THIS EVENING: Madbouly’s privatization presser kicking off soon + China isn’t thrilled with Sleepy Joe
Good afternoon, wonderful people. It’s one of those Wednesdays that seem to be off to a slow start, but promises to pick up the pace in the next few hours.
THE BIG STORY TODAY
All eyes are on Madbouly’s privatization presser: The Madbouly Cabinet kicked off its weekly meeting just a few minutes ago, after which Prime Minister Moustafa Madbouly is expected to hold a press conference to unveil the list of 20+ state-owned companies in which the government plans to offer stakes to strategic investors and / or on the EGX this year, Youm7 reports.
THE BIG STORIES ABROAD
China not happy with Biden’s State of the Union speech: Detailed breakdowns of US President Joe Biden’s State of the Union address are front page of the foreign press — including Biden’s seven mentions of China as he called for the country “to seek competition, not conflict” with the US. His comments made pointed references to the balloon shot down over the US on the weekend, which were met with applause from Congress. China maintains that the balloon was an unmanned civilian airship for meteorological research. China’s response has declared its own right to defend the country’s sovereignty, security and development and refutes that the US-China relationship should be defined by competition entirely. Over 73 minutes, Biden covered climate change, immigration, healthcare and the economy among other topics, establishing the basis of what several papers reported will form the beginnings of his 2024 stump speech, with the refrain “Finish the job,” hinting at a campaign slogan.
The story got ink from: Bloomberg | WSJ | New York Times | AP | Reuters
ALSO GETTING INK- With a death toll of more than 11k, the aftermath of the Turkey-Syria earthquake continues to get top billing in the international business press. Frustration is growing in the quake stricken areas, more than 50 hours on from the initial tremor, as logistical impediments have slowed the efforts of local and international aid and rescue workers. (NYT | Washington Post | Financial Times)
Two Egyptians have been found among the victims of the earthquake, the Foreign Ministry said yesterday, without disclosing their identities or any other details. Egypt has sent five planes of emergency military aid to the quake zones to help with recovery efforts, reported the state-run MENA news agency.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- El Said calls on Qataris to invest + Is ADQ mounting rival bid for Vodafone Egypt acquisition? Planning Minister Hala El Said again invited Qatari business leaders to step up their investments in Egypt during talks in Doha yesterday, while the QIA and Telecom Egypt are reportedly not seeing eye-to-eye over how much of VFE should be on the table.
- Moody’s downgraded Egypt’s credit rating for the first time since 2013 to B3 from B2 and changed its outlook to stable from negative, due to “reduced external buffers and shock absorption capacity.”
- B Investments finalizes exit from TotalEnergies Egypt, after completing the sale of its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn.
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FOR TOMORROW-
Inflation: The CBE and Capmas are expected to publish inflation data for January tomorrow.
???? CIRCLE YOUR CALENDAR-
Hey, agri-tech startups: The European Bank for Reconstruction and Development (EBRD) has launched its AgVenture challenge, offering startups operating in the agri-tech sector the chance to snag up up to EUR 80k worth of advisory services and additional grants worth EUR 10k. Eligible startups have until 1 March to apply.
Who’s eligible? Startups that have been operating in the agri-tech sector for less than 5 years, have an annual turnover of less than EUR 1 mn, and who operate primarily in countries where EBRD has a presence.
Fuel price announcement when? We’re still waiting to hear what the government plans to do with fuel prices this quarter. Its fuel pricing committee was supposed to meet at the beginning of January to set prices for 1Q. The government has increased prices at the pump by 23-28% since April 2021, and decided on a rare fuel oil price hike last July.
Expect prices to rise: The government has committed to changing local fuel prices in line with movements in the global markets under the USD 3 bn loan agreement with the IMF.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
COME TO OUR NEXT ENTERPRISE FORUM-
We’re excited to unveil our next C-level event: The Enterprise Exports & FDI Forum, where we will take a deep dive into two of the most critical topics affecting our community.
Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.
Want to join the conversation? Drop us a line on events@enterprisemea.com.
????️TOMORROW’S WEATHER- Expect a daytime high of 17°C tomorrow and a nighttime low of 8°C, according to our favorite weather app.