Good afternoon, friends and happy Monday. It’s still a relatively slow news week so far, although there are early signs the newscycle is picking up.

THE BIG STORY TODAY

FX projections for the car import scheme rise to USD 2 bn: Registrations from the first two phases of the car-for-FX initiative are now expected to bring in some USD 2 bn in light of strong demand in the second phase, according to a Finance Ministry statement.

ICYMI- The expat car imports scheme has been extended for another three months from today until Monday, 29 April, according to a cabinet decision issued yesterday. The initiative allows expats to receive full rebates in EGP equivalent on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX.

INTERESTED? You can sign up for the initiative through the government’s app on Google Play and the App Store.

THE BIG STORY ABROAD

Iran seeking to distance itself from the drone attack on a US base in Jordan yesterday continues to dominate the international press. The White House says that Iran-backed militants killed three and wounded 25 US soldiers in the drone attack — but Iran’s Foreign Ministry spokesman calls any accusations of their involvement “baseless,” on account of the resistance groups not answering to the Islamic Republic. His comments come after Biden’s threat of retaliation, while several Republicans accused him of leaving US soldiers as “sitting ducks” waiting for attacks alongside rising oil prices in response to the attack. (Bloomberg | Financial Times | Reuters)

ON THE BUSINESS SIDE- China’s capital and property markets took another hit when a Hong Kong court ordered the liquidation of China Evergrande Group, with more than USD 300 bn in liabilities, after they failed to restructure following offshore debt defaults and more than two years in court. But it won’t be a smooth process considering the uncertainty of how Chinese courts will deal with a Hong Kong based ruling, and it taking up to a few years for the liquidator, Alvarez and Marsal, to take over all subsidiaries in China which falls under different jurisdictions from Hong Kong. (Reuters | Bloomberg)

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

  • To hike, or not to hike: Analysts are split on what the Central Bank of Egypt (CBE) will do when the Monetary Policy Committee (MPC) meets this Thursday.
  • Israel notifies Egypt of plans to send troops to Gaza’s Rafah: Israel has reportedly informed Egypt that it intends to send troops to Rafah and the Philadelphi Corridor, saying that they will only operate in the area temporarily.
  • House passes bill protecting critical facilities, infrastructure: The House of Representatives gave final approval on Sunday to a draft law that cements the role of the armed forces in protecting critical facilities and infrastructure — power grids, gas pipelines, oil fields, railways, roads and bridges.

🌤️ TOMORROW’S WEATHER- Expect a partly cloudy day with a high of 16°C in the afternoon and a low of 10°C later in the evening, according to our favorite weather app.

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