The next cohort of executive EMBA students? Entrepreneurs.Are US equity markets turning a corner? Goldman Sachs and JPMorgan say rising inflation is transitory, suggesting the 5% dip in the S&P 500 is the extent of the correction.*** CATCH UP QUICK with the top stories from yesterday’s edition of EnterprisePM: Also in Congress: Democrats could slash US President Joe Biden’s USD 3.5 tn infrastructure bill by a lot, in a bid to push it through Congress with a narrow Democrat majority vote, House Speaker Nancy Pelosi signalled yesterday, according to CNBC.ĬLOSER TO HOME- Turkey’s lira extended losses to reach a record low yesterday after President Recep Tayyip Erdogan hinted at more military involvement in Syria. The House approved a bill, already passed by the Senate, that raises the government’s borrowing limit to USD 28.9 tn, Politico reports. THE BIG STORY ABROAD this morning is the IMF’s warning on global growth, which we cover in detail below.ĪLSO- The US House of Representatives has approved a bill that will ward off default for the next seven week. The conference brings together 65 leading policymakers, scientists and diplomats from Egypt, Israel, Jordan, Iraq and Greece to advocate for a move away from fossils toward renewables in the region. The International Conference on Climate Change in the Eastern Mediterranean and the Middle East kicks off in Nicosia today. The decision is based on the recently-issued executive regulations of the Customs Act, which aims to expedite customs clearance. They will, instead, only need to give a broken down commercial invoice that contains a detailed description of the packing list. IN REGULATORY NEWS- Importers no longer need to get invoices stamped from chambers of commerce abroad to clear their goods at Egyptian ports, according to a decision by the Customs Authority, Al Mal reports. There are other ways to continue extending support to the industry if policymakers think it appropriate. A national private-sector minimum wage was smart policy on the part of Planning Minister Hala El Said - let’s not water it down by giving one of the country’s largest industries a blanket exemption. As business owners, we have a moral obligation to pay a livable wage to the people we employ - people who have futures to plan and, often, families to support. LET’S SAY NO? Or, at the absolute most, grant a very time-limited exemption. Companies have till the end of this month to submit a request to the National Wages Council if they claim they cannot afford the wage hike. The decision means higher labor costs and larger contributions to the nation’s Social Insurance Authority when it goes into effect. Employees of private-sector companies will for the first time receive a minimum wage of at least EGP 2.4k starting January 2022 when the minimum wage comes into effect.
The Egyptian Tourism Federation argues that the sector is yet to fully recover from its covid-19 setback, according to this morning’s Al Borsa print edition (pdf). The travel industry’s top lobby group has asked the National Council for Wages for an exemption from the private sector minimum wage. You can check out e-Finance’ intention to float here. Al Ahly is one of the quarterbacks of the transaction alongside RenCap and CI Capital.Įxpect a more detailed statement from e-Finance later today to confirm the final specs of the transaction. Foregn investor interest has been stronger than expected, Al Ahly Pharos chief Ahmed Salem told Hapi Journal.
The company earlier this week raised the size of its offering to 417.8 mn shares, making it one of the largest offerings in recent memory. That’s at the top end of the EGP 12.50-13.98 price range on which the company had previously guided - and makes the IPO of the state-owned fintech platform and payments infrastructure provider worth a bit more than EGP 5.8 bn. IT’S A BIG DAY FOR CAPITAL MARKETS here at home as e-Finance has priced its IPO at EGP 13.98 per share, according to a statement posted on EGX screens that has been widely picked up by the domestic press. Futures suggest that US shares will open in the red again later today, while Europe is looking at a mixed open, with the Stoxx, FTSE 100 and CAC 40 all set to open down at the start of trading. Shares in Tokyo and Shanghai have followed suit this morning, while Hong Kong is trading sideways, leaving Seoul’s Kospi as the sole bright spot among the major Asian benchmarks. US shares closed down for a third straight day yesterday, with the Dow, S&P and Nasdaq all in the red. HAPPENING NOW- It’s looking … mildly bleh for global markets this morning. We have a really packed issue for you this morning, so let’s jump right in:
0 kommentar(er)
