Good morning, friends. The local business news has been heating up throughout the week, but unfortunately not as much as the weather. Rolling blackouts are once again the main topic of conversation in the local press and on every street corner with the government responding to public frustration with a pledge to do away with blackouts over the summer months starting the third week of July.

We’ve battled through power cuts to bring you today’s issue with the latest on the power cut saga, promising news of a return to normalcy in the banking system as more banks slash FX commissions in half, the race to be the first fund tracking the EGX33, and much, much more. So without further ado, let’s jump into today’s issue.

PSA-

Private sector workers will also be getting a long weekend to mark the eleventh anniversary of the 30 June revolution, the Labour Ministry said in a statement yesterday. We heard earlier this week that the public sector will be taking the day off, but we’re still waiting for confirmation that banks and the EGX will follow suit.

WEATHER- It’s more of the same in Cairo today, with a high of 41°C and a low of 27°C, according to our favorite weather app.

Alexandria is also not looking too different to yesterday, with a high of 36°C and a low of 23°C.

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HAPPENING TODAY-

In the House today: MPs are set to vote on a USD 47 mn extension to a USD 125 mn USAID grant to back rural development. The House will also be voting on whether Egypt should join the Fund for Export Development in Africa.

ALSO- Tourism Minister Ahmed Issa will be attending a Tourism Committee meeting today to look further into the causes that led to the catastrophic death count among Egyptian pilgrims this year.

ICYMI: MPs yesterday gave preliminary approval to amendments to the law regulating the performance of economic courts, and approved a EUR 250 mn loan agreement with the Asian Infrastructure Investment Bank to turn Alexandria’s Abu Qir railway into a metro.

HAPPENING SOON-

T-minus three days until the EU-Egypt Investment Conference kicks off: EU Commission Head Ursula von der Leyen and other big hitters will be making their way to Egypt soon for the conference. In the meantime, the cabinet has been reviewing projects, contracts, and MoUs set to be inked at the conference, according to a cabinet statement. The cabinet statement pointed to sustainable infrastructure, renewable energy, health education, food security, transport, water and sanitation, and SMEs as areas to watch out for.

DEBT-

CBE pulled in EGP 1.1 tn in liquidity from local banks following the Eid break: The Central Bank of Egypt took accepted bids from 32 banks for EGP 1.1 tn in fixed-rate deposits at a rate of 27.75% during its first weekly fixed-rate auction after the Eid Al Adha break, according to data from the central bank.

CIRCLE YOUR CALENDAR-

Attention, entrepreneurs and startup owners: Banque Misr has launched the third iteration of its Teqdar startups accelerator program, where small entrepreneurs get the chance to get first-hand insights and help form experts in technical support, investment, and marketing, and potentially could get up to USD 125k in funding to grow their businesses. Startup owners looking to participate in the program have until 4 July to fill out application forms (here)

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

An eclectic mix of stories is playing out across the front pages of the global business press, with coverage of the EU’s latest bid to “tame” big tech playing out alongside stories about Volkswagen, Citigroup, and the prospect of war in Asia.

The Financial Times is going all-in with its coverage of how European Union regulators are looking to bring Big Tech to heel. Earlier this week, the bloc accused Apple of breaking so-called “gatekeeper rules”, for which they’re threatening to fine the company up to 10% of its global revenues. Yesterday, they went after Microsoft with antitrust violations over Teams.

Those are just the latest charges the EU has levied against big US tech firms, and Apple is sending a message of its own: The company is delaying the rollout to users in the EU of a bunch of new features in the new iOS due out this fall — including Apple Intelligence — because of uncertainty about how the EU will view them under the Digital Markets Act.

A must read for those of you who want to go deeper: What are the battle lines between the EUand Big Tech?

MEANWHILE- Volkswagen is getting prominent front-page play in the FT, the Wall StreetJournal, and Handelsblatt after saying it will invest up to USD 5 bn in EV maker Rivian and the FT says time is running out for Jane Fraser’s turnaround bid at Citigroup.

CLOSER TO HOME:

  • The Israeli military must start drafting ultra-Orthodox Jews, the country’s supreme court has ruled. (New York Times)
  • Rioters protesting taxation in Kenya tried to storm the country’s parliament. Five have so far been killed in clashes with police. (Reuters)

JUST WHAT WE NEED: Another regional war. The Philippines’ ambassador to Washington, Jose Manuel Romualdez, has for months been beating the drum about the prospect that conflict with China over a reef in the South China Sea could in turn spark a regional war. He’s previously talked up the idea with the Japanese press, and President Ferdinand Marcos Jr. recently said in a speech that it won’t start the war — but “won’t be intimidated” by China, either. The Financial Times has since lined up its own interview with Romualdez, and it’s getting front-page play this morning.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at the EU’s plan to put aside EGP 100 bn to invest in Egypt’s drinking water infrastructure through 2030.

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