Good morning, wonderful people. The traditional first day of Ramadan news slowdown was real, giving us all a breather after a busy couple of weeks as markets begin to settle into the new post-float normal.

The float remains the big story here at home as the business community absorbs (and begins adapting to) the new normal.

We saw healthy signs of movement and volatility in the FX market yesterday. Anecdotally: Bankers tell us that the carry trade is back — and volumes in the interbank market were strong. We also saw the posted USD : EGP exchange rate fluctuate throughout the day: The EGP gained 17 piasters to end the day at 49.05 to the greenback.

So, when do we eat? Maghrib prayers are at 6:02 pm in the capital, and you’ll have until 4:41 am tomorrow to hydrate and caffeinate ahead of fajr.

PSA- The Ramadan schedule is here: The Cairo Metro will now run an hour lateruntil 1am, along with the LRT which will run until midnight for the rest of the month of Ramadan.

WATCH THIS SPACE-

Egypt is emerging as an attractive destination for Turkish textile manufacturers, following last week’s float of the EGP, writes Bloomberg. Turkish garments manufacturers — pressured by a relatively strong local currency and high minimum wages in their own country — are thinking about shifting their operations to Egypt, enticed by a weaker EGP, low energy costs, and cheaper labor.

Déjà vu? Turkey’s Jade Textile earlier this year signed a framework agreement to invest USD 30 mn in a ready-made garments unit for a larger factory that will also house a USD 35 mn dyeing unit. News of Turkish companies setting up shop or expanding here have become a regular fixture of the local business news cycle.

TO KEEP YOU ENTERTAINED UNTIL MAGHRIB-

Missed the Oscars last night? EnterprisePM has you covered, with a rundown of the most notable awards of the night and moments worth noting — ie John Cena walking on stage in his birthday suit.

Still haven’t decided on a mosalsal to watch? EnterprisePM has compiled a roundup of some of the shows airing this Ramadan season, which should help you narrow it down to a show or two amid the sea of mosalsalat to choose from.

THE BIG STORY ABROAD-

It’s not the big story abroad, but it should be: Ramadan begins with hunger worsening inGaza and no end to war in sight, writes Politico. Gaza is on (but not atop) the world’s front pages. Joe Biden had suggested a Ramadan ceasefire was in reach — it didn’t happen. That has many outlets diving deep into the state of relations between the US and Israel, including Bloomberg’s big front-page take: Tension between Israel and US is rising with Gaza death toll.

Also in Washington: Joe Biden’s USD 7.3 tn budget proposes new taxes on corporations and high-income earners.

Plus: Tiktok could face a ban in the US of A when lawmakers vote on Wednesday and Reddit is looking to raise USD 500 mn in an IPO that could set the tone for tech listings this year. (You can check out its S-1 filing here.)

Closer to home: Abu Dhabi wealth fund Mubadala and G42 have launched what they see as a USD 100 bn AI investment firm that will invest in verticals including AI infrastructure, semiconductors core AI technologies and applications, Bloomberg reports.

Over in London: Photo editors at mainstream newspapers are freaked out that Princess Catherine’s Mother’s Day portrait was photoshopped. Much ado about nothing? Experts say the image is “consistent with an amateur splicing together different images from the same session to make a nice family portrait,” the Wall Street Journal writes.

Why all the fuss? Catherine has stepped back from public life since abdominal surgery in January.

WHILE IN BIG TECH NEWS- Chipmaker giant Nvidia is facing a proposed class-action lawsuit from three authors who allege the tech giant infringed on their copyrights by using their books without permission to train its NeMo AI platform (Reuters).

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We dissect OECD’s economic survey on Egypt and its take on what needs to be done in efforts to accelerate climate action.

Tags: