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Monday, 11 July 2016

What we’re tracking this week: Electricity rate hikes and Abdel Aal in Moscow

All eyes are on tomorrow’s Central Bank of Egypt foreign exchange auction as market watchers anticipate (pray for?) devaluation. We have the full story below in Speed Round.

Only industry and rich folk will be paying more for electricity under a planned rate hike, power ministry spokesman Mohamed El Yamany in a call-in to “Ghorfat Al Akhbar” on CBC Extra (run-time: 4:00). Al Mal has the breakdown of the new prices listed here. As we reported yesterday, cabinet is expected to approve the rate hike this week; the three lowest consumption tiers will not see a rate hike, El Yamany said.

House Speaker Ali Abdel Aal is scheduled to visit Moscow from Tuesday through Friday for high-level talks.

Solar-powered Solar Impulse 2 is expected to touch down at Cairo International on Wednesday: The solar-powered aircraft will take just over 50 hours to fly from Seville, Spain, to Cairo and is due to lift off this morning at 6:30am CLT. It’s the aircraft’s second-to-last leg on its round-the-world odyssey to promote clean technologies. The final flight will stretch from Cairo to Abu Dhabi. Solar Impulse’s website is here, and you should be able to watch the flight to Cairo live here on their website after takeoff this morning.

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