Morsi death sentence confirmed. NBE, BdC exempt from public wage cap? Still waiting for Cabinet on economic legislation. Siemens seeks USD 917 mn for power project. MIDOR mulls listing. Etisalat eyes 4G license. Snitch on your neighbor via El-Whats.

WHAT WE’RE TRACKING TODAY

Perhaps we were just a bit too optimistic. Cabinet members descended on the Investment Ministry’s offices yesterday for a Ramadan-themed meeting. What they discussed is anyone’s guess: Aside from a brief summary released late in the afternoon by state-owned news agency MENA, there have been no Cabinet statements or media reports we could find of decisions on the major issues due to have been on the agenda.

The MENA readout does say that the Council of Ministers was expected to sign off on executive regulations and other pieces of economic legislation. Cabinet spokesman Hossam El-Qaweesh gave us some hope there may be news coming today as he announced late yesterday that ministers will resume discussions today (Wednesday) on the state budget for 2015-16.

As we noted yesterday, we also expect news on laws and / or executive regulations governing: the delayed implementation of the capital gains tax, the reduction of the maximum tax rate to 22.5% under the to-be-approved unified income tax law, executive regulations on the civil service law, and the Suez Canal development law.

About the only piece of news to emerge was word cabinet had agreed to amend the Sinai development act— but zero detail on what they had approved.

Meanwhile, across the Atlantic: The U.S. Federal Reserve will wrap-up its two-day meeting today. Few expect today will be the day the Fed to raises short-term interest rates for the first time in nine years. Look for the customary policy statement and updated set of economic projections by 8pm CLT and then Fed Chair Janet Yellen to face reporters about 30 minutes later.

WHAT WE’RE TRACKING THIS WEEK

Tomorrow looks set to be the first day of Ramadan. Fajr will be at about 3:08am CLT; iftar at about 6:59pm CLT. Banks will be open to the public from 9:30am to 1:30pm per the CBE, while the EGX will trade 10:00am until 1:30pm, with the pre-session taking place 9:15 to 9:45. (More on EGX hours here).

Read the European financial press this morning and you’d think the world was about to end after Greek Prime Minister Alexis Tsipras denounced the latest proposal from his nation’s creditors as “humiliating to our people” and accused the IMF of “criminal responsibility” for the position in which Greece now finds itself. The showdown sets the stage for both a potential emergency summit this weekend and, perhaps, Greece’s exit from the Eurozone. “I believe that we are now in the final stretch. The real negotiations are starting now,” the WSJ quotes Tsipras as saying. The FT has a special banner section full of coverage today.

LAST NIGHT’S TALK SHOWS

Explanations, confused explanations and defense of the decision to uphold the death sentence against former President Mohamed Morsi for his Wadi Natroun prison break held sway over the talk shows on Tuesday night. Some commentators even took a moment to note he received a life term for the espionage case.

Amr Adeeb, in statements echoed by Youssef El Housseiny on his program, was taken aback that anyone would be surprised that the death sentence (which may still be appealed, more on that below) would be upheld. “A lot of people thought and think he won’t be executed? Why not? Why wouldn’t he be?”

Adeeb he went on to say that Morsi is probably looking at three years of appeals at the least before any execution is potentially carried out. He also alluded to the international community’s hypocrisy for being silent on the death penalty being exercised by more powerful countries. As for his expectations of the Brotherhood’s reaction to the verdicts, specifically with regard to the Brotherhood’s call for protests this Friday, Adeeb offered: “The real problem is the death sentence against Khairat El Shater — he’s the one the Brotherhood have to leave home for and go through the motions of protesting. The Ikhwan don’t care about Morsi.”

Adeeb then strayed into some interesting territory, offering up the prediction that “in one year, a few years, the death penalty will be abolished in Egypt,” citing the pressure of international norms. Other than that, the only bright spot in his program was when he recited a litany of the Brotherhood’s conspiracy theories, including the unforgettable theory that the current President of Egypt is in fact a Sisi-doppelganger.

