Good afternoon, folks. It’s only Tuesday but we have already started counting down to the weekend.

THE BIG STORY TODAY-

A USD 60 mn carbon black factory in the making? One of India’s largest black carbon producers is interested in setting up a USD 60 mn plant in Egypt, according to a statement.

A lot more where that came from: This came during a series of meetings held by local officials with representatives from major Indian companies working in the fields of green hydrogen, furnishings, and automotive.

THE BIG STORY ABROAD-

Chinese export controls on essential semiconductor inputs hit supply chains: China’s trade disputes with the US and the west at large has caught the attention of the foreign press this afternoon, as Chinese export controls on essential semiconductor materials trigger fears over western production of advanced chips. China introduced the restrictions last year in what it said was a response to US controls on sales of advanced chips and their equipment. China produces 98% of the world’s supply of gallium and 60% of its supply of germanium — two essential production inputs for semiconductor applications.

Enter Canada: The Canadian Government said that it would impose a 100% tariff on imports of Chinese EVs, following the lead of the US and the EU — a move that Canadian Prime Minister Justin Trudeau says is an effort to counter “intentional, state-directed policy of over-capacity” at the hands of the Chinese government.

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

  • The delayed fourth IMF loan review is still right around the corner: The International Monetary Fund is set to conduct the fourth review of our USD 8 bn loan program by the end of September or in October at the latest.
  • Gov’t rolls over caps on tuition fee hikes into a second year: The limits up to which private and international schools were permitted to raise their tuition fees last year will remain in effect in the 2024-2025 academic year.
  • MENA Glass ups stake in Middle East Glass: MENA Glass Holding now owns an additional 40.2% of EGX-listed bottle maker Middle East Glass after stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction (USD 56.5 mn).

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 36°C before simmering to a low of 26°C by nightfall, according to our favorite weather app. It’s a little cooler in Sahel and Alexandria, with highs of 31-32°C and lows of 24-25°C.

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