The EGX30 benchmark rose 1.26 percent on Tuesday to settle at 11,146.18 points, following a rebound in global markets a day earlier as US President Donald Trump left the hospital where he was being treated for COVID-19 and reported feeling well.
The EGX30's turnover hit EGP 743 million ($47.3 million), while its heaviest constituent, Commercial International Bank (CIB), gained 0.93 percent to EGP 67.04.
Talaat Moustafa Group climbed 2.51 percent to EGP 6.54 ($0.42), Telecom Egypt rose 2.01 percent to EGP 12.21, and Eastern Company went up 1.58 percent to EGP 12.21.
Elsewedy Electric rose 1.25 percent to EGP 7.31 ($0.47), and EFG Hermes went up 0.82 percent to EGP 13.59.
The broader EGX70 EWI rose 1.56 percent to close at 1,992.76 points.
Net sales by foreign investors stood at EGP 48.5 million ($3.1 million), while net purchases by Arab and Egyptian investors hit EGP 33.9 million and EGP 14.6 million, respectively.
Ahmed Hassan, branch manager at Osool ESB Securities Brokerage, told Delta Digest that yesterday's gains were mainly led by the real estate sector, due to the government's plan to resume issuing building licenses by mid-October, earlier than the originally announced date of mid-November.
In September, President Abdel Fattah El-Sisi called on the government to finalize the legislation governing construction requirements before the end of the ongoing six-month construction ban, which began in May.
Hassan said that the boost in real estate had lured Arab investors -- both individuals and funds -- to increase their purchases in the sector.
"Until recently, the EGX30 was lacking liquidity, as it was mostly concentrated in the EGX70 EWI; however, around a week ago, liquidity started shifting towards the EGX30, which helped in boosting the index," Hassan said.
He added that CIB started edging up yesterday, moving from the EGP 66 to the EGP 67 range, which also supported overall gains in the EGX30, but said that the blue-chip index's gains were limited to the 200-300 points range given the minimal movement in CIB share value.
As for the reasons behind the liquidity boost in the EGX30 index, Hassan said that deals like IMEX International's acquisition of Nile Cotton Ginning Company were a contributing factor.
He added that local investors are currently optimistic about the stock market as the only vehicle in Egypt that is capable of generating liquidity while the majority of sectors face slowdowns due to the coronavirus.
On the global scale, Hassan said that the stock market is heavily influenced by the US presidential elections, and that news on Trump's health, for example, has an impact on both global markets and Egypt's stock markets.
"In the near future, the market will be impacted by presidential debates, and how people react to them," Hassan said, pointing to Trump's keenness to support the US bourse.
Suez Cement, one of the country's largest listed cement makers, has appointed Grant Thornton as a financial adviser to prepare a fair share value report for the company before it responds to HeidelbergCement's acquisition offer.
Last month, HeidelbergCement submitted a mandatory tender offer (MTO) to acquire 59.8 million shares, or 32.87 percent, of Suez Cement to reach 100 percent ownership in the company.
HeidelbergCement offered to purchase Suez Cement's shares at EGP 7.50 ($0.48) each.
The Financial Regulatory Authority (FRA) received the MTO for study according to the financial market’s provisions.
The FRA previously said that Suez Cement had submitted an MTO to acquire up to a 100 percent stake in subsidiary Egyptian Tourah Portland Cement.
The plan is based on the sale of unused parcels of land owned by Tourah Portland, unused credit facilities and long-term pledges from HeidelbergCement to provide financial support.
HeidelbergCement will provide financial support to the group to enable it to continue its operations and fulfill its obligations until the end of next July.
HeidelbergCement is the parent company of Ciments Francais. It currently owns 55.08 percent of the shares of Suez Cement, directly and indirectly.
Egypt's cement industry has been struggling since 2016, after the Egyptian pound lost half its value against the dollar.
The coronavirus pandemic has also taken a toll, affecting demand.