Later in his program, he hosted in-studio former Al Jazeera English Cairo bureau chief Mohamed Fahmy to discuss his own trial.

Youssef El Housseiny declared “Long live justice” with regard to the verdict.

Ibrahim Eissa followed El Housseiny on ONTV for a “special episode.” This description from TV Tropes about the concept of Very Special Episodes seems to fit: “An episode, often in a sitcom, in which the lead confronts some highly emotional or forbidden issue from everyday life. Drug abuse, teenage s–, bulimia… At the end of the episode, the protagonist is Enlightened, and the guest character with the Very Special Problem is never seen or heard from again.”

Unfortunately, it is probably too much to hope for that Eissa would be considered as the guest character in the above description.

Eissa: “If we’re going to talk about security, where are the surveillance cameras? Whenever something happens, we’re always told the camera wasn’t working.”

Lamees El Hadidy opened her program with some housekeeping about the program’s Ramadan schedule: Tuesday’s episode was the last for this week, returning next week with Khairy Ramadan hosting Saturday, Sunday, Wednesday and Thursday, with El Hadidy on Mondays and Tuesdays and the show airing on CBC Extra for the duration of Ramadan. (We had, frankly, been looking forward to the talk shows going on hiatus for Ramadan… We’ll see how many others follow Lamees’ gentle lead.)

El Hadidy spent the first half of the episode on the Morsi verdict. At the top of her program, she very forcefully declared that there were still two steps of appeals, but was later corrected during a call-in by Judge Ismail Hamdi, the former head of the Criminal Court, who stated that Morsi has one appeal remaining before the Court of Cassation, and that if he does not file it himself the verdict will automatically be appealed. [If the Court of Cassation grants the appeal, then Morsi may have up to two more appeals following that, as noted in the Speed Round below.]

Lamees El Hadidy ditched her promised roundup of upcoming Ramadan serials, devoting the second half of her program exclusively to a panel interview with some of the cast of Harat al Yahud (The Jewish Quarter), including Eyad Nassar, Riham Abdelgahfour, Hala Sedki, as well as scriptwriter Medhat Al Adl. Leading actress Menna Shalaby was unavailable as she was busy filming. They discussed the main aspect of the story — a romance between a Muslim man (Nassar) and an Egyptian Jewish woman (Shalaby) in 1960s Egypt. The show has already received some attention in the Israeli press. (Watch a short trailer in Arabic, running time: 36 seconds)

** READ ENTERPRISE IN ARABIC **

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SPEED ROUND

Morsi verdict: What next? The next appeal will take place in front of the Court of Cassation, which may confirm the verdict, after which there are no further appeals. If the appeal is accepted, Morsi may have up to two more retrials. From Ahram Online’s Q & A on capital punishment published last month: “After a criminal court sentences a defendant to death and he or she appeals the court ruling, the Court of Cassation has the right either to uphold the initial verdict of a death sentence or accept the appeal, and thus order a retrial in front of another panel of judges in the criminal court. Defendants have the right to appeal a death sentence at the end of the retrial, and the Court of Cassation can either uphold it or order another retrial. This second retrial is held in front of the Court of Cassation, whose verdict is final. Usually it takes years to reach to a final verdict and to carry out a death sentence. Sometimes it takes up to a decade.” (Read in Ahram Online, see also: AMAY’s 2010 interview with Sameer Anees, Vice President of the Court of Cassation in Arabic)

Siemens seeks USD 917 mn loan from Egyptian banks to implement the recently signed USD 9 bn power project -Amwal Al Ghad: “The source said that a number of banks: National Bank of Egypt (NBE), Commercial International Bank (CIB), Arab African International Bank (AAIB) and Bank Audi -Egypt, are preparing to form banking consortium to provide the fund. The source clarified that the banks had already sent a Letter of Intent (LOI) to the German firm, but they did not determine the value of the proposed funding as it relies on the amount of what the foreign banks would contribute.” (Read)

