Good afternoon, ladies and gents, and happy hump day. We’re looking at a Goldilocks news day so far — not quite a slow cycle, but nowhere near a torrential downpour — which gives us hope that the Ramadan news slowdown might be on its way.

THE BIG STORY TODAY

Private sector activity deteriorates again in March: The contraction in Egypt’s non-oil private sector accelerated in March as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on demand, according to S&P Global’s purchasing managers' index (pdf). The PMI reading inched down to 46.7 from 46.9 in February, making March the 28th consecutive month that private-sector activity has been in contraction.

THE BIG STORIES ABROAD

Two stories are capturing the imagination of the international business press this fine afternoon:

#1- The Donald is going to become the first-ever former or sitting US president to appear in court today, where he will be formally charged in a case relating to hush money payments to an adult film star to keep quiet about an alleged affair. Trump will be pleading not guilty to the charges — which include 34 felony counts — and maintains the case is politically motivated. The former president is currently the frontrunner Republican nominee for next year’s US presidential elections. The story is getting front-page play in the Financial Times, the New York Times, the Wall Street Journal, and Bloomberg.

#2- Credit Suisse Chairman Axel Lehmann apologized for the bank’s collapse at its last independent annual general meeting before its rival UBS takes over the Swiss bank in a USD 3.25 bn agreement. Credit Suisse execs had been bracing for protests from Swiss citizens at the AGM. Over three-quarters of Swiss voters want the two banks split up by new legislation, according to an opinion poll by the country’s biggest pollster, GfsBern. Many shareholders and advisors said they intend to vote against reelecting several board members, including Lehmann, before the AGM. At the same time, several board members decided to step down before the vote, leaving only seven members up for reelection. The story is also getting plenty of attention from Bloomberg,Reuters, and theFinancial Times.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Private-equity consortium takes significant minority stake in Marcyrl:Development Partners International (DPI) and Amethis have acquired a “significant minority stake” in local pharma player Marcyrl.
  • Does Kuwait’s sovereign fund want to up its stake in AAIB? The Kuwait Investment Authority (KIA) has appointed advisors to look into upping its stake in Arab African International Bank (AAIB) to become the lender’s biggest shareholder.
  • Egypt’s external debt hit a record high in 2Q FY 2022-2023 following two quarters of declines, according to data published by the Planning Ministry.

? CIRCLE YOUR CALENDAR-

PSA #1- Start planning the next run of holidays:

  • Coptic Easter falls on Sunday, 16 April;
  • Sham El Nessim is on Monday, 17 April;
  • Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
  • Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA #2- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- The mercury is expected to drop a couple of notches tomorrow, but it’s still going to be pleasantly warm, our favorite weather app suggests. Expect a daytime high of 28°C and a nighttime low of 14°C.

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