CIB acquires Citi’s retail + cards businesses, becomes Egypt’s largest credit card provider. Egypt stays on MSCI EM Index. Repatriation backlog slashed by half. State Dept won’t meet Ikhwan delegation. Arabtec + new internet prices “within days.”

WHAT WE’RE TRACKING TODAY

As a busy week comes to a relatively quiet end, the two-day Egyptian Power & Electricity Summit gets underway this morning at the Fairmont Towers, Heliopolis, Cairo.

So, what are we watching out for today? It’s hard not to wonder whether we’re on the cusp of an emerging markets selloff. There’s speculation in the international financial press this morning that we may be in the earliest days of the largest sell-down of EM shares since the May-June 2013 “taper tantrum.” The FT notes we’re in the midst of the largest EM debt sell-down since that time, largely on the back of speculation that developed markets are in the midst of an economic revival. Check out the FT’s view here, and Yahoo Finance runs with video from a Bloomberg television discussion here.

Reporters and analysts in Asian markets are more apocalyptic, with the Malay Mail citing a Nomura analyst in a piece headlined ‘Emerging stocks head for longest slump in 24 years‘ as noting that “The US jobs data triggered the selloff in emerging stocks and currencies. Strong US data, and thus the dollar, as well as sporadic carry-trade unwinds and selloff in bonds will be with us for several months.”

Fueling the speculation is the recent deepening of a rout of North American and European bonds in international markets that began in April as investors started picking up on signs of improvement in Western economies. Says the WSJ in a long, detailed take: “Investors have been shedding bondholdings as the economic growth outlook brightened in the U.S. and the eurozone, deflation fears have pulled back and the Federal Reserve is getting closer to raising short-term interest rates for the first time since 2006.”

WHAT WE’RE TRACKING THIS WEEK

The Central Bank of Egypt’s Monetary Policy Committee will meet tomorrow. Four of five economists polled by Reuters expect rates to remain unchanged at 9.75% for lending and 8.75% for deposits.

LAST NIGHT’S TALK SHOWS

The dismal state of healthcare in Egypt was in the spotlight last night on several talk shows as the Facebook page “So he won’t be surprised“ gains more and more attention. (The topic has also picked up its own hashtag on Twitter: #علشان_لو_جه_ميتفاجئش, and more than 100,000 people liked the Facebook page in under 24 hours.)

Lamees El Hadidy and Youssef El Housseiny both spent a considerable amount of time last night discussing the page that was created by a group of doctors who decided to respond to Prime Minister Ibrahim Mahlab’s recent statement in which he said that he was shocked by the unacceptable conditions at the National Heart Institute.

El Hadidy aired videos posted on the page, including footage from the Tanta Psychiatric Center where cats roamed filthy corridors and hospital rooms. She also aired tape from a public hospital in Fayoum, where a donkey appears to be standing in the entrance. She contacted Ministry of Health spokesman Hossam Abdel Ghaffar on the phone for comment, but he did not have much to say about the matter other than the ministry is in the process of assessing the conditions at all public health facilities so that they may take the necessary action.

“We have a serious management problem across the board,” said El Hadidy. “The Ministry of Health must take immediate action. Cats, donkeys and sheep inside medical centers are completely unacceptable and inhuman. Healthcare in Egypt needs attention. Where are the doctors and the nurses at these facilities? They appear deserted.”

Amr Adeeb was in a slightly more optimistic mood and gave us all a pep talk of sorts last night. His message: “Be grateful for what you have — remember how bad it was three years ago in Port Said?” Adeeb then presented coverage and commentary on the verdict of the Port Said stadium retrial, in which 11 people were handed death sentences. Adeeb pointed out that the head of Port Said Central Security received a five-year term.

