TL;DR

President Abdel Fattah El Sisi has rejected the PM’s proposed list of new ministers, but cabinet shuffle set to go ahead by tomorrow, media says. (Speed Round)

“Maybe they have enough investment”: Did Egypt rebuff Al Habtoor’s proposed USD 8.5 bn investment? (Speed Round)

First tranche of World Bank budgetary support loan within a month? (Speed Round)

Only one FX auction a week but volume to remain unchanged; EGP weakens in parallel market. (Speed Round)

Arabian Cement in bid to acquire ASCOM quarrying subsidiary. (Speed Round)

Flat6Labs launches EGP 50 mn startup fund. (Speed Round)

Four companies apply to import natural gas. (Energy)

Factory gas demands over the summer will be met, says EGAS. (Manufacturing)

Mobile operators looking to reprice services due to devaluation, TE says no arbitration ruling has been handed down in Orange case. (Telecoms + ICT)

EFSA won’t ease restrictions on GDR transfers. (Banking + Finance)

By the Numbers

WHAT WE’RE TRACKING TODAY

Foreign Affairs Minister Sameh Shoukry will travel to Tunisia today for talks with Libya’s other neighbors on the crisis there, according to Ahram Online. The meeting will include ministers from Algeria, Sudan, Tunisia, Chad, and Niger, as well as representatives from the African Union, the Arab league, the European Union and Libya.

Apple is expected to introduce a 9.7-inch iPad Pro, a 4-inch iPhone SE and a pile of software updates at a live event today taking place at 7pm CLT. The Associated Press doesn’t think anyone’s excited, but clearly they’ve never met the rabid Apple fanboy that is our editor. Ars Technica will liveblog the announcement here, and you can catch the Apple live stream of the event here. And 9to5 Mac is your starting point if you want deeper dives into each of Apple’s expected product announcements.

The fourth annual Africa CEO Forum is kicking off today at the Sofitel Abidjan Hotel Ivoire, Abidjan, Ivory Coast.

WHAT WE’RE TRACKING THIS WEEK

AmCham is holding its Women in Business: The Key to Economic Growth summit on 22 March. The conference will also announce the regional winners of the fourth AmCham MENA Council Women Awards. You can register for the summit here.

The Microfinance Egypt conference kicks off on Wednesday 23 March and runs until Wednesday 24 March at the Nile Ritz-Carlton, Cairo.

ON THE HORIZON

Saudi Arabia’s King Salman is said to be making a visit to Cairo on 4 April for talks with senior Egyptian officials including President Abdel Fattah El Sisi, according to a statement from the Saudi Embassy in Cairo.

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SPEED ROUND

President Abdel Fattah El Sisi has rejected a list of candidates proposed by Prime Minister Sherif Ismail for the upcoming cabinet reshuffle on Sunday, unnamed sources tell Al Shorouk. El Sisi reportedly requested a new list of candidates, the source said, with the reshuffle likely to be announced on Monday or Tuesday. Senior government sources assure Al Masry Al Youm that the swearing in ceremony will go forward as planned on Tuesday despite the delay in choosing candidates. The sources now place the number of ministers set to lose or change their portfolios at 10, adding the ministers of environment and antiquities to the list, which we noted yesterday, and which also includes investment, finance, education, justice, transport, irrigation, tourism, and health. Ministers approached by the media have denied being informed of their fate. Interestingly enough, coverage of the shuffle in the domestic press has been rather light.

The new frontrunners:

• Treasurer at Orascom Construction Industries Dalia Khorshid is now reportedly in line for investment minister alongside Qalaa Holdings’ Amr El Garhy.
• Former Luxor governor and a former head of the Armed Forces’ Morale Affairs Department General Samir Farag is set to lead a resurrected Information Ministry, according to an unnamed government source speaking to AMAY. The ministry has been abolished and reinstated (and abolished) several times since the ouster for Former President Hosni Mubarak.
• Candidates for the post of education minister are reportedly Hazem Rashad, former NDP member and current member of Masr Al Nahda Party Hossam Badrawi, and former UNICEF advisor and current AUC professor Malak Zaalouk.
• The president is said to be holding consultations with the Supreme Judicial Council to select the justice minister.

