Good afternoon, friends, and congratulations on making it to the weekend. The coming days will remind us that summer takes its job very seriously, so we hope your AC’s effectiveness justifies the electricity bill. Today’s issue takes a look at the accessory du jour, which we think may be a harbinger of economic foundering at worst, and shifting consumer behavior at best.

THE BIG STORY TODAY

Egypt Post settles EGP 9 bn in debt with stake transfers to FinMin: Egypt Post has transferred EGP 9 bn worth of stakes in seven EGX-listed companies to the Finance Ministry in a move to settle its debt, Asharq Business reports, citing an unnamed source. The move — which is part of a wider protocol designed to address financial entanglements between different government entities — will reportedly see Egypt Post handing over the same shares it acquired from the National Investment Bank in December.

The details: The transaction included the sale of a 4.9% stake in Eastern Company, 3.4% in Alexandria Mineral Oils Company, 2.8% in Abu Qir Fertilizers, 1.7% in Alexandria Container and Cargo Handling Company, 1.5% in Sidi Kerir Petrochemicals, 1.1% in Egypt Kuwait Holding, and 0.7% in Misr Fertilizer Production Company.

THE BIG STORY ABROAD

Two Israeli embassy staffers were shot dead in Washington, DC, on Wednesday night outside the Capital Jewish Museum by a lone gunman who reportedly chanted “free, free Palestine” after being taken into custody. The victims were named as Yaron Lischinsky and Sarah Milgrim, a young couple planning to get engaged. The two were leaving a diplomatic event for Jewish professionals when they were shot, with the sole suspect identified as 30-year-old Elias Rodriguez from Chicago. The incident is being investigated as targeted violence by the FBI. (Reuters | Bloomberg | Associated Press | Washington Post | New York Times | Wall Street Journal)

☀️ TOMORROW’S WEATHER- The capital will be feeling the start of a heat wave tomorrow, with temperatures throughout the day peaking at 35°C and cooling to 22°C at night, according to our favorite weather app.

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