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Thursday, 28 April 2022

Charges brought against the man behind the invisible whale

Archegos founder, CFO arrested on 11 criminal counts, including security fraud: Archegos Capital Management founder Bill Hwang and CFO Patrick Halligan were indicted yesterday on charges of securities fraud, wire fraud, and racketeering. Both pleaded not guilty to the charges. Hwang posted a staggering USD 100 mn in bail, while Halligan was offered bail of USD 1 mn. Archegos is accused of bumping its portfolio from USD 1.5 bn to USD 35 bn in one year by using borrowed money for deceptive trading tactics, according to a statement from Manhattan US attorney Damian Williams cited by Bloomberg. The meltdown saw banks — including Credit Suisse and Japan’s Nomura Holdings — lose more than USD 10 bn upon the fund’s collapse.

The story is everywhere in the foreign press, including Bloomberg, the Wall Street Journal and the New York Times.

1Q 2022 earnings season continued yesterday:

  • Solid performance at SODIC boosted Aldar Properties’ bottom line, with the UAE-based developer posting net income of AED 688 mn, up almost 27% y-o-y. (Earnings release, pdf)
  • Deutsche Bank has reported its highest quarterly earnings since 2013, announcing yesterday post-tax earnings of EUR 1.2 bn, up 18% on the same period in 2021. (Earnings release)
  • Meta shares saw an 18% spike in after-hours trading after the group out-earned investor expectations in 1Q, while subsidiary Facebook managed to grow its user base. (Earnings release, pdf)

OTHER THINGS we’re keeping an eye on this morning:

  • Americana Group taps banks for IPO: Americana Group, which operates KFC and Pizza Hut in MENA, has tapped First Abu Dhabi Bank, Goldman Sachs and SNB Capital to work on its planned IPO. The dual listing in Riyadh and Abu Dhabi could take place this year. (Bloomberg)
  • Dubai has launched an AED 370 mn VC fund for local startups. Managed by Dubai International Financial Centre (DIFC), which will stump up 15%, the new fund aims to drive the emirate’s economic growth and secure its position as a global fintech, innovation, and VC hub. (Statement)




+0.3% (YTD: -10.3%)



Buy 18.44

Sell 18.53



Buy 18.45

Sell 18.53


Interest rates CBE

9.25% deposit

10.25% lending




+1.0% (YTD: +20.9%)




-0.2% (YTD: +18.1%)




+0.6% (YTD: +15.4%)


S&P 500


+0.2% (YTD: -12.2%)


FTSE 100


+0.5% (YTD: +0.6%)


Euro Stoxx 50


+0.4% (YTD: -13.1%)


Brent crude

USD 104.85



Natural gas (Nymex)

USD 7.27




USD 1,886.60




USD 39,261

+2.8% (YTD: -15.1%)


The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 767 mn (13.1% below the 90-day average). Foreign investors were net sellers. The index is down 10.3% YTD.

In the green: Mopco (+7.0%), Rameda (+6.1%) and Cleopatra Hospitals (+3.8%).

In the red: MM Group (-2.5%), Madinet Nasr Housing (-1.8%) and EFG Hermes (-1.5%).

Asian markets are up in early trading this morning as investors await the latest monetary policy move from Japan’s central bank, set to be announced this morning. Futures suggest major European and US indices will also open in the green later on today as the markets look set to mount a rebound following April’s steep selloffs.

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.