THIS EVENING: T-bill trading will be possible through brokerage firms on EGX in 4 months. PLUS: OneOrder raises USD 16 mn in a series A round

Good afternoon, ladies and gentlemen, and happy Thursday. The weekend is finally around the corner, and we are as eager as you to begin to unwind after this hot business week.

THE BIG STORIES TODAY

#1- T-bill trading will be available through brokerage firms on EGX within 4 months, bourse head Ahmed El Sheikh told Asharq Business today. Currently t-bill investors can only buy them through a selected number of commercial banks.

#2- OneOrder raises USD 16 mn in a series A round: Tech-enabled F&B logistics platform OneOrder has closed a USD 16 mn in a series A round led by Delivery Hero Ventures and includes Africa-focused tech growth fund Norrsken22, Nclude, and A15, the startup said in a statement today (pdf). The funds will help OneOrder expand in Gulf countries in fall of 2024.

THE BIG STORY ABROAD

China has launched “large-scale military drills” in response to Taiwan’s recent election. Lai Ching-te, democratically elected leader of Taiwan was sworn into office just days ago, triggering Beijing to “punish” the island for separatist acts. Intimidation tactics employed by China include conducting mock strikes using armed fighter jets, destroyers, and missile speedboats. Chinese naval colonel Li Xi calls these acts of intimidation “strong punishment” for Taiwan’s efforts to assert their independence. (CNN | NYT | Reuters)

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

• Third review on the way? Representatives from the IMF are in town to conduct the third review of our USD 8 bn loan agreement.
• Philip Morris snaps up minority stake in Eastern Company:US-based tobacco giant Philip Morris International has acquired an indirect 14.7% stake in state-owned cigarette maker Eastern Company.
• Wataniya stake sale racks up seven bids: State-owned fuel retailer Wataniya has received seven international and local acquisition offers.

☀️ TOMORROW’S WEATHER- The scorching heat wave seems to be taking a short break, as we’re seeing a high of 34°C and a low of 21°C in Cairo tomorrow, according to our favorite weather app.