Good morning, wonderful people, and happy hump day. The news cycle is giving us a slight breather after a hectic start to the week — but there’s still plenty going on.

THE BIG STORY here at home: Next year’s fiscal budget will soon be signed into lawafter MPs gave it their final stamp of approval yesterday. The budget debate was short but not all that sweet, with several opposition and independent MPs voicing their worries over high levels of government borrowing. We have the full story in our Legislation Watch section, below.

AND- The EGX is back: Trading on the EGX will resume today after a technical glitch caused the system to go down yesterday afternoon, the bourse said in a bulletin. The bourse yesterday denied rumors that the disruption was caused by a cyberattack and said it was working with Nasdaq to resolve the issue. Enterprise was unable to reach an EGX representative for comment yesterday.

EGX boss Ramy El Dokany yesterday took to the airwaves to confirm there was no foul play at work, telling Kelma Akhira’s Lamees El Hadidi that technical glitches are common across global exchanges(watch, runtime: 4:29). Transactions that took place before trading came to a halt yesterday have been executed and traders’ data is secure, he said. The topic was also covered by Lubna Assal on Al Hayah Al Youm (watch, runtime: 4:28).

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

HAPPENING TODAY-

Iraqi PM in Cairo: Iraqi Prime Minister Mohammed Shia Al Sudani arrived in Cairo yesterday ahead of today’s Iraqi-Egyptian joint higher committee meeting, according to a cabinet statement. Prime Minister Moustafa Madbouly and Al Sudani are expected to sign some 10 MoUs in the fields of reconstruction, housing, labor, and sports, and to preside over a bilateral business forum. International Cooperation Minister Rania Al Mashat yesterday met with Iraqi Trade Minister Atheer Al Ghurairy to lay the groundwork for the signing of the agreements.

In the House: The House of Representatives will hold plenary sessions today on a number of foreign agreements. They include two grants from the European Bank for Reconstruction and Development to renovate the Cairo Metro, and one to expand the Takaful and Karama program; bills on Egypt’s membership of the African Continental Free Trade Agreement and the African Space Agency; and five laws licensing the Oil Ministry to contract the Egyptian General Petroleum Corporation and foreign companies to explore for oil in the Med.

DATA POINTS-

#1- More than 194 kg of gold entered Egypt in 30 days: Egyptians have brought more than 194 kg of gold into the country since the government relaxed customs rules in a bid to stabilize the gold market, the Finance Ministry said yesterday. Under the new rules, Egyptians living abroad are able to bring up to 100-150 grams of gold into the country without paying customs fees.

Gold prices are still elevated: The price of 21-carat gold has risen 50% to EGP 2,560 per gram since the beginning of the year as savers look for safe havens to hedge against the weaker EGP.

#2- GDP time machine: The Planning Ministry has released GDP data going back more than four decades, it said in a statement yesterday.

THE BIG STORY ABROAD-

Most of the international press is focused on Florida, where former US president Donald Trump is today scheduled to make his first appearance in a Miami court on federal charges including the alleged mishandling of classified documents. A Reuters/Ipsos poll found a vast majority of Republicans believe the case is politically motivated. (Washington Post | NYT| AP).

The business press is all about the Fed: The US Federal Reserve is expected to keep itsbenchmark interest rate unchanged within the 5.0-5.25% range following its two-day policy meeting, which kicks off today. This would be the first pause since the central bank began aggressively tightening policy in March last year, which has seen rates rise 500 bps.

It’s a tough call: The Fed has to make a difficult choice between holding rates steady to avert further pressure on a strained banking system, and continuing to hike rates to stamp out inflation. “They’re between a rock and a hard place,” former Reserve Bank of India Governor Raghuram Rajan told the Wall Street Journal. Complicating matters: Uncertainty around the likelihood of a recession and the ongoing threat of stagflation, writes the Financial Times.

But there’s positive mood music in the business pages: The S&P 500 and the Nasdaq both closed at their highest in more than a year yesterday as investors anticipated a pause in rate hikes, the Wall Street Journal, FT, and Reuters report. The heads of investment banking giants Morgan Stanley and Goldman Sachs both told the FT they’re seeing “green shoots” in the business environment.

FACT CHECK-

Aldar isn’t acquiring Capital Group Properties (FKA Imkan Misr):Emirati real estate giant Aldar Properties has denied a media report claiming that it had entered negotiations to acquire Capital Group Properties (CGP),CNBC Arabiareports, citing company sources. Asharq Business reported yesterday that Aldar is in talks to acquire the company in light of the “massive losses that [CGP] has lately incurred thanks to the devaluation of the EGP and the rise in construction costs,” quoting one of two unnamed sources who it said was in the know. These challenges were compounded by the company’s decision to offer installment plans over 14 years, the source added.

ICYMI-

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we talked to glass manufacturer Pyramid Glass in the first installment of a new monthly series where we profile home-grown and international manufacturers in Egypt.

CIRCLE YOUR CALENDAR-

Green projects have more time to apply for Smart Green Projects round 2: The application deadline for the second iteration of the Smart Green Projects initiativehas been extendeduntil the end of June.Eligible projects must use tech solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the first round of the initiative, among other requirements. Eligible projects can apply here.

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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we’re looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it’s industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

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

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: E-scooters are proliferating on the streets of certain Cairo neighborhoods. But are they a viable means of transport in our overcrowded capital?

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