Thndr Claps - New ventures all around

A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.

U.S. Claps??

Amazon to hike wages??

Amazon (NASDAQ: AMZN) is increasing its hourly wages for frontline employees to more than $19 per hour instead of $18 per hour.

Amazon is set to spend around $1 billion to hike wages in the coming year, as they are looking to retain more employees and prepare for the peak season.

Amazon has been in conflict with its frontline workers, with the workers demanding increased wages, more paid time off, and more lenient productivity expectations.

Inflation hurts Nike??♀?

Inflation is adding more pressure on Nike (NYSE: NKE) as increased prices slow down consumer spending.

Analysts have cut their sales expectations for Nike in light of decreased demand.

Other analysts, on the other hand, are more optimistic about Nike’s position, citing good inventory levels and signs of a developing supply chain.

Netflix & Games???

Netflix (NASDAQ: NFLX) is set to open an internal game studio, taking a further step into mobile gaming.

This is the first big step for Netflix, as they are looking to improve its gaming experience. The studio will be used to develop games concurrently with its other studios.

Less than 1% of Netflix subscribers engage with Netflix’s games, showing that Netflix’s advancements in the mobile gaming sector are still in their infancy stage.

Egypt Claps??

Egypt could gather $6 billion before 2023 ??

According to Hala El-Said, Minister of Planning, Egypt aims to raise $6 billion by listing stakes of government-owned companies on the EGX before June 2023.

El-Said said that the program includes selling shares in the EGX through an IPO or through selling shares to strategic investors.

It is expected that the companies that will be offered will be included in the “Pre-IPO Fund” within weeks.

Pick Albatros considering listing on EGX ??

Hotel group “Pick Albatros” expressed its interest in listing on the EGX but is waiting for market conditions to improve, according to Kamel Abu Ali, Chairman of the group’s BoD.

Abu Ali added that the group is in discussions with its financial advisor, Zilla Capital, regarding this issue.

Other companies?are also considering listing their shares on the EGX but waiting for market conditions to improve.

70% of Alex New Medical Center acquired ??

The consortium of LimeVest and Tawasol Holding acquired 70.17% of Alexandria New Medical Services (AMES).

The deal amounted to a total of EGP 535.9 million, around EGP 49 per share.

The fair value of Alex New Medical Services was set at EGP 51.2-52.8 per share.