Good afternoon, folks, and happy Thursday. The weekend is finally here and we can’t wait until this last hot business day of the week ends.

THE BIG STORY TODAY

The Oil Ministry has resumed pumping gas gradually to fertilizer companies, it said in a statement today. This came after the pressure fluctuations in the natural gas pipeline network earlier this week forced several companies in the fertilizer and petrochemical sector to temporarily suspend production until the gas flow stabilizes.

ICYMI: The Oil Ministry reduced the natural gas supplies to energy-intensive fertilizer companies by 20-30% earlier this week. The cut supplies were redirected to feed power generators during a time of heightened demand.

THE BIG STORY ABROAD

Israel is threatening to escalate airstrikes in Lebanon following a Hezbollah attack. The Israeli military has said that they are ready to cause an “expanded war” employing “multi-arena warfare.” Israel has reported that recent Hezbollah rockets have caused damage to the land that could prompt a barrage of attacks from Israel, who have threatened to “restore security” along the border “one way or another.” The attack from Hezbollah injured 10 Israelis and caused the death of one soldier. Israeli raids in Lebanon this year — which have reportedly used internationally banned white phosphorus — have killed at least 31 civilians, two of which are children. (Bloomberg | Al Jazeera | Reuters | AP)

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

  • Is Egypt looking to tap the international debt market? A number of government officials are in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance.
  • Egypt, Iran continue to get closer: Foreign Minister Sameh Shoukry yesterday received a call from Iran’s Acting Foreign Minister Ali Bagheri which covered an array of topics, including the situation in Gaza, Egyptian-Iranian relations, and the road to normalcy between the two countries.
  • Remittances from Egyptians abroad surged 43.8% y-o-y in April to USD 2.2 bn, according to local reports. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%.

☀️ TOMORROW’S WEATHER- Mercury is peaking with a high of 43°C in Cairo and with a very warm low of 30°C in the evening, according to our favorite weather app.

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