Good morning, dear readers.

What we’re watching today:We can expect some color on yesterday’s announcement from the Supreme Investment Council when Prime Minister Moustafa Madbouly holds a press conference later today.

Announcement? The state’s investment body yesterday approved 22 measures to help attract more foreign direct investment into the country. The details thus far are fairly sketchy so we were pleased to hear on Ala Mas’ouleety last night that the PM would be stepping in front of the cameras today to elaborate on some of the proposals (watch, runtime: 2:27).

Here’s what we can expect:

  • More incentives: New incentives for priority sectors, improved terms for special economic zones and faster tax refunds could now be on the table.
  • More golden licenses: The government will consider expanding golden licenses beyond national and strategic projects.
  • Less red tape: Faster approvals and simpler rules for property ownership are on the list.
  • More transparency: Greater independence for regulators, better data collection on state-owned enterprises, and less preferential treatment for public-sector firms are being looked into.

The Cabinet website, in latin characters: The cabinet’s website is now available in English, providing economic and investment news, info on public projects, and access to economic indicators such as growth rates, employment, and inflation. Investors can also apply for a “golden license” from the site.

HAPPENING TODAY-

Shoukry in KSA: Foreign Minister Sameh Shoukry is in Jeddah today to prepare for this week’s Arab League summit scheduled for Friday, the Foreign Ministry said.

REMEMBER- Syria will attend this Arab League summit, marking its first meeting in 12 years after the group of Arab states earlier this month voted to restore the country’s membership.

India’s army chief is in Egypt for a two-day visit: It’s the second day of General ManojPande’s visit to Cairo, where he’s holding talks with Defense Minister Mohamed Zaki and other military leaders.

CDIS continues: The Egypt Cybersecurity & Defense Intelligence Systems (CDIS) expo is on its second day at the Egypt International Exhibition Center. The three-day event will bring together experts from across the world to discuss the present and future of cybersecurity in Egypt and the world. Check out the agenda here (pdf).

HAPPENING THIS WEEK-

Tomorrow is interest rate day: The Central Bank of Egypt (CBE) will hold its policy meeting on Thursday, 18 May.

A majority of analysts we’ve spoken to expect the central to leave rates unchanged:

Seven of nine respondents in our regular poll told us last week that the central bank will likely hold off on further rate hikes, before HC Securities’ Heba Mounirjoined the ‘hike’ camp earlier this week.

Another analyst in the ‘hold’ camp: “We are 45 days away from the end of the current fiscal year and the government doesn’t want surprises. Rate hikes hurt the state budget … so I think for this upcoming meeting rates will remain unchanged,” economist Mostafa Badra told Yahduth Fi Masr’s Sherif Amer last night (watch, runtime: 5:45).

G7 meeting this week: Expect the war in Ukraine and China containment to be top of the agenda when G7 leaders meet in Hiroshima, Japan on 19-21 May.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

High stakes debt ceiling negotiations in Washington are dominating the global front pages this morning as President Biden prepares to cut short an overseas trip in an attempt to find a breakthrough and avoid a debt default. Republican House Speaker Kevin McCarthy yesterday told reporters that an agreement could be sealed this week but said that the two sides remain far apart. Biden will return from Asia on Sunday following the G7 summit. (Associated Press | Reuters | Bloomberg | Financial Times | NYT | Washington Post | Wall Street Journal | CNBC)

The markets are being remarkably calm about the potential for a US default: The US may default at the beginning of June if the debt ceiling is not raised, but markets are yet to panic despite Treasury Secretary Janet Yellen’s almost daily warnings of the apocalyptic consequences. There have been no sharp swings in the equity markets, bond yields have been calm, and the VIX — a key measure of market risk — has remained low. The reason? Investors don’t think US politicians will be stupid enough to voluntarily send the country into default.

Having said that: Credit default swaps — derivatives that act as insurance against default — are spiking, with spreads on one-year contracts hitting record highs last week, and five-years reaching their highest level since 2009.

For more: Bloomberg| Financial Times | Politico.

SIGN OF THE TIMES-

No one seems to be enjoying black Cleopatra: Netflix’s controversial black Queen Cleopatra is making history — holding one of the worst-ever scores on Rotten Tomatoes. The 2% user rating is described by Forbes as an “unprecedented low” for the movie review aggregator, with viewers flooding the site with complaints about historical inaccuracies, poor writing and bad acting.

It’s not just Cleopatra’s race that seems to be an issue: Critics weren’t happy about the series either citing lack of “context, personality, and a reason for being made” and it being “too soapy for serious history fans.” The production currently holds a 10% rating among critics on the platform.

Amazon is the latest tech giant to race into AI: Soon you’ll be able to converse with a Chat GPT-esque chatbot while you shop on Amazon as the e-commerce giant follows Microsoft and Google in integrating generative AI systems into its platforms, according to Bloomberg.

First Buzzfeed, now Vice: Vice Media has filed for bankruptcy, becoming the second digital media giant to bust following Buzzfeed last month, Reuters reported . Both outlets were part of a new generation of digital-only news sites that rose to prominence in the 2010s in a challenge to legacy media. Reuters has more.

COME WORK FOR OUR ADVISORY ARM-Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.

We’re running a four-month training program for fresh grads and career switchers and will hire every successful grad of the program.

Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at the state’s infrastructure spending plans for the coming fiscal year.

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