What happened with Al Habtoor Group’s USD 8.5 bn investment plan for Egypt? A whole lot of nothing, according to chairman Khalaf Al Habtoor, writes Arabian Business. The businessman is “surprised” at the lack of response from Egyptian authorities on Al Habtoor City Cairo, a project proposed earlier this year. Most governments would not have completely ignored such a “large scale investment opportunity,” he told Arabian Business. “Maybe [Egypt is] busy with other things, priorities more than [USD] 8.5 bn … Maybe they have enough [investment].”

Egypt could receive the first tranche of a budgetary support loan from the World Bank Group (WBG) within a month, says the WBG’s VP for the Middle East and North Africa Hafez Ghanem, according to Al Mal. There are no delays on the WBG’s end, Ghanem explained, it is just waiting for the Egyptian government’s economic plan to win approval in the House of Representatives. The WBG’s board approved USD 1 bn in a development policy finance operation for Egypt to help the country carry out key economic reforms last December.

We’re no longer going to have three FX auctions a week: The Central Bank of Egypt is cutting the number of FX auctions it holds every week to one, without affecting the volume it usually sells, bankers told Reuters. The CBE will now sell USD 120 mn in a single auction on Tuesdays. Previously, auctions were held every Sunday, Tuesday, and Thursday, each selling USD 40 mn.

The EGP weakened in the parallel market this week to EGP 9.50-9.55 against the USD despite the devaluation of the EGP to 8.78 per USD last Wednesday, Reuters reports. Currency traders are fighting a rearguard action after the CBE’s injection of USD 2.4 bn over the past two weeks, with one telling Reuters: “The market needs much more than the amounts that were injected by the central bank, especially since [USD] inflows to the country are halted.”

In related news, the CBE is reportedly looking to lower the number of FX bureaus from 140 currently and introduce measures to improve transparency, an unnamed source familiar with the matter tells Bloomberg. CBE governor Tarek Amer declined to comment to the business information service. The move is part of wider efforts to crack down on the black market. An agreement was reportedly reached between the CBE and bureaus to cap the parallel rate at EGP 9.25 to the USD “in return for the central bank not interfering with exchange bureaus,” one exchange bureau told Reuters.

Amer meeting with bank chiefs cancelled: The scheduled meeting between CBE Governor Tarek Amer and the heads of banks yesterday to discuss developments in the FX market was cancelled, a source told Al Borsa. No reason was given for the cancellation.

Adding a bit more momentum to Domty’s IPO, global packaging solutions giant Tetra Pak will announce today that Domty was Tetra Pak’s fastest-growing Egyptian customer in 2015, adding 14 new filling lines with investments worth USD 30 mn. Domty has been Tetra Pak’s largest global producer of white cheese for four years running. Domty shares are expected to begin trading on the EGX tomorrow under the ticker DOMT.CA; its offering was 6x oversubscribed, meeting heavy appetite from international institutions and retail investors alike. Shares will open at EGP 9.20.

Arabian Cement has submitted a preliminary offer to acquire 99.9% of an ASCOM subsidiary in the quarry product sector. Arabian Cement told the bourse it could submit a binding offer within three months, noting that an agreement is subject to due diligence. ASCOM also told the EGX it is assessing the offer and provided no further details. Arabian Cement’s CEO Jose Maria Magrina says the company will finance 50% of the acquisition’s value from existing resources and the balance with a facility from the National Bank of Egypt, according to Al Borsa. Arabian Cement is looking to capitalize on low valuations in the Egyptian market currently and is set to bid for a number of target companies, Magrina adds. However, the company will not bid for a new cement licence, he is quoted as saying, citing the challenges in providing the required FX for investments and questioning the state’s ability to provide the “USD 2 bn required to finance 10 new cement factories.”

Flat6Labs launches EGP 50 mn startup fund: Startup accelerator Flat6Labs, a subsidiary of venture capital firm Sawari Ventures, is looking to establish an EGP 50 mn fund to support startups, in cooperation with the Social Fund for Development and a number of investors, Sawari founding partner Wael Amin tells Al Mal. The fund will provide financing for five years, expecting its first closing in 60 days for EGP 30 mn and the second within the first year for EGP 20 mn. (Read in Arabic)