“73 people died in 15 minutes in the Port Said Stadium in 2012. It was truly a black spot in our sports history, actually, a low period in our history in general. Remember the gunfire on the streets of Port Said? There is no doubt, today we are in a much better place,” said Adeeb. “Former Minister of Interior Mohamed Ibrahim has done a good job. He took the ikwhani leaders from their homes and put them behind bars. Lets not forget that. No one likes to mention his name today but he deserves recognition. I hope we never have to go back to those days.”

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SPEED ROUND

CIB has acquired Citi’s retail banking and cards business in Egypt, according to a statement issued yesterday. CIB Chairman and MD Hisham Ezz Al-Arab noted that among the deal’s primary attractions was “the high quality portfolio and excellent skill set of the [Citi] staff.” The statement did not disclose the value of the transaction. Ezz Al-Arab said he expects the integration of Citi’s staff into CIB will be “seamless and add significant value to our clients and shareholders.” Although the transaction is reasonably small by comparison to CIB’s size and position in the domestic market, the deal makes CIB the market leader in Egypt’s credit card business overnight with the addition of some 80,000 credit card accounts to its existing base of 240,000 clients; CIB will also get eight Citi branches and the bank’s ATM network. The deal will see CIB acquire c. USD 140 mn in assets, USD 190 mn in deposits and about 100,000 customer accounts. Citi has roughly 900 staff in Egypt. Analysts expect the sale to close in late 2015. The transaction is making headlines internationally, with the Wall Street Journal noting that CIB beat out “nearly a dozen mostly regional lenders who were hoping to expand in the Arab world’s most populous country.” Reuters adds detail, while Bloombergnames Emirates NBD and Mashreqbank as having been among the bidders, while The National cites an unnamed sources as suggesting CIB’s pledge to retain current Citi staff was among the keys to its winning bid. Citi’s Egypt homepage is here.

HSBC plans to cut at least 22,000 jobs worldwide in an effort to improve its profitability, according to the bank on Tuesday as reported by MarketWatch. Daily News Egypt contacted the management in Egypt regarding any potential layoffs, but the bank declined to comment.

U.S. State Department confirms it will not meet Ikhwan during their Washington visit: A readout of yesterday’s State Department press briefing suggests spokesperson Jeff Rathke didn’t have much in the way of an explanation as to why the Obama administration would not be meeting members of an Ikhwan delegation visiting D.C. this week. (Read the full transcript of the exchange)

Foreign investors waiting to repatriate funds saw half of the backlog wiped out yesterday as the CBE concluded direct sales to custodians in a statement yesterday (pdf). The CBE stressed that the backlog was accumulated “due to the fact that foreign investors had opt[ed] to deal directly through the market and not through the CBE repatriation mechanism.” The CBE did not specify the USD value cleared, with Bloomberg noting that “Governor Hisham Ramez mobile phone was switched off when contacted by Bloomberg for comment.”

Egypt stays on MSCI Emerging Markets Index: Despite speculation, Egypt remains on MSCI’sEmerging Markets Index (EMI) as of its latest classification review. Other indices that MSCI is looking at for future inclusion in the EMI include Pakistan, Saudi and China A-shares, according to a statement from MSCI (pdf).

The news comes in time after Dahlia Kholaif’s warning on the WSJ’s Frontiers blog that while Egypt was “not officially under review,” many investors think the “foreign exchange woes might push organizations such as MSCI to consider downgrading it to frontier status, which could hurt its investment profile.” Rival index provider Russell has already downgraded Egypt to frontier status. EFG Hermes’ Mohamed Ebeid told Kholaif that “[i]investors wait an average period of a year to receive their funds” now – calling on the obstacle to be removed. Pharos Securities’ Mohamed Radwan insisted that “the positive sentiment that triggered the 18-month rally after mid-2013 can’t be sustained unless investors start seeing some changes on the ground.”

In other CBE news, the bank cut its latest foreign currency auction back to USD 50 mn on Tuesday after having offered an exceptional USD 100 mn on Sunday, per Al Mal. The CBE auction rate was unchanged at EGP 7.5301.