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Abu Qir Fertilizers has announced that it will invest between $80-100 million to increase production capacity at its urea plant, and for a carbon dioxide emission reduction project.
The carbon reduction project will take around two years to implement and will be fully funded by banks.
Al Ahly Capital Holding, the state company's financial adviser, has been tasked with securing the necessary financing.
The project will obtain atmosphere-polluting carbon dioxide and use its interaction with ammonia to produce urea fertilizer, making the project both economically feasible and environmentally sustainable.
The company will obtain a loan of $25 million under the umbrella of the Egyptian Environmental Affairs Agency (EEAA), while the rest of the financing will be secured through Egyptian banks.
National Bank of Egypt (NBE) was ranked as the best bank in Egypt's syndicated loan sector in the first nine months of 2020, despite the global challenges in light of the coronavirus crisis, according to Bloomberg data cited by local media.
NBE said that the bank was ranked second in Africa and third in the Middle East and North Africa (MENA) region for syndicated loans.
The bank added that its leading position in the market was a result of its various roles as a financing agent, lead arranger and marketer for syndicated loans.
The largest state bank managed 24 financing deals at a total value of over EGP 137 billion ($8.7 billion).
NBE owns a professional agency for syndicated loan services in the local market, and runs a team for managing, arranging and marketing funds for the benefit of companies and major projects.
NBE Deputy Chairman Yehia Abou El-Fotouh said this comes as a result of the bank's strong network of relationships, linking it with local and international banks that have confidence in its ability to manage and complete major deals with high professionalism.
Misr Italia Properties has entered into negotiations with several banks, including National Bank of Egypt (NBE), to obtain an EGP 500 million ($31.8 million) loan to partially finance the construction of its hotel project in Ain Sokhna.
The hotel is set to offer 200 rooms and cost EGP 1 billion ($63.6 million) to build, and will be managed through Hilton Hotels, Misr Italia Chairman Mohamed Hany El-Assal told Al Mal.
El-Assal said that the hotel would take three years to build for a scheduled 2024 opening, though the company would try to complete it within two years.
The investment value of the KAI Sokhna project is about EGP 2.4 billion ($152.6 million). It includes the Hilton Ain Sokhna hotel, and 366 villa and chalet units.
El-Assal said that Misr Italia had previously obtained an EGP 650 million ($41.3 million) loan from a bank consortium led by NBE to finance its Cairo Business Park project.
Real estate company City Edge Developments has acquired a 300,000-square-meter plot of land in New Cairo from the New Urban Communities Authority (NUCA), at a cost of EGP 4 billion ($254 million), to implement a commercial, administrative, residential and hotel project.
Meanwhile, City Edge achieved sales of between EGP 650-700 million ($41.3-44.6 million) in the second phase of its Mazarine project, which it is marketing for NUCA in New Alamein City.
By the end of the year, sales from the project are expected to rise to EGP 1 billion ($63 million).
The project’s new phase, Mazarine Islands, is built on an area of 128 feddans (133 acres) and consists of 285 villas ranging from 364-672 square meters in size and a 700-meter-long beach on the shores of lakes, while the total area of the project is 707 feddans.
City Edge Chairman Ashraf Salman said that the company aims to transform into a holding company by launching several subsidiaries, each of which will be responsible for a specific project or activity, adding that a management company and a company for hotels would be formed within three years.
The Egyptian branch of American transnational cigarette and tobacco manufacturing company Philip Morris is in talks with the Egyptian government about the possibility of introducing IQOS cigarettes to the local market.
IQOS is a Philip Morris device that relies on heating tobacco instead of burning it.
Philip Morris Egypt Communications Manager Basma Shams said that the company has developed a strategy in recent years aimed at reducing the risks of smoking, with new smoke-free products that have the potential to reduce harm to those who want to continue smoking.
"We are working with several government agencies in Egypt to find legislation that allows the product to be launched and made available soon in Egypt," Shams said.
