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Sunday, 12 September 2021

TONIGHT: FRA is out with new EGX listing rules + Banque Misr to launch a gold fund. ALSO: Watch Nine Perfect Strangers with some sushi

Good afternoon, ladies and gentlemen, to a week where inflation appears to be leading the chatter in the global business press, while capital markets dominate headlines locally.

THE BIG STORIES TODAY

#1- FRA eases minimum required number of shares to list on the EGX: Companies looking to list shares on the EGX must now offer no less than 1% of the EGX’s total freefloat market cap, according to the Financial Regulatory Authority (FRA) new listing amendments (pdf) that are out today. Under the new regulations, companies should have a freefloat market cap (the number of shares in freefloat multiplied by the share price) of no less than 0.5% of the EGX’s total freefloat market cap.

Is the FRA paving the way for someone? Last we heard, state-owned e-finance is expected to be among the companies to offer stakes as soon as next month. Planning Minister Hala El Said had said last week that the state privatization program will resume this year.

#2- Banque Misr is planning to launch a fund that will invest in gold, Vice Chairman Akef El Maghraby, told Al Shorouk.

#3- Ten companies are in the running to purchase the Emirati energy firm Al Nowais’ license to operate a solar plant in Aswan’s Benban, an unnamed official in the renewable energy sector told Al Mal.

^^ We’ll have chapter and verse on all three stories in tomorrow’s EnterpriseAM.

HAPPENING NOW

Armed Forces Chief of Staff Mohamed Farid met US Central Command commander Kenneth Mckenzie, who’s here attending the Bright Star 2021 military drills — Egypt and the US’ annual joint military exercises (watch, runtime: 2:33).

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • CBE likely to keep rates on hold:The Central Bank of Egypt will likely leave interest rates unchanged at its meeting this Thursday as it looks to keep inflation in check, according to a poll conducted by Enterprise.
  • Egypt can withstand a US taper: Egypt should be able to cope if US interest rates rise as the Federal Reserve begins unwinding its covid stimulus programme, Finance Minister Mohamed Maait said.
  • Inflation continues its upward trend in August: Annual urban inflation hit its highest level in nine months in August on the back of rising food, fuel and transportation costs.

THE BIG STORY ABROAD

Eighteen-year-old breakout star Emma Raducanu won the US Open final against fellow teenager Leylah Fernandez in straight sets last night, making her the first British woman to win a Grand Slam championship in 44 years. The sports marketing sharks are already circling: “If she wins she will become one of the hottest properties in British sport,” one brand consultant told the Guardian ahead of the match, while others drew comparisons between Raducanu and the sport’s highest-paid female athlete Naomi Osaka, who is worth a reported USD 37.4 mn.

In other global news, Iran will allow the International Atomic Energy Agency (IAEA) to reactivate its cameras at the country’s nuclear facilities, newly appointed head of the country’s Atomic Energy Organization Mohammad Eslami said today after a meeting with IAEA Director General Rafael Grossi in Iran, Reuters reports. The move could be aimed at easing tensions with the IAEA, and comes a week before the organization’s board meets to decide whether to issue a resolution on criticizing Iran.

The ever so gracious Taliban will let women study at universities as long as they only enrol in gender-segregated classes — and abide by Islamic dress of course — Bloomberg reports. The new policies were announced days after Afghanistan formed its new all-male government.

🗓 CIRCLE YOUR CALENDAR-

FOR TOMORROW-

EFG Hermes’ fourth Virtual Investor Conference kicks off tomorrow and runs through to 21 September with the theme of “After Reflation — FEMs in 2022.”

Environment minister at AmCham: Environment Minister Yasmine Fouad will give a speech on strategies for generating green, private sector-led growth at AmCham’s virtual monthly event tomorrow. Register here.

THIS WEEK-

Interest rates: The Central Bank of Egypt will meet to review interest rates on Thursday, 16 September.

The UN General Assembly kicks off later this week, opening on Tuesday 14 September and running through to 30 September.

Israeli PM to visit Cairo this week? Axios’ Barak Ravid reports that Naftali Bennett will make an official diplomatic visit to Egypt for talks with President Abdel Fattah El Sisi, which would be the first official visit to Egypt by an Israeli leader in more than a decade, and a first for El Sisi. The last Egyptian president to host an Israeli prime minister was Hosni Mubarak, who met Benjamin Netanyahu in January 2011.

The rumored visit comes amid reports that Egypt is preparing a new roadmap to restart Israel-Palestine peace talks, while cordial bilateral relations have recently been on public display. The Egyptian president in August extended the invitation to Bennett to visit, before calling Israeli President Isaac Herzog to wish him a happy Rosh Hashanah last week.

☀️ TOMORROW’S WEATHER- After the brief breeze over the weekend, the temperature will rise again tomorrow to 40°C in the morning and will drop to 23°C at night, our favorite weather app tells us.

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