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Thursday, 10 December 2020

What we’re tracking on 10 December 2020

Good morning, friends. We made it through another week together. There are just 21 days left in 2020, if you — like us — are keeping count.

*** We’re a bit late this morning because one of our cloud services is glitching this morning. We’ve addressed most of the problem, but you may have intermittent issues seeing images in the email edition. We’re sorry for the inconvenience, folks, and will take steps to make sure it doesn’t happen again.

The big news globally this morning: Facebook is an illegal monopoly that has used a “buy or bury” strategy to crush its rivals, according to lawsuits filed by the US Federal Trade Commission and nearly every state in the union. El Face could be forced to sell instagram and WhatsApp, its prized possessions. “For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals, snuff out competition, all at the expense of everyday users,” the New York’s Attorney General said on behalf of the coalition.

The story dominates front pages in the business press on just about every continent. You’ll want to check out the NYT, the Wall Street Journal, Financial Times and Reuters to get oriented and go a bit deeper.

Big tech IPOs are also making headlines: Delivery outfit DoorDash shares popped 92% in their Wall Street debut yesterday, while the WSJ reports in an exclusive that it has priced its IPO at a point that “far exceeds” its expected range. Shares of the home-rental startup will make their debut today.

Closer to home: China’s top covid-19 vaccine is about 86% efficient, the UAE reported yesterday. Egypt was among the countries participating in the clinical trials. We have chapter and verse in this morning’s Covid Watch, below.

Also: At least three new state-owned companies are now in the government’s IPO funnel, including what could become the first two military-owned companies to make their EGX debut, as we report below.

It’s inflation day: Capmas and the Central Bank of Egypt are due to release November inflation figures today — two weeks ahead of the Monetary Policy Committee’s final meeting of 2020 to review interest rates on 24 December. Annual headline inflation accelerated to 4.6% in October on the back of a delayed start to the academic year, which always fuels inflation in fall.

The first in a new GIZ webinar series for the finance industry is set to take place today. You can learn more here (pdf) or register here.

ALSO: We love dogs. This morning and every morning.


The Washington Post has named Siobhán O’Grady (LinkedIn) as its new Cairo bureau chief, succeeding Sudarsan Raghavan, the paper said. O’Grady began her news career in 2014 at Foreign Policy before freelancing for two years from Nigeria and Cameroon, where she reported on a divide between English- and French-speakers. The appointment is effective January.

Egypt-based Communications Platform as a Service (CPaaS) company Cequens took home the title of the “Most Innovative Communication Platform” in the International Finance Magazine’s 2020 Technology Awards, the company said in a press release (pdf).

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