WHAT WE’RE TRACKING TODAY

No resolution on capital gains tax in sight: Last week’s controversy over the capital gains tax on stock market transactions and dividends shows no sign of ending despite high-level meetings on the subject.Finance Minister Hany Dimian reiterated that the tax, blamed for the EGX’s recent slump, will remain in place, with no changes to the law. The only thing open for discussion, Al-Mal reports the minister as saying, is the payment mechanism; the cabinet economic group is expected to take up the topic. Amr Al-Mounir, a tax Partner at PwC in Egypt, pointed out to Al-Mal that changing the payment mechanism won’t resolve the current impasse. Al Mounir added that the wording of the law is flawed and that he was expecting more clarity in the amendment to the law.

Ethiopian Foreign Minister Tawadros Adhanom arrived in Cairo on Friday for tripartite talks between Egypt, Sudan and Ethiopia over the Grand Ethiopian Renaissance Dam, as did the Sudanese Foreign Minister Mohamed Ali Ahmed Karti on Saturday. It was later announced that the summit would not be taking place on Saturday. The reason for the postponement is not yet clear, nor is it clear whether it will get off to a belated start today.

The nomination period to run for Chamber of Commerce board posts opens today and will close on Thursday, per an announcement by Trade and Industry Minister Mounir Fakhry Abdel Nour. Elections will take place on 13 June. The required documentation and other registration details are outlined by Al Mal.

WHAT WE’RE TRACKING THIS WEEK

The HSBC / Markit Economics Purchasing Managers’ Indexes for Egypt, Saudi Arabia and the UAE are due out at 6:30am UK time on Tuesday, 5 May 2015.

Also on Tuesday: The two-day Euromoney Saudi Arabia Conference gets underway on Tuesday, 5 May  at Al Faisaliah Hotel, Riyadh. Event details here.

Minister of Industry and Trade Mounir Fakhry Abdel Nour will visit Milan to promote trade and investment on Thursday, 7 May.

And finally: The United Kingdom heads to the polls on Thursday in what many analysts see as the most closely-fought general election in a generation.

Not including today, there are six Sundays left before Ramadan.

LAST NIGHT’S TALK SHOWS

Amr Adeeb suffered from extreme anxiety last night as he reflected on the state of the Arab world. According to Adeeb, “The unthinkable is taking place right before our eyes: The map of the region is being redrawn and we are just standing by and watching. Iraq is being partitioned into three separate territories, Syria is no longer a country but rather are five or six different regions, Sudan has been split into two, Libya is three and Yemen is two territories. Is this acceptable?

“With this type of backdrop, the stability of Saudi Arabia is more crucial than ever, but the situation there with the new succession plan is very worrisome. There are divisions within Saudi as well. The American plan is being executed and Iran is watching,” warned Adeeb. “The problem is that there is no one we can trust. The U.S. is making nice with Iran, while they are supporting the Saudis in Yemen, and their position on Egypt remains unclear. It is only the countries that have a unified army like Egypt that will remain intact. President Al Sisi is very well aware of this,” he added.

Lamees El Hadidy covered the crisis within the Wafd party and the call for the ouster of Wafd leader Sayed El Badawi during a general party meeting in Sharkeya on Friday. She interviewed Hossam El Khouly, the party’s secretary-general and a Badawi supporter, and Sherif Taher, one of the eight members of the party’s higher commission who have led the movement demanding Badawi’s resignation.

“We have lots of concerns about the leadership and financial mismanagement of the party since Badawi took over in 2010. We missed a golden opportunity in 2011 to create a real opposition block. As the oldest and most well established political party in Egypt, it was our responsibility after the January 25 Revolution to lead the secular opposition. Instead Badawi entered into a coalition with the Ikhwan,” said Taher.

(Yes, you may be forgiven for not remembering Al-Wafd existed, let alone failing to think that it might be relevant to the nation’s political future.)

