Good afternoon, friends. We’re racing towards the final stretch of the week and into the long weekend. The news cycle appears to be taking a breather, and so should you.

THE BIG STORY TODAY-

Old rent act discussions postponed to tomorrow amid parliamentary pushback: House speaker Hanafy Gebaly adjourned the general assembly and postponed the debate on the controversial old rent law to tomorrow’s session, following objections from parliamentary blocs. “The government showed up unprepared and lacking key data and statistics,” Gebaly said in a statement, calling for full attendance by MPs and the press tomorrow.

ElSewedy Capital inked an MoU with the Oil Ministry to explore and produce phosphate ore at the Sebaeya mines in the Nile Valley, according to a statement from the ministry. The agreement also allows for the possibility of ElSewedy Capital or its affiliated companies to enter future negotiations to set up joint ventures for exploration and production. The move is part of the government’s push to raise the mining sector’s share of GDP to 5-6% from less than 1% currently.

A phosphate fertilizer plant could also be in the works — the agreement includes a feasibility study for the facility.

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THE BIG STORY ABROAD

The foreign press is still honing in on the Senate’s marathon vote on Trump’s tax bill: Senate Republicans worked through a nearly 19-hour marathon voting session that stretched into Tuesday morning in a push to pass US President Donald Trump’s sweeping tax and spending package, despite internal party divisions over its projected USD 3.3 tn addition to the national debt. Senators can only afford to lose three votes to pass the bill and two Republicans have already indicated they’re against it. The 940-page bill, which Trump wants passed before the 4 July holiday, includes controversial provisions such as cuts to Medicaid and expanded funding for immigration enforcement measures. (Reuters | Bloomberg | Washington Post | Associated Press)

Elon Musk pledged to unseat lawmakers who back the bill, criticizing its projected hit to the US debt pile. “Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame,” he wrote on X. “And they will lose their primary next year if it is the last thing I do on this Earth,” he added. He also floated the idea of forming a new “America Party” if the bill passes.

And, needless to say, Trump did not let it slide: Reviving his public feud with Musk, Trump suggested that the government review subsidies received by the Tesla chief as a way to rein in spending. “Elon may get more subsidy than any human being in history,” he said on Truth Social, adding that the country “would save a fortune” if these funds were cut.

☀️ TOMORROW’S WEATHER- The capital will be seeing another sunny day tomorrow, with the mercury set to peak at 36°C before dropping to 23°C at night. The North Coast remains cool, with temperatures peaking at just 27°C before slightly cooling down to 24°C at night, according to our favorite weather app.

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