She said that by 2025, there will be around one billion smokers globally, according to estimates by the World Health Organization (WHO), and the company's goal is to help these smokers switch to less harmful alternatives.
Cairo-based start-up Milango said it had raised a six-figure sum in a seed funding round led by A15 on Tuesday, without revealing the exact size of the investment, in a statement cited by MENAbytes.
Milango works with residential compounds, sports, social clubs and other offline communities to help them offer services to their residents and members through branded mobile apps.
Milango's main product is its digital solutions for large developers and communities, which offer various custom components not available in its off-the-shelf solution.
"With the support of our partners and A15’s strong technology ecosystem value they add to the equation, I am confident that Milango is on the right path to bringing the smart city of the future closer to today," said company CEO Amr Mostafa.
"We invested in Milango because it makes sense due to the gap it is filling in the market as in digitally transforming communities, whether compounds or clubs, by making the experience served to its residents and members more seamless, appealing and meaningful," said A15 Chairman Fadi Antaki.
Citrus exports declined 17.6 percent year on year in the first nine months of 2020, due to the suspension of air, maritime and land transport in the wake of the coronavirus pandemic, said Ahmed El-Attar, head of the Central Administration of Plant Quarantine at the Ministry of Agriculture and Land Reclamation.
Citrus exports dropped by 30,000 tons to 1.4 million tons in the January-September period, down from 1.7 million tons in the same period last year.
Despite this, Egypt maintained its position as a world leader in citrus export. The country ranks first in the export of oranges.
Egypt's agricultural exports reached 4.2 million tons in the first nine months of the year, despite the outbreak of the coronavirus, which affected international trade.
As businesses face ongoing struggles due to the pandemic, renowned economist Mohamed El-Erian has said that the era of safe haven investments is over, indicating that current turbulent times are prompting riskier investment vehicles, as all existing havens are "relative."
In an online interview with Lamees El-Hadidi's Kelma Akhira program, El-Erian warned against investing in companies that are facing liquidity issues due to the coronavirus crisis.
"Do not invest in companies that do not have financial resources to enable them to operate in the presence of a second wave of coronavirus ... Capital will erode and may not return and end up in bankruptcy," he said.
He added that there is currently no "integrated investment," with gold representing a good but "not great" investment in this regard.
El-Erian said that Egypt had made great efforts to contain the effects of the pandemic, which enabled it to mitigate the impact of the crisis.
"The Egyptian government and the Central Bank of Egypt (CBE) acted very early to reduce the shock, and we saw a very great political response," he said, adding that Egypt is among few countries in the world to reach satisfactory economic growth rates as a result.
El-Erian said all countries have witnessed a big jump in debt, adding that the best solution to the escalating debt crisis is economic growth.
"Austerity cannot be pursued forever, and the third solution is financial repression, which are measures that direct all money to governments but it will distort the entire economic system, and developing countries cannot do that," El-Erian said.
He added that the pandemic nevertheless has a useful side, as it has produced an understanding of the need to manage unforeseen events and their catastrophic consequences.
"This is a good thing because there are other things such as climate changes that are facing us," the economist said.
He also said that the upcoming US elections are unpredictable, and that US President Donald Trump's infection would negatively affect global economic growth.
Over the course of his career, El-Erian's views have become a fixture on major news outlets including CNBC, Reuters, Bloomberg and the Financial Times.
Oil prices hiked more than 3 percent on Tuesday, amid forecasts of supply disruptions due to Hurricane Delta heading towards the Gulf of Mexico, which led many companies to suspend their operations.
Brent crude futures climbed 3.29 percent to settle at $42.65 per barrel, while US West Texas Intermediate (WTI) crude gained 3.7 percent to close at $40.67 per barrel.
Oil companies began shutting down their offshore oil platforms as Hurricane Delta intensified to reach a dangerous category 4 by Tuesday night.
