Thursday, 5 January 2023

THIS EVENING: EGP slips against the USD to new record + Merry Christmas, everyone

Happy THURSDAY, wonderful people. We made it through the first work week of 2023 and are being rewarded with another long weekend. Merry Christmas to all of our Coptic Christmas friends and anybody else who is observing the day this weekend.

PSA- EnterprisePM is taking a day off this coming Sunday, 8 January, as the public and private sector, banks, and the EGX will be on holiday in observance of Coptic Christmas. We’ll be back in your inboxes at the usual time on Monday, 9 January.

THE BIG STORY TODAY

EGP WATCH- The EGP broke the 27 / USD 1 barrier, slipping another 1.9% against the greenback today at several banks. The decline comes after the Central Bank of Egypt allowed the EGP to slide yesterday — dipping nearly 7% — after the country’s two biggest state-owned banks introduced certificates of deposit with a record-high yield of 25%.

THE BIG STORY ABROAD

The international press is still broadly focused on the US House of Representatives’ struggle to vote in a new speaker, after Republican leader Kevin McCarthy failed to secure the necessary votes in all six rounds. The story is on the front pages of Reuters, the Financial Times, and the Wall Street Journal.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • CBE lets EGP slide as Big Two state-owned banks announce 25% CDs: The Central Bank of Egypt made a big move on the FX front yesterday, allowing the EGP to slide against the greenback at the same time as the nation’s two largest banks announced high-yield local-currency certificates of deposit.
  • Auto sales slump to fresh low: November marked another rough month for auto sales, which fell to their lowest level since at least the start of 2018 as the industry continued to face import restrictions.
  • Is an Egypt-Italy electricity interconnection project coming? Italy has reportedly submitted a proposal to the Egyptian Electricity Transmission Company to work on a joint USD 2.8 bn electricity interconnection project between the two countries with a capacity of 2.5-3 GW.

???? CIRCLE YOUR CALENDAR-

The House of Representatives adjourned on Tuesday and will reconvene plenary sessions on Sunday, 15 January.

The key news triggers in the days and weeks ahead:

  • Inflation figures for December will be released on Tuesday, 10 January.
  • The national dialogue will kick off on Saturday, 14 January.
  • The government’s fuel pricing committee will meet this month to decide quarterly fuel prices.
  • Global movers and shakers will descend on Davos for the World Economic Forum’s annual meetings on 16-20 January.
  • The IMF will publish an updated World Economic Outlook towards the end of the month.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ THIS WEEKEND’S WEATHER- We’re in for very seasonable weather for Christmas weekend, with daytime highs of 20°C and overnight lows of 9°C all three days. There’s a 90% chance of up to 5 mm of rain on Sunday evening, our favorite weather app says, suggesting we’ll start the work week on Monday with cooler temperatures (a daytime high of 16°C) and a possibility of 3-4 mm of rain.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential daily read on what’s happening in business, finance, economics and policy in Egypt and the wider region — is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. Those who successfully complete the program will then be offered full-time positions on staff.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon, key concepts, or simply how to read a an income statement;
  • How to construct an Enterprise story: From idea formulation down to the structure, style, and tone of writing;
  • The ins and outs of a newsroom, including how to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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