{"id":647679,"date":"2017-05-17T03:44:30","date_gmt":"2017-05-17T03:44:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/what-were-tracking-on-17-may-2017\/"},"modified":"2017-05-17T03:44:30","modified_gmt":"2017-05-17T03:44:30","slug":"what-were-tracking-on-17-may-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/what-were-tracking-on-17-may-2017\/","title":{"rendered":"What we\u2019re tracking on 17 May 2017"},"content":{"rendered":"

Our borrowing costs are too high and our investment ceiling limited because of a<\/strong>glitch in how a key ratings agency calculates our creditworthiness. <\/strong>That\u2019s our fundamental takeaway from our investigation of the methodology behind Standard & Poor\u2019s credit rating on Egypt. Even if you\u2019re not an economics geek, take a moment to check out the story, which leads Speed Round this morning. The Brits have the luxury of debating whether sovereign credit ratings matter<\/a> \u2014 those of us schlepping along in emerging markets know they do. And if you\u2019re a fellow econogeek and have a strong opinion on the subject, let us know \u2014 whether you agree or disagree with our take \u2014 by dropping us a line at editorial@enterprise.press.<\/p>\n

<\/a>The central bank will \u201csoon\u201d scrap its USD 100k limit on bank <\/strong>transfers abroad by private citizens<\/strong>, Governor Tarek Amer said yesterday, according to Reuters<\/a>. \u201cThe limits of [USD 100,000] relating to individuals will be cancelled ... We have no need for foreign currency limits,\u201d Amer said.<\/p>\n

In a further sign that the nation\u2019s USD position is strengthening: International oil<\/strong>companies were just paid USD 750 mn to settle part of their arrears <\/strong>and another USD 750 mn is in the pipeline for payment at the beginning of June, Amer told reporters yesterday. Egypt owes the IOCs about USD 3.5 bn. \u201cAmer said separately that Egypt has received USD 8 bn in investment from<\/strong> 150 global investment funds over the past six months,\u201d Reuters reports<\/a>.<\/p>\n

MSCI is adding EFG Hermes to the <\/strong>MSCI Egypt<\/strong><\/a> index, while removing Talaat <\/strong>Moustafa Group (TMG)<\/strong>, according to Reuters<\/a>. The wire service says analysts at EFG estimate flows of around USD 30 mn as a result. The MSCI Egypt index includes CIB, Global Telecom Holding, and EFG Hermes, which replaced TMG. Meanwhile, Al Borsa<\/a> is concerned that the total weighting of Egypt on the MSCI Emerging Market Index is falling, especially after the drop in market capitalisation following the EGP\u2019s devaluation. This is also a concern as the MSCI Emerging Market Index is set to become a bit more crowded<\/strong>, with Pakistan set to be upgraded to Emerging Markets status<\/a> from Frontier Markets in June and Argentina being proposed as another candidate for reclassification<\/a> as EM along with China A-Shares<\/a>.<\/p>\n

Start your morning with what Al Mal says is the final draft of the Investment Act.<\/strong> We\u2019re taking it with a grain of salt because it is dated \u201cMonday, 17 May.\u201d The document is spread over two files here<\/a> and here<\/a>, both of them pdfs<\/p>\n

Top US diplomat on for Mideast to retire? <\/strong>Stuart Jones, the acting assistant secretary of state for the Near East and the former number two at the US embassy in Cairo, is stepping down, Reuters reports<\/a>. Jones, who we knew during his service in Egypt as a very bright and engaged guy, \u201ctold colleagues the decision was his own and that he had not been pushed out or asked to leave the department.\u201d Outgoing ambassador Stephen Beecroft is named by Reuters as one of the candidates to take over from Jones.<\/p>\n

Travel in a time of cholera: <\/strong>Heading to Cairo International this morning? Give yourself a few extra minutes of flex: \u201cCairo airport is introducing emergency measures, including quarantine, to prevent the spread of a cholera outbreak in Yemen<\/strong> by flights arriving from the war-torn Arab nation,\u201d according to an Associated Press piece picked up by Bloomberg<\/a>.<\/p>\n

