7\/30\/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D8%A5%D8%B9%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D8%AA%D9%83%D9%84%D9%8A%D9%81-%D9%85%D8%AD%D8%B3%D9%86-%D8%B9%D8%A7%D8%AF%D9%84-%D8%A8%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D9%81%D8%AA%D8%B1%D8%A9\/3346860\">according to Youm7<\/a>. We have more on Omran\u2019s comments in the Speed Round.<\/p>\n<p><strong>With the <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/30\/flour-diesel-subsidies-officially-come-to-an-end-for-subsidized-bread-bakeries\/\"><strong>new bread subsidy system<\/strong><\/a><strong> going into effect tomorrow, more systemic changes <\/strong><strong>may be on the horizon<\/strong>. Supply Minister Ali El Moselhy hinted at the possibility of making income levels the determining factor in setting daily bread allocations (we have more in Enterprise+: Last Night\u2019s Talk Shows). <strong>Meanwhile, bakers are holding an \u201cemergency meeting\u201d today <\/strong>to discuss the phase-out of the subsidies, and millers are complaining the ministry has yet to settle on a price for wheat bran, <a href=\"https:\/\/alborsanews.com\/2017\/07\/30\/1040737\">Al Borsa reports<\/a>.<\/p>\n<p>On a related note: <strong>Supply Minister Ali El Moselhy is scheduled to hold a presser on <\/strong><strong>Thursday<\/strong> to discuss the changes to the smartcard and bread points system, <a href=\"http:\/\/www.ahram.org.eg\/News\/202342\/5\/606381\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D9%85%D9%88%D8%AA%D9%85%D8%B1-%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%86-%D8%A7%D9%84%D8%AE%D9%85%D9%8A%D8%B3-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84.aspx\">Ahram Gate reports<\/a>.<\/p>\n<p>There\u2019s no word on when <strong>Foreign Minister Sameh Shoukry will head to Khartoum.<\/strong>The visit had been expected before the end of July. The ban on imports from Egypt is on the agenda.<\/p>\n<p><strong>Your (mobile) internet stinks because it may soon get faster <\/strong>(and the same cannot be said for your ADSL): It would appear that the poor mobile internet service about which many have recently complained \u2014 with the bellowing reaching a crescendo yesterday \u2014 may be because of the redistribution of frequencies going on ahead of the official 4G launch, unnamed Vodafone officials <a href=\"http:\/\/www.almalnews.com\/Story\/341601\/17\/%D8%B9%D8%A7%D8%AC%D9%84----%D9%81%D9%88%D8%AF%D8%A7%D9%81%D9%88%D9%86-%D8%AA%D9%83%D8%B4%D9%81-%D8%B3%D8%A8%D8%A8-%D8%AA%D9%88%D9%82%D9%81-%D8%A5%D9%86%D8%AA%D8%B1%D9%86%D8%AA-%D8%A7%D9%84%D9%85%D8%AD%D9%85%D9%88%D9%84%E2%80%8E\">tell Al Mal<\/a>.<\/p>\n<p><strong>Another good quarter in the US of A:<\/strong> \u201cAmerica\u2019s largest companies are on pace to post two consecutive quarters of double-digit profit growth for the first time since 2011, helped by years of cost-cutting, a weaker USD and stronger consumer spending,\u201d <a href=\"https:\/\/www.wsj.com\/articles\/as-washington-stalls-company-profits-keep-trucking-1501423201\">the Wall Street Journal<\/a> notes. Too bad we\u2019re looking at another lost quarter of chopped, ground-up margins covered in mystery sauce here at home: With certain exceptions such as export-led SWDY and ORWE, we\u2019re thinking corporate Egypt\u2019s bottom line will need until next year to start turning the corner, particularly after that last rate hike, \u201ctemporary\u201d though it may be.<\/p>\n<p>Speaking of earnings: <strong>Apple is reporting tomorrow, and \u201cWall Street is <\/strong><strong>already braced for delays in the launch of the next iPhone<\/strong> \u2026 [as] reports from Apple\u2019s supply chain have caused concern about a short-term squeeze on sales and could leave Apple vulnerable to renewed competition from Samsung,\u201d the <a href=\"https:\/\/www.ft.com\/content\/2bdb82f8-73f3-11e7-aca6-c6bd07df1a3c\">Financial Times reports<\/a>. The WSJ\u2019s Christopher Mims, meanwhile, thinks it is \u201cnot crazy\u201d that the next iPhone could <a href=\"https:\/\/www.wsj.com\/articles\/5-reasons-a-1-400-iphone-isnt-crazy-1501412403\">ring in at about USD 1,400<\/a> at the register.<\/p>\n<p><strong>If you, like us, are fans of both active fund management and of Mohamed El-Erian, it\u2019s<\/strong><strong>hard not to smile at this one:<\/strong> \u201cPimco has staged a \u2018remarkable turnaround\u2019 to become the world\u2019s best-selling active mutual fund manager, after investors pulled 100s of bns of USD from the investment house following the departure of bond king Bill Gross in 2014.\u201d Pimco has pulled in nearly USD 50 bn in the six months to 30 June, according to the Financial Times, making the actively managed firm the third-largest asset manager behind BlackRock and Vanguard. <a href=\"https:\/\/www.ft.com\/content\/4eada2f8-738e-11e7-aca6-c6bd07df1a3c\">Hit the salmon-colored paper for the rest.<\/a> And while you\u2019re on the interwebs, this <a href=\"https:\/\/www.wsj.com\/articles\/asset-managers-spending-money-to-make-money-1501426800\">short piece from the WSJ<\/a> about <strong>publicly traded fund managers being hit after confessing they will need to invest in future growth<\/strong> (shocking, we know) is worth a skim.