Good morning, all. We have a brisk issue for you this morning to wrap up the workweek. We have the rundown on the brand new Thanaweya Amma system and all the earnings that came out over the past 24 hours.

WATCH THIS SPACE-

#1- Car imports made easier for dealerships and diplomats: Authorities have resumed issuing ACID numbers — a unique ID number that importers obtain for their shipments — exclusively for car dealerships and diplomats, a source at the Customs Authority told Enterprise. Nearly 50 ACID numbers have been generated, representing hundreds of cars of various models. Other personal or commercial car imports remain suspended until further notice.

Behind the decision: The move was prompted by a recommendation from the Trade Ministry following extensive lobbying by major car dealerships, who faced significant delays in getting their cars released from local ports, sources in the automotive market told us. The delays threatened contracts and future investments from car manufacturers and exacerbated the severe shortage of new cars on the market. Meanwhile, diplomats made the cut because of the principle of reciprocity.

#2- Hapag-Lloyd to avoid the Red Sea until year end: German shipping giant Hapag-Lloyd will continue to steer its container ships away from the Red Sea through the end of 2024, instead opting to send its vessels around the Cape of Good Hope, CEO Rolf Jansen told Reuters.

Bad news for our Suez Canal revenues: The shipping company is one of a number of firms that began rerouting their ships away from the Red Sea last winter in light of ongoing attacks by Yemen’s Houthis on shipping traffic. Disruptions in the Red Sea have hit Suez Canal revenues — a major source of FX — hard, with Suez Canal Authority head Osama Rabie noting in July that revenues from the canal had fallen some 23% y-o-y during FY 2023-2024 to USD 7.2 bn.

SMART POLICY-

Madbouly will now need to sign off on industrial factories going offline: Industrial facilities now require the greenlight from Prime Minister Moustafa Madbouly to shut down operations, Madbuoly said at yesterday's cabinet meeting.

Remember: We heard Monday that no industrial facility could be closed without getting the greenlight from Transport and Industry Minister Kamel El Wazir.

PSA-

WEATHER- It’s still hot in Cairo today, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s a bit cooler in Alexandria, with a high of 33°C and a low of 25°C.

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THE BIG STORY ABROAD-

A handful of stories are vying for your attention in the foreign business press this morning. Getting top billing:

#1- Donald Trump promised to “make America affordable again” and to impose foreign tariffs on “countries that have been ripping us off,” as well as slash energy costs, if he’s elected, in a wide-ranging speech aimed at clarifying his economic policy ahead of debates with opponent Kamala Harris. (Wall Street Journal)

#2- Google will be required to make reforms to its Play Store on Android following a court ruling that accused it of being a “monopolist.” (Reuters)

#3- Berkshire Hathaway’s Warren Buffet confirmed the firm halved its stake in Apple, and cut stakes in Capital One, Chevron, and T-Mobile, and completely exited its stake in cloud computing software Snowflake and Paramount Global, in a shift towards cash and short-term Treasuries amid a wider sell-off on Wall Street in 2Q 2024. Hathaway dumped more than USD 77 bn shares in the quarter. (Financial Times)

#4- Starbucks’ new CEO Brian Niccol will receive a pay package worth up to USD 113 mn, one of the largest in US corporate history. (FT)

ON THE AI FRONT- Apple is reportedly pushing ahead with a tabletop iPad-like device with a robotic limb, aimed at becoming a smart home command center, as it looks for new ways to boost its revenues. (Bloomberg)

ALSO- Gaza ceasefire talks in limbo: Ceasefire talks scheduled for today and set to be brokered by Qatar and Egypt should be moving forward despite Hamas’ refusal to participate following a series of Israeli attacks on Gaza and additional demands from the Israeli side, a US State Department spokesperson told the New York Times. Two officials briefed on the talks said that Hamas could still be willing to hear mediators out after the meeting if Israel put forward a “serious response” to Hamas’s latest offer, from early July.

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