EFSA proposes covered and non-rated bonds -Sherif Samy: The EFSA has indicated it wants to introduce covered and non-rated bonds for real estate developers and SMEs, according to EFSA Chairman Sherif Samy on Tuesday. “We believe in addition to securitisation it’s a good addition to companies, predominately for real estate. It gives an extra guarantee,” Samy said to Reuters. (Read)

We’re stuck in a time loop: Housing Minister Moustafa Madbouly told Al Arabiya that Arabtec will sign the one mn houses contract with the government “within days” dismissing any news about disagreements between the two parties. Reuters, however, quotes Madbouly as saying “There are very many complications. We are still in the negotiations stage for this project.”

Unrelated, a source at the CIT Ministry said the new reduced internet prices will also be announced “within days” pending the approval of the NTRA, Amwal Al Ghad reported. Echoing the need for faster and cheaper internet; Khaled Negm, the CIT Minister, said that doubling internet speeds would increase GDP by 1.3%.

EFG Hermes makes Institutional Investor’s EMEA research leaderboard: Institutional Investor’s annual Emerging EMEA Research Team picks are out. Bank of America Merrill Lynch tops the list, followed by Deutsche, the same ranks each occupied last year. EFG Hermes made the ranking at number 12, up one notch from last year and ahead of Credit Suisse and Goldman Sachs. The magazine notes that “Simon Kitchen and his associates vault from third place” to become the top-ranked Middle East and North Africa strategy team, while Wafaa Baddour’s discretionary / consumer crew leaps from eleventh place in 2014 to become the runner-up in their category this year. As non-subscribers we don’t have access to the full list, but you should be able to catch highlights here and here, with login options for subscribers and registered users.

The Port Said Criminal Court sentenced 11 defendants from the Port Said Stadium massacre case to death; the 10 of them sentenced to death in absentia will automatically have their sentences set aside should they appear in person for trial. The former Port Said police chief was sentenced to five years in prison, while a second security official was also convicted. Twenty-one defendants were found not guilty.

It’s Africa’s fault: The proceedings of the African Trade Zone summit in Sharm caused the delay of the IMF delegation’s visit to Egypt, a Finance Ministry representative said. The Egyptian government would not have been able to accommodate both at the same time, according to Al Borsa.

El Sewedy Electric announced a 127.6% y-o-y increase in its consolidated net profit after minority interest in 1Q2015 to reach EGP 239 mn, according to an emailed earnings release. EBITDA increased by 45% y-o-y to EGP 439 mn.

Need a refresher on what’s happened in the last 12 months? Ahram Online has a helpful summary looking at key economic developments during President Abdel Fattah El Sisi’s first year in office.

Nothing significant seems to have materialized following the G7 Summit, other than some rhetoric from US President Barack Obama regarding the potential strengthening of sanctions on Russia if it continued its aggressive behavior toward Ukraine. Even protesters seemed unenthused about the summit: “A protest planned to round off the summit fizzled out after organisers complained of fatigue.” (Read)

Jordan launched the region’s largest solar energy project on Monday: The Shams Maan Solar Photovoltaic Project, as reported by The Jordan Times. The 52.5 MW project is being built at an investment of USD 170 mn, and is “expected to cover 1% of the Kingdom’s total annual consumption of energy upon completion.” (Read)

Erdogan off-the-air: Following the AK Party losing its parliamentary majority in general elections on Sunday, Erdogan has yet to make a televised appearance, unusual for the leader who always has some sort of opinion or something. Even news outlets including the AFP have taken notice. Concerned individuals have created a clock to keep track of how long Erdogan has been off-the-air. At the time of writing: 2 days and about 16 hours.

