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Tuesday, 18 October 2016

What we’re tracking on 18 October, 2016

Our review of Last Night’s Talk Shows is back for a one-morning guest appearance. Partially in response to reader feedback yesterday in our survey, and largely because the editor had insomnia and stumbled first into Youm7 / Al-Nahar’s Khaled Salah suggesting we all eat the rich (apologies to Liv Tyler’s dad and his little band) and then Lamees El Hadidi grilling the CBE’s Gamal Negm over credit cards. Which led to Mohamed El Etriby. Which led to Mohamed El-Erian. Which led to Amr El Garhy… All of which translated into a call to the overnight editor asking him to bring back Talk Shows — for this morning’s edition, at least.

The EGX had its worst close in four months yesterday, with Bloomberg’s Ahmed Namatalla pointing to “rising concerns about the country’s willingness to weaken its currency as required by International Monetary Fund for approval of a loan request.” The EGX30 closed down 2.2%, with c. EGP 969.7 mn in shares changing hands, about 123% above the trailing 90-day average. “The stand-still pose by the government on currency devaluation is finally kicking in with institutional investors, and is raising concerns of implementation risk when it comes to meeting IMF requirements to secure the loan,” Pharos Holding head of equities Mohamed Radwan is quoted as saying.

From our Snopes file: Wolf of Wall Street author Jordan Belfort is denying he’s involved in an upcoming seminar in Egypt, referring to the alleged (and unnamed) Egyptian organiser as a “[redacted]hole” and demanding Egyptian police investigate. We could find no evidence of the event on El Face or anywhere else on the interwebs; Belfort’s staff did not answer an email asking for comment. His complaint is on Facebook here.

Wait, isn’t foreign policy the prerogative of the executive branch? House of Representatives Speaker Ali Abdel Aal said “he is seriously contemplating a joint meeting with Saudi Arabia’s Shura Council to put relations between the two countries back on track,” reports Ahram Online’s Gamal Essam El-Din. He is, of course, merely answering the clarion call of one of Egypt’s most honorable MPs: “Mostafa Bakri told parliament Monday that a large number of MPs have signed a request asking that an Egyptian parliamentary delegation be formed to visit Saudi Arabia and meet with leading members of its Shura Council, to help erase any tension between the two countries.”

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