Good afternoon, all. The news flow is showing no sign of slowing down as we sit tight awaiting fresh tax incentives.

THE BIG STORY TODAY-

A fresh package of tax incentives awaits us: Prime Minister Moustafa Madbouly and Finance Minister Ahmed Kouchouk are currently holding a joint presser announcing a package of tax incentives.

What can we expect? The incentives are designed to “protect investors’ rights and support them as they grow and expand their investment, production, and development activities.” The incentives will pave the way for the issuance of the government’s long-awaited tax policy document, a senior government source told Enterprise earlier this week, adding that they will also provide a solution for tax delays and disputes and facilitate the inclusion of the informal economy.

THE BIG STORY ABROAD-

The Harris-Trump debate is still dominating the front pages: The foreign press is yet to shift its attention from the two presidential hopefuls going head to head last night. The debate saw a lot of finger pointing with the two sides repeatedly accusing each other of lying and clashing on the economy, January 6, abortion rights, Gaza, and migration. Each news outlet is out with its own take on the debate: Bloomberg | Financial Times | AP | BBC.

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

  • Inflation picks up again after months of cooling: Annual urban inflation has accelerated 0.5 percentage points to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July.
  • Egypt’s largest gold mine is about to get a new owner: NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn.
  • Bisco Misr to welcome new majority shareholder: American cereal and snack maker Kellanova will sell its entire majority stake in Egypt’s largest biscuit company, Bisco Misr, to UAE-based business conglomerate Hayel Saeed Anam Group.

☀️TOMORROW’S WEATHER- The heatwave will be continuing into the rest of the week and through the weekend. We expect to see highs of 39°C in the capital tomorrow with a low of 26°C, according to our favorite weather app.

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