{"id":656825,"date":"2024-12-10T00:00:00","date_gmt":"2024-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/inflation-drops-to-its-lowest-level-since-december-2022\/"},"modified":"2024-12-10T00:00:00","modified_gmt":"2024-12-10T00:00:00","slug":"inflation-drops-to-its-lowest-level-since-december-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/inflation-drops-to-its-lowest-level-since-december-2022\/","title":{"rendered":"Inflation drops to its lowest level since December 2022"},"content":{"rendered":"

Good afternoon all you wonderful people, and happy Tuesday. <\/strong>Today we have a full lineup of news and views for you, including our fresh-off-the-press inflation reading for November, updates on United Bank\u2019s EGX debut, and a deep dive into how our brains are coping with a constant onslaught of information in the digital age.<\/p>\n

THE BIG STORIES TODAY<\/p>\n

#1- Inflation decelerates for the first time since July:<\/strong> Annual headline urban inflation dropped a full percentage point to 25.5% in November, marking the first fall in inflation in three months and Egypt\u2019s lowest inflation reading since December 2022, according to data from state statistics agency Capmas. Food and beverage inflation drove the decline, falling to 24.6% \u2014 its slowest pace in over two years. Non-food inflation also fell 0.1 percentage points to 26.0% last month, according to a Capital Economics\u2019 note seen by EnterpriseAM, despite the previous months\u2019 fuel<\/a> and electricity<\/a> price hikes.<\/p>\n

#2- United Bank\u2019s<\/strong> shares rise on EGX debut: <\/strong>United Bank\u2019s shares rose 3.18% to EGP 14.29 per share at market\u2019s close on their first day of trading, after rising as high as 10% in the early hours of trading, according to Bloomberg<\/a>. The IPO saw the Central Bank of Egypt-owned bank offer a 30% stake \u2014 equivalent to 330 mn shares \u2014 at a share price of EGP 13.85 each, raising some EGP 4.57 bn.<\/p>\n

#3- Raya Holding\u2019s board preliminary approves offer for 42.9% stake in Raya Data Center: <\/strong>Raya Holding\u2019s board of directors has voted to initially approve an offer from African infrastructure investment platform Africa50<\/a> to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD 15 mn, according to an EGX statement (pdf)<\/a>, with the investment set to go toward financing the construction of a data center in Egypt. The board has also authorized the appointment of an independent financial advisor to evaluate Raya Data Center\u2019s fair value.<\/p>\n

#4- Egyptian banks begin Apple Pay trial run: <\/strong>Several Egyptian banks have begun to offer digital payment service Apple Pay today on a trial basis, with plans to expand to more banks in the coming weeks.<\/p>\n

THE BIG STORY ABROAD<\/p>\n

Israel launches airstrikes on military targets in Syria, denies advancing beyond <\/strong>buffer zone:<\/strong> Israeli forces continued to launch<\/a> airstrikes on Syrian targets on Tuesday in attacks that they said aim to keep weapons from falling into hostile hands following the ouster of Syrian president Bashar Al Assad earlier this week. The strikes hit military installations and airbases across Syria, including near Damascus, and were described as the heaviest airstrikes since Assad\u2019s departure. One Syrian source told Reuters that Israeli troops had advanced beyond the demilitarized zone and into the town of Quneitra near the Damascus airport \u2014 a claim that Israel has denied. <\/p>\n

ALSO- Israeli prime minister Benjamin Netanyahu <\/strong>testified<\/a><\/strong> in Israeli court <\/strong>for the first <\/strong>time in his long-running corruption trial<\/strong>, which has seen the PM charged with bribery, fraud, and breach of trust. Netanyahu will testify in court three times a week during the trial, which comes as the Israeli leader faces an International Criminal Court arrest warrant for alleged war crimes. <\/p>\n

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