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SPEED ROUND

Egypt aims to issue sukuk in early 2015/16, according to Minister of Finance Hany Dimian. Reuters reported he “hoped to issue, at the very least, an ijara-structured sukuk” (learn more here) at the beginning of next fiscal year. The ministry has completed amendments to a sukuk law and sent it to the Islamic Development Bank for the opinion of its Sharia board.

Egypt currency slump looms after USD black market returns -Bloomberg: Bloomberg has a longer follow-up to their piece published on Wednesday on the re-emergence of the dollar black market in Egypt, adding statements from several sources predicting further slides in the EGP in order to maintain competitiveness. “HSBC Holdings Plc expects the pound to fall to 8 per dollar this year, while HC Securities & Investment predicts it will reach that level in the fiscal year that starts in July. Capital Economics sees a drop to 8.25 pounds per dollar by year-end. “It’s both necessary and expected,” [Capital Economics economist Jason] Tuvey said.” (Read)

GB Auto calls for lower tariffs on car imports: GB Auto CEO Raouf Ghabbour called for tariffs on imported cars from the U.S. and Asia to be reduced to levels on par with preferential tariffs accorded to European, Turkish and Moroccan products, according to statements made to Reuters on Wednesday. “Currently the Egyptian passenger car distribution business is break-even or slightly losing money. The more we go into the implementation of the partnership agreements, the business is going to be completely loss-making… No one will ever think of investing as long as the regulations are unchanged.” (Read)

‘International markets ready for Egypt’s return’: Euromoney’s GlobalFinance takes a deep dive into what it says is strong international interest in sovereign and corporate debt issues in Egypt, quoting one analyst as noting, “Because it has rallied significantly some investors may think it now looks quite expensive relative to its rating. But our view is that Egypt’s ratings may now be some way behind the curve, because on the basis of metrics, such as its current account deficit and debt to GDP, it seems to be in line with better-rated sovereigns such as Paraguay and Croatia.” The publication, formerly EuroWeek and now including content from other Euromoney properties, also recaps recent developments in equity capital markets and looks forward to IPOs including the Food Industries Holding Company, International Diagnostics Holdings, Emaar Misr and Egyptian Centers as well as the listing of several state-owned companies in the petroleum sector. (Read)

Spain’s economy ministry is collaborating with Egypt to study connecting Cairo to Luxor via a high-speed rail link, Reuters reported. A MoU relating to the project was signed and Spain said it may fund the research work. The announcement came during President Abdel Fattah El Sisi’s two-day visit to Spain last week, during which he held meetings with  Prime Minister Mariano Rajoy and King Felipe VI as well as a sit-down with the heads of 15 major Spanish corporations.

NBE employees should be exempted from the government-imposed salary cap, the State Commissioners said, according to Al Masry Al Youm. They called for the cap to be abolished as NBE employees should be treated legally under the Central Bank and Banking law given that NBE is a separate legal entity than the rest of the government’s branches. The State Commissioners said the salary cap reduces the bank’s competitiveness.

Egyptian-Canadian consortium to build monorail linking Sixth of October with Giza: Housing Minister Moustafa Madbouli announced the selection of Egyptian-Canadian consortium to construct a USD 1.6 bn monorail connecting Sixth of October City to Giza. Construction on the project will begin in January 2016 and will take 30 months to complete, added the source. Upon completion, the line will comprise 17 stations (12 in phase one and five in phase two). Canadian multinational Bombardier will play a leading role in the project, reports Al Borsa. The project is wholly debt financed; the New Urban Communities Authority will be required to payback the debt over a 14-year period. More information on the project is available in thisvideo. (Read in Arabic)

MOVES- Egypt Post appointed Essam Mohamed El Sagheer as its new head effective 1 May, Al Malreported. Meanwhile, EGX chief Mohamed Omran has been tapped to head the capital markets standards committee of the African Securities Exchanges Association.

