Good morning, folks. We are wrapping up the week with a packed issue led by comments from Prime Minister Moustafa Madbouly detailing the latest on our USD 8 bn loan program with the IMF and fresh privatization news.

HAPPENING TODAY-

#1- It’s the last day of the Brics Summit in Russia: The heads of Brics nations — including President Abdel Fattah El Sisi — are in the Russian city of Kazan for the last day of the annual Brics Summit.

What went down yesterday: El Sisi joined other heads of Brics nations in the summit’s first plenary session (watch,runtime: 39:05) under the title Strengthening Multilateralism for Just Global Development and Security.

We need new solutions: The president said in a speech to the summit yesterday that the past few years has shown “without doubt the inability of the international system to fairly address the conflicts around the world” and pointed to the “polarization and selectivity that has come to characterize the international system.”

But the international order’s shortcomings aren’t just limited to conflicts and political issues: The problems with the current system “extend to economic and developmental issues as well,” El Sisi told the summit. He also made reference to debt levels in developing countries, the lack of funding to hit the UN’s Sustainable Development Goals, and the high cost of financing that does exist.

A more intertwined Brics is part of the solution: El Sisi told the leaders that Egypt is fully behind efforts to enhance cooperation efforts tackling global challenges, and called for joint investment, economic, and development projects to be undertaken — name checking the agriculture, industry, tech, and renewable energy sectors. Part of this cooperation should include local currency payments between countries and investments being directed with an eye to the comparative advantage that each Brics nation may have in a certain field, El Sisi added.

It was a busy day 2 for El Sisi: The president met his Palestinian, Chinese, and Iranian counterparts on the sidelines of the conference. Conversations centered around regional tension and boosting cooperation — Iranian President Masoud Pezeshkian agreed with El Sisi to further develop relations between the countries after decades of frosty relations.

ICYMI- El Sisi met Russian counterpart Vladimir Putin on the sidelines of the first day of the summit. The two discussed Egypt’s role in the bloc, bilateral relationship, and regional and international issues.

#2- It’s day four of the World Bank and IMF annual meetings: The world’s finance ministers, central bank governors, and other big names in finance and policy are in Washington for the International Monetary Fund and World Bank Group Annual Meetings. The six-day meetings kicked off last Monday, and will run all the way to Saturday. Check out the full meeting schedule on the event’s official website.

Missed Al Mashat’s appearance at the conference yesterday? You can check out Planning, Economic Development, and International Cooperation Minister Rania Al Mashat’s input on Agri-Food Systems as an Engine of Sustainable Growth and Job Creation on the World Bank’s official YouTube channel (runtime: 1:26:22).

#3- Investment and Foreign Trade Minister Hassan El Khatib begins his visit to the US today, where he’ll be participating in events with the International Monetary Fund, holding meetings with officials from the American Chamber of Commerce and the Egyptian-US Business Council, and engaging with representatives of various investment banks, think-tanks, major US firms, and the Egyptian-American Enterprise Fund, according to a statement.

The visit aims to familiarize the American business community with potential investments available in Egypt, as well as the incentives currently being offered by the government to facilitate investments, the statement reads.

PSA-

WEATHER- It’s getting colder in Cairo, with the capital in for a high of 27°C and a low of 17°C today, according to our favorite weather app.

It’s not as cold in Alexandria, with a high of 28°C and a low of 21°C.

And over the weekend, expect to see a high of 28°C and a low of 17°C in the capital.

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CIRCLE YOUR CALENDAR-

Chapter Zero Egypt is hosting its annual conference on Sunday, 3 November under the theme The Path to Net Zero, it said in a press release (pdf). The event will bring together Planning and International Cooperation Minister Rania Al Mashat, Finance Minister Ahmed Kouchouk, FRA boss Mohamed Farid, and a number of experts for a discussion on Climate Risks in Boardrooms. The conference will also see the initiative ink cooperation protocols with the Financial Regulatory Authority and the World Sustainable Hospitality Alliance.

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-

It’s the first time in a long time that business news makes it to most front pages of the foreign press, as earnings season heats up and aircraft maker Boeing faces its toughest time yet with factory workers set to vote on a contract that could end a five-week strike.

#1- Boeing reported USD 6 bn in losses that its new CEO Kelly Ortberg chalked up to “serious performance lapses” and an erosion of investor confidence, as factory workers vote on new wage terms that could end their ongoing strike. (Reuters | Financial Times | Wall Street Journal)

#2- Tesla’s earnings are also getting a lot of ink, with the EV maker reporting a higher than expected bottom line and profitability for its cybertruck, marking a turnaround after a few disappointing quarters. The EV maker now expects 20% growth in vehicle sales next year. Its shares jumped 12% in extended trading on the news. (FT | CNBC | CNN)

#3- Apple is gearing up to launch its updated Macbook Air with the M4 chip, and its low-end iPad and revamped iPhone SE, in early 2025, Bloomberg reports.

ALSO GETTING ATTENTION- The US elections are still looking as tight as ever with the two candidates statistically tied among likely voters in the seven swing states in the Bloomberg News/Morning Consult poll, leaving it up to the final weeks of rallies and campaigns to decide who will come out on top.

AND- Israel continued to strike Beirut’s southern suburbs yesterday, as Hezbollah said it fired precision guided missiles at Israeli targets for the first time. One strike hit the office of Al-Mayadeen, killing at least one person and wounding five others. (Reuters)

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