Good afternoon, friends. We hope that you’re surviving the heat on this blackout-filled afternoon and have managed to ease back into the grind as we bring this hot hump day to a close.

THE BIG STORY TODAY

State-owned Banque Misr and the National Bank of Egypt have launched new high-yield USD certificates of deposit, according to statements (pdfs — here and here). Each bank is offering two three-year certificates — one with a 27% total return with an upfront payout of the three years of interest in EGP equivalent, and another with a 7% annual interest rate, with interest paid out in USD on a quarterly basis. The minimum buy-in for each certificate is USD 1k, with the certificates available as of tomorrow.

CORRECTION- In this morning’s edition of EnterpriseAM, we had an incorrect figure for Beltone’s recent capital increase of EGP 10 bn, the largest such transaction of its kind in Egypt as of the date of publication. The story has been amended on our web edition.

THE BIG STORY ABROAD

The role of manmade climate change in the ongoing global heat waves is dominating the international business press this afternoon, as the mercury continues to rise to record-breaking readings in conventionally mild-temperature countries in Europe. The sky-rocketing temperatures are going to occur between five to ten years, but with the 2 °C annual increase the sweltering heat can occur more often. Reuters | BBC | Associated Press | Financial Times

HAPPENING NOW- The US Federal Reserve’s Open Market Committee meeting kicked off today.

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

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

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

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself : The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We ask some of the biggest multinationals and suppliers operating here — namely, in logistics, e-commerce, and FMCG — what it is they’re looking for in a local partner, product or service and what are some of the pain points they’ve had to cope with. We were joined on that panel by Khaled Morsy, CEO of DB Schenker Egypt, Omar Elsahy, General Manager at Amazon Egypt, Tarek Kame l, Chairman and CEO of Nestlé Egypt and Sudan.

☀️ TOMORROW’S WEATHER- The heat will persist at 40°C during the AM and drop to a milder 28°C at night, according to our favorite weather app.

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