Good morning, all. We have a brisk issue for you this morning as the news flow slows down after a particularly busy weekend.

BUT BEFORE WE DIVE IN- We have a long weekend ahead: Public and private sector workers will have Sunday, 6 October off in observance of Armed Forces Day, Prime Minister Moustafa Madbouly announced yesterday.

DATA POINT-

Suez Canal revenues more than halve on the back of regional escalations: Ongoing geopolitical tension in the region have had a dire impact on Suez Canal revenues, which have seen a 50-60% drop — equivalent to USD 6 bn — over the past 7-8 months, President Abdel Fattah El Sisi said yesterday.

No surprise there: In July, Prime Minister Moustafa Madbouly said that Suez Canal revenues have dropped to around USD 300 mn a month, down 64.7% from USD 850 mn previously.

HAPPENING TODAY-

El Khatib in France to drum up investments: Investment and Foreign Trade Minister Hassan El Khatib is in Paris for a multi-day visit where he will meet with French investors interested in exploring potential investments in Egypt, particularly in the energy, automotive, and infrastructure sectors, according to a ministry statement. El Khatib will be accompanied by General Authority for Investment and Freezones (GAFI) head Hossam Heiba and Egyptian Commercial Representation Service head Yahya Al Wathiq Billah.

WATCH THIS SPACE-

New features coming to the Instapay app: The central bank’s digital payment platform Instapay will roll out new features allowing users to make purchases at points of sale and e-commerce platforms before the end of the year, banking sources in the know told Fintech Gate. This service would eliminate the need for physical bank cards for payments.

PSA-

WEATHER- It’s continuing to cool down in Cairo, with the capital looking at a high of 32°C and a low of 23°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 29°C and a low of 21°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the impact of recent price hikes on industrial players. Check out the story here.

THE BIG STORY ABROAD-

It’s another morning with escalations in the region dominating headlines: Israel attacked Yemen’s Houthis yesterday, launching a wave of airstrikes on Ras Issa and the port city of Hodeida that killed four and wounded an additional 29 according to the Houthi-run health ministry. Commenting on Israel’s ongoing attacks on its allies, Iranian President Masoud Pezeshkian said that Israel should not be allowed to attack countries in the Iran-linked “axis of resistance” without consequence, saying that “a decisive reaction is necessary” and condemning Israel’s targeting of what he called “civilian infrastructure” in Hodeida.

Meanwhile, Israel’s brutal assault on Lebanon continued, with at least 105 people killed in Israeli strikes over the course of the day, according to the Lebanese Health Ministry. Hezbollah supporters and allies continued to mourn the loss of the group’s leader Hassan Nasrallah, while Israeli military officials vowed to “keep hitting Hezbollah hard.”

The strikes have led to what Lebanese Social Affairs Minister Hector Hajjar called a “humanitarian catastrophe” yesterday, underlining the difficulty the Lebanese caretaker government is having addressing the needs of the nearly 1 mn people that have been displaced since the conflict’s escalation.

AND IN BUSINESS NEWS- Former Japanese Defense Minister Shigeru Ishiba’s election as head of the country’s ruling Liberal Democratic Party has sent jitters through Japan’s stock market, as insiders express concern about his support for heavier corporate and investment income taxation.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at Egypt's plans to implement a “foundation year” system and how they’re going.

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