THIS EVENING: Egypt postpones phasing out of electricity subsidies + The world sees a massive crypto sell-off
What an interesting afternoon, ladies and gentlemen. We got everything from DJ bn’aire’s to Google covering up a sentient algorithm and the continued crash of crypto and global VC funding.
THE BIG STORY TODAY-
Don’t panic about rising electricity prices just yet: The state will once again postpone phasing out electricity subsidies to ease financial pressure on citizens already coping with high inflation, President Abdel Fattah El Sisi said on the sidelines of the inauguration of the livestock and dairy complex in Sadat City today (watch, runtime: 3:41). Residential electricity bills were set to rise at the start of the new fiscal year on 1 July as per the Sisi administration’s plan to restructure electricity prices by 2025.
THE BIG STORY ABROAD-
The international business press is broadly focused this afternoon on a crypto sell-off pushing BTC prices to their lowest levels since December 2020, while ethereum hit a 17-month low. The sell-off, which has picked up steam in recent weeks on concerns over rising interest rates in the US as the Federal Reserve tightens its monetary policy, was exacerbated by major crypto lending company Celsius Network freezing withdrawals and transfers today. The story is on the front pages of Reuters, the Wall Street Journal, and CNBC.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Egypt will need an additional USD 10 bn next fiscal year for wheat + oil: Egypt could face an extra USD 10.2 bn burden next fiscal year if wheat and oil prices remain at their current elevated levels, Finance Minister Mohamed Maait said.
- UAE’s Chimera puts in an offer for Beltone: Our friends at Abu-Dhabi based investment firm Chimera Investments have submitted a non-binding offer to acquire a controlling stake in Beltone Financial.
- First Abu Dhabi Bank (FAB) has completed the merger of Bank Audi Egypt and rebranded its Egypt operations as FABMisr, a year after it acquired 100% of the Lebanese bank’s local unit.
HAPPENING THIS WEEK-
It could be a big week for our gas export ambitions: Hopes are high that Egypt can ink an agreement to increase exports to the EU when EU Commission President Ursula von der Leyen lands in Cairo for talks with President Abdel Fattah El Sisi. According to a draft document seen by Bloomberg earlier this month, the EU is expected to sign an MoU with Egypt and Israel that will see more Israeli gas shipped to Egypt’s LNG facilities where it will be exported across the Mediterranean.
Meanwhile, the US Federal Reserve will meet tomorrow and Wednesday to decide on interest rates amid US inflation accelerating to a fresh 40-year high in May. This has raised fears among traders that the Federal Reserve will turn even more hawkish when it meets this week.
Egypt is the guest of honor at this year’s St. Petersburg International Economic Forum (SPIEF), which takes place on 15-18 June in the Russian city. Trade Minister Nevine Gamea will participate in several panels on Thursday, including a session on Egyptian-Russian relations where she’ll be joined by SCZone VP Waleid Gamaleldien, the head of the Egyptian Exporters Associated Mohamed Kassem, and Tourism Ministry undersecretary Ahmed Youssef.
???? CIRCLE YOUR CALENDAR-
El Sisi, Amer attending Afreximbank annual meetings: The African Export-Import Bank’s (Afreximbank) annual meetings start Wednesday at the new capital’s St. Regis Almasa Hotel. President Abdel Fattah El Sisi, Central Bank of Egypt Governor Tarek Amer, and Afreximbank President Benedict Oramah will give keynote speeches at the event, which will focus primarily on implementing the Africa freetrade agreement that came into force in 2021.
There’s a handful of conferences coming up:
- The EU-Egypt Sustainable Food Value Chain conference, which will take place at Grand Nile Tower Hotel this Thursday.
- The Aswan Forum for Sustainable Peace and Development will take place in Cairo later this month on 21-22 June (Tuesday-Wednesday).
- The Big 5 Construct Egypt (pdf) construction industry exhibition runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- Expect a daytime high of 36°C tomorrow in the capital city before the mercury falls to 22°C at night, our favorite weather app tells us.
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