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Tuesday, 13 December 2022

Building Reconciliation Law + a government clampdown on food price hikes leads the talk shows

It was another mixed bag on talk shows yesterday, with the talking heads focusing on a warning to shop owners from the cabinet and the ongoing debate over the new Building Reconciliation Law (we have more on the latter in this morning’s news well, above).

All retailers are going to need to start clearly displaying the prices of all their goods under new rules designed to tamp down on food price inflation announced by Prime Minister Moustafa Madbouly yesterday. Shop owners will need to either price-tag everything or attach labels to the shelves, Assistant Supply Minister Ibrahim Ashmawy told Kelma Akhira’s Lamees El Hadidi yesterday (watch, runtime: 18:09). “Madbouly stressed that the state has an iron first to interfere against those who hoard commodities or overprice them,” he said.

A taste of the fist: Regulatory bodies are set to agree on a deadline for retailers and shop owners to abide by the rules, Madbouly said. Anyone who doesn’t comply is at risk of having their shops shut down and their stock confiscated and sold to citizens.

The move is designed to deter traders from hoarding goods and artificially raising prices. The government recently designated rice as a “strategic commodity” for at least three months under efforts to control prices amid a rising cost of living. Ashmawy said that yesterday’s decision does not amount to price caps though he did not rule out the possibility further down the line. “It is possible,” he said.

The strongly-worded warning also received coverage from Masaa DMC (watch, runtime: 5:05) and Al Hayah Al Youm (watch, runtime: 4:07).

The search for greenbacks: Kelma Akhira (watch, runtime: 5:13) and Al Hayah Al Youm (watch, runtime: 4:25) both covered a meeting led by Madbouly yesterday to discuss efforts to replenish the nation’s foreign reserves. El Hadidi noted that Madbouly once again did not specify what the plan entails, yet said took note of Friday’s meeting by the IMF and previous statements by Finance Minister Mohamed Maait on a plan to attract USD 5 bn from developmental partners, an intention to sell USD 1.5-2.5 bn of sukuk, the planned debut CNY-denominated Panda bond issuance and others.

The arrest of fashion blogger Hadeer Atef on charges of fraud also got a mention from Masaa DMC (watch, runtime: 10:04) and Kelma Akhira (watch, runtime: 5:48). Atef and her husband, sister-in-law and husband were charged with fraud through collecting over EGP 1 mn in funds from 16 people who were scammed to believe they own companies operating in auto, real estate and the stock exchange. Atef was accused of promoting such scams to followers on her Instagram.

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