{"id":662813,"date":"2025-03-23T00:00:00","date_gmt":"2025-03-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/re-drafted-labor-act-gets-initial-green-light-from-parliament\/"},"modified":"2025-03-23T00:00:00","modified_gmt":"2025-03-23T00:00:00","slug":"re-drafted-labor-act-gets-initial-green-light-from-parliament","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/re-drafted-labor-act-gets-initial-green-light-from-parliament\/","title":{"rendered":"Re-drafted Labor Act gets initial green light from Parliament"},"content":{"rendered":"

Good afternoon, friends, and welcome to a new workweek. <\/strong>We\u2019re looking forward to warmer weather as Eid inches closer. But in the meantime, we\u2019re tracking the re-drafted Labor Act, how the petrochemicals industry will fuel industrial localization plans, and why we rage at digital inconveniences.<\/p>\n

THE BIG STORY TODAY-<\/p>\n

The House has given the initial thumbs up to the entirety of the re-drafted <\/strong>Labor Act<\/strong>, with the bill's final approval by the legislative body pencilled in for an upcoming session. Parliamentary Affairs Minister Mahmoud Fawzi told the House that the Labor Ministry will work in tandem with MPs to revisit and amend some of the draft law\u2019s provisions. The law introduces significant reforms across its 297 articles, aiming to balance the rights of workers and employers and ensure a framework that supports both job security and investment growth. <\/p>\n

THE BIG STORY ABROAD-<\/p>\n

Political turmoil in Turkey is continuing to top many of the world\u2019s digital front <\/strong>pages<\/strong> this afternoon<\/strong>, after a Turkish court jailed<\/a> Istanbul Mayor Ekrem Imamoglu \u2014 and President Recep Tayyip Erdogan\u2019s main political rival \u2014 with graft charges pending trial. Imamoglu has denied the charges, describing them as \"unimaginable accusations and slanders,\" while the streets have witnessed the country's biggest protests in more than a decade. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

The move is expected to spark larger demonstrations <\/strong>despite a country-wide ban on all gatherings.Turkish stocks and the national currency are also understood to be in line for another tough week when they begin trading again tomorrow, after last week witnessed the country\u2019s benchmark Borsa Istanbul 100 fall 16.3% throughout the week<\/a> after the opposition leader was arrested on Wednesday morning. The TRY also took a battering, at one point falling over 12% during trading before the central bank reportedly spent USD 12 bn to prop up the currency.<\/p>\n

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