THIS EVENING: FinMin completes initial draft of tax policy document

Good afternoon, ladies and gentlemen, and happy Monday. As was the case this morning, the news cycle appears to be catching its breath (besides the ongoing war).

THE BIG STORY TODAY

The Finance Ministry has completed its first draft of the government’s tax policy document, which it expects to finalize and publish next month, a ministry official told Enterprise. The document — which is currently undergoing legal review before being put up for national dialogue — outlines the ministry’s plans for tax reform and will remain unchanged for five years.

THE BIG STORY ABROAD

The Israel-Palestine war’s domination of the news cycle is getting punctuated by updates from Chevron this afternoon.Israel continued to pound the Gaza enclave with more airstrikes, even as ground troops were taking on Hamas militants on the ground. Israeli airstrikes also hit targets in southern Lebanon while Israeli troops attacked Palestinians in the occupied West Bank yesterday. Lassoing in the overspill, US President Joe Biden has been communicating with his western counterparts, namely from Canada, France, Germany, Italy and the UK to coordinate navigating the situation in the region. (Reuters | Bloomberg)

Meanwhile, Chevron is buying Hess Corporation in a USD 53 bn all-stock transaction, giving Chevron another piece of the US energy industry. Aside from creating a more resilient oil and gas economy through this purchase, they intend to get more involved in the US shale business. (Financial Times | Reuters | Wall Street Journal)

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

• As many as seven Egyptian troops were injured when an Israeli tank opened fire on a border post near the Egypt-Gaza border.
• Beltone x Al Ahly Sabbour: Beltone’s Financial’s leasing subsidiary has signed a sale and leaseback agreement worth EGP 1.2 bn with real estate developer Al Ahly Sabbour.
• Biden’s nominee for Egypt ambassador faces questions on Gaza aid and human rights at Senate hearing: Herro Mustafa Garg was pressed on how she would respond to the humanitarian crisis in Gaza and Egypt’s human rights record as Washington’s ambassador in Cairo during her Senate confirmation hearing on Thursday.

☀️ TOMORROW’S WEATHER- Look for the mercury rising to 31°C during the day and dropping to 22°C during the evening, our favorite weather app tells us.