Good afternoon, friends. Today’s easing heat is being felt not just in the weather but also in the press.

THE BIG STORY TODAY

No electricity price hikes this month? Don’t expect any increases in electricity prices this month, a senior government source told EnterpriseAM. The payoff of lowering inflation — and in turn allowing the central bank to continue cutting interest rates — outweighs the revenue from price hikes, the source said.

Electricity price hikes could be pushed until the end of the year, subject to cabinet approval, we were told.

The year-long delay — after two hikes last year — has pushed electricity subsidy costs to EGP 10 bn at the end of the last fiscal year, up from the EGP 2.5 bn originally budgeted, according to a government document seen by EnterpriseAM.

THE BIG STORY ABROAD

It’s another slow news day in the business press, with no single story dominating headlines. Among the stories getting ink:

A shooting at the Ramot Junction bus stop in Jerusalem left at least five dead and several injured earlier today, Israeli emergency services said. The two attackers were shot and killed by a security officer and an armed civilian. The incident is reportedly the “deadliest attack” in the city since 2023. Hamas has not claimed responsibility for the shooting. (CNN | BBC | Reuters | Guardian)

MEANWHILE- Spanish Prime Minister Pedro Sánchez publicly accused Netanyahu of “exterminating a defenseless people” by bombing hospitals and inducing starvation in Gaza. “It’s breaking all the rules of humanitarian law,” the Spanish PM said. Despite Sánchez’s searing comments, he noted that Spain would continue to support the state’s “right to exist.”

OVER IN PARIS- French Prime Minister François Bayrou is counting the minutes leading up to the results of the confidence vote held this afternoon that might see him ousted. Bayrou has only held office for nine months, and if ousted, would be succeeded by the third PM to be appointed this year, and the fifth since Macron began his second term in office in 2022. Opposition parties have expressed intentions to vote against Bayrou. (Guardian | Bloomberg)

☀️ TOMORROW’S WEATHER- We’re in for another relatively cool day in Cairo, with temperatures set to peak at 33°C before cooling down to 21°C, according to our favorite weather app.

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