National video surveillance network announced: Prime Minister Ibrahim Mahlab announced the creation of a committee tasked with the implementation of a national video surveillance system. The committee will be headed by the assistant interior minister for communications and IT systems. (Read)

Tawfik Okasha to close his Faraeen TV channel: Often alternating between intentionally and unintentionally hilarious, TV host and media demagogue Tawfik Okasha stated that his channel Faraeen will cease operations by next Saturday due to debts of EGP 11 mn. (Read)

The volume of leasing activities in Egypt grew 400% y-o-y in 1Q2015 according to EFSA ChairmanSherif Samy. The growth, driven mostly by an increase in the leasing of heavy machinery, saw volumes hit EGP 7.1 bn in the first quarter. In related news, the Social Fund for Development has increased the credit limit it allocates for leasing companies to EGP 25 mn from EGP 10 mn as part of a national plan to support leasing activities. The fund is also increasing the cap on projects to EGP 5 mn per project.

Deposits in the Postal Savings Fund reached EGP 7.061 bn, a 10.5% rise from the same period last year, revealed CAPMAS. That said, the fund registered a 16.9% decline, from December 2014, when total deposits stood at EGP 8.501 bn to January 2015, added the source.

Saudi Arabia restructures oil giant Aramco: Al Arabiya TV was quoted by Reuters on Friday as saying that Aramco is set to be separated from the Saudi oil ministry. Aramco officials could not be immediately reached for comment by Reuters, but analysts see the move as positive, allowing Aramco to be managed according to purely commercial interests and safeguard it from politicization. (Read)

Did the economics of solar just change — again? Tesla’s Elon Musk on Friday unveiled the Powerwall, a 10kWh home battery set to retail for USD 3,500 and which charges from solar panels to provide electricity in the evening, rather than the current system which sees residences sell excess energy generated to the power grid, then buys it back in the evening to consume. The units will come with a 10-year guarantee and will be connected to the internet to so we can create smart micro-grids,” Musk said. Musk also introduced the Powerpack for industrial users and utilities; the large-scale batteries will be sold in 100 kWh units and “can be scaled up into multi gigawatt-hour class.” They’re expected to sell for USD 250 per kWh. (Read in Ars Technica and in Fortune)

No Israeli gas cartel decision before new gov’t formed -Gilo: The partners in the Israeli offshore gas field Leviathan have waited for two months for a compromise agreement to be offered by the Antitrust Authority, only now to be told that no such compromise will be offered until a new government is formed and a new Minister of National Infrastructure, Energy, and Water Resources is appointed, according to Israeli business news site Globes. (Read in Globes, noting that the article confusingly refers to Nobel [sic] Energy, when in fact the author is referring to Noble Energy.

Shell signs GBP 10 bn bridge loan: Royal Dutch Shell signed a GBP 10.07 bn bridge loan from a group of banks with Barclays as the facility agent on the transaction in order to back Shell’s acquisition of BG Group, as reported by Reuters. The lead arrangers include almost two dozen banks including Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, and HSBC among others. (Read)

Did Libor rigging help Deutsche Bank avoid a bailout? Jon Macaskill writes in Euromoney that an examination of the report issued by the New York State Department of Financial Services shows that Deutsche Bank avoided a government bailout during 2008 thanks in part to its profits from Libor rigging. (Read)

Daesh leader incapacitated with suspected spinal injuries after airstrike -Guardian: Abu Bakr al-Baghdadi, leader of Daesh, is suspected of having sustained damage to his spine in an airstrike, as reported by the Guardian. One of his deputies, Abu Alaa al-Afri, is reportedly leading the terror group in his stead. (Read)

Need a quick laugh? Check out the Washington Post’s “How Western media would cover Baltimore if it happened elsewhere.”

