Good morning, folks. With temperatures on the up once again, you might be tempted to crank up the AC, but be warned that more unconfirmed reports are circulating that electricity bills will soon increase by 14-40%.

PSA-

WEATHER- It’s heating up in Cairo today, with a high of 37°C and a low of 26°C, according to our favorite weather app.

It’s only slightly cooler in Alexandria and along the North Coast, with a high of 35°C and a low of 24°C.

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HAPPENING TODAY-

Attention, prospective university students (and their parents): The second phase of tansik — the public university enrollment system — will launch today and run until Saturday. Students hoping to apply in the second phase will need to have scored at least 64.64% in the sciences and 56.09% for literature.

WATCH THIS SPACE-

#1- Could we finally see the EGP 2 coin? The government is preparing to launch the EGP 2 coin before the end of the fiscal year ending 2025, Asharq Business reports, citing unnamed sources. The state has wrapped up all the required procedures for minting and issuing the coin and is awaiting the final greenlight from the central bank and the cabinet.

We’ve been waiting for years now: The cabinet first introduced the idea of an EGP 2 coin in 2022.

#2- No can do, Lebanon: An anonymous Egyptian official rejected reports that Lebanon was due to receive a shipment of LNG from Egypt by 23 August and added that the country does not even have the facilities to “receive liquefied fas in the first place,” in comments to Asharq Business. The confusion followed statements from Lebanon’s energy minister that came after the country’s state electricity company ran out of fuel, which led to a total blackout across the country and the disruptions to airports, ports, sewage and water systems, and other essential facilities.

CIRCLE YOUR CALENDAR-

#1- A new platform for local exporters is coming in October: EBank is set to launch a digital platform for small- and medium-sized exporters next October, Al Mal reports, citing Strategic Planning Director Yasmine El Hosseiny. The platform will connect exporters with international importers, providing them with access to over 12 international banks, 25k clients, and a slew of suppliers to facilitate trade and boost exports. It’s set to onboard 400 exporters in the first phase and targets 1.5k exporters within the first year of its launch.

#2- A conference on all things finance is coming to Cairo in two months’ time: FinExpo will host a conference and exhibition focused on online trading, financial markets, and fintech innovations in Egypt in Cairo from October 10-12, according to a press release (pdf). The event — which will bring together investors, NBFIs, banks, fintech firms, and other entities — will showcase the latest trends in fintech and feature in-depth analysis of the EGX, seminars on financial derivatives soon to be introduced to the Egyptian market, discussions on global market trends and interest rate projections, and much more.

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-

The Democratic National Convention is front and center across the front pages of the international press this morning, as US President Joe Biden passes the torch to his vice president and Democratic presidential candidate Kamala Harris.

Among those making appearances at the DNC in Chicago: Biden took to the stage to hand off the convention to Harris and her running mate Tim Walz, while a host of other Senate and Congress members, and other political figures also had time on stage. Former presidential candidate Hillary Clinton is also in today’s lineup, while each night of the convention is scheduled to feature a celebrity host. Harris herself also made a surprise on-stage appearance, despite not originally being scheduled to speak today.

Harris is starting to give shape to her vision as president, starting with plans to raise the corporate tax rate to 28%, partially rolling back a Trump-era decision to slash the tax rate to 21% from 35%. The tax hike would, if implemented, raise USD hundreds of bns that will be necessary to help finance the presidential hopeful’s plans in office. (Reuters | Bloomberg | Financial Times | CNBC | Politico | Wall Street Journal | Washington Post | New York Times)

MEANWHILE- Israeli Prime Minister Benjamin Netanyahu has accepted a “bridge proposal” for a ceasefire in Israel’s war on Gaza, US Secretary of State Antony Blinken told reporters yesterday, according to a readout of his remarks. Blinken urged Hamas to accept the proposal, citing “fierce urgency” to reach an agreement between the two sides to prevent further bloodshed and destruction. (Reuters | New York Times | Financial Times | Bloomberg)

Blinken is heading to Cairo next, where he is expected to land today to discuss next steps on the ceasefire talks between Israel and Hamas. Blinken will fly from Israel as part of a four-day trip that marks his ninth visit to the region since Israel’s war on Gaza began.

REMEMBER- Senior government officials from Egypt, Qatar, and the US are set to reconvenein Cairo before the end of the week in a bid to finalize an agreement based on the proposal presented in Doha last week.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We break down the government’s new national low carbon hydrogen strategy, which maps out how the country can achieve its ambitious goal of capturing between 5-8% of the global hydrogen market by 2040.

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