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Wednesday, 17 November 2021

THIS MORNING: Key EGX meeting this morning; Rain is coming.

Is it over yet? Earnings season, we mean. The numbers just … won’t … stop.

IT’S A BIG DAY FOR- The EGX, as regulators meet to discuss some major rule changes. Proposals to reduce trading fees and introduce new caps on margin trading are on the agenda for a meeting this morning between the Financial Regulatory Authority (FRA), the EGX and Misr for Central Clearing. Also on the table: the loosening of caps on intraday share price movements in September, which has allowed shares to rise or fall 20% in a single session instead of 10%. The FRA (pdf) and the EGX were both out with statements yesterday.

Shocker: The securities industry doesn’t like regulation: Egyptian Capital Market Association VP Ayman Sabry called for drastic changes to the entire market system in an interview with Lamees El Hadidy on Kelma Akhira, saying that the EGX is missing out on the current boom in other markets, (watch, runtime: 9:57). Speaking ahead of today’s policy meeting, Sabry claimed that market regulation is costing the bourse USD 30 mn a day and called on policymakers to lift price controls and refrain from intervention.

PSA- Odds are good we’re getting rain this weekend, with our favourite weather app saying there is a 60% chance of up to 5mm of rain on Saturday. The rain looks set to usher in a spell of cooler weather, with daytime highs falling from 27°C tomorrow to 21-23°C through the end of next week.

THE BIG STORIES ABROAD- There’s no single story grabbing the attention of foreign press this morning. Retail sales in the US suggest that rising inflation isn’t yet having an impact on consumer spending (NYT | WSJ) and there are hopes that US and China could open talks to reduce tensions and prevent a proliferation of nuclear and hypersonic weapons in the region (FT | WSJ).

We’ll know in about four days’ time who the next chairman of the US Federal Reserve will be, with President Joe Biden telling reporters he’s looking to announce a nominee in “the next four days.” Biden is choosing between reappointing current Fed boss Jay Powell and Fed governor Lael Brainard. Bloomberg quotes an unnamed source as saying Biden has ruled out other possible contenders for the job. Reuters also has the story.

SIGN OF THE TIMES #1- The denizens of Wall Street are collectively licking their chops ahead of what promises to be the best year for bonus compensation since 2009, “with investment bankers and equities traders in line for the biggest bonuses,” according to a study by compensation firm Johnson Associates. Check out their press release here or hit the web — the results are all over the business press this morning.

SIGN OF THE TIMES #2- A number of Canadian MPs could be blocked from entering the House of Commons when it reconvenes next week after Conservative Party leader Erin O’Toole failed to convince all of his caucus to get jabbed against covid-19.

MEANWHILE- Netflix is finally announcing a weekly top 10, providing its first-ever official ranking of who’s watching what, where. The streamer has launched a standalone website that features a global top 10 of both TV shows and films (it also has a link to per-country rankings, but the link was broken at dispatch time).

The top three English-language TV shows globally last week: Narcos: Mexico (season 3), Arcane (season 1) and You (season 3). The story is getting plenty of ink everywhere from CNN to the Wall Street Journal.


It’s the second and final day of the Africa Fintech Summit: The summit looks at innovation in the fintech ecosystem, venture capital and other forms of investing, and will also discuss the rise of healthtech.

The UK’s Prince Charles arrives in town tomorrow and will stay through Friday on his first visit to Egypt in well over a decade. Charles and his wife, the Duchess of Cornwall, are in Jordan today. Look for climate change to be on Charles’ agenda.


Entrepreneurs aged 18-35 have until 23 December to register for TotalEnergiesStartupper of the Year Challenge. The competition is open for a business creation project or startup under three years old in any sector. Candidates can apply here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.


*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: Egypt’ regional energy hub ambitions just got a boost. A Israel-UAE pipeline agreement that looked to threaten Egypt’s position as a regional energy player and neuter the Suez Canal’s importance as a vital shipping route for fuel appears under threat. And Russia’s long-planned Nordstream gas pipeline to Europe just received the cold shoulder from Berlin, potentially leaving Europe searching for new sources of gas.

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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