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>You have never had it better:<\/strong> The world has never been a better place, and anyone who wants to have lived in a past century is simply nuts, The Guardian suggests. \u201cThe headlines have never been worse \u2026 but <strong>humankind has never had it so good \u2013 and only our pessimism is holding us back<\/strong>.\u201d So forget about climate change, global terrorism, Donald Trump, the nutter in Pyongyang getting nukes, and the rising tide of celebrity deaths, the newspaper says: We\u2019re living in something like a golden age of humanity, according to a small group of \u201cNew Optimists\u201d that includes prominent journalists, academics and think-tank types. <a href=\"https:\/\/www.theguardian.com\/news\/2017\/jul\/28\/is-the-world-really-better-than-ever-the-new-optimists\">The full story is certainly worth checking out.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGX says goodbye to Mohamed Omran: As of yesterday noon, Mohamed Omran is no longer chairman of the EGX following a four-year run as head of the bourse. Omran said his goodbyes at a presser yesterday afternoon, Al Ahram reports. The newly constituted board of directors took their seats yesterday, helmed by the recently appointed [&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-645804","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":"a5ef38b9-603f-4a4f-be2c-8a362d8ffa21","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[645802],"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 30 July 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\/07\/31\/what-were-tracking-on-30-july-2017-2\/\" \/>\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 30 July 2017\" \/>\n<meta property=\"og:description\" content=\"EGX says goodbye to Mohamed Omran: As of yesterday noon, Mohamed Omran is no longer chairman of the EGX following a four-year run as head of the bourse. 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Omran was first appointed to run the FRA, then known as the EFSA, on\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593466,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/court-rejects-acumen-raya-lawsuits-against-fras-mohamed-omran\/","url_meta":{"origin":645804,"position":2},"title":"Court rejects Acumen, Raya lawsuits against FRA\u2019s Mohamed Omran","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"DISPUTE WATCH- Court rejects Acumen Holding\u2019s lawsuit against FRA boss for reputational damage: A Giza court rejected yesterday a EGP 20 mn lawsuit filed by Acumen Holding against Financial Regulatory Authority (FRA) Chairman Mohamed Omran for alleged reputational damage, according to Al Mal. The company had demanded compensation for harm\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\/2019\/7\/2993.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548242,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/fra-could-double-egx-freefloat-requirements-to-boost-liquidity\/","url_meta":{"origin":645804,"position":3},"title":"FRA could double EGX freefloat requirements to boost liquidity","author":"enterpriseam admin","date":"1 August 2022","format":false,"excerpt":"FRA could double EGX freefloat requirements: The Financial Regulatory Authority (FRA) is studying the possibility of increasing the minimum freefloat requirement for EGX-listed companies to 10% of their total shares, up from a current 5%, FRA Chairman Mohamed Omran told CNBC Arabia yesterday. The FRA chief says the move would\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542803,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/","url_meta":{"origin":645804,"position":4},"title":"Egypt\u2019s first-ever SPAC to list on EGX by next month -Omran","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"Make way for our first SPAC: Egypt\u2019s first blank-check company will be established within the next month, Financial Regulatory Authority (FRA) chief Mohamed Omran told Bloomberg Asharq yesterday. \u201cAt the end of this month or early next month, we will have the first blank check company,\u201d he said. The SPAC\u2026","rel":"","context":"In &quot;EGX&quot;","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/el-sisi-renews-sczone-chairman-yehia-zakis-term-for-one-year\/","url_meta":{"origin":645804,"position":5},"title":"El Sisi renews SCZone chairman Yehia Zaki\u2019s term for one year","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Suez Canal Economic Zone (SCZone) Chairman Yehia Zaki (bio) has been reappointed for another one-year term by President Abdel Fattah El Sisi, according to a statement yesterday. Zaki has been head of the SCZone for two years. He was previously managing director of Beirut-based engineering consultancy Dar Al Handasah and\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"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\/645804","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=645804"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/645804\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/645802"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=645804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=645804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=645804"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=645804"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=645804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}