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A MESSAGE FROM PHAROS HOLDING

Pharos Research Comments on CBE Statements

Recent statements from the CBE governor in relation to Egypt’s FX market were met with slightly raised eyebrows at Pharos Holding Research this week. An MPC meeting on April 23 left interest rates unchanged, despite expectations of a 50 bps cut and a second administered round of EGP depreciation against the USD, which Pharos believes is vital to the success of a USD1.5 bn Eurobond issuance slated for mid-2015.

The CBE’s governor also reiterated the authority’s commitment to maintaining the FC cash deposit cap at USD 50,000, effectively sealing the exchange rate with a hard peg in the USD 7.6-7.63 per EGP range. Nonetheless, the EGP is still expected to weaken against the USD later this year, especially since any possible deals with the IMF would call for a more flexible exchange rate regime.

Click here for more commentary on the CBE’s latest resolutions.

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WORTH READING

Sour taste over sugar prices in Egypt: Financial journalist Patrick Werr’s weekly column on Egypt for The National tackles the nation’s recent 20% import tariff on sugar, and on Egypt’s inconsistent policies at work: “So now these wonderfully dysfunctional government marketplace interventions are working at direct cross-purposes. The central bank hands out dollars at a below-market price that makes importing sugar artificially cheap, and the ministry of trade charges a tariff that makes importing it artificially expensive.” (Read)

EGYPT IN THE NEWS

How often can the Qatari and Western media write and rewrite the same article on Egypt while adding nothing? This weekend, Al Jazeera, the Economist and Foreign Affairs Magazine tried to find out.

The many trials of Mohamed Morsi, by our good, good Al Jazeera of Qatar. Abdullah Al-Arian rehashes the events of the past several months and somehow manages to have it labeled as an opinion piece. Al-Arian is an assistant professor of history at Georgetown University’s School of Foreign Service in Qatar.

Foreign Affairs magazine published on Thursday Seduced by a Strongman? by RAND Corporation analyst Jeff Martini, who expresses astonishment at the basic function of any foreign ministry, namely, to explain and defend a country’s policies: “…the diplomatic corps still had to pass the loyalty test of defending regime excesses as they cracked down on the Brotherhood. To this end, Egypt’s ambassadors trotted out talking points…” Martini then goes on to draw from the bottomless well of the “Egypt can do no right” meme, criticizing the country’s involvement in the Yemen conflict while making no mention of the United States’ material and moral support for the airstrikes. (Read)

Worse than Mubarak, by The Economist. Coming off from last month’s piece featuring the passage: “Tramadol has a reputation for improving alertness and male … stamina—qualities much sought after in a country where people often have several jobs to make ends meet and where few women find it easy to experience orgasm because of widespread female genital mutilation,” it is difficult to imagine how much further the otherwise-venerable publication has to fall. “Most Egyptians seem to approve of their president,” is about the only useful piece of information in the entire piece. (Read)

Qatar’s Peninsula newspaper was all over a report originally appearing on Pakistani news site Geo TV that attributes a quote to Saudi military spokesperson Brigadier General Ahmed al-Assiri said that Saudi Arabia is not depending on military assistance from Egypt or Pakistan in a potential ground assault on Yemen.

WORTH WATCHING

HBO aired on Saturday Egyptian Tomb Raiders, featuring VICE’s Gianna Toboni as she visited Egypt to meet the looters behind the black market trade in Egypt’s antiquities, as well as the officials in both the United States and Egypt who are trying to preserve what’s left of Egypt’s archaeological heritage. (Watch a one-minute preview of the episode, as well as a 5:27 informative debriefing of the filming of the episode).

Zen and the Art of Nagging by Eslam Hossam, internet celebrity and copywriter at JWT. (Watch in Arabic, running time: 1:15)

DIPLOMACY

President Abdel Fattah El Sisi traveled to Riyadh on Saturday to greet and congratulate the new Crown Prince Mohamed Bin Nayef and new Deputy Crown Prince Mohamed bin Salman during a one-day visit, the Saudi Press Agency reported.

