Good afternoon, wonderful people. We’re finding it hard to believe it’s only Monday, considering the volume of news coming out of Omm El Donia today.

THE BIG STORY TODAY

Our net foreign liabilities narrowed for the second consecutive month in August, coming in at USD 25.9 bn compared to USD 26.3 bn the month prior, according to Enterprise calculations of central bank figures (pdf). This marks the second consecutive decline in our net foreign liabilities, after it reached a record high of USD 27 bn in June.

THE BIG STORY ABROAD

It’s a mixed bag in the international press this afternoon:

  • The Nobel Prize for Medicine is being awarded to the scientists whose research is responsible for the covid-19 vaccine — Katalin Karikó, a professor at Sagan’s University in Hungary and an adjunct professor at the University of Pennsylvania, and Drew Weissman, of the University of Pennsylvania. (Wall Street Journal | Associated Press)
  • The EU foreign ministers’ visit to Kyiv is getting attention as they show their support to Ukraine after the US suspended aid to the nation in its latest spending bill. (Reuters)
  • Fears of an upcoming US recession is leading the conversation in Bloomberg as there are fears of future strikes on higher rates and rising oil prices.

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

  • 2024 is going to be an expensive year: New central bank projections out last week estimate that we’re going to have to repay almost a fifth of our total external debt obligations in 2024 alone.
  • It’s Midar’s turn to be front and center of privatization chatter in the local press: Midar — FKA El Mostakbal Urban Development and one of the four state-owned real estate firms to be included in the privatization program.
  • Al Ahly Capital Holding’s microfinance arm has raisedEGP 707 mn in a securitized bond issuance.

☀️ TOMORROW’S WEATHER- More cloudy skies coming our way with a high of 30°C in the daytime and dropping to a low of 22 in the evening, according to our favorite weather app.

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