Oil refinery MIDOR is currently assessing offers from banks to advise on its potential listing on the EGX, Mohamed Abdel Aziz, the company’s Chairman told Al Mal. NBE, CIB, and Banque Misr have expressed interest and MIDOR is set to choose an advisor within the next few days and announce the winning bid before the end of the month, the newspaper claimed, adding that the IPO would be in the USD 400 mn range. The state-owned refinery is 78% owned by the Egyptian General Petroleum Corporation. Abdel Aziz also said MIDOR was undergoing a USD 1.4 bn expansion to increase its refining capacity to 160,000 bpd from 100,000 bpd. The company received offers from 11 domestic banks to lend it USD 700 mn to fund its expansions. MIDOR is engaged in talks with an environmental committee to assess the impact of its expansion on the local environment.

Some state bank employees exempt from salary cap? A Cairo administrative court has ruled unlawfula ministerial decree imposing a salary cap on employees of Banque du Caire and the National Bank of Egypt. The court said the cap, part of an EGP 42,000 ceiling on public sector wages imposed in July 2014, did not apply to at least three institutions as each is constituted as a joint-stock company and is thus not subject to the decree. As we reported last fall, public sector financial institutions including the CBE faced an exodus of talentin the second half of last year after the maximum wage decree came into effect.

After all the hassle, Telecom Egypt’s new board of directors refused to lower the cost to ISPs to use its network infrastructure, a source told Al Masry Al Youm. The source said the price reduction would not be in TE’s financial best interest and claimed that three newly appointed board members had accused existing members of not being “cooperative” after they refused to lower the prices. Existing members did not deny the charges and said they were not there to accommodate the CIT Minister’s demands.

Etisalat preps for 4G license, considers alternative energy sources: Etisalat Egypt is preparing to invest in network infrastructure to be ready to offer high-speed 4G data services once the hotly anticipated licenses are available. A company official says the network operator wants to be a step ahead to cut the lead time it will need to get to market. Etisalat is also investing EGP 550 mn in alternative energy and to improve the quality of the batteries and generators it uses nationwide to sidestep power cuts. (Read in Arabic)

A second FSRU will be commissioned in September, EGAS Chairman Khaled Abdel Badie told Daily News Egypt. Abdel Badie qualified his statements with saying that the actual delivery will depend on the technical offers from companies, which have already been submitted. The offers will be evaluated this month.

French trade delegation wraps-up visit: A high-level trade delegation led by top French industry association Medef (website in English or in French) continued yesterday to make the rounds of Egypt as its three-day mission came to a close. Trade and Industry Minister Mounir Abdelnour said that 35 members of the delegation were due to visit the Suez Canal, while Electricity Minister Mohamed Shaker told the visiting business leaders that Egypt was particularly open for investment in the energy sector. Shaker also promised the long-awaited law deregulating the electricity sector would be issued “soon.” The delegation had met on Tuesday with Prime Minister Ibrahim Mahlab. Enterprise had the pleasure of briefing the delegation earlier in the week.

Pay your EgyptAir extra baggage costs, choose your meal online: EgyptAir chief Hisham El-Nahassays the national flag carrier is rolling out new online features that will allow passengers to pre-pay excess baggage fees and request a special meal on most flights. Those of us flying steerage will also be able to ask for exit-row seats on select routes. Click here to head over to EgyptAir’s website in English. (And may we add, in the spirit of the season, God bless EgyptAir for being one of the only airlines left in the world to allow two checked bags on international flights?)

Altercations took place at a Beheira community center between opponents and proponents of the construction of a BP facility in the governorate. The plant was set to be built on a 100-feddan plot between Idku and Rashid, distant from residential areas, Youm7 said.

The Administrative Court, led by Deputy Head of State Council Judge Yehia Dakroury, referred the cotton subsidies case to the State Commissioner’s board, Al Borsa said.

The electricity company would be very happy if you were to snitch on your neighbor via El-Whats. Indeed, the head of the Central Egypt Electricity Distribution Authority says the company is debating setting up Whatsapp hotlines to allow clients to report service issues and, yes, the theft of electricity.

