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Monday, 19 December 2016

Has the 2016 year-end news slowdown begun?

We don’t want to write this and invoke hassad, but it is starting to feel like the year-end news slowdown is upon us. The indicators are numerous: kids now home on (or counting down the hours left until) winter break, trading volumes on the EGX plunging yesterday to the lowest level since the float of the EGP, talk show hosts are talking again about Mubarak’s bns, Dubai’s airport thronging with Cumbrian dairy farmers desperate to return home…

Heinz Egypt meets health and safety standards, the Trade and Industry Ministry’s Industrial Control Authority (ICA) said, according to Al Masry Al Youm. Inspectors from the ICA tested samples from the company’s production lines and found no violation of standards. The Authority did note in its report that, on previous inspections of Heinz’s plant, had administrative concerns over how the company dealt with returned goods and labelling, but says these issues were addressed. The report comes in the wake of a flap over the company allegedly processing sub-standard tomatoes. See more in Last Night’s Talk Shows, below.

International Cooperation Minister Sahar Nasr is expected to sign today an agreement for the USD 500 mn second tranche of a USD 1.5 mn loan from the African Development Bank, Al Masry Al Youm reports.

On a related note: The World Bank’s board of directors will vote tomorrow (not on Thursday, as previously reported) to disburse the second tranche of a USD 3 bn loan to Egypt. The World Bank’s board meeting schedule through February is here (pdf).

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