Royal Dutch Shell, Equinor, and BHP Group evacuated nonessential workers from their offshore platforms in the Gulf of Mexico as they shut down production.
The Norwegian Oil and Gas Association (NOG) earlier this week estimated that the workers' strike, which led six offshore oil and gas fields to shut down, will lead to a cut in Norway's total output by 8 percent, or more than 330, 000 barrels of oil equivalent per day.
As the global economy gradually recovers from the COVID-19 crisis, all countries are facing "the long ascent," a difficult climb that will be "long, uneven, and uncertain," International Monetary Fund (IMF) Managing Director Kristalina Georgieva said yesterday at a virtual event held by the London School of Economics (LSE).
"The path ahead is clouded with extraordinary uncertainty. Faster progress on health measures, such as vaccines and therapies, could speed up the ascent," Georgieva said.
In June, the IMF forecasted a contraction of 4.9 percent in global GDP this year. The global economy outperformed IMF projections in the second and third quarters, thanks to what Georgieva called "extraordinary policy measures."
"Governments have provided around $12 trillion in fiscal support to households and firms. And unprecedented monetary policy actions have maintained the flow of credit, helping millions of firms to stay in business," she said.
The IMF added that it had made "a small upward revision" to its global forecast for 2020, which is due to be presented next week.
"The picture today is less dire. We now estimate that developments in the second and third quarters were somewhat better than expected," Georgieva said.
Meanwhile, the IMF's executive board last Friday approved a second six-month tranche of debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT) amid the pandemic, the body announced yesterday without specifying which countries are to benefit.
The approval follows a first six-month tranche of debt service relief that began in mid-April, the IMF said.
“Relief on debt service will free up scarce financial resources for vital emergency medical and other relief efforts while these members combat the impact of the COVID-19 pandemic," the IMF added.
European Central Bank (ECB) President Christine Lagarde has warned that a second wave of the coronavirus could lead to a "shaky" economic recovery in the Eurozone.
"We now fear that the containment measures that have to be taken by authorities will have an impact on this recovery," she said.
"So instead of that V shape that we all long for and hope for, we fear that it might have that second arm of the V a little bit more shaky," she added.
Lagarde also emphasized the importance of monetary and fiscal policies working "hand in hand" to support the economy amid the pandemic.
"We have fiscal and monetary policies working hand in hand and trying to leverage from each other, which seems to be working a lot better than it did during the great financial crisis," she said.
Last month, Lagarde urged Eurozone governments to continue spending heavily to back an economic recovery after the unprecedented recession caused by the pandemic, in an online conversation organized by the Wall Street Journal.
The World Trade Organization (WTO) yesterday raised its forecast for trade in goods this year to reflect improvements since June, as consumers shifted spending from services to goods -- such as electronic equipment including computers -- alongside the shift to working from home.
The WTO also forecasted a muted rebound in 2021.
It expects global trade to decline 9.2 percent in 2020, and increase 7.2 percent in 2021.
In April, the WTO forecasted an "ugly" trade fall due to the coronavirus pandemic that it said would be even worse than that seen in the global financial crisis a decade ago.
It at that time forecasted global trade to plunge this year by 13-32 percent, attributing the wide range to the fact that the size of the economic impact of the crisis was still undetermined.
In a release to mark the 13th anniversary of the World Day for Decent Work (WDDW), Egypt's official statistics body CAPMAS said that 66.2 percent of workers in 2019 held permanent jobs, the first component of decent work.
In the government sector, 98.3 percent of workers held permanent jobs, followed by the public sector with 95 percent, while the private sector had the fewest permanent jobs with 23.9 percent.
In 2019, 45.2 percent of all workers held social insurance.
The proportion of workers with social insurance reached 97 percent in the government sector and 91.7 percent in the public sector, while only 9.8 percent of workers in the private sector had social insurance in 2019.
Of total wage earners, 39.3 percent held health insurance in 2019.