Peace would pay the Palestinian economy a USD 50 bn dividend over 10 years, while Israel would reap net a benefit of some USD 123 bn in the same period if the two sides were to enter into a two-state peace agreement. That’s the conclusion of a recent study by the Rand Corporation on the economic benefits of peace between Israel and Palestine. The extensive report estimates the economic impact on both states if a series of scenarios were to occur. On the other hand, “A return to violence would have profoundly negative economic consequences for both Palestinians and Israelis; per capita gross domestic product would fall by 46 percent in the West Bank and Gaza and by 10 percent in Israel by 2024.” Play with sliders on their interactive cost calculator here.

Only in Egypt: CNN is asking readers to submit photos that “could only happen in Egypt.” Those who wish to enter can either submit them using the form that appears on this page after clicking the button ‘Add your story’ or by tagging your photo #OnlyInCairo on Twitter or Instagram. The deadline for submissions is Thursday, 11 June.

SPOTLIGHT ON the EGX Investors’ Summit

The proceedings of the second annual investors’ summit, organized by the Egyptian Stock Exchange, began yesterday. In his speech, Prime Minister Ibrahim Mahlab said Egypt is considering creating a sovereign wealth fund with the main purpose of restructuring government-owned companies. Mahlab added that his cabinet views the EGX as a source of funding for its planned expansion projects.

Investment Minister Ashraf Salman said public sector companies are not ready to list, noting that they still require extensive financial and technical assessment before offering them to investors. Transport Minister Hani Dahy echoed a similar sentiment and ruled out tapping the EGX for funding new projects for the time being. Dahy added that the ministry could consider using the stock exchange to fund projects “in the future.”

On the other hand, bourse Chairman Mohamed Omran said the Electricity Ministry could use the EGX to finance some of its investment projects. Omran expects projects involving the Suez Canal Development project to be involved directly with the stock exchange. Al Ahram quoted him as saying that a company owned by the Arab Contractors could be listed on the EGX soon. The four public sector companies that the government is considering listing are currently assessing offers to value them in order as a prelude to any listing.

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A MESSAGE FROM PHAROS HOLDING

Our call: CBE will cut rates on Thursday, effectively devaluing the EGP against the USD

Ahead of the Monetary Policy Committee’s final meeting of FY14/15 on June 11, discussions over the Central Bank of Egypt’s course of action regarding policy rates have picked-up again, with market speculations seeming to agree that the CBE intends to leave interest rates unchanged — at least for the time being. Against the odds, however, Pharos Research maintained its view that the bank will in fact slash interest rates on Thursday, and effectively execute another round of EGP devaluation against the USD.

Pharos argues that despite subsiding inflationary pressures and EGP’s real effective appreciation since the January 2015 rate cut, the CBE has so far been biased to policy neutrality. However, Pharos still believes that incoming data and global macroeconomic dynamics — such as declining commodity prices, a possible delay in subsidy cuts and the VAT’s postponement — could leave room for a rate cut and a further round of devaluation. Click here to read more.
***

PODCAST

From This American Life’s archives, this episode from 2008 takes listeners to a writers’ room meeting at The Onion. (Listen, running time: 17 minutes)

EGYPT IN THE NEWS

Egypt’s winemakers seek to revive ancient art: “The Jardin du Nil wines have won a handful of medals at European wine competitions and were awarded a bronze medal by the Decanter wine magazine in 2012. Scottish wine writer Tom Cannavan gave Jardin du Nil a favorable review on his website that year. ‘The chance to taste something new, from somewhere new, is always interesting. I’d happily enjoy a glass or two of these Egyptian wines in the future,’ he wrote. Such praise would have been unheard of a decade ago, when most Egyptian wine was little more than a headache in a bottle.” [Note: We’re guessing this an indirect reference to Omar Khayyam].” (Read)

The Ministry of Foreign Affairs spokesperson issued a statement criticizing Human Rights Watch and the report we mentioned in yesterday’s issue regarding President El Sisi’s first year in office. The MFA spokesperson is quoted as saying that HRW is “not credible to Egyptian public opinion” and that it “clearly targets the Egyptian people and their will to achieve their aspirations.” (Read)