On Thursday, President El Sisi was in Spain to meet King Felipe VI and the Spanish Prime Minister Mariano Rajoy, according to an emailed statement from Ittihadiya. A number of agreements were signed including a cooperation agreement in the field of security and combating crime, as well as MOUs covering tourism, the protection and recovery of stolen cultural properties and infrastructure and transportation. Qatar’s Gulf Times newspaper was sure to take note of Amnesty International’s criticism of the visit. As of the time of writing, the Amnesty press release was not available online.

Nicosia Declaration offers fine words, but little more, say experts: Cyprus Mail points out that the recently signed Nicosia Declaration at the end of the recently-concluded tripartite summit of Egypt, Greece and Cyprus is free of substance and binding commitments. (Read)

Turkish gambit in Eastern Mediterranean: The school bully: Turkey “is the only country in the Eastern Mediterranean that is at odds with all of its maritime neighbors in the region — just like a school bully watching in anger his classmates happily enjoying games but without wanting to play with him … [Erdogan] wants Egypt to be ruled by Sunni fanatics, not by a general who hates Sunni fanatics … Just look at the smiling faces in Nicosia on Wednesday and Mr. Erdoğan’s ireful looks on the same day. Then superimpose the word ‘dawa’ on both pictures. Now you’ve got it.” (Read in Hurriyet Daily News)

The Qastal-Ashkit border crossing between Egypt and Sudan was officially inaugurated on Thursday “to increase trade and facilitate the flow of goods, products, and individuals across the borders, and to achieve a more open African market,” according to a statement of the Ministry of Industry and Trade. (Read)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Gradual energy subsidy reduction benefits the population, electricity ministry says
Al Borsa, Ahram Online | 30 April 2015
The gradual reduction of the energy subsidy will ultimately benefit the population as a whole and the state, the Ministry of Electricity said. The subsidy reform plan protects the poorest segments of society, the ministry added. The ministry stressed on the need to reduce consumption in order for the government to be able to ensure adequate supply of electricity. (Read in Arabic) Finance Minister Hany Qadry Dimian on Thursday said that current fuel subsidy bill will be cut by 10% in the next fiscal year, Ahram Online reports.

OIL & GAS

Shale gas production not feasible in Egypt, says former EGAS deputy chairman
Youm7 | 29 April 2015
Shale gas production in Egypt is not feasible at present given the high cost of exploration, Hamed Karkar, the former deputy chairman of EGAS said. Shale exploration is an important step forward, he added, but noted that feasibility considerations should prevail for the time being. Once reserves are proven and production becomes cheaper, Egypt could increase its shale investments, Karkar said. (Read in Arabic)

Second LNG cargo to be delivered in May – EGAS
Al Mal | 30 April 2015
Egypt will receive by May its second LNG cargo since the docking of the Hoegh Gallant, Khaled Abdel Badie, the Chairman of EGAS, announced. The first cargo was regasified and pumped into the national grid. EGAS confirmed to Al Mal it is going to issue an international tender to import extra quantities of LNG. (Read in Arabic)

EGAS negotiating importing 700 mcf of gas from Cyprus
Daily News Egypt | 29 April 2015
EGAS is negotiating importing 700 mcf of natural gas from the Aphrodite gas field starting from 2017, according to EGAS’ chairman Khaled Abdel Badie. He added that the pipeline connecting the gas field to Egypt is expected to become operational “within two and a half to three years.” Technical and engineering studies setting the route for the pipeline will be conducted by Enppi. The pipeline’s cost will be divided between the Cypriot government and Noble Energy on one side and BG, UFG, and the Egyptian government on the other. (Read)

BASIC MATERIALS & COMMODITIES

Louis Dreyfus seeks investment in the grain logistics hub
Amwal Al Ghad | 30 April 2015
Louis Dreyfus has submitted an offer to investment in the supplies ministry grain logistics hub in Damietta. Louis Dreyfus wants to build silos to store wheat as well as start commodity markets. James Wild, CEO at Louis Dreyfus Commodities, said Egypt’s geographic location allows it to become an effective regional trade hub. (Read in Arabic)

Note: The similarity in family name is not a coincidence: comedian, actress and star of Veep Julia Louis-Dreyfus is the daughter of Gérard Louis-Dreyfus, the former chief executive of the Louis-Dreyfus conglomerate and great-grandson of the group’s founder Leopold Louis-Dreyfus.

