THIS EVENING: Madbouly instructs ministries to cut down on spending + Cargo vessel briefly stalls in the Suez Canal
Good afternoon, wonderful people. We’re quickly getting back in the swing of things after back-to-back long weekends and the news cycle is picking right up.
THE BIG STORY TODAY
Cabinet announces budget cutbacks to tamp down on spending: Prime Minister Moustafa Madbouly has issued a directive to all ministries, with the exception of a few “essential” ones, to rationalize internal spending and limit spending on some national projects, according to the Official Gazette. Under the new measures, ministries and their relevant authorities will have 21 days to submit reports detailing the portion of the budget they intend to rationalize and freeze until the end of the fiscal year.
Not another Ever Given: A cargo vessel that briefly ran aground in the Suez Canal earlier this morning has been refloated, shipping agency Leth Agencies announced in a tweet. The 225-meter MV Glory, which was sailing to China from Turkey, was refloated by Suez Canal Authority (SCA) tugs, the agency said.
Technical failure to blame: The M/V Glory which ran aground while joining a northern convoy near Al Qantarah suffered a “sudden technical failure” when it was 38 km into its journey northwards through the waterway, SCA chairman Osama Rabie said in an earlier statement. Shipping navigation was not affected, he stressed, with the M/V Glory being towed by the authority’s tugboats. The cargo vessel’s brief incident got coverage from most foreign media outlets: Bloomberg | AP | Reuters | CNBC
Flashback 2021: The Suez Canal was blocked for nearly a week after the 400-meter Ever Given ran aground, blocking the vital global shipping lane and disrupting shipping traffic. The SCA was successful in refloating it days later, reaching a compensation agreement months in July 2021 with its operators and allowing it to depart after settling a three-month dispute on who was to blame for the incident. Since then, similar yet minor incidents have occurred.
THE BIG STORY ABROAD
Brazil’s riots continue to lead the conversation in the international business press this afternoon, with riot police deployed to Brasilia’s streets arresting hundreds of people after they stormed the country’s Congress building last night. The rioters were protesting against what they claim are rigged election results, which saw returning president Luiz Inácio Lula da Silva defeat rightwing former president Jair Bolsonaro. The story is on the front pages of the Financial Times, the Wall Street Journal, Reuters, Bloomberg, and CNBC.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The newly released 25% certificates of deposit have raked in almost EGP 100 bn in a matter of days — and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency.
- GASC puts out a fresh international wheat tender: State grain buyer GASC has launched an international tender to purchase 30k-60k tons of wheat on a cost and freight basis for February delivery.
- EGX looks to forge closer ties with Gulf counterparts: EGX officials are reportedly mulling onboarding the EGX to the Gulf’s Tabadul regional exchange hub.
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HAPPENING THIS WEEK –
Chinese Foreign Minister Qin Gang will visit Egypt as part of a trip to Africa beginning today, the Chinese Foreign Ministry announced on its website. The trip will see Qin visit Egypt, Ethiopia, Gabon, Angola, and Benin from today until next Monday, January 16, the statement said, without specifying his exact agenda or when he will be landing in each country.
???? CIRCLE YOUR CALENDAR-
The national dialogue will kick off on Saturday, 14 January.
Global movers and shakers will descend on Davos for the World Economic Forum’s annual meetings on 16-20 January.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- We’re in for a sunny day tomorrow after a gloomy couple of days. Temperatures in Cairo will hit 20°C tomorrow during the day before falling to 11°C at night, our favorite weather app tells us.
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