Egypt signed a USD 1.5 bn agreement with the Saudi Fund for Development to finance the Sinai development project along with another agreement to provide Egypt with its fuel needs for five years, Al Mal reported. But to what extent will Saudi Arabia use its aid as a bargaining chip? Al-Monitor’s Ayah Aman writes that “[q]uestions remain on the table about the extent to which Saudi Arabia will use the support and aid pressure card against Egypt in return for Cairo adopting clear and explicit positions in line with the kingdom’s vision, especially with regard to the military solution of the Yemeni and Syrian crises, as well as Iranian interference in the region.” There are reports of differences in foreign policy stances between Cairo and Riyadh, and observers are saying that “Saudi aid is now governed by several parameters related to the volatile regional situation in Yemen and Syria on the one hand and the drop in oil prices on the other.” Aman notes that King Salman’s expected visit to Cairo is critical and expects clearer answers following his arrival in April.

Investment Minister Ashraf Salman signed an MoU with the Saudi Public Investment Fund during the Egyptian-Saudi Coordination Council meeting for SAR30 bn (USD 8 bn) worth of investments into Egypt, Mubasher reports. The MoU looks to attract more Egypt–Saudi investments in the energy, tourism, and real estate sectors, with the exact nature of investments expected to be sketched out during the fifth council meeting, according to ministry spokesperson Ahmed Samir.

Oil Minister Tarek El Molla held a meeting with EGAS and representatives from Eni yesterday, Al Ahram reported. There was no clarification on the news that Eni plans to reduce its investment in Zohr was given. Instead, the statement from the meeting focused on the “positive outcomes” of the first two appraisal wells and reiterated that the first stage of production will come onstream by the end of 2017.

MOVES- The Central Bank of Egypt has reportedly appointed chairman of the Industrial Development & Workers Bank of Egypt Alsayed Al Qussair as the new chairman of the Principal Bank for Development and Agricultural Credit, banking sources tell Daily News Egypt.

THE MACRO PICTURE

Now? Now you’re worried? China is concerned about a surge in leverage, with People’s Bank of China Governor Zhou Xiaochuan and Vice Premier Zhang Gaoli suggesting leaders are trying to learn from the mistakes of their predecessors when “unbridled stimulus created an overhang of bad debt,” Bloomberg reports. Corporate debt in China has risen to about 160% of GDP, while total debt is about 23%, the FT (paywall) estimates. However, none of the officials speaking at the annual China Development Forum in Beijing yesterday put forth tangible suggestions for reining in debt. Meanwhile, USD 590 bn in unpaid bills to the nation’s public firms “shows how cash shortages at the weakest firms threaten not only banks and bondholders, but also China’s vast web of interconnected supply chains,” according to Bloomberg.

You’d be forgiven for thinking you stumbled into another remake of Hot Tub Time Machine and woke up in 2014-15: Officials from the European Commission, the European Central Bank, and the International Monetary Fund tussled over a Greek bailout plan, finally agreeing to resume talks after Easter, Reuters reports. A European Commission spokesperson said on Sunday that European lenders reportedly made progress in talks with Greece on tax and pension reforms under a package of measures Athens needs to put in motion to garner loans and debt relief for a bailout. But the FT (paywall) quotes a senior official from one of the international lenders as saying, “They haven’t made any significant progress … There is agreement among the [bailout] institutions that we need to take a break.”

EGYPT IN THE NEWS

Foreign coverage on Egypt this morning was still mostly centered around the killing of more than a dozen policemen in Arish on Saturday, with the Guardian reporting that even the ambulances trying to reach the wounded were subjected to heavy gunfire. The death toll has since risen to 15, according to an Interior Ministry statement published on its official Facebook page.

WORTH READING

U.S. manufacturing jobs are never coming back: Writing on the economic backstory fuelling the rise of insurgent US presidential candidates such as Donald Trump and Bernie Sanders, Ben Casselman of FiveThirtyEight writes: “It’s understandable that [US] voters are angry about trade. The US has lost more than 4.5 mn manufacturing jobs since NAFTA took effect in 1994… there’s mounting evidence that US trade policy, particularly with China, has caused lasting harm to many American workers… Here’s the problem: Whether or not those manufacturing jobs could have been saved, they aren’t coming back, at least not most of them.” (Read)

WORTH WATCHING

The end of the Chinese miracle -FT: “China’s economic miracle is under threat from a slowing economy and a dwindling labour force. The FT investigates how the world’s most populous country has reached a critical new chapter in its history.” (Watch, running time: 15:18)

DIPLOMACY + FOREIGN TRADE

Fifty-three US companies are looking into new investment opportunities in Egypt this year, President of the American Chamber of Commerce in Egypt Anis Aclimandos tells Daily News Egypt. The chamber is currently working with US delegations and the Egyptian government to hold the “Egypt Competitiveness Forum” this month organised by the Business Council for International Understanding. The Ministerial Economic Group will also be participating. Trade and Industry Minister Tarek Kabil said the forum will discuss economic and legislative reforms that have been enacted to increase “Egypt’s competitiveness in attracting foreign investment.”