Shockingly, a poll by a state-funded agency found that 87.9% of respondents across 14 governorates would not elect a member of the Muslim Brotherhood to parliament, should we choose to hold polls to send people to the House of Representatives before year’s end, as has been threatened.

Paris: Egypt’s Cleopatra Group acquires a Gulfstream G600: “Gulfstream has sold a G600 large cabin long-range business jet to Egypt’s Cleopatra Group. The Cairo-based conglomerate is already a long-term Gulfstream owner with a fleet two G550s, one GIV-SP and a G650. It also has second G650 on order. The company plans to take delivery of the G600 in 2019 — shortly after its entry into service — and will use the twin-engined aircraft for employee transportation.” (Read)

Oh, and because we here at Enterprise are — like you — are a car-happy lot, we hereby draw your attention to Al-Mal’s roundup of the five least expensive cars one can purchase in Egypt. Perhaps one of you could tell us what the Haima is? Because, truly, we have durable appreciation for its bionic face design which — judging from the seventh image down — they would really like you to compare favorably with a Hyundai or Mitsubishi. Or keep scrolling to see the innovative use of an Olympic power lifter to sell the Haima’s torque. (Not that we could do any better if we were to translate Enterprise into Chinese…)

Finally: Kirk Kerkorian is dead at age 98. The Armenian-American bn’aire was a corporate raider and investor who at various times had substantial holdings in casinos as well as Chrysler, Ford and General Motors, but is perhaps best known as a (shockingly media-shy) booster of Las Vegas who bought and sold MGM studios no less than three times. He entered deals on hunches and closed them with handshakes — and fascinated two generations of business journalists. His obit appears this morning in the WSJ, the New York Times and the FT, depending on your reading preferences.

***
A MESSAGE FROM PHAROS HOLDING

Technically Speaking

According to Pharos’ Daily Technical Report, the formation of a “falling wedge” pattern on the Hermes Last Index’s (.HRMSL) daily chart suggests that selling pressure is not very aggressive. If buyers step in now the market could start making a recovery and the question will be when is the short-term entry signal? On the other hand if buyers stay on the sidelines selling pressure will get more forceful. In any case, Pharos has negative sentiments for the market and expects any short-term recovery to be ultimately followed by a break of the EGX30’s 8,100 level. Click here to read more.
***

EGYPT IN THE NEWS

The AP’s coverage of the verdict in the trial of former President Mohamed Morsi, which opens with an autoplay one-minute video of footage from Tuesday’s hearing, (and which continues with unrelated videos if not paused) notes: “The ruling, which will be automatically reviewed by Egypt’s highest appeals court, brought no immediate outcry on the streets as thousands remain imprisoned, though the country faces threats from Islamic extremists, including an affiliate of the Islamic State group. It is not clear if Morsi will be executed.”

Morsi Verdict reactions- The Muslim Brotherhood: “We are extremely concerned that this repression — and today’s sentences — will lead some people to renounce non-violent protest. We reject all violent means of protest: our movement is a democratic one, and we will never deviate from this code. However, Sissi is forcing many within Egypt to believe violence is the only way to counter his regime, and this in turn strengthens the hand of ISIS and other extremist militant groups. The international community must react now,” according to former minister Yehia Hamed. (Ikhwanweb)

The United Nations: Secretary-General Ban Ki-moon: “The United Nations is against the use of the death penalty in all circumstances … The secretary-general is concerned that such verdicts, handed down after mass trials, may well have a negative impact on the prospects for long-term stability in Egypt.” (Read in Voice of America)

The White House: White House spokesperson Josh Earnest said the United States is “concerned that the proceedings have been conducted in a way that is not only contrary to universal values, but also damaging to the stability that all Egyptians deserve.” (VOA)

Erdogan: “The repeal of court decisions issued arbitrarily and without due process is very important in the international community’s struggle to uphold democracy and human rights,” (WSJ, paywall)

WORTH READING

While we don’t endorse the views put forth by Noah Feldman on Egypt’s state institutions in his latest for Bloomberg View, he appears to be the first out the gate with some attempt at examining what the possible future impact they may be following the two different outcomes of Morsi’s eventual fate. Read the typically Egypt-pyramids-pharaoh titled “A Life or Death Choice for Egypt’s New Pharaoh.”

