Good morning, wonderful people. We have an important programming note for you before we get underway.

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What We’re Tracking Today is where we look ahead. Sure, it gives you the inside track on the big stories of the day — but it’s also where we talk about trends and where we’re heading as a community. About big issues and the ideas that are shaping our businesses, our communities, and our lives. From innovation, financial inclusion, and regulation, to women in the workplace, the future of capitalism, and our ties to the wider world, What We’re Tracking Today is the section where it all happens.

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THE BIG STORY HERE AT HOME is not a EUR 9 bn assistance package from the European Union. European Commission chief Ursula von der Leyen was in Egypt over the weekend and met with President Abdel Fattah El Sisi, but did not announce the investment-heavy package Bloomberg’s Brussels bureau suggested could be on the agenda.

Prime Minister Moustafa Madbouly is talking up an end to the FX crunch, as we note in this morning’s Manufacturing Watch, below. His remarks drew questions from nighttime talk show queen Lamees El Hadidi, who remains handily the smartest biz-econ commentator on the airwaves.

^^ We have more on both stories below.

THE BIG STORY ABROAD-

Silicon Valley is on fire after what has been described as a “coup” at high-flying startup OpenAI, where the board of directors fired co-founder and CEO Sam Altman, saying he was “not consistently candid in his communications with the board.” The board also removed chairman and co-founder Greg Brockman, saying he would stay as president. Brockman later quit, as did a handful of top staff.

Altman was fired via Google Meet, and Microsoft CEO Satya Nadella — OpenAI’s primary business partner and financial backer — got exactly one minute of advance notice before Altman’s ouster was announced.

Top investors including Microsoft and Thrive Capital are angling to bring Altman back, with the Wall Street Journal reporting at dispatch time this morning that he was “considering” the idea, weighing it against starting a new venture with other staff who followed him out the door. Thanks to his time running Y Combinator, Altman is one of the best-known figures in Silicon Valley and would not face much in the way of obstacles to raising funds for a new startup after taking OpenAI from zero to a valuation that the company thinks is in the USD 90 bn range.

Altman wasn’t ousted for “malfeasance or anything related to our financial, business, safety, or security/privacy practices” but was ousted on the back of a “breakdown in communications between Sam Altman and the board,” according to an internal memo, Axios reports.

So why did he exit stage left? Altman clashed with OpenAI’s co-founder and chief scientist Ilya Sutskever and others over the pace of developing generative AI and steps to mitigate potential harm.

The global business press is describing Altman’s firing as “the story of 2023.” See reporting from Bloomberg | Reuters | Associated Press | Financial Times | Wall Street Journal.

Want to listen instead? Everyone and her brother was out with an “emergency pod” this weekend, including Kara Swisher, Jason Calacanis, and Casey Newton.

ALSO- Elon isn’t having a great day. The tech oligarch is losing advertisers from Apple and IBM to Hollywood studios after endorsing an antisemitic conspiracy theory on his social media platform X. The White House accused him of an "abhorrent promotion of antisemitic and racist hate" and big names including Disney, Warner Bros, and Comcast pulled their adverts.

(Reuters | Financial Times | Bloomberg | Associated Press | Wall Street Journal)

HAPPENING TODAY-

Sameh Shoukry is touring capitals of a “number” of P5 members of the UN Security Council, joining a group of Arab and Muslim foreign ministers who hope to ramp up pressure for Israel to agree to a ceasefire in its war in Gaza. The tour kicks off today, according to a Foreign Ministry statement. It’s not clear where Shoukry will touch down first.

AND- Taking stock of NWFE, the state-led infrastructure program, one year on: A roundtable today will review progress on the USD 15 bn Nexus of Water, Food and Energy (NWFE) initiative, according to astatement(pdf). The International Cooperation Ministry will meet with Prime Minister Moustafa Madbouly and representatives of the EBRD, the US government, and other development finance partners to take stock of where the program stands.

ALSO- Cairo ICT kicks off today at the Egypt International Exhibition Center. The tech industry gathering ends on Wednesday.

PSA- Get your raincoats at the ready. There’s a chance of rain with the possibility of thunderstorms across most governorates today and tomorrow as the mercury drops 2-3°C, the Egyptian Meteorological Authority warned in a statement yesterday.

Expect high winds with gusts of nearly 60 km/h this afternoon with scattered showers throughout the day today, according to our favorite weather app.

IN THE HOUSE-

The House is back in session after a one-week break. MPs will sit today and tomorrow.

Building reconciliation bill on the agenda today and tomorrow: MPs will discuss and vote on an updated government bill that will make it easier for owners of illegal buildings to legalize their status in return for paying reconciliation fees. The long-awaited bill, approved by a joint parliamentary committee last Thursday, will replace a 2019 law that has proved problematic for citizens wishing to reconcile their construction violations with state authorities.

Also: A number of committees will hold sessions including the House industrial, SMEs and health committees.

HAPPENING TOMORROW-

Expect lots of investment news when a Saudi business delegation arrives tomorrow: Egyptian and Saudi companies could sign investment agreements worth up to USD 1.5 bn when a delegation led by Saudi Trade Minister Majid bin Abdullah Al Qasabi arrives in Egypt tomorrow for the Saudi-Egyptian Business Council. The agreements will cover a range of sectors including energy, real estate, agriculture, and tourism, council member Turki Alhokair said in a statement.

HAPPENING THIS WEEK- The Egy-GCC Business Forum opens on Wednesday — which is also the deadline to apply with the Financial Regulatory Authority for a license to run a credit rating agency.

MARKET WATCH-

OPEC+ is mulling a deeper production cut to support prices: The oil cartel is reportedly considering whether further oil production cuts are needed when it meets later this month, Reuters writes. Oil is down almost 20% since September despite price cuts, Some cartel members are worried that demand will weaken further. KSA and Russia decided earlier this month to leave their production cap in place.

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