Egypt supports the unity of Syria, but refuses the exclusion of Kurds from negotiations surrounding the country’s future, the Foreign Ministry’s spokesperson says, refusing to give a clear statement on the declaration of federalism by Kurd factions in northern Syria. Any other arrangements should be discussed at the UN-sponsored Syria talks, he adds.

Foreign Affairs Minister Sameh Shoukry is in Sudan to talk bilateral relations, meeting with Sudanese Water Minister Moataz Moussa to talk GERD solutions for both countries, according to Ahram Gate. During the visit, Shoukry also said that Egypt is willing to help solve Southern Sudan’s current instability by setting up negotiations with Northern Sudan, according to Ahram Gate. Shoukry arrived early Sunday to Khartoum to plan for a session of the Egyptian-Sudanese joint presidential committee, which is expected to take place “soon” in Cairo, according to Ahram Online.

Minister of Military Production Mohamed El Assar travelled to Moscow yesterday at the head of a military delegation. The parties will discuss cooperation in military industry and continue talks initiated in Egypt last February, according to Al Ahram.

Egypt rejoins the Inter-Parliamentary Union: The Inter-Parliamentary Union held its first session in four years where Egypt was in attendance, according to Al Ahram. Parliament Speaker Ali Abdel Aal made opening statements cementing Egypt’s role in international parliamentary proceedings, adding that parliamentary bodies need to turn their attention to fighting terrorism and promoting peace. Egypt resumed its membership in the IPU in January after having its membership frozen in 2013 for not having a functioning parliament.

ENERGY

Four companies apply to import natural gas
Four private companies have submitted requests to import natural gas via the national grid, sources within EGAS tell Al Borsa. Neither the names nor any information on the companies was given. EGAS is currently preparing its preliminary approval for the companies until the law regulating the gas market is ratified, the source adds. The law has been reviewed by the State Council and passed on to the House of Representatives. (Read in Arabic)

Electricity Ministry in talks with Siemens for power plant maintenance company
The Electricity Ministry is in negotiations with Siemens to establish a company that specializes in power plant maintenance in cooperation with three ministries, including the Military Production Ministry, says Electricity Minister Mohamed Shaker. The cost of establishing the company and its capital are still undecided, he adds. (Read in Arabic)

Twelve officials leading negotiations with Shell over Phase 9B project
Twelve officials are leading negotiations with Royal Dutch Shell over the development of the Phase 9B project of the West Delta Deep Marine Concession, initiated by BG Group, an EGPC source tells Al Mal. The negotiations include repricing natural gas to correspond to the investment in the concession, the source adds, as well as rescheduling receivables to BG Group, which have amounted to USD 1.2 bn. The Phase 9B project is set to provide 400-500 mcf daily, with a total investment cost of USD 650 mn. (Read in Arabic)

Tender for Zaafarana transformer station to be issued next month
The Egyptian Electricity Transmission Company (EETC) plans to issue the Zaafarana transformer station tender by next month to distribute the energy generated from feed-in-tariff projects in the area. The 500 MVA transformer has an estimated cost of EGP 165 mn, sources within the company tell Al Borsa. EETC will handle connecting the station to the grid and maintenance, the source adds. (Read in Arabic)