WORTH WATCHING

M.I.A.’s latest music video, featuring 36k students of Shaolin Tagou, reportedly the largest fighting school for children in China. (Watch, running time: 3:25)

DIPLOMACY

Egypt will assist Liberia in creating a fund to manage SME financing, Soha Suleiman, the head of Egypt’s Social Fund for Development, told Al Ahram.

ENERGY

Noble Energy and Delek Group seek delaying the start of tax payments to build Egypt pipeline
Haaretz | 16 June 2015
The Israeli government is considering changes to the Oil Taxation Law on oil and gas operators Noble Energy’s and Delek Group’s request. The operators are asking to postpone the introduction of the tax, which is set to go into effect in 2019, by two years, giving them a cash flow between USD 1.5-2 bn. “The energy companies say they will use the savings to build an undersea natural-gas pipeline to Egypt,” Haaretz reported. (Read)

Petroceltic withdraws from Romania to focus on Egypt
Irish Times | 16 June 2015
Irish oil and gas firm Petroceltic has “withdrawn from its interests in Romania to focus its activities on its licenses in Egypt and Italy,” the Irish Times reported. CEO Brian O’Cathain said the divestment is part of Petroceltic’s strategy to focus on production and development assets and to exit from high risk exploration ventures. Petroceltic had announced its withdrawal from the Dinarta license in Kurdistan in northern Iraq in March. (Read)

INFRASTRUCTURE

Machinery to dig tunnels under Suez Canal to be imported in October
Amwal Al Ghad | 15 June 2015
A decision has been made to begin importing the machinery and heavy equipment needed to dig tunnels underneath the Suez Canal in October, Mohab Mamish, the head of the Suez Canal Authority said. Egyptian engineers are currently being trained in Germany on the machinery. Six tunnels are set to be dug underneath the canal. (Read in Arabic)

Ain Shams sewage plant to open in days, three months ahead of schedule
Al Borsa | 16 June 2015
The Ain Shams sewage plant is set to open within a few days following expansions, three months ahead of scheduled, Housing Minister Moustafa Madbouli announced. The plant is set to become the largest in the Middle East after the expansion works are complete and will serve five vital districts of Cairo covering 1.8 mn residents. Madbouli praised the performance of the Arab Contractors and their ability to deliver the plant earlier than expected. The plant will have a daily capacity of 600,000 cubic meters and cost EGP 450 mn to complete. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

ASEC Cement’s stake in Misr Cement Qena falls to 24.21%
Al Borsa | 16 June 2015
ASEC Cement, a Qalaa Holdings subsidiary, has sold 1 mn shares of Misr Cement Qena, worth an estimated EGP 85 mn. ASEC Cement’s stake in Misr Cement Qena has fallen to 24.21% after the sale. Misr Cement Qena was Tuesday’s most actively traded stock, with a total trade volume EGP 89.8 mn.(Read in Arabic)

Finnish timber importers complain about lack of hard currency liquidity
Al Mal | 16 June 2015
Egyptian importers of Finnish timber struggling to acquire hard currencies to repay foreign partners. The government told the Finnish business delegation that visited Egypt last week that the situation will be rectified soon. The commercial advisor at the Finnish Embassy in Cairo said Finnish business are looking to expand in Egypt in the upcoming period. (Read in Arabic)

Bloomberg Green studies establishing an agricultural export plant
Al Borsa | 16 June 2015
Bloomberg Green is studying the possibility of establishing an agricultural production and export facility that involves agricultural lands and crop treatment plants worth EGP 200 mn of initial investments, according to David Bloomberg, CEO of Bloomberg Green in the MENA region. (Read in Arabic)

