Good afternoon all you wonderful people, and welcome to the new year. Amid a slow news day on the local and international fronts, we have all the latest for you.

THE BIG STORY ABROAD

South Korea’s presidential crisis intensifies: The standoff over South Korea’s impeached president Yoon Suk Yeol’s arrest escalated Sunday with Yoon’s security chief Park Chong-jun saying that he will refuse to cooperate with a recently issued arrest warrant for the embattled president, Reuters reports. Yoon has been suspended from presidential duties since his impeachment following his short-lived declaration of martial law on 3 December, and faces an arrest warrant after a court greenlit the move last week. US Secretary of State Antony Blinken is also set to arrive in Seoul today for talks with senior government officials.

PLUS- Taiwan has requested South Korea’s help in investigating the suspected cutting of a subsea cable off its coast, with Taiwanese authorities saying that a Chinese-owned ship is suspected to be responsible.

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

  • GDP growth was up 0.8 percentage points y-o-y in 1Q FY 2024-25, coming in at 3.5% y-o-y for the three month period according to a statement from the Planning and International Cooperation Ministry.
  • EUR 1 bn down, EUR 4 bn to go: The first EUR 1 bn of a wider EUR 5 bn macro-financial assistance package arrived in state coffers on 27 December.
  • Beltone looking to acquire a majority stake in Baobab: Beltone Holding subsidiary Beltone Capital has entered into a put option agreement to acquire a majority stake in African service financial provider Baobab.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: we look into the potential challenges and opportunities for the industrial sector in 2025.

☀️ TOMORROW’S WEATHER- This week seems to be slightly warmer with tomorrow’s mercury expected to reach a high of 22°C in the capital and a low of 14°C at night, according to our favorite weather app.

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