THIS EVENING: The FRA wants to give short selling a boost with a select pool of licensed stocks + StartupLand scrambles to contain Silicon Valley Bank fallout
Good afternoon, ladies and gentlemen, and welcome to the end of the start of the week. Things are still on a relatively brisk note in the news cycle as the ripple effect of the Silicon Valley Bank continues to be felt.
THE BIG STORY TODAY
A new lending pool to resuscitate short selling: The Financial Regulatory Authority (FRA) is mulling launching a lending pool of stocks licensed for short selling with the EGX and Misr for Central Clearing and Depository (MCDR) in a bid to resuscitate short selling, Al Borsa quotes FRA boss Mohamed Farid. MCDR would manage the potential lending pool, Farid reportedly said.
THE BIG STORY ABROAD
Picking up where we left off this morning, the international business press remains entirely fixated on the collapse of Silicon Valley Bank as depositors scramble to access their money to be able to meet payroll obligations. The story continues to top the front pages of the Financial Times, the Wall Street Journal, Reuters, and CNBC.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Silicon Valley Bank collapse could squeeze dozens of high-profile local startups: The implosion of Silicon Valley Bank (SVB) last week has likely left scores of Egyptian startups without access to deposits they parked at the bank.
- Inflation surged to a fresh high in February on the back of a record increase in food prices amid the ongoing depreciation of the EGP and higher demand going into Ramadan.
- CBE wants advisors for United Bank sale: The Central Bank of Egypt (CBE) has sent investment banks — including “several big Western banks” — a request to pitch for an advisory role in the sale of United Bank of Egypt.
*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: Automotive industry players express their hopes for the newly-active Supreme Council for Vehicle Manufacturing and the specific issues they hope to see the council address in the industry.
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Egypt is playing host to PPP MENA Forum: The two-day Public-Private Partnership MENA Forum kicks off at the Nile-Ritz Carlton in Cairo on 19 March, bringing together over 300 regional and international PPP players to discuss new partnership models and projects to advance the region’s socio-economic growth. Discussions held under the patronage of Prime Minister Moustafa Madbouly will include policies for infrastructure projects, private funding for national projects, governance, and best practices.
☔ TOMORROW’S WEATHER- Don’t put away your winter wardrobe just yet — we’re still getting a few days of colder weather, coupled with rain or a sandstorm, depending on where you live. We’re in for moderate rain tomorrow through Wednesday on the country’s coasts, while Greater Cairo will see windy periods off and on throughout the week, according to our favorite weather app. Daytime highs will fall to 20-22°C from Tuesday through the end of the week, with an overnight low of 12°C on Tuesday, according to the Egyptian Meteorological Authority forecast.