We follow this morning: The situation may worsen in global markets during the second half

Good morning, dear readers. Our mail is silent this morningwith some news about mergers and acquisitions and other positive news at the business community level.

Eid al-Adha holiday next weekWe are still waiting for the official announcement of the holiday, which will be from Saturday 9th July to Wednesday 13th July.

Local News – Expedition Investments has submitted a mandatory takeover bid to acquire 34% of Domty’s shares.. Intercap also plans to launch a $ 30 million fund to invest primarily in new technology ventures in the local market.

Yesterday, President Abdel Fattah El-Sisi inaugurated the first phase of the electric light rail Which connects Cairo, the new administrative capital and the tenth of Ramadan City. More on the topic in the “Talk Show” section.

The opening ceremony was attended by the Vice President of the European Investment Bank Jelsomina Vigliotti who is currently visiting the country. The four-day visit is her first high-level visit to the country since the outbreak of the pandemic in 2020. During the visit, Vigliotti will meet with a number of officials to discuss ways in which the Bank can support food and energy security in Egypt, as well as green projects ahead of the COP27 climate summit in Sharm El-Sheikh. In November.

Will the decision to reduce local cement production be extended by another year? Cement factories insist on extending the decision to reduce domestic production by 10%, which was decided to be implemented for a year, from mid-July. This is likely to happen because the actual supply still exceeds the actual demand in the market. More on this topic in the section “At the factory”.

happens today –

Parliamentary sessions continue today and tomorrow. With the second session coming to an end. A number of members of the House of Representatives expected the current session of parliament to end and the parliamentary recess to begin later this week, while there is still the possibility of postponing the summer holidays until after Eid al-Adha.

Also on the legislative agenda this week:

  • Competition Protection Act: We are still waiting for a breakthrough in discussions on amendments to the competition law (more on the subject in the post below).
  • Consumer Financing Changes: The House of Representatives will discuss the draft amendments to the Consumer Finance Act submitted by the government tomorrow in its full session. The bill includes the addition of three new articles that will provide greater protection for consumers against fraud, according to a memo seen by Enterprise.
  • Tax disputes: The House of Representatives will also discuss in its plenary session tomorrow a draft law submitted by the government to resolve tax disputes, as part of the government’s efforts to improve the investment climate and increase tax revenues..

Activities continue today Baladna Industries Exhibition At the Egypt International Exhibition Center. The three-day conference will testify to the participation of senior officials in various sectors to promote their products. The first day of the exhibition witnessed the announcement by Public Affairs Minister Hisham Tawfiq, the launch of the electronic platform for displaying Egyptian products, or the so-called “electronic catalog”, which coincides with the opening of six external trade centers for Jusoor Company.

Foreign Minister Sameh Shoukry visits London todayto hold talks with his British counterpart Liz Truss.

Tomorrow we follow –

The National Dialogue begins this week. Diaa Rashwan, general coordinator of dialogue, will hold the first session of the Board of Trustees of 19 members tomorrow, Tuesday, according to the State Intelligence Service. Council members include deputies, journalists, politicians and economic experts. President Sisi also indicated the beginning of the dialogue in a report carried by Channel One (see, duration: 2:18).

More about the National Dialogue of here.


The world’s most prominent news – This morning, the front pages of international newspapers were dominated by the news that Russian forces had taken control of the last major city in the Luhansk region of eastern Ukraine, which was a major military victory for Moscow and a turning point in the course of the war. is. in his favor. (Bloomberg, Financial Times, Reuters, The Associated Press, The New York Times, The Washington Post, The Wall Street Journal)

Welcome to the second half of 2022. The situation could be even worse for global markets. The first half of this year was very bad for global markets – and the worst for US equities in decades – but more losses are likely in the second half of 2022, according to forecasts by both the Wall Street Journal and Bloomberg. The year so far has seen rising inflation, historic bond sales, a dip in technology stocks and a collapse in cryptocurrencies. Now, as central banks continue to raise interest rates, stagnation has joined inflation as a major threat. “It’s likely that the next 10% is from here, not up,” one investor told Bloomberg, emphasizing a view most market viewers currently hold.

Can emerging markets benefit from the US recession? This is the opinion of some analysts, including JPMorgan and Deutsche Bank, according to Bloomberg. Analysts said cheap valuations, higher yields, faster growth and a revival of China’s economy could boost emerging market assets, despite sharp sales in equities, bonds and currencies. “We may be close to peak pessimism,” said one currency analyst at Deutsche Bank. “There are reasons to believe that emerging markets may perform better than in previous recessions, including very low foreign ownership of domestic assets, and a relatively high starting point for interest rates and cheap valuations,” he added.

Oil prices: Has demand started to fall? There are indications that fuel demand may start to fall as higher oil and gas prices increase economic pressure on consumers, according to oil trading giant Vitol. “There is very clear evidence that higher prices are causing economic stress,” said Mike Mueller, the company’s head of Asian markets, during a podcast by Gulf Intelligence (listen: 35:19 min). Fuel prices have risen to record levels in the United States and other countries as reduced flows from Russia as its war in Ukraine continues to exacerbate supply problems caused by years of underinvestment in refineries, according to Bloomberg. He said high prices are starting to dampen demand for both oil and liquefied natural gas.

in notebook –

The Petroleum Products Automatic Pricing Committee may hold a meeting this weekto review fuel prices for the third quarter of this year.

The most important economic events to look forward to in July:

  • Purchasing Manager Index: The PMI data for June in Egypt is expected to be released on Wednesday, July 6th.
  • foreign exchange reserves: We are waiting for the release of foreign reserve numbers in June this week.
  • Inflation: Inflation data for June are expected to be released at the end of this week.

Launch of Mahalla Spinning CompanyThe deadline for subscribing to the retail portion of Ghazl Al-Mahalla Football Company’s public offering will be August 14th.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

This morning we are offering you Blackboard again. Enterprise’s first specialized newsletter Focus on education in EgyptFrom pre-primary education to higher education. It contains a mix of news, analysis, data and figures, to enrich the dialogue between specialists in this sector and to inform non-specialists of its key developments. Blackboard is published every Monday and you can get it at the end of the newsletter.

in today’s issueParents of students in pre-university education face high costs as the high inflation rate pushes private schools to increase tuition fees. But for the majority of parents, the banking sector was not an attractive way to finance school expenses. Last week we saw how traditional education loans are not in great demand from customers, with banks either focusing on different products or taking advantage of new opportunities from potential customers. This week we are exploring whether non-bank financial services players can offer solutions.

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