Jordan\u2019s King Abdullah II is arriving in Cairo today <\/strong>for talks with President Abdel Fattah El Sisi ahead of the Arab Islamic-American Summit kicking off in Riyadh next week, Al Masry Al Youm reports<\/a>.<\/p>\n

Investment Minister Sahar Nasr is heading to KSA today<\/strong> to meet with Saudi investors and officials from the Islamic Development Bank, Al Mal reports<\/a>.<\/p>\n

The greenback is taking a beating amid White House controversies. <\/strong>It\u2019s not going to do much about the EGP:USD rate, but the furor over US President Donald Trump divulging sensitive intelligence to Russia\u2019s foreign minister has been eclipsed by another flap that has sent USD futures and US shares down in Asian trading today<\/a>. The latest: Former FBI director James Comey claims Trump asked him to shut down an investigation<\/a> of Trump\u2019s former national security advisor.<\/p>\n

A change in our collective attitude could force the economy to grow 34%. <\/strong>That\u2019s how much Bloomberg says Egypt\u2019s economy would grow if as many women were employed as men. The comparable figure for Japan is 9%, and for the US 5%. You can check out Bloomberg\u2019s Modern Motherhood Has Economists Worried<\/a> or go check out the 2012 report from Strategy& (pdf)<\/a>(that\u2019s the outfit formerly known as Booz & Company) that makes the GDP growth projection. The 34% bit is on page 9; the section on Egypt runs pp. 106-112.<\/p>\n","protected":false},"excerpt":{"rendered":"

Our borrowing costs are too high and our investment ceiling limited because of aglitch in how a key ratings agency calculates our creditworthiness. That\u2019s our fundamental takeaway from our investigation of the methodology behind Standard & Poor\u2019s credit rating on Egypt. Even if you\u2019re not an economics geek, take a moment to check out the […]<\/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-647679","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":"9bb71e62-705b-409e-8a3c-dd927a03afe4","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647677],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 17 May 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\/05\/17\/what-were-tracking-on-17-may-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 17 May 2017\" \/>\n<meta property=\"og:description\" content=\"Our borrowing costs are too high and our investment ceiling limited because of aglitch in how a key ratings agency calculates our creditworthiness. 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We have chapter and verse in this morning\u2019s Speed Round, below. We also have a\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":595516,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/fitch-affirms-credit-ratings-of-credit-agricole-national-bank-of-egypt\/","url_meta":{"origin":647679,"position":2},"title":"Fitch affirms credit ratings of Credit Agricole, National Bank of Egypt","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Fitch Ratings has affirmed the long-term issuer default rating for Credit Agricole Egypt (CAE) at 'AA+\u2019 with a \u2018stable outlook,\u2019 the agency said in a press release. The agency has also affirmed its rating for the National Bank of Egypt (NBE) at 'B+' with a stable outlook. \u201cThe ratings of\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560222,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/21\/what-were-tracking-on-21-february-2021\/","url_meta":{"origin":647679,"position":3},"title":"What we\u2019re tracking on 21 February 2021","author":"enterpriseam admin","date":"21 February 2021","format":false,"excerpt":"Good morning, everyone, and welcome to the final workweek of February. Thank you, once more, for the honour of writing you each weekday morning. Russia plays heavily in this morning\u2019s news amid word that Moscow is making some 300 mn doses of its Sputnik V vaccine available to the African\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":593508,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/what-were-tracking-on-01-october-2019\/","url_meta":{"origin":647679,"position":4},"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 "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":583579,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/this-evening-will-misr-ins-holding-sell-a-20-stake-plus-credit-suisse-shares-hit-a-new-low\/","url_meta":{"origin":647679,"position":5},"title":"THIS EVENING: Will Misr Ins. Holding sell a 20% stake? PLUS: Credit Suisse shares hit a new low","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"Happy almost-THURSDAY, wonderful people. We\u2019re nearly at the end of what has shaped up to be a rather busy week. THE BIG STORIES TODAY #1- The EGX30 extended its slide today, closing 4.15% down to bring the index\u2019s year-to-date return to a slim 0.9%. Qalaa Holdings, Sidi Kerir Petrochemicals, and\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/EGX-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647679","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=647679"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647679\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647677"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647679"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647679"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}