{"id":648059,"date":"2017-05-28T03:49:47","date_gmt":"2017-05-28T03:49:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/what-were-tracking-on-28-may-2017\/"},"modified":"2017-05-28T03:49:47","modified_gmt":"2017-05-28T03:49:47","slug":"what-were-tracking-on-28-may-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/what-were-tracking-on-28-may-2017\/","title":{"rendered":"What we\u2019re tracking on 28 May 2017"},"content":{"rendered":"

We wish everyone a blessed Ramadan and hope day one wasn\u2019t all bad for our fasting <\/strong>friends. <\/strong>Our first day was marked by sadness and disbelief that 29 Egyptians, some of them children, were murdered by terrorists on Friday, on the eve of Ramadan. Martyr prayers were held on Saturday at the Cathedral of Beni Mazar in Minya and the Church of the Sacred Family in the village of Dayr Jarnous, according to a statement from the Coptic Orthodox Church<\/a>. They will be in our prayers and we hope they will be in yours.<\/p>\n

<\/a> Term limits have come to the EGX. <\/strong>The Ismail cabinet approved on Thursday a proposal from the Egyptian Exchange to limit the bourse chairman to a maximum of two four-year terms, according to Al Mal<\/a>. Meanwhile, a seat on the EGX\u2019s board reserved for a representative of the small cap NILEX will allow the representative to continue serving even if the company he or she represents sees its capital increase beyond the EGP 25 mn cap. We have more on the Thursday cabinet meeting in Speed Round, below.<\/p>\n

You\u2019ll want to check ahead before leaving for the airport this morning if you\u2019re flying <\/strong>to or through Heathrow. <\/strong>British Airways canceled all of its flights through Heathrow and Gatwick yesterday \u201cdue to a major IT failure causing severe disruption to its global operations that is expected to run into Sunday,\u201d the Guardian reports<\/a>. \u201cOn Saturday night the operator said it intended to run a \u2018near normal schedule\u2019 at Gatwick on Sunday and the \u2018majority of services\u2019 from Heathrow,\u201d the Independent added<\/a>.<\/p>\n

OPEC decided on Thursday to continue its 1.8 mn bpd production cuts for nine <\/strong>months <\/strong>through the first quarter of 2018, and judging from an offhand comment in a liveblog from The National<\/a>, it seems Egypt did not join the production cuts<\/strong>. Saudi Arabia (the de facto leader of OPEC) and Russia (the largest non-member producer) led the agreement on continuing the production cuts. Reuters notes<\/a> that oil plunged 5% after the meeting ended because of some vague analyst fantasy that the production cuts could have been deeper or lasted longer. The Financial Times<\/a> also has coverage.<\/p>\n

The Cairo metro will operate for one extra hour <\/strong>until the end of Eid Al Fitr, with operations starting at 5:30 am and ending at 1:00 am, the Egyptian Company for Metro Management and Operations announced, according to Al Masry Al Youm<\/a>.<\/p>\n

Rex Tillerson isn\u2019t down with Ramadan. <\/strong>The US Secretary of State won\u2019t hold an iftar or a gathering to mark Eid Al-Fitr this year, breaking with an 18-year tradition that has been upheld by both Democratic and Republican secretaries of state, Reuters writes<\/a> in an exclusive this morning. In a great example of a non-answer that simultaneously passes the buck to US embassies, a State spokesperson said: \u201cWe are still exploring possible options for observance of Eid al-Fitr, which marks the end of the month of Ramadan. U.S. ambassadors are encouraged to celebrate Ramadan through a variety of activities, which are held annually at missions around the world.\u201d<\/p>\n

Now imagine how the story would be written if it happened in Egypt and you flipped <\/strong>the religions around: <\/strong>\u201cA man fatally stabbed two passengers aboard a Portland, Oregon, commuter train after they tried to stop him from harassing two young women who appeared to be Muslim, police said on Saturday,\u201d Reuters reported<\/a>.<\/p>\n

Meanwhile, the New York Times is teaching Americans about home cooking during <\/strong>Ramadan<\/strong><\/a> and throwing in its favorite collection of Ramadan recipes<\/strong><\/a> for good measure. Time to read only one thing? Go for the recipes, which include staples and oddities.<\/p>\n

Looking for a book to read as an antidote to Ramadan mosalsalat? <\/strong>Bloomberg View\u2019s Barry Ritzholtz has recommendations from a former chairman of the White House Council of Economic Advisors, the CEO of Vanguard, and hedgie and would-be Trump official Anthony Scaramucci, among others. Check out Summer Reading Season Starts Now<\/a>. In our queue are tomes from the late, amazing David Halberstam, who covered everything from war to baseball, rowing and business in his storied career. Check out:<\/p>\n