Your top 5 pieces of business and economic news in December
Your top 5 pieces of business and economic news in December:
- Sentiment: We received contradictory data points on business sentiment last month, with an HSBC survey indicating confidence heading into 2021 but November’s PMI had only 12% of firms forecasting growth next year due to uncertainty caused by the pandemic.
- Inflation: Headline annual inflation hit a five-month high in November driven by a rise in food prices.
- Privatization: Five companies have been earmarked to restart the state privatization program in the coming months, Public Enterprises Minister Hisham Tawfik said, a week after the Sovereign Fund of Egypt announced the first two military-owned firms to be offered to investors.
- Banking: The banking sector should prepare for a rise in bad loans in 2021 but most remain sufficiently capitalized to weather the storm, analysts said.
- Tax: Some 11k large and medium-sized firms will begin using the unified tax platform on 1 January as the government begins to trial the new system.