DIPLOMACY

Crown Prince of Abu Dhabi meets with President El Sisi in Cairo: General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited Cairo on Tuesday, where he met with President El Sisi. The two discussed bilateral ties, along with regional and international developments. (Read)

Foreign Minister Sameh Shoukry met on Monday with outgoing Quartet envoy to the Middle East Tony Blair, according to an SIS release.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Mainstream’s JV Lekela Power signs MOUs for two 50 MW renewable energy projects in Egypt
Mainstream Press Release | 09 June 2015
Lekela Power, a 60/40 joint venture between Actis and Mainstream Renewable Power, announced on Tuesday the signing of two MOUs with the NREA for one 50 MW solar power plant in Aswan and another 50 MW wind power plant in the West Gulf of Suez, according to a press release. “Lekela has already taken possession of the project land in Aswan and is preparing for site works and studies and will shortly be taking possession of the wind site in the West Gulf of Suez,” according to the statement. Lekela Power plans to roll out 1 GW of renewable energy projects in Africa over the next five years. (Read)

80 grade octane will not be withdrawn from the market, Oil Ministry says
Al Masry Al Youm | 09 June 2015
80 grade octane will not be withdrawn from the market and replace by 85 grade octane, a source at the Oil Ministry said quashing rumours about changes to the fuel market. Refining and importing activities are progressing as planned, the source said. He added that 97% of the planned quantities for diesel have already been supplied to the market since the beginning of June noting that rumours of shortages are untrue. (Read in Arabic)

OIL & GAS

Egypt to receive Australian LNG shipment today
Reuters | 09 June 2015
Egypt will receive its first LNG shipment from Australia today, according to Reuters. “The 159,760-cubic-metre cargo aboard the Woodside Rogers loaded at the port of Dampier, which serves as the loading point for two LNG export plants, Pluto and North West Shelf,” the newswire added. Egypt has secured USD 2.2 bn worth of LNG shipments for this year. (Read)

Declaring Aphrodite viable is important, but not a final step
Cyprus Mail | 08 June 2015
“Declaring the Aphrodite gas field commercial is an important, but by no means the final step toward monetising the reservoir,” Cypriot officials told Cyprus Mail. The next stage is for Noble and Delek to submit a production plan with a timetable as well as infrastructure and engineering designs, which is expected over the next few days. Cyprus Mail raises concerns over the focus on Egypt, which could backfire. The publications says that Cyprus’ neighboring countries need gas within the 2018-2020 timeframe, but production would not start until 2020 at the earliest making sales to Egypt seem implausible. Another reason, the publication believes, is that the Damietta LNG plant looks likely to clinch a deal with Israel’s Tamar gas field, ruling out another deal with Cyprus. Moreover, “Cypriot gas would be too expensive for [BG Egypt] due to the cost of liquefaction, export and regasification in Europe.” (Read)

RWE to invest USD 274 mn in Egypt in FY2015/16
Al Borsa | 09 June 2015
RWE is targeting USD 274 mn in investment in Egypt in FY2015/16, the head of SUCO, the company’s JV in Egypt, said. USD 191 mn have already been earmarked for E&P and well development in the Gulf of Suez. USD 83 mn will be injected into developing the company’s wells in the Dessouk concession to increase production to 200 mcf per day from 130 mcf per day currently. (Read in Arabic)

AUTOMOTIVE

GB Auto to manufacture tires, tuk-tuks, establishes microfinance subsidiary
Al Borsa | 09 June 2015
GB Auto will begin work on two new manufacturing facilities, a car tire factory and a motorcycle and tuktuk assembly plant, within the coming six months, says Chief Investments Officer Mena Sadek. Construction of the tire factory will require two and a half-years to complete, while the motorcycle and tuktuk assembly should take 18 months. The overall cost of the projects is USD 300 mn, with financing coming in part from its recent EGP 960 mn capital increase. In other news, last week GB Auto successfully established a microfinancing subsidiary, after signing all necessary paperwork . Further details on the subsidiary will be released in the upcoming days. (Read in Arabic)