Meanwhile, the percentage of workers with a legal contract reached 41.2 percent of the total.
ICT Minister Amr Talaat and French Minister for Digital Transition and Electronic Communications Cédric O met via video conference yesterday, to discuss boosting cooperation in capacity-building, entrepreneurship and research and development in the field of artificial intelligence.
Talaat said that the ministry plans to develop digital skills and is aiming to train over 100,000 citizens this year, in addition to establishing digital Egypt innovation centers nationwide.
Talaat said the ministry hoped to cooperate with French companies operating in Egypt to establish centers of excellence (CoE) and collaborate on capacity-building and qualifying professionals to work in global markets at a competitive cost.
Also on Tuesday, Environment Minister Yasmine Fouad met French Ambassador to Egypt Stéphane Romatet to discuss cooperation to support the Egyptian initiative to link the three Rio conventions.
The conventions are the Convention on Biological Diversity (CBD), the United Nations Convention to Combat Desertification (UNCCD) and the United Nations Framework Convention on Climate Change (UNFCCC).
Fouad suggested implementing a virtual workshop to offer investment opportunities in the environmental field to the private sector in Egypt and France.
Romatet said France plans to hold a global event on linking the three Rio convention agreements in 2021, adding that Egypt is a key partner in the summit.
The French ambassador also expressed his country's hope that Egypt would participate in a global initiative that will be launched to protect 30 percent of land and sea areas by 2030.
Meanwhile, Egyptian Minister of International Cooperation Rania Al-Mashat and Romatet discussed developments regarding the €1 billion strategic partnership agreement in social and economic fields, signed in 2019 with the French Development Agency (AFD), the ministry said yesterday.
Al-Mashat invited the French side to participate in the joint platform that will be held before the end of this year in the irrigation, higher education and scientific research sectors.
In related news, Deputy Minister of Housing for Infrastructure Affairs Sayed Ismail met with representatives of the French embassy in Cairo, to discuss the latest developments in the implementation of a guidance model for a wastewater recycling project in Beni Suef governorate in Upper Egypt, which will be funded by a grant from the French finance ministry.
Prime Minister Mostafa Madbouly has appointed Khaled Zahran as chairman of the Red Sea Ports Authority for a year, and renewed Tariq Shahin Ali Shahin’s tenure as chairman of the Alexandria Port Authority for a year, the Ministry of Transport announced yesterday.
Former prime minister Ibrahim Mahlab in 2015 appointed Shahin as vice chairman of the Damietta Port Authority. He previously worked as the head of the central administration for maritime affairs at the Egyptian Authority for Maritime Safety (EAMS).
The transport minister issued a decision in September 2019 to dismiss Zahran from his position as head of the EAMS and return him to his primary position as an adviser to the maritime transport sector.
A report received by Prime Minister Mostafa Madbouly from the cabinet's medical affairs secretariat listed millions of doses of various coronavirus drugs administered by the Egyptian Drug Authority (EDA) last month.
About 2.5 million packages of azithromycin tablets and 233,000 bottles of azithromycin syrup were provided, as well as 5.2 million packages of paracetamol tablets, 140,000 bottles of paracetamol syrup, 1.6 million strips of zinc tablets, and 3.3 million strips of Vitamin C tablets.
This came during Madbouly's meeting to follow up on September efforts to administer treatments for the coronavirus in line with government protocols.
Hossam El-Masry, medical adviser to Egypt's cabinet, reiterated that supplies of coronavirus medicines are sufficient and there is no need to rush to pharmacies and buy to hoard, and that the EDA undertakes the provision of required medicines.
The secretariat has coordinated efforts with EDA Chairman Tamer Essam to provide coronavirus treatments, which have been made available through various companies.
Egypt registered 121 new coronavirus cases yesterday, bringing its total number of infections to 103,902.
The coronavirus death toll in the country has reached 6,001, with 11 fatalities reported yesterday, according to the health ministry.
