EGX Parties Discuss Incentive Package📃
EGX, FRA, & MCDR officials met yesterday to discuss the recently announced basket of incentives to support the EGX & boost investment.
What happened🤷♀️ Following the meeting it was agreed that the newly set margin trading rules will be postponed for six months, from January 2022 to June 2022, pending more research from all parties involved.
Trading fees on the EGX are set to be reduced by 20%, with the aim of increasing trading volumes. Trading fees range from those owed to the EGX, FRA, MCDR, & the Investor Protection Fund.
Unemployment Slightly Increases to 7.5% in Q3😕
The unemployment rate in Egypt rose to 7.5% during Q3-2021, up from 7.3% in Q2-2021 & 7.4% in Q1-2021, according to CAPMAS.
More details🧐 For reference, the last pre-pandemic unemployment rate stood at 7.7% in Q1-2020, before surging to 9.6% in Q2-2020 when the pandemic struck.
According to CAPMAS, the 7.5% unemployment rate translates to 2.211 million unemployed people, from a total reported 29.3 million individuals in the labor force.
Why is this important🤔 The 0.2% increase from Q2-2021 to Q3-2021 represents an increase of 96,000 unemployed individuals, which CAPMAS associated mainly with the influx of new graduates during August & September into the labor market.
Startup Spotlight💡 – Educatly Raises $1 Million in pre-Seed Round📚
EdTech platform Educatly announces that it closed Pre-seed funding for $1M with contributions from Enterprise Ireland, the Falak Startups & other Angel Investors.
More details🧐 Educatly is a platform that allows students to search, compare and apply to over 120,000 live and up-to-date higher education opportunities globally. It aspires to build the world’s most comprehensive educational network to showcase all schools/colleges, programs as well as scholarships, language courses, professors, students, and alumni.
Why is this important🤔 Educatly onboarded 450+ schools to work with around the globe, in addition to over 45,000 student profiles on the platform. Eductaly plans to build on this growth by using the investment to develop their product, attract core team members, & scale their marketing & sales operations.
Headlines We’re Watching👀
- EFG Hermes (HRHO) reported net profits of EGP 1.12 billion in the first nine months of 2021, a 32.2% YoY increase
- Orascom Construction (ORAS) reported net profits of $76.1 million in the first nine months of 2021, a 17.1% YoY increase
LA Lakers Stadium to Rebrand as Crypto.com Arenab🏀
The Staples Center in Los Angeles, one of the best-known sports & entertainment arenas in the U.S, is being rebranded as the Crypto.com Arena.
More details🧐 Crypto.com ranks as the tenth-largest exchange in the world for cryptocurrency transactions. The Singapore-based cryptocurrency platform agreed to pay more than $700 million over the next 20 years for the naming rights to the Los Angeles Stadium.
Why is this important🤔 The deal marks one of the most remarkable marketing strategies from a cryptocurrency company to date, & comes at a time when digital currencies are gaining wider acceptance among retail investors. Other significant marketing plays by crypto platforms were partnerships between Italian football clubs AC Milan & Lazio, when they signed with crypto platforms Bitmex & Binance, respectively.
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