INFRASTRUCTURE

Egyptian Electricity Transmission Company in talks for an EGP 4 bn loan
A consortium of five domestic banks will sign preliminary contracts to arrange an EGP 4 bn loan for the Egyptian Electricity Transmission Company (EETC) to finance expansions in the national grid. The consortium includes NBE, Banque Misr, Banque du Caire, the Arab African International Bank, and QNB. The loan will be paid back over 15 years, including a three-year grace period, sources within EETC tell Al Mal. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Fertiliser producers look to reprice natural gas, linking it to output prices
Egyptian fertiliser producers will discuss a new pricing formula for natural gas consumption with the trade and industry minister, Al Borsa reports. The producers want gas to be priced at USD 4.5 per mmBtu if fertilizer prices are stable at USD 250 per tonne. This pricing scheme will also allow the price paid for natural gas to increase by USD 0.01 per mmBtu for every USD 1 increase in the fertilizer price per tonne, sources at Alexfert tell Al Borsa. The sources say the repricing is needed, especially since EGAS has been inconsistent with its natural gas provisions. (Read in Arabic)

Arab Contractors to complete EGP 2.2 bn in grain silo projects by April’s end
The Arab Contractors are set to complete grain and wheat storage silo projects by the end of April at a total cost of EGP 2.2 bn spread over 11 governorates, Chairman Mohsen Salah tells Amwal Al Ghad. The company is building 15 storage silos as part of two tenders it was awarded as part of the national project to build 50 silos, he adds. The projects are funded by a UAE grant, with each silo holding a capacity of 60,000 tonnes, he adds. (Read in Arabic)

Arab Authority for Agriculture Investments to apply for 200k feddans under 1.5 mn feddan project
Arab Authority for Agricultural Investments and Development (AAAID) head Mohamed Bin Obeid Al Mazrooy discussed plans for the regional agricultural finance institution to develop 200k feddans as part of the 1.5 mn feddan project with Agriculture Minister Essam Fayed, Al Mal reports. The minister requested a full roster of crops that the AAAID intends to grow in the area when it submits an official application to participate in the national project. (Read in Arabic)

MANUFACTURING

Factory gas demands over the summer will be met, says EGAS
EGAS will be able to meet demands from fertilizer and iron factories in the summer months, sources within EGAS tell Al Borsa. EGAS will increase the rate of gas imports to 1.2 bcf daily from 1 bcf, the source adds, noting that domestic production will meet the domestic demands of power plants, homes, cars, and the industrial sector. Commissioning a third FSRU is also being assessed. (Read in Arabic)

HEALTH + EDUCATION

Universal healthcare bill to be presented to cabinet in May
A bill creating a universal healthcare scheme will be presented to the cabinet by May, the man leading the drafting committee said. The committee, according to Abdel Hamid Abaza, will amend and work on the legislation within six months after its approval and adoption. Pricing of health care packages will remain atop the list of amendments. The legislation will be implemented over two phases, according to committee member Alaa Ghannam. The first phase will see 4 mn people in South Sinai, North Sinai, Suez, Ismailia, and Port Said receive their medical history reports and will cost the state around EGP 8-10 bn. The bill will stipulate a uniform pricing mechanism in state and private hospitals, effectively ending “random pricing” for medical services, said Ghannam. (Read in Arabic)

Doctors’ Syndicate refers health minister to ethics committee
The Doctors’ Syndicate referred Health Minister Ahmed Rady to the syndicate’s ethics committee, president of the syndicate’s investigations committee Tarek Kamel said. The committee has called on Rady to appear for a disciplinary hearing over comments the minister allegedly made to the effect that 8,000 doctors in the syndicate are not qualified to practice, that half of the members of syndicate’s general assembly are not doctors, and that the syndicate’s council is politicized. (Read in Arabic)

REAL ESTATE + HOUSING

Medinat Nasr Housing to invest EGP 700 mn for first phase of Sarai
Medinat Nasr Housing and Development (MNHD) plans to invest EGP 700 mn in the 200k sqm first phase development of Sarai in New Cairo, Al Borsa reports. The company is projecting sales of EGP 1.6 bn from the 600-700 homes that are part of the first phase over two to three years, managing director Ahmed Al Heytamy tells Al Borsa. He added that MNHD has begun deliveries on the EGP 2 bn Tag Sultan development, with the company completing 96.3% of the project three years after breaking ground. (Read in Arabic)

TOURISM

Egypt removed from ITB Berlin’s list of countries recommended to visit
Egypt was removed from the list of the top 50 countries to visit in the ITB Berlin Conference, Al Shorouk reports. The Egyptian tourism industry remains disappointed with Egypt’s participation on the ITB Berlin conference, particularly Tourism Minister Hisham Zaazou’s decision to play a promotional film of a group of Egyptian workers, including a young man hawking tourist trinkets and a man on a donkey cart. Zaazou responded to the criticism by saying that the film aimed to show that the tourism sector in Egypt is made up of more than just luxury travel. (Read in Arabic)

