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Sunday, 17 March 2019

What we’re tracking on 17 March 2019

News over the weekend was dominated by international headlines, including the killing of 50 people in a terrorist attack on Muslims in New Zealand by a white supremacist.

Four Egyptians were among the dead in the Friday morning shootings at two New Zealand mosques, according to an Emigration Ministry statement. The attacks were “the worst ever mass killing in New Zealand,” leaving 50 dead and more than 40 injured, according to Reuters. The gunman had published a manifesto prior to the shooting citing “‘white genocide’, a term typically used by racist groups to refer to immigration and the growth of minority populations, as his motivation.” The attack was designed with social media in mind and live-streamed from a camera on the attacker’s helmet. President Abdel Fattah El Sisi condemned the attack as a “cowardly terror attack against humanity.”

El Sisi’s remarks came during a speech to open the first Arab African Youth Platform on Saturday in Aswan. The summit, which runs until tomorrow, brings together 1,500 young people from Arab and African countries. You can watch the president’s opening speech here.

It’s interest rate week in the United States and the consensus is that the US Federal Reserve will not hike rates again until 3Q2019, according to a Reuters poll of economists. Of the 100 economists surveyed, 55% expect the Fed to tighten again by the end of 3Q2019, a stark contrast from a month ago when a majority predicted a rate hike in 2Q2019. A growing number of economists see no hikes through year’s end — great news for emerging markets.

Dubai-based Network International has snagged a new chairman ahead of a mid-April listing on the London Stock Exchange. Ron Khalifa, the former head of Network International’s UK rival Worldpay, was announced as chairman on Thursday at the same time as the company filed its intention to float. Network International is “dominant in market share terms in its main markets, such as the United Arab Emirates, Jordan and Egypt,” the Financial Times reports, and is profitable, delivering USD 98 mn in net income on revenues of USD 298 mn. You can catch up on Network’s IPO process at the microsite they’ve established for the transaction.

There’s a serious beef going down in the tech world: Apple has claimed Spotify is using “misleading rhetoric” a few days after the music streamer filed a European antitrust complaint against the iPhone maker, Reuters reports. Spotify’s complaint alleges Apple has illegally favored its own streaming service by abusing its control of the App Store, prompting Apple to fired back that Spotify is “trying to squeeze” its artists in the pursuit of making money.

Generation Z is leading climate action: “If you don’t act like adults, we will,” school students the world over said in organized protests on Friday against climate change, CNN reports. The students marched in front of government buildings in their respective cities, inspired by 16-year-old climate activist and Greta Thunberg. Thunberg, who later tweeted that upward of 1.4 mn students in more than 2,083 marches hit the streets on Friday.

Things to keep an eye on this week:

  • Constitutional change: The House will begin this week public hearings on the proposed constitutional amendments. There’s no word whether the hearings, which will be open to the press and which wrap next week, will be televised.
  • Conferences and gatherings: Our friends at AmCham are holding their annual real estate conference on Monday, the Portfolio Egypt conference takes place on Tuesday, and the Green Building Conference gets underway on Wednesday.
  • In the courts: AIND’s lawsuit against Peugeot Citroen is back before the judge today
  • Global macro: OPEC is holding a joint ministerial monitoring committee meeting today and tomorrow.

We have the details on all of the above and more in this morning’s Calendar section.

Bns, one of our favourite TV shows, is back on air tonight in the US of A. This season sees an uneasy alliance between a hedge fund boss Damian Lewis and the erstwhile erstwhile US district attorney played by Damian Lewis. You can catch the trailer here (watch, runtime: 2:20) or learn how wardrobe folks and location scouts recreate the lifestyle of bn’aires in this piece over on the New York Times.

Happy birthday to The Colonel and a very happy St Patrick’s Day to all.

PSA- You can expect clouds with a chance of rain today in the nation’s capital, according to the national weather service, Ahram Online suggests. Our favourite weather app begs to differ, but it’s been wrong before. Expect a high today of 21°C.

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.

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