The new economy, the new cabinet, Lionel Messi
It was an eventful night at the airwaves, with the talking heads discussing everything from the economy to Trump campaign adviser Walid Phares, to Lionel Messi’s visit to Egypt this week.
Hona Al Assema’s Lamees Al Hadidi appeared weary of the optimism about a strengthening EGP. Despite an improved exchange rate, importers seeing the backlog getting cleared, the banking sector returning to form, our economy is still slowing down, said Al Hadidi. “We did not see a surge in local production or exports. The rise in [CBE] reserves was on the back of loans,” she added (watch, runtime: 5:51). Banque Misr Chairman Mohamed El Etreby told Lamees that the banking sector has tripled its intake of USD since the EGP float. Banque Misr has brought in USD 6.8 bn since the float just from remittances alone, he said, adding that tourism has started to rebound (watch, runtime: 10:02).
A stronger EGP should not be our target, said Beltone Head of Research Hany Genena, who added that he expects the rate to stabilize at around EGP 17 to the greenback. Speaking on inflation, he tells Lamees that the prices of food and other commodities have gone up worldwide. Genena predicts that export figures will improve either by the end of 2017, or at beginning of 2018. He also urged the government should further raise the minimum income required to pay taxes by the end of 1H 2017 (watch, runtime: 3: 34).
Lamees talked cabinet shuffle and the House’s expected vote on it with MP Ahmed El Sherif. The perception appears to be that those tapped to head ministries are refusing due to the expected salary cuts, as Lamees called on Ismail to raise cabinet salaries to attract “qualified ministers.”
Lamees interviewed Lebanese President Michel Aoun ahead of his state visit to Cairo to discuss the Syrian conflict and the Egyptian-Lebanese relations (watch, runtime: 41: 17).
Naturally, the first thing on Kol Youm’s Amr Adib mind is Barcelona star Lionel Messi, who will be arriving in Egypt this week to promote the Tour n’ Cure hepatitis C medical tourism program, said Tamer Wagih, chairman of Prime Pharma, which is spearheading the campaign (watch, runtime: 20: 56). He reminded viewers that Messi’s Real Madrid rival, and FIFA Ballon d’Or winner Cristiano Ronaldo, will also be in Egypt at some point for his own CSR work.
Adib interviewed Walid Phares, Donald Trump’s advisor on the Middle East during his campaign. Adib asks Phares why Human Rights Watch, the New York Times, the Washington Post and LA Times are warning Trump against including the Ikhwan on the list of terrorist organizations. Phares’ reply was cut from the same cloth as Sean Spicer and Kellyanne Conway: That most of those who work at these organizations attended universities that count a large number of Ikhwanis among their faculty. In other words: Liberals are beard-huggers (watch, runtime: 11:07).
Adib then spoke with senior Siemens executive Sherif Qotab on progress on the power plants in Beni Suef, Burullus and the New Capital. The take-home message: The plants will save Egypt USD 1.3 bn in natural gas bills per year (watch, runtime: 6:26).
Speaking on Al Hayah Al Youm. Consumer Protection Agency (CPA) head Atef Yacoub called on citizens to use the CPA’s mobile application to report restaurants and cafes that impose minimum charges. (watch: runtime: 5:23).