HEALTHCARE

Health ministry seeks to increase its budget to EGP 6.5 bn
Amwal Al Ghad | 30 April 2015
The Ministry of Health has submitted a request to the finance ministry asking it to increase its investment budget to EGP 6.5 bn in FY2015/16. The health ministry’s investment budget will go towards finishing the ministry’s hospitals and other projects that were kept on hold for ten years. The ministry is targeting an expansion of healthcare provision across the country. (Read in Arabic)

BANKING & FINANCE

NBE will cover USD 50 mn of a USD 1.3 bn EGPC loan, syndicate the rest
Amwal Al Ghad | 30 April 2015
NBE will hold on to USD 50 mn from a USD 1.3 bn loan to EGPC and will place the rest of the facility with other banks, a source told Amwal Al Ghad. NBE’s share of the loan was USD 440 mn and the loan was given in to finance EGPC’s repayment of debt to IOCs. EGPC had borrowed EGP 10 bn in 4Q2014 to repay debts. (Read in Arabic)

Arab Investment Bank signs EGP 80 mn agreements with the SFD
Al Ahram | 29 April 2015
The Arab Investment Bank signed two agreements with the Social Fund for Development (SFD) worth a total of EGP 80 mn. The contracts involve the financing of SMEs with one contract going toward the financing of the purchase of machinery and equipment and the other for operational costs. The Arab Investment Bank wants to increase its financing to EGP 500 mn through its “Shuraka’” programme. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

New subsidized bread system to be fully implemented by 10 May
Al Borsa | 02 May 2015
According to the Ministry of Supply and Internal Trade, Egypt’s new distribution system for subsidized bread will be fully implemented in all of each the country’s governorates by May 10. Additionally, the ministry is currently equipping all subsidized goods outlets with machinery that will allow for consumers to purchase other staple commodities, including meat and fish, in exchange for rationed bread. (Read in Arabic). On a related note, the Minister of Supply and Internal Trade revealed that the ministry is in process of renovating its 487 subsidized goods outlets. To date, work on 167 of these outlets has been completed.(Read in Arabic)

Egypt, Spain sign fish farm agreement
SIS | 30 April 2015
Mohab Mamish, head of the Suez Canal Authority, has signed an agreement with Spanish investors to start fish farming. The fish farm will be established on a “2,400-hectare area comprising 3,800 aquaculture tanks along the [Suez] canal waterline.” Mamish said work has already began for 460 tanks of the project. (Read)

EGYPT POLITICS + ECONOMICS

Tax intake reaches EGP 180 bn in the first nine months -Dimian
Amwal Al Ghad | 30 April 2015
Tax revenues for the first nine months of the year grew by 20% y-o-y to EGP 180 bn, Minister Hani Kadry Dimian announced. Income tax proceeds alone grew by 25% y-o-y and the sales tax by 30%. Dimian presented the results as a sign that the health of the Egyptian economy is improving. (Read in Arabic)

Korea Development Bank to fund upgrading of railway signaling systems
Al Borsa | 29 April 2015
The Korea Development Bank is injecting USD 115 mn to finance the development of railway signaling systems on the rail link connecting Nag Hammadi, Qena, and Luxor, according to a statement from the Ministry of International Cooperation. The funds will go toward changing the current system to one of electronic interlocking systems. The deal was announced during the meeting of international cooperation minister with Korea’s newly-appointed ambassador to Egypt Chung Kwang-kyun. (Read in Arabic)