Some 51 patients recovered from the coronavirus and left hospitals yesterday, bringing the total number of recoveries to 97,449.
The public prosecution has opened investigations into Eweis El-Rawy's death, in Luxor, South Egypt.
The father of the deceased denied any assault on him by the law enforcement officers responsible for implementing the public prosecution's arrest warrant, in contrast to what he called false reports regarding allegations that his son was assaulted.
The public prosecution said that it had authorized the arrest of El-Rawy and some of his relatives for questioning regarding terrorist crimes attributed to them in light of National Security Agency investigations.
The public prosecution was notified of El-Rawy's death after his attempt to resist the police force that went to his residence.
El-Rawy tried to resist arrest using an automatic firearm that was seized near his body.
The public prosecutor went to examine his body and appointed a forensic doctor to perform an autopsy before burial, then questioned his brother, who was detained during the execution of the arrest warrant.
The prosecution questioned the deceased's father, brother and the officer who was sent to implement the arrest warrant. Their statements differed regarding the circumstances of the death.
The prosecution decided not to disclose the findings of their statements, in order to preserve the integrity of the investigations until their completion and to ensure they found the truth.
The prosecution said that reports on social media and various news sites regarding the circumstances of the incident were incorrect. El-Rawy's death reportedly sparked protests.
In a televised speech on Tuesday to commemorate the 47th anniversary of the 6 October War, Egyptian President Abdel Fattah El-Sisi said that the victory had taught Egyptians that "the Egyptian nation is always able to stand up for its rights and demand others' respect."
"The glorious October war was not just a military battle in which Egypt fought and achieved its greatest victory; it was a real test of the Egyptian people's ability to transform the dream into reality," he said.
The president said the victory’s anniversary "is reminiscent of the people's struggle for thousands of years."
"Greetings to the great October generation who achieved victory, raised the flag of the homeland on its sacred soil and restored the Egyptian military's pride and glory," El-Sisi added.
The former army chief also extended greetings to late president Mohamed Anwar El-Sadat, the "Hero of the Crossing" who took the decision to cross the Suez Canal and "bore the consequences of that decision with the courage of knights and determination of men."
"May peace be upon the souls of our righteous martyrs who watered the pure land of Egypt with their noble blood and set a great example of sacrifice and redemption for the upcoming generations," El-Sisi said.
The president also greeted soldiers of the Egyptian armed forces "who are now stationed in every corner of Egypt with their fellow policemen to safeguard Egypt's security," he added.
El-Sisi encouraged citizens to help the government move Egypt towards comprehensive, sustainable development in order to secure a decent future for the generations to come.
"We, in Egypt, renew the pledge to continue working for the sake of preserving the dignity of this country and moving forward on the path of construction, development and peace," he said.
The Egyptian armed forces yesterday offered free entry to all military museums and sites in honor of the 47th anniversary of the war.
This Thursday will be an official paid vacation for both the public and private sector to mark the October 6 holiday.
US President Donald Trump has ordered a halt to coronavirus stimulus package talks until after the presidential election.
"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted.
The decision is sure to harm US citizens continuing to suffer from the pandemic's consequences.
Back in March, Trump signed a $2.2 trillion bill, the Coronavirus Aid, Relief and Economic Security (CARES) Act, to aid US workers, families and businesses. The bill saw eligible Americans receive stimulus checks of up to $1,200.
The stimulus package aimed to support small businesses, workers and distressed industries to help fight the economic damage that has resulted from the coronavirus.
Facebook and Twitter took down US President Donald Trump's posts for misinformation regarding the coronavirus after he implied that COVID-19 was like the flu.
"Flu season is coming up! Many people every year, sometimes over 100,000, and despite the Vaccine, die from the Flu. Are we going to close down our Country? No, we have learned to live with it, just like we are learning to live with Covid, in most populations far less lethal!!!" Trump tweeted and shared on Facebook.
This post comes one day after Trump left the hospital after being admitted with COVID-19.