Tourism-dependent governorates reduce rent on shops, bazars by 50-75%
Government authorities at governments dependent on tourism have begun implementing Prime Minister Sherif Ismail’s directive to postpone instalments on ins., taxes, and utility bills, without additional interest, until the tourist crunch is resolved. Luxor Governor Mohamed Badr said his governorate is implementing the decision, as well as reducing rent cost on shops and bazaars by 75%. Red Sea Governor Ahmed Abdulla followed suit, reducing rent costs by 50%. (Read in Arabic)

TELECOMS + ICT

Mobile operators looking to reprice services due to devaluation, hardware cost increase
Companies importing network equipment have notified mobile operators that new agreements this year will include higher fees and prices due to the EGP devaluation against the USD, Al Borsa says. In turn, mobile operators are considering requesting repricing services from the NTRA because of their increased operational costs. Orange Egypt specifically is facing rising cost curves due to the rebranding from Mobinil, the devaluation, and debt repayment on top of the network upgrades, sources tell Al Borsa. (Read in Arabic)

Telecom Egypt: No arbitration ruling in Orange Egypt case
Telecom Egypt denied an arbitration ruling has been handed down in its dispute with Orange Egypt, saying the International Arbitration Organization is still reviewing the case, according to a statement to the EGX (pdf). It had been widely reported last week that the Cairo Regional Centre for International Commercial Arbitration ruled that Orange Egypt is owed EGP 250 mn in damages by Telecom Egypt for arbitrarily raising interconnection fees on telecom infrastructure.

AUTOMOTIVE + TRANSPORTATION

National Investment Bank could lend Egyptian National Railways EGP 500 mn
The National Investment Bank (NIB) is studying an EGP 500 mn loan to Egyptian National Railways (ENR) to finance purchases and expansions, board member Momtaz Al Saeed told Amwal Al Ghad. NIB had recently issued a loan of the same value to ENR, he adds. ENR has an investment strategy worth EGP 90 bn to restructure the sector, of which EGP 7.17 bn was allocated for emergency funds. (Read in Arabic)

Mashreq Bank to offer one-day turnaround auto loan, up to EGP 750k financing
Al Mashreq Bank will launch a new auto loan program with a processing time of no more than one business day — the fastest of its kind in Egypt — said head of retail and SME assets at the bank Shehryar Bakht Ali. The loan program provides financing worth up to EGP 750k and up to 80% of the car’s value and is available for Al Mashreq employees earning more EGP 3,000 per month and for private entrepreneurs earning over EGP 8,000 per month. (Read in Arabic)

BANKING + FINANCE

EFSA refuses to end restrictions on GDR transfers
The Egyptian Financial Supervisory Authority (EFSA) has refused to ease restrictions on international transfers of GDRs despite the CBE’s indication that it is prepared to waive FX restrictions, Daily News Egypt reported. EFSA cited “bad timing” as the main reason behind the decision. Transactions involving GDRs will still have to go through Misr for Central Clearing, Depository, and Registry, “which will keep them in the company’s account at one of the international clearing companies or international custodians.” EFSA had said the restrictions aimed “to preserve the right of investors to take advantage of price discrepancies when converting stocks to GDR certificates, or vice versa, without being a backdoor to transfer money abroad.” (Read)

PayFort to launch financial technology accelerator
Online payment provider PayFort will launch a regional financial technology accelerator called the Fintech Factory likely within two months, Managing Director Omar Soudodi said, according to Wamda. Fintech Factory is in talks with “four or five” companies to provide them with up to USD 100k “in exchange for equity, and access to PayFort’s network, database of merchants, office space and in house legal and accounting services.” It is unclear whether this is a total figure or the amount allotted for each company. (Read)

United Bank to open 12 new branches, launch Shariah-compliant products this year
The United Bank of Egypt plans to open 12 new branches this year to bring its total number of branches to 62, Al Mal reports. The bank also plans to launch Shariah-compliant banking solutions this year, but though it did not specify what these may entail. The bank’s long-term strategy is focused on settling EGP 6.4 bn in bad loans and restructuring itself to be leaner and more competitive. (Read in Arabic)

