Good afternoon, wonderful people. The weekend is finally here. We hope you all have your plans set to unwind and escape the scorching heatwave.

THE BIG STORY TODAY-

Fuel committee concludes meetings to decide quarterly prices: The government’s fuel pricing committee has concluded its meetings to review fuel prices for the next three months and is expected to announce its decision “very soon,” an informed government source told Enterprise.

REMEMBER- The IMF has postponed its executive board meeting to discuss the third review of the USD 8 bn program to Egypt from 10 July to 29 July to “finalize some details”. The postponement came as the fund is holding discussions with the new Madbouly cabinet over its policy and goals for the coming three years and adopting a wait-and-see approach regarding the subsidy cuts, another government source told us earlier this week.

THE BIG STORY ABROAD-

One campaign is headlining the US Presidential elections — the one calling for Biden to step aside. US President Joe Biden is facing intensified criticism for his ability to lead from friends and foes alike following his Covid-19 diagnosis on Wednesday, which forced him to cancel an appearance his administration hoped would counter Trump’s Republican National Convention success. Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries confronted Biden with their concerns, as did former House Speaker Nancy Pelosi, who reportedly told Biden privately that polls indicate a democratic loss. Biden’s response has been defensive, and while he has agreed to view polling data and discuss how VP Kamala Harris could win, there are no signs that he is seriously considering stepping down, according to media reports. (NYT | Bloomberg | CNN)

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

  • Madbouly addresses power cuts, meds, and a number of key topics: Prime Minister Moustafa Madbouly held a presser yesterday, where he announced halting the rolling blackouts starting next Sunday.
  • Companies are pushing to double the price of subsidized fertilizers: Urea fertilizer producers are waiting for the government to give them the greenlight to almost double their prices to EGP 8.8k per ton from their current EGP 4.5k.

☀️ TOMORROW’S WEATHER- Temperatures are rising to highs of 38°C and dropping to a moderate low of 28°C, according to our favorite weather app. Alexandria and Sahel are looking at cooler temperatures with highs of 30°C and lows of 27°C.

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