HEALTHCARE

Health Ministry to allow some drug prices to increase by 20%, El Ezaby says
Al Shorouk, Al Mal | 09 June 2015
The Health Ministry has granted a preliminary approval for some pharmaceuticals’ manufacturers to increase some drug prices by 10-20%, Ahmed El Ezaby, the of the chamber of pharmaceuticals said. 40% of the products on the market are loss drivers for companies at present, El Ezaby said. He added that price increases would address the issue of shortage in the market. The Health Ministry will also reduce the time taken to register new drugs to 18 months instead of four years, which is the current rate for most drugs now. El Ezaby added that the government has not yet approved including medications as part of the good that could be acquired using the government’s ration cards. (Read in Arabic and here)

Boehringer Ingelheim to market three new drugs in Egypt this year
Al Borsa | 08 June 2015
Pharmaceuticals manufacturer Boehringer Ingelheim announced its intention to begin marketing three new drugs in Egypt in 2015. The company received the Health Ministry’s approval for products to treat high blood pressure, atrial fibrillation, and strokes. The company already sells ten drugs in the Egyptian market. (Read in Arabic)

MoH considers partnering with private sector on some new hospital units
Al Mal | 09 June 2015
The MoH may look to the private sector to partially finance its plans to establish medical units throughout the country, according to a high-ranking official in the ministry. Egypt’s public hospitals and healthcare units have historically relied on government-funding, as well as grants and loans from abroad, to finance their activities. This MoH will likely to have rely on other sources of financing in order to execute its two year plan to increase the number of hospital units and improve the quality of healthcare offered at its already established hospital. On a related note, the MoH recently requested the government increase its annual healthcare budget from EGP 3.5 bn in 2015 to EGP 6.5 bn in 2016. (Read in Arabic)

REAL ESTATE & HOUSING

Egypt signs USD 4.6 bn construction deal with Arabia Group
Reuters | 09 June 2015
According to a statement released from the Cabinet on Tuesday, Egypt’s housing ministry signed an EGP 35 bn (USD 4.6 bn) construction deal with Egyptian real estate developer Arabia Group. This comes after initial agreements in March to develop the project in 6th of October city. The housing minister also noted that the project would include hotels, medical facilities and schools on an area spanning 557 feddans. (Read)

TOURISM

Travco considers EGX listing in 2016
Al Borsa | 09 June 2015
Travco is considering listing its shares on the EGX in 2016, according to Al Borsa. Travco has a paid-in capital of EGP4 bn and employs more than 10,000 people. The company owns 35 hotels, including 22 floating hotels, and controls a 1,800-strong bus fleet. A representative from Travco said the company led the market in bringing in tourists last year with 700,000 visitors. (Read in Arabic)

Tourism revenue set to grow by 47.1% y-o-y in FY2014/15
Daily News Egypt | 08 June 2015
Tourism revenue will increase by 47.1% y-o-y to USD 7.5 bn in FY2014/15, a Tourism Ministry official told Daily News Egypt. Tourism revenues had recorded USD 5.5 bn in the first nine months of the fiscal year. “Marketing campaigns carried out by the Ministry of Tourism during 1H of FY 2014/2015, which covered the Arab as well as Western and Eastern Europe markets, have significantly contributed to the growth of Egypt’s tourism income,” the Egyptian Tourism Federation’s Chairman Elhamy El Zayat said. 31% of tourists who visited Egypt last year were from Russia and 35% were European, El Zayat commented. (Read) According to the tourism minister, the number of tourists visit in Egypt in May 2015 grew by 16.4% compared to the same period last year. Similarly, foreign tourist nights also rose 17.5% in May 2015, compared to the same period last year. (Read in Arabic)

