Good afternoon, all, and happy hump day. It’s another quiet day on the business front as we hit the midpoint of the workweek.

THE BIG STORY TODAY

US Secretary of State Antony Blinken has touched down in Egypt, following a trip to Israel earlier this week. The US’ top diplomat has met with President Abdel Fattah El Sisi to discuss ongoing negotiations over a ceasefire between Israel and Hamas.

As things stand: Last night, Blinken said that Israeli Prime Minister Benjamin Netanyahu has accepted a “bridge proposal” for a ceasefire in Israel’s war on Gaza. Senior government officials from Egypt, Qatar, and the US are set to reconvene in Cairo before the end of the week in a bid to finalize an agreement based on the proposal presented in Doha last week.

THE BIG STORY ABROAD

One story is dominating the front pages this afternoon: British tech tycoon Mike Lynch and five of his guests are lost at sea after his luxury yacht “Bayesian” was hit by bad weather, causing it to sink. Twenty-two guests and crew had been aboard the boat — 15 have been rescued by the Italian coast guard and another was found dead. The remaining six missing include Lynch, his 18-year-old daughter, and Morgan Stanley’s Jonathan Bloomer.

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

  • It might be time to turn down the AC: The Electricity Ministry has reportedly begun implementing hikes that will see household electricity prices rising by 14-40%.
  • Foreign investments in local debt rose in May: Foreign investments in Egypt’s t-bills sat at USD 37.5 bn (EGP 1.8 tn) by the end of May, up USD 2.5 bn from USD 35.2 bn (EGP 1.7 tn) in April.
  • Government is dead set on its massive wheat buy: The government will announce the purchase of 3.8 mn tons of wheat before the end of the year.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo at a high of 39°C before simmering to a moderate low of 26°C by nightfall, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with highs of 33-35°C and lows of 25-26°C.

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