Good afternoon friends, and welcome to the tail-end of this busy hump day. Picking up where we left off this morning, it’s a brisk news day here at home as macroeconomics and fiscal policy continue to take the lead.

THE BIG STORIES TODAY-

#1- Inflation hits new high on weaker EGP: Inflation rose to a fresh five-year high in December as the impact of successive currency devaluations continued to feed through to the economy. Figures from state statistics agency Capmas showed the urban annual rate of inflation jumped to 21.3% in December, up from 18.7% the month before, driven by surging food costs. This is the highest rate since December 2017, and is up from just 5.9% in December 2021.

#2– Our first look at the tax policy document: Finance Minister Mohamed Maait gave us our first snippet into the highly-anticipated five-year tax policy document during a presser earlier today. The document will not affect the current corporate income tax, which Maait vowed will remain unchanged for as long as he is finance minister, but capital gains tax and income tax amendments are on the table. President Abdel Fattah El Sisi will unveil the document in a few weeks’ time.

THE BIG STORY ABROAD

Now that the US House of Representatives has a speaker and riots in Brazil have simmered down, the international business press is back to giving us a mixed bag of nuts this afternoon. Among the headlines out there:

• Amazon is planning to close down three warehouses in the UK. (The Financial Times)
• The Biden administration has a new proposal that could wipe out student loan debt more quickly. (The Wall Street Journal)
• Dubai’s property market staged a major rebound in 2022 to hit record home sales. (Bloomberg)
• Russia is hammering down on Soledar, a small salt mining town in eastern Ukraine. (Reuters)

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

• Cabinet announces budget cutbacks amid rising inflation, FX crunch: Prime Minister Moustafa Madbouly has told all but “essential” ministries to make budget cutbacks until the end of the current fiscal year.
• Compass cleared for DD on Pachin + Speed Medical, ICMI look at M&A transactions: Compass Capital got the green light to do due diligence on Pachin, Egypt’s most sought-after paints company, Speed Medical is considering selling its stake in Speed Hospital in Obour, and ICMI is looking at a number of acquisitions in the textiles and medical sectors.
• GB Auto subsidiary GB Lease closed an EGP 1.7 bn three-tranche securitized bond issuance, backed by a receivables portfolio of EGP 2.4 bn.

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???? CIRCLE YOUR CALENDAR-

CIT Minister Amr Talaat is heading a delegation to India to drum up investment by Indian companies in our CIT sector, according to a ministry statement. On the first day of a weeklong visit, Talaat met members of the Confederation of Indian Industry (CII), where he showcased investment possibilities in digital transformation, data centers, outsourcing, and entrepreneurship. Talaat also held a meeting with Ranjeet Goswami, global head of corporate affairs at Mumbai-based multinational IT firm Tata Consultancy Services.

The national dialogue will kick off on Saturday, 14 January.

Davos 2023: The usual suspects will descend on the Swiss town for the annual meetings of the World Economic Forum on 16-20 January.

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

????️ TOMORROW’S WEATHER- A few rays of sunshine could peek through, but we’re looking at an overall mostly cloudy day tomorrow with a daytime high of 19°C and a nighttime low of 11°C, according to our favorite weather app.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential daily read on what’s happening in business, finance, economics and policy in Egypt and the wider region — is looking for writers, reporters, and editors to help us build new publications. We’re looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. Those who successfully complete the program will then be offered full-time positions on staff.

During the program you will learn:

• The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
• Business and finance for non-finance people: Whether it’s industry jargon, key concepts, or simply how to read a an income statement;
• How to construct an Enterprise story: From idea formulation down to the structure, style, and tone of writing;
• The ins and outs of a newsroom, including how to develop sources that will give you the key insights needed to tell a complete story;
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Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.