What we’re tracking on 1 September 2016
It’s September, ladies and gentlemen. Most international schools are back in session on Sunday. The week after next is the Eid holiday (and, as usual, we have no clue when the holiday begins, let alone how many days the state plans to declare a national holiday). It’s investor conference season, industry conference season and, of course, the season for both new iPhones and budget planning for next year. Enjoy the sprint to year’s end.
Investor relations officers, take note: If you’re more than 45 days late releasing your quarterly earnings, your shares will be suspended from trading until you make things right, EGX boss Mohamed Omran said yesterday. A circular from the bourse yesterday said that companies that miss their filing deadline by more than 45 days will face suspension, a penalty previously handed out only after a company missed a 15-day warning issued after failing to issue in two consecutive quarters.
Random, anecdotal observations this morning: It’s become rather difficult to book flights out of Egypt these days, with limited route selection and low availability of seats. We’re basing this on a completely unscientific study of four different people / groups trying to book tickets to Berlin, Barcelona, Paris and Athens departing anywhere between this morning and early in Eid week. Is IATA really playing hardball on remittance of funds for international airlines? Or is it the combination of back-to-school travel and Eid vacation plans? Also: Enterprise’s parent company bought a very expensive graphics workstation yesterday — and was charged VAT as a “precautionary” measure, the vendor said. Forget that the vendor couldn’t offer a VAT registration certificate (or provide a VAT-compliant receipt). And set aside that we had to pay because we needed the gear, full-stop. If you’ve ever wondered why inflation spirals on rumor in Egypt, start with this.
El Sisi to arrive in India en route to China: President Abdel Fattah El Sisi is scheduled to land in India today for a three-day visit en route to the G20 summit in China, which will take place next week. El Sisi is set to meet with Indian Prime Minister Narendra Modi, with several projects proposed by India on the agenda, including a hospital “three times the size of Kasr El Eini” in the Administrative Capital.