Canadian Chamber of Commerce to finance USD 6 mn training programme
Al Borsa | 29 April 2015
The Canadian Chamber of Commerce in Cairo is funding a USD 6 mn vocational training programme. The programme aims to train 10,000 spinning and weaving sector employees to improve the industry’s competitiveness. Canadian experts will be brought in to deliver the programme and the funds will be channeled through the Social Fund for Development. (Read in Arabic)

ON YOUR WAY OUT

Orascom Construction subsidiary to build hotel in Des Moines, Iowa. Orascom announced on Thursday that its subsidiary The Weitz Company has been selected to build the Iowa Events Center Hotel in Des Moines for a total value of USD 101 mn, according to an emailed statement. The project will include a build-out of a 330-room convention hotel and connect the hotel to the Iowa Events Center, a multi-venue convention center and entertainment complex.

Court orders Youm7 newspaper to pay EGP 10,000 compensation for publishing personal information, without consent, of a minor who had been harassed: “The verdict constitutes a judicial precedent, respecting the right to privacy,” said the girl’s lawyer, Aziza al-Taweel. “No comprehensive legislation protects the citizens against the violations of their privacy,” she added. (Read)

Six injured as gunmen attack Ahram staff bus in Cairo: A group of armed assailants attacked a bus belonging to Al-Ahram Foundation in Cairo’s 6 October city on Thursday evening, injuring six people, three critically. The attackers destroyed the bus before escaping, Ahram Online reports. (Read)

Qatari Diar faces withdrawal of land: The Mahlab government is considering withdrawing 29 mn sqm of Red Sea coast land from Qatari Diar, according to sources speaking to Al Masry Al Youm. The report comes as the government has reportedly taken note of the company’s alleged tendency to not respect its contracted completion schedules. Company officials countered that they have only now received security permits to begin work — nine years into what should have been a 15-year project timeline.

Thousands still missing after Nepal quake, death count rises above 6,000: Thousands in Nepal are still missing. as the government puts the death count so far at 6,250 with 14,350 injured as of Friday, Reuters reports. Over a thousand Europeans are still missing in the country, most of whom are thought to be backpackers who have not previously registered with their home countries’ embassies. (Read)

Six Baltimore officers charged in death of Freddie Gray: On Saturday, six officers were charged with failing to properly secure Freddie Gray with a seat belt, who suffered a severed spine while in a police car in their custody. The officers are further charged with failing to give him access to medical care. Gray’s death sparked demonstrations which turned to riots in Baltimore. (Read)

The Man Who Foresaw Baltimore: For a more in-depth look at the spate of civil unrest witnessed not only following the Freddie Gray case but in other recent high-profile incidents as well, the Atlantic has a piece on the findings of the 1967 Kerner Commission, which largely foresaw that the United States was “moving toward two societies, one black, one white–separate and unequal.” The article points out mandatory drug sentencing as well as the hollowing-out of the manufacturing sector as motivating factors in the urban poverty and relatively-higher rates of incarceration faced by blacks in the United States. (Read)

Singer Ben E. King, most famous for Stand By Me, passed away on Thursday at the age of 76.

BY THE NUMBERS

USD CBE auction (Thursday, 30 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Saturday, 2 May): 7.67 (-0.02 from Wednesday, 29 April)

EGX30 (Thursday): 8,672.29 (+2.17%)
Turnover: EGP 605.9 mn (8% above the 90-day average)

WTI: USD 59.15 (-0.80%)
Brent: USD 66.46 (-0.48%)

TASI: 9,834.5 (+0.2%)
ADX: 4,647.1 (-0.7%)
DFM: 4,229.0 (+0.3%)
KSE Weighted Index: 435.1 (+0.2%)
QE: 12,164.5 (-0.7%)
MSM: 6,322.5 (+0.1%)