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Tuesday, 5 March 2019

What we’re tracking on 05 March 2019

It’s PMI Day: The Markit / Emirates NBD purchasing managers’ index for February is due out at 6:15am CLT. You can download the summary report here when it arrives. The indicator, which measures non-oil business activity in Egypt, hit its lowest level in over a year in the January survey.

EBRD to present report today on new labor market trends: European Bank for Reconstruction and Development Managing Director for the Southern and Eastern Mediterranean Janet Heckman will chair a panel discussion today to present the findings of a report on the impact of modern trends on the labor markets of Egypt and developing nations, according to a press release (pdf).

An African Development Bank delegation will arrive in Cairo today for four-day talks with the Egyptian government, according to the domestic press.

Foreign Minister Sameh Shoukry is due to host a tripartite meeting today with his Algerian and Tunisian counterparts to discuss the situation in Libya, Ahram Gate reports. The three countries, which have met several times to discuss Libya, had put forward in early 2017 a political solution to the conflict. Libya’s rival leaders have recently agreed to call national elections.

82-year-old Algerian President Abdelaziz Bouteflika has officially submitted his candidacy papers for a fifth and final term in office, prompting “thousands” of Algerians to protest across the country, Heba Saleh writes for the Financial Times. “In an effort to calm public anger, Mr Bouteflika promised in a written message to call a national conference immediately after his election to discuss and set a date for another poll in which he would not be a candidate.” The octogenarian, who suffered a stroke in 2013, is paralyzed and rarely makes public appearances, leading many Algerians to denounce his candidacy as a “farce.”

Israel is easing the rules of its latest oil and gas exploration bid round in hopes of luring in companies, Israeli Energy Minister Yuval Steinitz told Bloomberg. The Israeli government is offering more flexible drilling timetables and more geological information to encourage companies to compete for the five offshore concessions that are up for grabs. Israel’s 2017 exploration tender for the Leviathan gas field has largely been a failure, in large part due to more attractive terms from Israel’s EastMed gas rivals, such as Cyprus. Our eastern neighbor hopes it can raise its output to meet growing demand for EastMed gas in Europe and to keep up with regional major discoveries in Egypt and Cyprus.

Tesla is getting ready to unveil its new Model Y,10% bigger and more expensive than Model 3, on 14 March, CEO Elon Musk said on Sunday, according to Reuters.

The UK’s Warwick Business School’s online MBA sits at the top of the FT’s 2019 online education rankings. The list’s main criteria were alumni’s key progress, diversity of the cohort, and the quality of online delivery.

Egypt’s leading business awards ceremony bt100 honored several cabinet members yesterday for their roles in improving and developing their respective sectors, including the economic and investment climate, reports Egypt Today.

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