Good afternoon, folks and happy Sunday. We are waiting for the newscycle to pick up as we start this new business week.

THE BIG STORY TODAY

Ceasefire talks are reportedly due to resume in Cairo on Tuesday,based on fresh proposals led by Egyptian and Qatari mediators and with US involvement, unnamed officials told CNN and Reuters. Talks between Israel and Hamas have been in deadlock while Israel’s war on Gaza has raged on for seven months, with the most recent round of talks earlier this month reaching no conclusion and Egypt threatening to withdraw from its role as mediator in truce talks.

THE BIG STORY ABROAD

Donald Trump gets a dose of his own medicine at a Libertarian convention. The former US president and current presidential candidate received a less-than-welcome reception at the Libertarian National Convention last night, a stark difference from the validation he’s used to from his hardline fans. Libertarians, who demand limited government intervention and individual freedom, jeered at Trump for allowing public regulations during the pandemic, especially against the unvaccinated.

Libertarians have more in common with Republicans than Democrats and would be a good source of votes for Trump if won over. Amid a largely unsupportive rally, the Libertarians did seem to favor one promise from Trump, who pledged to commute Ross Ulbricht’s prison sentence if elected. Ulbricht created Silk Road, a website that allowed the trade of drugs and other illegal products. (Reuters | NYT)

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

  • A look at the IMF’s playbook for the third loan review: The International Monetary Fund delegation is currently in town to conduct the third review of our expanded USD 8 bn loan program. Discussions are centered around the use of Ras El Hekma’s sale proceeds and the implementation of the state ownership policy.
  • Holding steady: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday. The Monetary Policy Committee (MPC) cited a slowdown in growth rates and cooling inflation.
  • EFG Holding’s financials off to a “good start” this year: EFG Holding’s net income after tax and minority interest jumped 110% y-o-y in 1Q 2024 to EGP 1.8 bn.

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We look at the nation’s freezones in comparison to those in UAE and Turkey, and the procedural and legislative barriers that still to be addressed in order to better the investment climate and foster industrial growth.

☀️ TOMORROW’S WEATHER- The mercury is continuing to give us moderate heat in Cairo with a high of 34°C and a low of 29°C, according to our favorite weather app.

Tags: