Thndr Claps - Mixed news & a new search
A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.
Egypt Claps
?? Egypt’s January 2023 inflation rate sky-high
Egypt’s urban inflation rate reached its highest level in 5 years, recording a 25.8% increase on an annual basis in January 2023.
This increase, which surpassed analysts’ predictions, can be attributed to the hike in food prices & the devaluation of the Egyptian Pound.
The CBE is set to meet on March 30th, 2023, as it looks to bring down the annual inflation rate to the 5%-9% range by Q4-2024.
?? Egyptian government to offer 32 companies over the next 12 months
Prime Minister Moustafa Madbouly announced that the number of companies to be offered to the private sector is not 20, but 32.
These offerings could come in two forms – selling shares to strategic investors or listing on the stock exchange, with prominent names including?Safi, Wataniya, Banque du Caire, United Bank, & the Arab African Bank.
This commitment to exit state-owned companies is in line with the goal of?engaging the private sector?in driving economic growth.
?? Moody’s gives Egypt a dose of good & bad news
Moody’s has given Egypt a dose of both good & bad news.
On one hand, Egypt’s credit rating was downgraded from B2 to B3, but on the other hand, the economic outlook was revised from negative to stable
The decreased credit rating means that obtaining debt from abroad will be more difficult and expensive. However, Moody’s sees hope in Egypt’s?structural reform program, which aims to strengthen the economy by implementing a flexible exchange rate & increasing private sector participation.
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US Claps
?? PepsiCo tops Q4 expectations
PepsiCo (NASDAQ:PEP) reported an EPS of $1.67 in Q4 2022, beating analysts’ expectations of $1.65.
The company also reported revenues of $28 billion during the quarter, fueled by price hikes for the company’s snacks and drinks.
On the back of strong Q4 results, the company expects a 6`5 increase in organic revenue in 2023.
?? Google vs Bing: battle of the search engines
Google (NASDAQ:GOOGL) is set looking to beef up its search engine with AI features as it looks to rival Microsoft’s (NASDAQ:MSFT) Bing.
The AI battle between the two giants is well and truly underway, with Google revealing a new AI chatbot “Bard” in the past week. However, Google has a major obstacle on its hands, with Bard delivering inaccurate answers in an online ad for the program.
Microsoft announced its intention to utilize ChatGPT’s technology to enhance its Bing search engine, while Google is looking to retain its supremacy by enhancing its already powerful search engine.
??? Uber shines in Q4 2022
Uber (NYSE:UBER) reported an EPS of 29 cents and revenues of $8.6 billion, beating analysts’ estimates on both the top and bottom lines.
Uber was one of the harder-hit companies during the pandemic, with lockdowns impacting people’s day-to-day lives and forcing them to stay home, decreasing demand for ride-hailing services.
However, this quarter’s strong earnings show that those days could well be behind Uber, as they hit 2 billion trips for the first time in a single quarter.