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Thursday, 22 September 2016

What we’re tracking on 22 September 2016

We’ve come to our senses on ergot, but will GASC get bids during the next wheat tender? We have more on the reversal on the ergot ban (the second such reversal this year) in Speed Round, below.

Egypt interest rate watch: The Central Bank of Egypt’s Monetary Policy Committee will set interest rates today. As we noted yesterday, all 12 participants in Reuters’ poll of analysts expect a rate hike ranging between 50 bps to 200 bps, with seven expecting a 100 bps rise.

Fed leaves rates on hold: The US Federal Reserve left rates unchanged yesterday, “but strongly signaled it could still tighten monetary policy by the end of this year as the labor market improved further,” Reuters reports. See more in the Wall Street Journal or the Financial Times, with the latter making a particular note that three of the 10 Fed rate setters voted for a quarter-point hike at this meeting. The Fed’s final statement on the meeting is here.

4G deadline day: Mobile network operators have until 12:00 PM CLT today to inform the National Telecommunications Regulatory Authority (NTRA) whether they plan to apply for a 4G license, a source from the NTRA tells Youm7, adding that there will be no extension beyond noon today. This is the second the make-or-break deadline the government has set, after the 7 August deadline was extended.

Cheese maker Obour Land should file with the EGX today for a listing in advance of an IPO. Sources tell Al Borsa the listing could take place before the end of this year. The company intends to offer 25% of its shares, with use of proceeds for the funds to include support for its EGP 100 mn expansion of its juice and dairy production lines, the newspaper says. CI Capital is advising.

Learn more about the New Administrative Capital: N Gage Consulting will hold a workshop on the New Administrative Capital, also on Thursday. Registration for the event is now closed.

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