Good afternoon, friends, and happy almost-Thursday. We hope you’re staying cool and hydrated as we welcome another scorching heatwave that is expected to last until the middle of next week.

THE BIG STORY TODAY

770k tons of mostly Russian wheat is coming our way: State grain buyer GASC has bought 770k tons of wheat from Russia and Bulgaria in its largest single purchase since June 2022, Reuters reports. Some 720k tons will be sourced from Russia while the rest will be supplied by Bulgaria. Low price offered for the wheat — which averaged around USD 221 per ton — cast doubt on whether the unofficial minimum export price, intended to curb Russian wheat exports, was being enforced, traders told the newswire.

Increasing wheat reserves amid a global price slump: The government plans to extend strategic commodity reserves from six to nine months, in light of increased FX availability and global price declines, an anonymous official told Asharq Business. This latest wheat buy increased Egypt’s reserves to seven months, the official noted.

THE BIG STORY ABROAD

Still on the Trump train: US presidential candidate Donald Trump continues to dominate international headlines today, with news outlets tracking developments at the Republican National Convention in Milwaukee and detailing Silicon Valley’s enthusiastic embrace of Trump after his announcement that Ohio senator JD Vance would serve as his running mate.

Nikki Haley, who once called Trump “unfit for office,” endorsed the former president at the Republican convention earlier today, telling the Milwaukee crowd, “You don’t have to agree with Trump 100% of the time to vote for him.”

Meanwhile, big tech continues to line up behind Trump as traditionally liberal Silicon Valley moves away from the Democratic Party amid concerns over AI regulation in Washington, the Wall Street Journal reports. Trump’s new running mate JD Vance, a former employee of venture capitalist Peter Thiel, has been a critical link between the Trump campaign and Silicon Valley’s biggest names since before joining the ticket.

Finally, the FT notes the uncharacteristically low profile that Trump’s wife Melania, daughter Ivanka, and son-in-law Jared Kushner have maintained in and out of the Republican National Convention — a marked shift from Trump’s last presidential campaign and term.

WHILE IN BUSINESS NEWS- HSBC has named CFO Georges Elhedery as its next CEO. (FT, WSJ, Reuters)

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

  • The Egypt Mining Forum kicked off yesterday, bringing together over 4k attendees for 15 sessions with over 50 speakers to discuss the mining market’s potential and to unveil ambitious plans for the sector.
  • IMF trims Egypt’s growth outlook: The IMF has cut our growth forecast for the current fiscal year to 4.1%, down 0.3 percentage points from its April forecast in its updated World Economic Outlook (pdf).
  • EBRD funnels some USD 130 mn into the private sector: The European Bank for Reconstruction and Development (EBRD) is extending a USD 130 mn loan to Coca-Cola HBC Egypt — a major bottling partner of The Coca-Cola Company — to finance the company’s capex and working capital requirements.

☀️ TOMORROW’S WEATHER- Sweltering days are incoming due to the Indian summer monsoon hitting Egypt starting today and until the middle of next week, according to the Egyptian Meteorological Authority. Mercury is peaking at a high of 38°C in Cairo tomorrow, with a real feel of 40°C, before dropping to 27°C by night. Alexandria and Sahel will be a bit cooler with a high of 33°C, a real feel of 37°C, and a low of 25°C at night.

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