{"id":647787,"date":"2017-05-21T04:04:57","date_gmt":"2017-05-21T04:04:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/21\/what-were-tracking-on-21-may-2017\/"},"modified":"2017-05-21T04:04:57","modified_gmt":"2017-05-21T04:04:57","slug":"what-were-tracking-on-21-may-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/21\/what-were-tracking-on-21-may-2017\/","title":{"rendered":"What we\u2019re tracking on 21 May 2017"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Central Bank of Egypt\u2019s Monetary Policy Committee will hold a <\/strong><a href=\"http:\/\/www.almalnews.com\/Pages\/StoryDetails.aspx?ID=334559\"><strong>rare Sunday <\/strong><strong>meeting<\/strong><\/a><strong> today to discuss interest rates.<\/strong> Analysts see the Central Bank <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/17\/13-of-14-economists-surveyed-by-reuters-see-the-central-bank-leaving-interest-rates-on-hold\/\">leaving rates unchanged<\/a>, despite the IMF suggesting that they\u2019re an \u201cappropriate tool\u201d to cool inflation. Standard Chartered agrees, according to the <a href=\"https:\/\/blogs.wsj.com\/frontiers\/2017\/05\/19\/this-week-on-the-frontiers-may-20th-2017\/\">Wall Street Journal\u2019s weekly frontier column<\/a>, which notes, \u201cStandard Chartered this week voiced concern about Egypt\u2019s inflation rate \u2026 urging the country\u2019s central bank to raise interest rates to 15.25% to choke off inflation, the bank said private credit has grown rapidly as banks have acquired more liquidity.\u201d<\/p>\n<p><strong>Six of seven economists surveyed by Bloomberg argue against a rate hike, saying to <\/strong><strong>do so would be \u201ccounterproductive<\/strong> because the price gains are not being driven by excess demand.\u201d An analyst at Standard Chartered argues that \u201cwhile inflation is being driven by cost factors, other indicators \u2014 including rising domestic credit \u2014 suggest the economy still faces excess liquidity.\u201d The roundup of views, by the business information service\u2019s Ahmed Feteha, is absolutely worth reading this morning: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-05-19\/why-rate-increase-is-no-answer-to-30-percent-inflation-in-egypt\">Why Rate Increase Is No Answer to 30 Percent Inflation in Egypt<\/a>.<\/p>\n<p><strong>President Abdel Fattah El Sisi flew to Riyadh yesterday to attend the <\/strong><strong>Arab-Islamic-American summit,<\/strong> alongside US President Donald Trump and other world leaders, says a statement from the presidency <a href=\"http:\/\/www.almalnews.com\/Pages\/StoryDetails.aspx?ID=334519\">picked up by Al Mal<\/a>. El Sisi, who is expected to give a speech today about Egypt\u2019s counterterrorism strategy, will also be holding one-on-one meetings with a number of his regional and global counterparts during his two-day stay. Sudanese President Omar Al Bashir will not be among them, as <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19052017&id=dcf2df43-f35d-4001-92eb-5604132e6fd8\">Al Shorouk reports<\/a> he informed Saudi\u2019s King Salman he would not be joining the gathering for \u201cpersonal reasons.\u201d Al Bashir is sending Minister of State Taha Al Hussein to attend the summit on his behalf.<\/p>\n<p><strong>Trump-mania sweeps the Gulf: <\/strong>Judging from media coverage to date, The Donald is to the GCC what Elvis was to teenage girls in about, say, 1957. The US president was accorded a remarkable welcome when he touched down in Riyadh yesterday, and Trump\u2019s first visit abroad is leading newspapers around the world. The regional enthusiasm will continue today as he makes what is expected to be a landmark speech on Islam. Trump is also expected to meet the leaders of the GCC countries as well as President Abdel Fattah El Sisi.<\/p>\n<p><strong>For good measure, the official Saudis Must Have Fun Organization put together a <\/strong><strong>celebratory Harley ride and a car race pitting four US drivers against four Saudis.<\/strong> \u201cAfter the biker rally, thousands of men filled a stadium at the university to watch a car race also timed to coincide with Mr. Trump\u2019s visit. Three food trucks, another American import, did brisk business, selling burritos and hamburgers, and the ceremony opened with the Saudi national anthem and the Star Spangled Banner.\u201d Read <a href=\"https:\/\/www.nytimes.com\/2017\/05\/20\/world\/middleeast\/saudi-arabia-king-salman-donald-trump-visit.html\">With Harleys and Hamburgers, Saudis Salute U.S. on Trump\u2019s Visit<\/a>, then head down to Speed Round for more coverage.<\/p>\n<p><strong>Meeting with Trump? \u201c<\/strong><a href=\"https:\/\/www.nytimes.com\/2017\/05\/18\/world\/middleeast\/trump-saudi-arabia-foreign-trip.html\"><strong>Keep it short and give him a win<\/strong><\/a><strong>,\u201d<\/strong> advises the New York Times, boiling down the collected wisdom of the global diplomatic community.<\/p>\n<p><strong>Trump is in Israel tomorrow for a two-day visit, <\/strong>then heading to Italy, the Vatican and Brussels.