REAL ESTATE & HOUSING

SODIC drawing down on facilities, will not seek additional financing
Al Mal | 16 June 2015
SODIC has drawn down EGP 1.1 bn of some EGP 2.2 bn in financing it has previously arranged and is not looking to borrow additional funds at this time, SODIC CFO Omar Elhamawy said. The real estate developer might consider borrowing again if it acquires new land and engages in new projects. Elhamawy added that SODIC would consider participating in The Capital Cairo project and is also looking at initiatives to develop its base of recurring revenues. The lengthy story includes a thorough update on the state of SODIC’s operations. (Read in Arabic)

Palm Hills borrows EGP 750 mn through subsidiary
Reuters | 16 June 2015
Palm Hills Developments (PHD) has agreed to an EGP 750 mn medium-term loan with Banque Misr and other lenders, Reuters reported. PHD’s board of directors had agreed to act as guarantor of the loan to its subsidiary Palm Hills Middle East Company for Real Estate Investment. Part of the loan will be used to refinance existing borrowing and the other will be used to hasten work on the company’s project in the north coast to have it end of 2017 instead of 2019. (Read)

Al Ahly for Real Estate development signs MoU with Morton for future cooperation
Al Borsa | 16 June 2015
Al Ahly for Real Estate Development has signed a MoU with Morton, a Russian real estate developer to participate in joint-product development in Egypt. Al Ahly is waiting for a suitable opportunity to offer it to Morton in order to move the MoU to an actual development contract, the company’s Chairman said. Morton said it signed the initial agreement with Al Ahly because it was looking for a representative in Egypt. (Read in Arabic)

TOURISM

Putting a floor on Egyptian room rates will improve the sector, Tourism Minister says
Al Borsa | 15 June 2015
Putting a lower limit to hotel room rates in Egypt aims to improve the quality of service provided by the Egyptian tourism sector, Tourism Minister Khaled Ramy said adding that this will halt the downward spiral of hotel rates. The floor has been requested by the sector as it seeks mutual benefit for all its participants, Ramy noted. The Minister that no decision will be taken regarding the price limits until a consensus is reached. (Read in Arabic)

73 under-construction hotels unable to obtain necessary financing
Al Borsa | 16 June 2015
According to Atef Abdellatif, a member of the Marsa Alam Investors Association, there are currently 73 under-construction hotels that have been unable to obtain financing from banks, preventing them from completing necessary construction work. Abdellatif has called for the establishment of a committee, comprising members of the central bank, Tourism ministry, and the Federation of Chambers of Commerce to reach a solution to the problem. Additionally, Abdellatif has called on President Sisi to pressure the banking community to provide financing to the hotels. (Read in Arabic)

TELECOMS & ICT

Global Telecom Holding has no intention to delist from EGX
Al Borsa | 16 June 2015
Global Telecom Holding has denied claims that it intends to discuss delisting from the Egyptian stock exchange during its AGM on Tuesday. Rather, the company plans to discuss amending article 4 of its bylaws and approving its service partnership agreement with VimpleCom. (Read in Arabic)

TRANSPORTATION & LOGISTICS

Gov’t officials discuss comprehensive strategy for development of rail network
Al Borsa | 16 June 2015
The heads of the Egyptian National Railway (ENR), Arab Organization for Industrialization, and Military Production Authority convened on Tuesday to discuss a comprehensive strategy for the development of the Egyptian railway network. The strategy aims to improve the overall quality of the railway system, optimizing both efficiency and safety-levels. In a related note, the head of the ENR met with officials from the MPA to discuss the refurbishment of 223 out-of-service locomotives. The meeting was held at the request of the presidency, Al-Borsa notes. (Read in Arabic)

Construction works to build liquid bulk terminal in Ain Sokhna begins
Al Wafd | 16 June 2015
Sonker, a joint venture company between Amiral, EGPC, Misr Petroleum, and the Finance Ministry, announced the beginning of construction operations for a liquid bulk cargo terminal in Ain Sokhna Port. The project takes place on 400,000 sqm and is being implemented by Petrojet. The first phase of the project is projected to cost USD 3 bn. The Oil Ministry said the project aims to create a liquid bulk cargo logistics centre to allow EGPC to import large amounts of liquid fuels in response to any demand increases or supply shocks. (Read in Arabic)

