BioNTech and Pfizer said a three-shot course of their COVID-19 vaccine was able to neutralize the new Omicron variant in a laboratory test
For our top talks today, we have a great positive news to share with you guys, BioNTech and Pfizer said a three-shot course of their COVID-19 vaccine was able to neutralize the new Omicron variant in a laboratory test and they could deliver an Omicron-based vaccine in March 2022 if needed. The variant has been reported in 57 nations and the number of patients needing hospitalization is likely to rise as it spreads, the World Health Organization said. We look at how Omicron is a wake-up call for vaccine developers. (Reuters)
- On the other hand, Germany recorded the highest number of deaths from COVID-19 since February, while France registered a surge in hospitalizations after a rise in new infections in mid-November.
Up to one million COVID-19 vaccines are estimated to have expired in Nigeria last month without being used, two sources told Reuters, one of the biggest single losses of doses that shows the difficulty African nations have getting shots in arms. (Reuters)
- Egypt’s net international reserves have recorded 40.909 billion USD at the end of November 2021.
This marks a monthly growth of 60 million USD in November 2021, as the net foreign reserves hit 40.849 billion USD at the end of October 2021. The international reserves have been increasing gradually since June 2020 after it fell to about 36 billion USD at the end of May 2020 from 45.5 billion USD before the emergence of the Covid-19 pandemic. (CBE)
- Second, Inflation figures for November will be released today and it is forecasted that inflation will fall to 5.9% by the end of the year. Urban inflation slipped slightly to 6.3% in October from 6.6% the month before, which was the highest reading since January 2020.
The dip resulted from a serious slowdown in non-food inflation, though food and beverage prices continued to accelerate. Food price inflation, which has been rising for much of this year climbing to 11.6% y-o-y in October, will have started to abate in November, which is penciling a 2022 year-end inflation rate of 5.2%. However, it is worth noting that there is another underestimation in consensus expectations for US inflation measure where according to the US Labor Department data, US unit labor costs rose 9.6%, well above the median expectation of 8.3%, and up from 5.9% for Q2. (CBE)
- That will lead us directly to the CBE’s final policy meeting of the year, which will take place on 16 December. Policymakers have held off lowering interest rates further this year and it is expected that will continue to remain doing so next week in the face of Egypt’s current account deficit.
The current account deficit widened by almost two thirds during FY 2020-2021 to 18.4 billion USD due to falling tourism revenues and rising imports. It is expecting it to narrow to 4.0% of GDP during the current FY from 4.8% in 2020-2021. (CBE)
- Equally important, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has signed contracts to carry out 11 projects across different sectors, with up to 136 million USD in investments, during the period from December 2020 until November 2021.
The zone has sold up to 402,000 square meters for new projects. Moreover, 117 companies have started working on projects at TEDA since June 2021, which offered around 4,000 job opportunities. It is worth noting that several Chinese companies have been operating at TEDA for over 10 years. (Al Borsa Newspaper)
- Moreover, Exports of the Egyptian chemicals and fertilizers sector grew by 42% during the period from January to October 2021. The sector’s exports recorded 5.36 billion USD during the first 10 months of 2021, versus exports valued at 3.77 billion USD in the same period of 2020.
Chemicals and fertilizers accounted for 20% of Egypt’s total non-petroleum exports. It is worth noting that Egypt’s total non-petroleum exports were valued at $26.904 billion during the January-October period of 2021. (Al Borsa Newspaper)
- And for our EGX & companies talks, the board of directors Oriental Weavers Carpets (ORWE) is considering selling or liquidating its Chinese unit Oriental Weavers Tianjin.
Accordingly, the board decided to assign the executive management to study the situation of the Chinese unit, taking into consideration the upcoming financial results. It is worth noting that Oriental Weavers previously consolidated net profit stood at 858.73 million EGP during the nine-month period ended September 2021, compared to 529.17 million EGP in the corresponding period of 2020. (EGX)
- In addition, Hassan Allam Construction and Russia’s TITAN-2 Holding will launch a joint venture (JV) to carry out construction works at El Dabaa Nuclear Power Plant.
The new JV is expected to be launched in February 2022. The launching process is currently being concluded in collaboration with TITAN-2. This Egyptian-Russian cooperation targets exchanging expertise in terms of the execution of construction works at El Dabaa Nuclear Power Plant. (Al Borsa Newspaper)
- In a similar context, the Financial Regulatory Authority (FRA) has approved to publish the details of the non-binding purchase offer submitted by MCI Capital Healthcare Partners to acquire a stake in Cleopatra Hospitals Group (CHG) (CLHO).
MCI Capital Healthcare seeks to acquire up to 26.21% stake, representing 419.34 million shares, in CHG at a price of 5 EGP per share. The purchase offer is currently being reviewed by the FRA. It is worth noting that CHG recorded a consolidated net profit attributable to the parent of 271.84 million EGP in the first nine months of 2021, up from 179.19 million EGP in the prior-year period. (EGX)
- Also, NI Capital, the advisor on the government’s IPOs program, has informed Abu Qir Fertilizers and Chemicals Industries Company (ABUK) that four shareholders in the company seek to promote and market a percentage of the company’s shares.
Under the agreement, a block trading transaction of up to 10% of Abu Qir Fertilizers’ aggregate shares would be concluded. These shareholders are namely the National Investment bank (NIB), the Industrial Development Authority (IDA), Al Ahly Capital Holding, and Chemical Industries Holding Co. (EGX)
- In addition, Makadi Heights, a subsidiary of Orascom Development Egypt (ORHD), is planning to establish two schools and an integrated hospital in Makadi Heights Red Sea.
This comes as part of the company’s expansion plan and to add further services at Makadi Heights Red Sea. The company has submitted a request to relevant authorities in the ministries of housing, education, and health to obtain the necessary approvals to build two schools and a hospital. (Arab Finance)
- Banque Misr signed a contract to sell the Royal Grand Sharm Hotel, owned by the bank, in the Umm El-Sid plateau in Sharm El-Sheikh, which contains 348 rooms on an area of 60,000 square meters, in favor of Al-Arjani Real Estate Development Company and Kamel Abu Ali Group.
The sale process takes place within the framework of Banque Misr recycling the assets and investments owned by it to achieve the best results and financial indicators. (Arab Finance)
- And finally, Fawry FMCG Company for Payment Solutions for Consumer Goods Companies announced its participation in the Sixth African International Trade Fair for Food and Beverage (Food Africa), which will be held from 12 to 14 December at the Egypt International Convention and Exhibition Center in New Cairo.
The exhibition includes more than 400 exhibiting companies from 28 countries. The second service that will be launched by “Fawry” FMCG during the activities of the exhibition is the “digital lending” service to finance purchases from consumer goods companies, which will allow merchants to increase working capital and provide alternatives to cash payment with different financial products in proportion to the merchants’ need from various products. (Al-Mal)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()