Back to the complete issue
Monday, 21 August 2017

What we’re tracking on 21 August 2017

Foreign Minister Sameh Shoukry will meet his Russian counterpart today. On the agenda for the sit-down with Sergei Lavrov: Resumption of direct flights to Egypt, a Russian industrial zone in Egypt, the Dabaa nuclear power plant and the ongoing crises in Syria, Libya, and Yemen. Shoukry is expected to visit Estonia and Lithuania following meetings in Moscow, according to Ahram Online. Russia’s Sputnik also has the story. Bilateral trade will be the focus of further meetings in Moscow before the end of this year, Trade Minister Tarek Kabil said. On the agenda: The industrial zone, other Russian investment in Egypt and Egypt’s potential admission to the Moscow-led Eurasian Economic Union. Talks on the latter date back to 2015. Egypt’s exports to Russia rose 26% in the first half of this year to USD 360 mn after Moscow lifted a ban on Egyptian agricultural products.

A World Bank delegation is in Egypt until Thursday to discuss the handover of the third and final USD 1 bn tranche of its USD 3 bn loan, according to a statement from the Investment and International Cooperation Ministry. Another WB delegation will visit next month to follow up on the USD 500 mn Upper Egypt Development program.

Are we in a new age of corporate activism? Forget about half-hearted (at best) “commitments” to CSR in some corners of the world, some US CEOs are taking full-on stands on social issues. Start with Emily Steel’s piece “For Murdoch Empire, Perhaps a Decisive Point in Relationship to Trump,” which covers an email to friends and associates by 21st Century Fox CEO James Murdoch that outlined a “striking repudiation of President Trump and a pledge to donate USD 1 mn to the Anti-Defamation League.” (The full text of the Fox News owner’s email is here.) Then tap the Gray Lady’s Business Day section to read David Gelles’ piece “The Moral Voice of Corporate America,” which argues that “a surprising group of Americans is testing its moral voice more forcefully than ever: C.E.O.s.” Gelles argues they are part of a “broad recasting of the voice of business in the nation’s political and social dialogue, a transformation that has gained momentum in recent years as the country has engaged in fraught debates over everything from climate change to health care.”

The counterpart is also in the New York Times, in the same section: “The Benefits of Standing by the President” argues that Blackstone boss Stephen Schwarzman played off his ties to the Trump administration to get the inside track on a mandate to manage a USD 20 bn Saudi fund.

Parts of North America will be privy to a 160-second total solar eclipse today, according to NASA, which will be treating us earthlings to “a wealth of images captured before, during, and after the eclipse by 11 spacecraft, at least three NASA aircraft, more than 50 high-altitude balloons, and the astronauts aboard the International Space Station.” The eclipse is expected to reel in mns of USD to “groups ranging from doughnut shops in rural Oregon to corporate behemoths like Walmart,” as it is “projected to draw more spectators than any other in US history,” says the FT (paywall).

The hype is such that not only is the New York Times running “The Great American Eclipse Is Almost Here. This Is Your Complete Guide” as a front-page feature, it’s also plugging a very carb-heavy set of “Solar Eclipse Recipes.” Meanwhile, Al Masry Al Youm rounds up the top (online) spots for us here in Omm El Donia, and elsewhere in the world, to watch the magic unfold.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.