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Tuesday, 9 May 2017

What we’re tracking on 09 May 2017

President Abdel Fattah El Sisi finished his trip to the GCC after flying to Bahrain yesterday for a series of talks with King Hamad bin Isa Al-Khalifa. El Sisi’s trip to Bahrain followed a two-day official visit to Kuwait, where he met Kuwait’s Emir Sabah Al-Ahmed Al-Sabah and other top officials, according to Ahram Online (here and here).

The House of Representatives is expected to vote today on the 10% hardship raise for state employees not covered under the Civil Service Act after failing to bring the measure to a vote once more yesterday, Al Mal says. MPs are trying to push the government into agreeing to give the raise as a percentage of employees’ base salary rather than in a specific EGP amount based on a set percentage, but cabinet members say the switch would cost the state an additional EGP 18 bn that it just can’t afford.

Goldman Sachs is shaking up its investment banking leadership team after former president Gary Cohn’s departure for Washington to serve in the Trump administration, the Financial Times reports. It’s true inside baseball stuff.

Elsewhere in the salmon-colored paper, Simon Munday looks at how a rapidly growing middle class and low labor costs “make India a logical base” for global automotive production. There are lessons for members of our own House of Representatives here as they ponder the long-awaited automotive directive.

Want to go to law school, but have commitment issues? Don’t want to take the LSATs? No problem. Harvard Law is expanding a pilot program that will accept college juniors without LSATs (you can substitute those GREs you took instead). Anyone accepted will be allowed to “defer admission as long as they finish college and spend at least two years working, studying or pursuing research or fellowships,” the New York Times reports.

Heading for Montreal this morning? You may want to call ahead. Massive flooding has prompted the declaration of a state of emergency, the CBC reports.

An antidote to flooding and all things financial for folks of a certain age: There’s a biography of late night host David Letterman out that “portrays Letterman as more self-loathing than self-critical.” (Uhm, we kind of get that some mornings…) New York Daily News previews the book, which you can also check out on Amazon here.

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