The disruption of Facebook and other social networking services such as WhatsApp and Instagram caused Mark Zuckerberg to decline in the list of the world’s rich to sixth place, cost him nearly 5.9 billion USD
For our top talks today, first, the disruption of Facebook and other social networking services such as WhatsApp and Instagram caused Mark Zuckerberg to decline in the list of the world’s rich to sixth place instead of fifth, after these malfunctions, which lasted 6 hours, cost him nearly 5.9 billion USD. Before the malfunctions in the platforms of Facebook, the fortune of its founder amounted to approximately 122.7 billion USD, but it is currently estimated at 116.8 billion USD. Facebook and its family of apps, including Instagram and WhatsApp, were inaccessible for hours on Monday, taking out a vital communications platform used by billions and showcasing just how dependent the world has become on a company that is under intense scrutiny. (Source: Forbes USA)
- Second, the outage comes after documents about the company were leaked from a former Facebook employee, Frances Hogan. Hogan accused the company of placing too much importance on growth and expansion at the expense of safety, especially for children and teens.
Hogan's testimony will be given during a hearing entitled "Protecting Children from the Internet" and the impact of "Instagram" on the mental health of young users. (Source: Al-Mal)
- Furthermore, 1.8 billion USD cost of the electrical interconnection project between Egypt and Saudi Arabi, compared to 1.6 billion USD that had been specified earlier, with an increase of 200 million USD. Where 3,000 megawatts are exchanged at peak times between the two countries, which differ by 3 hours between the two countries.
A consortium of Orascom Construction PLC (ORAS) and Hitachi ABB Power Grids has signed a contract with the Egyptian Electricity Transmission Company (EETC) to carry out all work in Egypt to connect the national power grids of Egypt and Saudi Arabia. This project is the first nucleus in the Arab electrical interconnection, and will achieve many benefits for the Egyptian and Saudi economy, and contribute to achieving sustainable development between the two countries. (Source: Al-Mal)
- Moreover, the Ministry of Transport has agreed with 4 parties to finance the construction of a railway linking the ports of Alexandria and Dekheila in the 6th of October region, at a cost of up to 2.5 billion EGP, with a length of 60 kilometers. The parties that will finance the line at varying rates of cost are the Railway Authority, Alexandria and Dakhliya Ports, in addition to the El Sewedy Electric and Schenker Egypt consortium, which won the October Dry Port.
The two stations will be established according to international specifications, the first at the beginning of the line in the city of October 6, and the second in Alexandria port, and extending it to “Dakhliya”, with the development of the current station in the port to suit the volume of goods and the movement of trains better than it is now. (Source: Al-Mal)
- In addition, The Central Bank of Egypt (CBE) instructed banks to create and provide banking products dedicated to individuals with special needs.
The move comes in line with the bank's strategy of financial inclusion that aims to provide banking services for all classes of society. Also, the CBE has amended some conditions of the real estate mortgage initiative for middle-income people issued in December 2019. The amendments increased the repayment period to 25 years, instead of 20 years. The initiative allocated 50 billion EGP for mortgage finance for people with a monthly income of 40,000 EGP for single individuals and 50,000 EGP for families, with an interest rate of 8%. (Source: CBE)
- Likewise, Egypt’s non-oil private sector activity hit a four-month low last month: The non-oil private sector’s activity continued its contraction for the tenth consecutive month in September. The index dropped to 48.9 in September from 49.8 in August, a four-month low from 48.6 in May.
Egyptian non-oil private sector firms reported a record level of confidence in upcoming business activity, with about 71% of the panelists giving a positive forecast indicating that firms are growing hopeful that the Egyptian economy is on route to recover from the pandemic over the coming 12 months. (Source: The latest reading of IHS Markit’s Purchasing Managers’ Index)
- Moving to our companies talks, EFG Hermes Financial Solutions announced the signing of a sale and leaseback agreement worth 750 million EGP with Misr Italia Real Estate, with the aim of refinancing its flagship project, Garden 8 Mall.
The "Garden 8 Mall" project is located in New Cairo, and includes a group of leading retail brands and a chain of restaurants, on an area of 47,000 square meters. The partnership with Egypt Italy is one of the pillars of Hermes Financial Solutions’ strategy to expand its financing services package in the fast-growing Egyptian commercial real estate market. (Source: EGX)
- Also, the Emerald Development and Project Management, announced on Tuesday, to cover the private placement of institutions and individuals qualified by 190% at a price of 1.28 pounds per share. The allocation process in the private placement was carried out by the offering manager for about 29.25 million shares, and the rest of the amounts will be refunded to subscribers through the subscribed brokerage firms.
The offering is managed by Oden Capital Group for Financial Investments, while the Sigma Securities Brokerage Company will act as the offering broker on behalf of the selling party. Egy Trend for Financial Consulting also undertakes the functions of the independent financial advisor, and the office of Hosni Abdel Aziz Ahmed is the legal advisor for the offering. (Source: EGX)
- And for our COVID-19 vaccine watch, Egypt will receive a total of 8 million doses of Pfizer and Moderna vaccines from the US in October, Health Minister Hala Zayed said in a joint press conference with US Ambassador to Egypt Jonathan Cohen.
Last week, Egypt received 1.6 million doses of Pfizer, the first batch of the 8 million-dose shipment. Zayed added that around 70% of school staff have now been vaccinated. The government has no intention of delaying the start of the school year amid rising covid-19 case numbers, given the existence of vaccine mandates for education workers and university students. Zayed pointed out that youths under 18 will begin to be vaccinated “very soon,” starting with high school students, indicating that they would likely be offered Pfizer doses. (Source: State Information System)
- Finally, for our EGX talks, first, the CBE announced the implementation of block-trading transaction on some stocks within the framework of the horizontal demerger of Pioneers Holding (PIOH). Electro Cable Egypt (ELEC) has witnessed a block-trading transaction valued at 533.87 million EGP on the EGX, implemented on 930.094 million issued shares.
Giza General Contracting and Real Estate Investment Company (GGCC) has seen a block-trading worth 440.553 million EGP on the EGX, carried out on 874.11 million shares. Moreover, a block-trading transaction valued at 1.085 billion EGP has been implemented on 68.822 shares of Cairo Housing and Development Company (ELKA). A block-trading transaction has been also executed on 91.698 million shares of United Company for Housing and Development (UNIT) at a value of 433.735 million EGP. (Source: EGX)
- Meanwhile, Arab Dairy Products Co. Arab Dairy’s (Panda) (ADPC) has seen a block-trading transaction on 63.821 million of its shares at a value of EGP 735.864 million.
El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) has also witnessed a block-trading transaction worth 106.301 million EGP on 126.248 million of its shares. Additionally, a block-trading transaction has been executed on 352.149 million shares of Universal for Paper and Packaging Materials (Unipack) (UNIP) at a total value of 242.279 million EGP. (Source: EGX)
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