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Tuesday, 2 January 2018

What we’re tracking on 02 January 2018

2018 is off to a shaky start. A terror attack on a Coptic Orthodox church in Helwan on Friday left at least 11 people dead in its wake. Daesh claimed responsibility for the act, as investigators discovered the assailant’s identity and links to previous terror attacks (We have full coverage in the Speed Round, below).

Security presence has been bolstered around churches ahead of Coptic Christmas celebration on Sunday 7 January, which Manpower Minister Mohamed Saafan has confirmed will be a holiday for both the public and private sectors.

The EGX is not expected to suffer as a result of the attack, traders tell Al Borsa. They expect the Egyptian Exchange to continue on its strong streak this year, having closed at 21.7% at the end of trading on Thursday.

Last week, the central bank’s Monetary Policy Committee left key interest rates unchanged, as market observers had predicted. Full coverage in the Speed Round, below.

The House Economics Committee is scheduled to hold a final vote on the Consumer Protection Act today, Ahram Gate reports. Consumer Protection Agency head Atef Yacoub is expected to attend today’s debate of the bill. The committee had approved last month the proposed text for article 30, which would require vendors to print a receipt for consumers who pay for purchased goods in installments that clearly indicate the price of the goods, the interest rate being imposed, and the value of the down payment.

We will be announcing the results of our end-of-year survey next week. Be on the lookout.

Suffering from slow internet? You’re’ not alone. Egypt and some neighboring countries are facing a problem, Telecom Egypt says in a statement. They reassure customers that they are working on resolving the issue as fast possible within the next few days.

PSA- Residents of various Giza neighborhoods can expect water to be out for 24 hours starting 8:00pm tonight, Al Mal reports.

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