Two Israeli tourists + Egyptian tour guide killed in Alexandria

Good afternoon, ladies and gentlemen. After starting off with a bad news day this morning, we unfortunately don’t have much to offer up this afternoon by way of a positive turn of events.

THE BIG STORY TODAY

An Egyptian policeman killed two Israeli tourists and their local tour guide after opening fire at the group at a tourist site in Alexandria, state-run Al Qahera News reported (watch, runtime: 1:08). The shooter has been detained, and a third injured tourist is currently receiving medical attention, according to Extra News (watch, runtime: 0:42).

THE BIG STORY ABROAD

Israel’s war with Palestine is still dominating the international press since we last wrote to you this morning. The surprise attack on Israel led by Hamas prompted the Israeli forces to retaliate by attacking Gaza and has claimed approximately 300 lives, so far, promising a lengthy war to avenge an unprecedented move that has put Israel’s intelligence apparatus into question. The siege by Hamas gunmen began yesterday as they attacked by air, land and sea, rampaging through Israeli settlements and capturing hostages, including military personnel and taking them into Gaza. (Reuters | Bloomberg | CNBC | Wall Street Journal | Washington Post | Financial Times)

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

• Egypt needs to move forward with another currency devaluation or we will “bleed” reserves, IMF chief Kristalina Georgieva said in an interview last week.
• Moody’s has downgraded Egypt’s sovereign credit rating further into junk territory, citing worsening debt affordability and the impact of the FX crunch on our ability to meet our repayments.
• The World Bank sees Egypt’s growth slowing in the state’s 2023-2024 fiscal year . That comes as the region is growing a whole lot slower.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: The private sector minimum wage is scrambling to keep up with inflation and public sector wages. What does that mean for industry?

🌤️ TOMORROW’S WEATHER- The mercury will rise to a high of 32°C and drop to cooler 26°C in the evening, according to our favorite weather app.