Annual Inflation Rate Rises to 6.5% in December 2021🎈
Egypt’s annual inflation rate rose to 6.5% in December 2021 from 6.2% the month before, according to CAPMAS.
More Details🧐 The consumer price index dropped, however, by 0.2% from 118.0 in November to 117.8 in December of last year. For a refresher on CPI vs. Inflation click here.
The slight drop is due to a decline in vegetable prices by 8.2%, fish & seafood by 1.4%, & meat & poultry by 1.2 %.
Prices rose elsewhere, such as a 0.9% increase in prices of cereal & bread, fruits by 0.9%, oils & fats by 0.6%, & ready-made garments by 0.7%.
Why is this Important🤔 The CBE’s target inflation rate is between 5-9%, meaning that the current inflation rate sits slightly below the midpoint of 7%.
Abu Dhabi Islamic Bank’s Consumer Finance Arm to Increase Capital💳
Abu Dhabi Islamic Bank’s – Egypt (ADIB) consumer finance arm will increase its paid-up capital from EGP 10 million to EGP 30 million.
More Details🧐 ADIB has established a consumer finance arm back in October 2021 after obtaining the FRA’s approval the month before. The decision to increase its capital was approved a couple of days ago by ADIB’s board of directors.
Why is this Important🤔 ADIB established its consumer finance arm with the aim of providing various financing solutions. Consumers can purchase products & services through Sharia-compliant financing while having the flexibility of choosing a payment plan.
Porto Group Explains Reason Behind Rebrand to Arab Developers Holding📛
Porto Group (PORT) explained the reasons behind the company’s recent rebranding to Arab Developers Holding Group.
More Details🧐 Chairman of the group Gamal Fathallah said the rebrand comes in line with the new structure of its shareholders & the entry of Arab investors in the company’s shareholder structure.
Fathallah also added that the rebrand aligns with the company’s vision & future expansion plan. The plan focuses on the quick implementation of projects that haven’t been delivered to customers in time, as well as the search for promising investment opportunities.
What else is Clapping👏
Export & Development Bank (EXPA) Targets an EGP 917 million Net Profit in 2022, a 94% Year-Over-Year Increase
Speed Medical (SPMD) Invites Shareholders to Elect New Board Members on February 26th, 2022
U.S. Restaurants Suffer as COVID Cases Surge🍽
Surging COVID cases have resulted in significant staff shortages, & household-name restaurants can’t keep up with demand.
More Details🧐 The U.S. reported almost 1 million new COVID cases on January 3rd, 2022, the highest daily tally of any country in the world.
Starbucks customers are complaining about temporary branch closures & reduced working hours as the coffee shop struggles with staff shortages.
Fast-food chains like McDonald’s, Chick-fil-A, & Taco Bell have put signs in front of their drive-thrus indicating longer waiting times than usual.
Why is this Important🤔 Even before Omicron, the restaurant industry had not recovered all the jobs it lost during the pandemic while people are also quitting at sky-high rates.
“There’s not enough staff for us to be able to keep any more hours open,” said one restaurant owner. Another owner worries that the shortage is costing his business customers.
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