Metito to engage in four water management projects for luxury hotels in Egypt
Zawya | 09 June 2015
Metito announced its participation in four key water management projects in Hacienda Bay, City Stars, Porto Sharm, and Marassi Group. The projects are worth more than EGP 65 mn “that will support the revival of Egypt’s local tourism economy.” The projects include water desalination installations and sewage treatment plants are expected to be concluded over the course of the year. (Read in Arabic or read the release from Metito)

TELECOMS & ICT

Negotiation between Telecom Egypt and internet providers to end by Sunday
Al Mal | 10 June 2015
Telecom Egypt will complete its negotiations with internet providers with regards to lowering the price of their services to consumers by next Sunday, said an official from the ICT ministry. The official denied claims that prices would fall by a rumored 50%. That said, the internet providers have expressed their readiness to significantly reduce internet prices. The ministry is currently in the process of replacing copper cables with optic fiber cables, affecting 4 mn internet users. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Aramex, OTMT to establish logistics hubs for fresh produce, grains
Al Borsa | 09 June 2015
Aramex and Orascom Telecom for Media and Technology will establish a joint venture to build logistics centers for fresh produce and grains in Cairo, Alexandria, Upper Egypt, Tanta, and the Suez Canal area, an OTMT executive said yesterday. The story in Al-Borsa comes after numerous media reports in May that Aramex was partnering with an Orascom company to build hubs in zones controlled by the Ministry of Supply and Domestic Trade. The project could create as many as 6,000 direct jobs. Financing for the project, to which the Supply Ministry may allocate land, is not yet in place. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Only around EGP 2 bn of social insurance funds invested in the stock market
Amwal Al Ghad | 09 June 2015
Only EGP 100 bn from the national social insurance funds are allocated for investment out of a total of EGP 585.8 bn, Social Solidarity Minister Ghada Waly said. Of the amounts invested, only 2% are in the stock market. Waly added that the ministry is in contact with the treasury to assess the social insurance funds held by it. She believes a larger amount should be invested on the EGX given its higher returns and following international precedent. (Read in Arabic)

ON YOUR WAY OUT

Daesh affiliate fires rockets toward airport used by multinational peacekeepers -sources:Wilayat Sinai, the North Sinai-based Daesh affiliate, claimed responsibility for firing rockets late Tuesday near an airport used by the Multinational Force & Observers (MFO), as reported by Reuters. No casualties or injuries have been reported thus far, and reports could not confirm if the rockets landed in or outside the airport. (Read)

US Embassy staff member reportedly arrested by Egyptian security: The US Embassy in Cairo has allegedly confirmed to Daily News Egypt that one of their employees has been arrested, although they declined to give further details. DNE notes that local media reports allege that a 42-year old security guard working for the embassy named Ahmed Ali was detained. Activists believe the man in question to be 44-year old Ahmed Amin Suleyman. (Read)

Exodus: 17.2% of Egyptian youth between the ages of 15-29 want to immigrate, down from 18.3% in 2009, according to a CAPMAS survey. 25.8% of male youths want to leave the country as well as 30.3% of university graduates, according to Al Masry Al Youm.

BY THE NUMBERS

USD CBE auction (Tuesday, 09 June): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 09 June): 7.67 (unchanged from Sunday, 07 June, Reuters)

EGX30 (Tuesday): 8,660.93 (-0.13%)
Turnover: EGP 429.2 mn (12% below the 90-day average)

WTI: USD 60.70 (+0.93%)
Brent: USD 65.12 (+0.37%)

TASI: 9,490.9 (- 0.4%)
ADX: 4,583.7 (+0.4%)
DFM: 4,113.9 (+2.4%)
KSE Weighted Index: 424.1 (+0.6%)
QE: 11,943.5 (+0.3%)
MSM: 6,474.5 (+0.2%)