Treasury bonds surpass 14% yields for the first time since 2013
Yields on treasury bonds with a 273-day maturity reached a high of 14% for the first time in three years during Sunday’s auction following the CBE’s 150 bps raise on rates, Al Borsa reports. Average yields on the bonds were 13.987%, growing 1.8% and covered 1.7 times. Average yields on 91-day maturity bonds grew 1.47% to 13.06% and were covered 1.9 times. (Read in Arabic)

LEGISLATION + POLICY

Consumer Protection Bill presented to parliament soon, CPA chief says
Amendments to the Consumer Protection Bill will be passed on to the House of Representatives soon, assured Consumer Protection Agency (CPA) Chief Atef Yacoub. The legislative reform commission has re-assessed over 75 articles within the bill, he adds, noting that the amendments will address misleading advertisements and artisanal professions. The CPA is also launching a new website and mobile application for receiving complaints, Yacoub said. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

NGO crackdown? Ahram Online reports that lawmakers are discussing an outright ban on foreign funding to Egyptian NGOs in response to U.S. Secretary of State John Kerry’s recent remarks about the “deterioration in the human rights situation in Egypt.” Meanwhile, Nazra for Feminist Studies says it is being interrogated as part of case number 173 for the year 2011 for having received foreign funding without authorization. Three members of the NGO received official summons for questioning, the organization claims.

ON YOUR WAY OUT

EGAS has initiated legal action against companies that have not paid their natural gas bills in full and refused to reschedule payments, Al Borsa reported. Actions taken by EGAS also include halting gas supplies to those factories following the expiration of the grace period extended by EGAS.

Misr National Steel, also known as ATAQA, is delisting from the EGX, according to an EGX statement. The company said it will undergo a restructuring and believes the delisting will not affect its financial position since only 10% of its shares are listed.

An Egyptian was killed outside Simon Bolivar International Airport in the Venezuelan capital of Caracas. According to a statement released by the attorney general, Ismail El Said Hassan Abdel Aziz, was shot for resisting being mugged by two men outside the airport on Saturday afternoon. (Read in Arabic)

Today’s Google doodle in Egypt is of Syrian poet and diplomat Nizar Qabbani, who was born on this day in 1923.

Are you constantly forgetting passwords and getting locked out of things? So are we; we have no solutions, we just thought we’d commiserate. The individual writing this summary forgot their password to Lastpass, which, if you don’t know what that means, let’s just say it is easier for an Egyptian to get a visa than it is to get your Lastpass password back. In the future, all our passwords will probably need to be this complicated: (Watch, running time: 30 seconds)

CALENDAR

21-22 March (Monday-Tuesday): The Africa CEO Forum, Sofitel Abidjan Hotel Ivoire, Abidjan, Ivory Coast.

23-24 March 2016 (Wednesday-Thursday): Microfinance Egypt, Nile Ritz-Carlton, Cairo.

29-31 March 2016 (Tuesday-Thursday): Future Rail and Metro Egypt, Cairo.

04 April 2016: Saudi Arabia’s King Salman visits Cairo.

07-10 April 2016 (Thursday-Sunday): Cityscape Egypt Conference, Cairo International Convention Centre, Cairo

13-16 April 2016 (Wednesday-Saturday): Cafex, Cairo.

17 April 2016: German economic delegation visits Cairo.

25 April 2016 (Monday): Sinai Liberation Day (national holiday)

26-28 April (Tuesday-Thursday): Arabian Hotel Investment Conference, The Madinat Jumeirah, Dubai.

01 May (Sunday): Easter Holiday / Labour Day (national holiday)

02 May (Monday): Sham El Nessim (national holiday)

02-03 May (Monday-Tuesday): The Middle East Investment Summit 2016, Ritz-Carlton DIFC, Dubai.

10 May (Tuesday): Business News Foundation’s Third Annual Energy Conference: Energy and Sustainable Development, InterContinental Hotel Citystars Cairo. Register here.

25-26 May (Wednesday-Thursday): The Middle East and North Africa Solar Conference and Expo MENASOL 2016, Hyatt Regency, Dubai.

06 October (Thursday): Armed Forces Day (national holiday)

27 November 2016 (Sunday): 2016 Cairo ICT Conference Group

04-06 December 2016 (Sunday-Tuesday): Solar-Tec Conference, Cairo International Convention Centre, Cairo