Twitter put a notice on the president's tweet warning users that it contained misleading information, while Facebook removed the post for breaking the company's rules on COVID-19 misinformation.
Yesterday, after leaving the hospital where he was being treated for COVID-19, Trump took off his face mask before entering the White House. He later went outside and again took his mask off for a photo op, putting those around him at risk of contracting the virus.
The Nobel Prize in Physics was awarded to three astrophysicists on Tuesday, for their work on black hole formation and the discovery of a supermassive black hole at the center of our galaxy, uncovering the darkest secrets of the universe.
The scientists are UK citizen Roger Penrose, German Reinhard Genzel and American Andrea Ghez.
Penrose, a mathematician at Oxford University, was awarded half of the approximately $1.1 million prize for proving that black holes must exist if Albert Einstein’s theory of gravity, known as general relativity, is right.
The second half was split between Genzel and Ghez for their long investigation of the supermassive black hole.
Ghez is only the fourth woman to win the Nobel Prize in Physics, following Marie Curie in 1903, Maria Goeppert Mayer in 1963 and Donna Strickland in 2018.
The Nobel Assembly announced the prize at the Royal Swedish Academy of Sciences in Stockholm.
Black holes were one of the first and most extreme predictions of Einstein’s general theory of relativity, first announced in November 1915.
A coronavirus vaccine could be rolled out by the end of 2020, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said on Tuesday, as he stressed that solidarity is needed among world leaders to secure a fair distribution of vaccines upon availability.
"We will need vaccines and there is hope that by the end of this year we may have a vaccine. There is hope," Tedros said to the WHO’s executive board, without providing further details.
China has embarked upon talks with the WHO to have it assess the country's locally produced coronavirus vaccines, a move that would pave the way for their global release.
The European Medicines Agency (EMA), Europe's health regulator, has started a real-time review process for the coronavirus vaccine being developed by US Pfizer and Germany’s BioNTech, in a similar process to that applied for the UK and Sweden's AstraZeneca vaccine earlier this month.
Federal Reserve Chair Jerome Powell has warned that the US economic recovery is susceptible to a "downward spiral" as it remains far from complete and is still in need of government support, including unemployment insurance payments and financial support for small businesses.
Australia's government has announced a $300 billion Australian dollar ($213.5 billion) emergency stimulus to aid the country’s economy amid coronavirus
Also, Treasurer Josh Frydenberg declared $17.8 billion Australian dollars ($12.7 billion) in personal tax cuts and $5.2 billion Australian dollars in programs aimed at boosting employment by creating one million new jobs over the next four years.
Such measures are estimated to widen the country's budget deficit to a record high of 11 percent of GDP, or $213.7 billion Australian dollars ($152.1 billion) in the fiscal year 2020/2021.
The International Air Transport Association (IATA) has warned that "the airline industry will burn through $77 billion in cash during the second half of 2020 (almost $13 billion/month or $300,000 per minute), despite the restart of operations."
The IATA called on governments to continue supporting the industry by extending wage support initiatives.
"The slow recovery in air travel will see the airline industry continuing to burn through cash at an average rate of $5 to $6 billion per month in 2021," the IATA added.
Jordan is set to impose a nationwide curfew on Fridays and Saturdays, starting this week, in attempt to curb a surge in coronavirus cases.
The number of coronavirus cases worldwide has surpassed 35,638,000, with more than 7,488,300 cases in the US, according to the Johns Hopkins University tally.
The global death toll from the virus has reached over 1,046,300, with more than 210,600 deaths in the US.
|UAE ABU DHABI||ADX||4,482.78||-0.11%|
|US||Dow Jones IA||27,772.76||-1.34%|
|China||HANG SENG INDEX||24,091.21||+0.46%|
|Gold Egypt||LE/ oz.||1,883.08||+0.39%|
|Silver Egypt||LE/ oz.||23.49||+1.35%|
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