What we’re tracking on 03 June 2019
It’s official: We’re on Eid break as of tomorrow morning — but you may still be fasting. Both the central bank and the EGX have confirmed that our five-day Eid El Fitr weekend begins tomorrow. Banks, capital markets (and, by extension, much of the private sector) are on holiday Tuesday through Thursday. Civil servants will also be off, Cabinet announced over the weekend.
We’ll know this evening whether today is the last day of Ramadan, but we put stock in astronomy ‘round here (not the same thing as astrology…), which suggests we are indeed in the last day of the Holy Month.
*** Enterprise will be off Tuesday through Thursday. We wish all of you a blessed and relaxing Eid with family, friends and … coffee. Lots and lots of coffee.
Data points due out this week and next:
- Foreign reserves: The CBE should announce this week Egypt’s net foreign reserves as at the end of May.
- Inflation: Monthly inflation figures are due out next week. Annual headline inflation cooled unexpectedly in April to 13% from 14.2% in March.
- The purchasing managers’ index for Egypt, Saudi Arabia, and the UAE are due out on Monday, 10 June at 6:15am CLT
The rest of the world is going to be talking about two anniversaries while we’re on vacation: The 30th anniversary of China’s crackdown on student democracy activists at Tiananmen Square (tomorrow) and the 75th commemoration of the D-Day landings in Normandy (Thursday).
In regional miscellany this morning:
- A post-revolutionary hiccup in Algeria: Algeria’s Constitutional Council has brought the interim government’s plans for a presidential election on 4 July to a screeching halt after it rejected the two registered candidates. (Bloomberg)
- Pompeo dusts off his olive branch: US Secretary of State Mike Pompeo has claimed that the Trump Administration is open to talks with Iran without preconditions. (Bloomberg)
- Violence in Sudan: At least 11 people were reportedly wounded by gunfire at the ongoing opposition sit-in in Khartoum on Saturday. (Reuters)
What We’re Tracking Today, the Ramadan edition:
A pre-iftar reading list to kill time between your post-workout shower and the breaking of the fast:
- The most powerful Arab ruler isn’t M.B.S. it’s M.B.Z., by former Cairo bureau chief David Kirkpatrick is a must-read on multiple levels, including for its de-rigeur swipe at Egypt. There’s little new here, but it’s an interesting take nonetheless.
- The sci-fi staple close to becoming a reality: ‘Air taxi’ startup Alaka’i Technologies revealed a liquid-hydrogen-powered five-passenger aircraft in LA last week. The vehicle will initially be used for emergency services and transporting cargo before the company transform it into fully-fledged flying taxi. (Wired)
- Can I wear short sleeves to work without looking like a cubicle dork? asks the WSJ. Our short answer: No.
Tetris is about to turn 35. You can read about it here or play it in your browser at work here without charge.
The Financial Times’ 2019 ranking of the broad “executive education” category is out, and top offerings include programs from Stanford, Switzerland’s IMD and Spain’s Iese. Read all about it here.
It’s the best (hopefully) last day of Ramadan ever — for iSheep, that is, as Apple unveils iOS 13 and new macOS, watchOS and tvOS features tonight at WWDC. Tune in here at around 7pm CLT to livestream. 9to5 Mac has more, as does the Financial Times with its Five things to watch at WWDC.
HAT TIP- Ramadan is like Egypt’s month-long Super Bowl, but there are some advertisements that stand out. The Magdi Yacoub campaign (watch, runtime: 2:01) is a mainstay in the Ramadan advertising season, but our readers will know that Enterprise has a soft spot for the funnies. Chief among them is the National Bank of Egypt’s campaign, produced by Tarek Nour Advertising, promoting electronic banking branch in a way funnier than we could have expected a bank ad to be (watch, runtime: 1:05).
RAMADAN PSA- Bank hours are at 9am-2pm for employees; doors are open from 9:30am until 1:30pm for customers. The trading day at the EGX runs 10:00am until 1:30pm.
So, when do we eat? Maghrib is at 6:52pm CLT today in Cairo.