BANKING & FINANCE

Four institutions looking to buy CIB’s, Legal and General’s shares in CIL
Al Mal | 16 June 2015
Four institutions are looking to buy CIB’s 45% and Legal and General’s 55% stakes in life insurance provider CIL, sources told Al Mal. UK-based Prudential as well as AXA Gulf are interested in acquiring CIL. A source said that AXA Gulf will more likely close the deal. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Agriculture and Land Reclamation Minister open five food outlets near Fayoum
Al Borsa | 16 June 2015
Agriculture and Land Reclamation Minister Dr. Salah Helal inaugurated five food outlets for the sale of subsidized meat, vegetables and legumes at an impoverished district west of Fayoum. The outlets are part of the ministry’s countrywide strategy to provide staple foods to those with limited incomes. The ministry currently operates 152 outlets across Egypt, 12 of which are mobile.(Read in Arabic)

LEGISLATION & POLICY

SME law to include tax incentives for investors
Al Borsa | 16 June 2015
The new SME law expected will include tax benefits to reduce the burden on entrepreneurs, the head of the tax authority said. The incentives will include the tax exemption for small businesses to EGP 24k from EGP 5k and streamlined procedures to create a tax file. The incentives will also allow small business to pay taxes in installments. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Parties to resume talks on single electoral list
Al-Shorouk | 16 June 2015
Over 30 political parties are set to meet with the Independence Current on Wednesday to resume discussions over the unified electoral list put forth by President Abdel Fattah Al Sisi in a meeting with the political parties on 27 May. (Read in Arabic)

EPP rejects former PM Shafiq’s resignation
Al-Ahram | 16 June 2015
Egyptian Patriotic Party rejects Shafiq’s resignation, and is sending a committee to Abu Dhabi where the former minister lives to convince him to stay, adding, in a statement, that Shafiq is a “principal” not a person, and will remain the party head “forever.” (Read in Arabic)

ON YOUR WAY OUT

Egypt’s Antiquities Minister Mahmoud El Damaty discusses the reasons behind the rise in the construction cost of the Grand Egyptian Museum (GEM) in his interview with Al Borsa. The GEM was initially estimated to cost USD 800 mn. This figure has risen to USD 1.1 bn, as a result of the exchange rate fluctuations, as well as a rise in price of construction materials, the minister explains.

Cabinet gave the nod to a clampdown on unlicensed firearms and ammunition at their meeting yesterday. The decision establishes a new unit within the Interior Ministry whose authorities and mission will be detailed in a future cabinet decree.

The Cairo Criminal Court postponed to 24 June its ruling in a case involving 68 alleged terrorists accused of establishing an Al Qaeda affiliate in Egypt, including Mohamed Al Zawahiri, brother of Al Qaeda leader Ayman Al Zawahri.

Artificial trans fat will be banned from the U.S. food supply over the next three years, following a decision by the U.S. Food and Drug Administration. “Food companies will be able to petition the FDA to gain approval of specific uses of partially hydrogenated oils if they have data proving the use isn’t harmful,”Bloomberg reported.

Donald Trump is actually running for presidency of the United States. That is all. Watch his speechhere.

U.S. astronaut Terry W. Virts captured this photograph of the Pyramids of Giza from space on the last day of his six-month mission at the International Space Station. (H/t Al Arabiya)

BY THE NUMBERS

USD CBE auction (Tuesday, 16 June): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 16 June): 7.68 (unchanged from Sunday, 07 June, Reuters)

EGX30 (Tuesday): 8,556.10 (0.48%)
Turnover: EGP 340.4 mn (29% below the 90-day average)

WTI: USD 60.08 (+0.18%)
Brent: USD 63.73 (+0.05%)

TASI: 9,544.5 (-0.2%)
ADX: 4,545.1 (-0.1%)
DFM: 4,079.1 (-0.9%)
KSE Weighted Index: 424.7 (+0.1%)
QE: 11,873.6 (-0.2%)
MSM: 6,493.8 (flat)