<\/p>\n<p><strong>Cairo American College wins first place in Injaz Egypt\u2019s 2017 Company Competition:<\/strong> The CAC Injaz team will now go on to represent Egypt at the regional inter-school competition, which will be hosted in the fall here in Cairo. Their Zip & Flip beach bag-towel combo has made more than EGP 40K in sales since the company first launched one month ago. The team did an excellent job yesterday presenting their business and answering questions in front of a panel of judges from the Egyptian business community. <a href=\"http:\/\/injaz-egypt.org\/\">Injaz Egypt<\/a> was established in 2003 and is the regional operating center of Junior Achievement (JA \u2014 check out the <a href=\"https:\/\/www.jaworldwide.org\/\">worldwide<\/a>, <a href=\"https:\/\/www.juniorachievement.org\/web\/ja-usa\/home\">US<\/a> or <a href=\"http:\/\/jacanada.org\/\">Canadian<\/a> sites). The first stage of the competition is over but the bags are still available for order on <a href=\"https:\/\/www.facebook.com\/ZipAndFlip\/\">Facebook<\/a> and <a href=\"https:\/\/www.instagram.com\/zipandflip\/\">Instagram<\/a>. The CAC Injaz team was advised by Hassan Abdou, a longtime friend of Enterprise and fixture of the business community.<\/p>\n<p><strong>Longtime readers know we love a good redemption story<\/strong>, and the New York Times\u2019 Dealbook serves up a great one with a look at Jon Corzine, a former boss at Goldman Sachs, ex US senator and former governor of New Jersey who is bidding to write the final chapter in a storied career after suffering the death by suicide of his 31-year-old son and the meltdown of MF Global on his watch as CEO. His swan song: A hedge fund \u201cdesigned to take advantage of the turmoil in the Trump era.\u201d Read <a href=\"https:\/\/www.nytimes.com\/2017\/05\/18\/business\/dealbook\/jon-corzine-wall-street-comeback.html\">In Tumult of Trump, Jon Corzine Seeks a Wall Street Comeback.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Egypt\u2019s Monetary Policy Committee will hold a rare Sunday meeting today to discuss interest rates. Analysts see the Central Bank leaving rates unchanged, despite the IMF suggesting that they\u2019re an \u201cappropriate tool\u201d to cool inflation. Standard Chartered agrees, according to the Wall Street Journal\u2019s weekly frontier column, which notes, \u201cStandard Chartered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":647788,"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-647787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a73908c6-9e25-47aa-bf4b-8ef83debcd9c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2017\/5\/1095.jpg","photo_position":"above","related_issue":[647785],"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 21 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\/21\/what-were-tracking-on-21-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 21 May 2017\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Egypt\u2019s Monetary Policy Committee will hold a rare Sunday meeting today to discuss interest rates. 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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 &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":647787,"position":1},"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":651497,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/14\/what-were-tracking-this-week-207\/","url_meta":{"origin":647787,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"14 February 2017","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee to leave interest rates unchanged when it meets on Thursday, a Reuters poll suggests. Nine out of 13 economists polled forecast the bank will hold overnight deposit rates at 14.75% and overnight lending rates at 15.75%. \"Higher interest rates will not help\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":637342,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/14\/what-were-tracking-this-week-100\/","url_meta":{"origin":647787,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"14 November 2017","format":false,"excerpt":"It\u2019s interest rate week: The Central Bank of Egypt\u2019s Monetary Policy Committee will meet on Thursday to review rates. The meeting comes as inflation inched down fractionally in October, but before the central bank has a full year of inflation data on which to declare victory in its post-float \u2018war\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":621788,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/a-look-at-standard-chartereds-crystal-ball\/","url_meta":{"origin":647787,"position":4},"title":"A look at Standard Chartered\u2019s crystal ball","author":"enterpriseam admin","date":"3 June 2024","format":false,"excerpt":"The bank expects the central bank to start cutting rates in 3Q 2024","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644748,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/03\/what-were-tracking-this-week-148\/","url_meta":{"origin":647787,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"3 July 2017","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee will meet on Thursday, 6 July to review interest rates. The air is still tense at the prospect of another interest rate hike akin to the 200 bps increase in rates in May. Banking sources tell Al Shorouk that the committee will\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647787","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=647787"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647787\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/647788"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647787"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647787"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}