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.