Starmer clings to power + eBay rejects GameStop’s unsolicited USD 56 bn bid

Good afternoon, friends, and happy hump day. We hope you’re staying cool in the Cairene heat. It’s a quiet day at home, and today’s issue is all about food (and the business of food). We try one of New Cairo’s best-kept noodle secrets and serve up the encore to our cloud restaurants guide.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 UK Prime Minister Keir Starmer is facing a leadership crisis as his cabinet members — and more than 80 Labour lawmakers — urge him to quit immediately or set a timeline to leave. Starmer reaffirmed that he will not resign and aims to “get on with governing.” The pressure on Starmer to resign follows major losses for the Labour Party in last week’s local elections.

^^Read more on: BBC, CNN, CNBC, The Guardian, and The Wall Street Journal.

IN THE BUSINESS PRESS- Following US retailer GameStop CEO Ryan Cohen’s unsolicited USD 56 bn bid to acquire eBay last week, eBay’s board rejected the offer, calling it “neither credible nor attractive.” Paul Pressler, eBay’s chairman, listed several concerns with the bid, mainly uncertainty over its financing and the possible debt load.

^^Read more on: CNBC, Reuters, and The New York Times.

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

• The government submitted updates to the IMF on its structural reform package ahead of the Fund’s mission arriving on 15 June. The mission will conduct the combined seventh and eighth reviews of Egypt’s Extended Fund Facility — expected to unlock USD 3.3 bn in disbursements;
• CIB saw its net income climb 7% y-o-y to EGP 17.8 bn in 1Q 2026 on the back of higher net interest income, which jumped 17% y-o-y to EGP 29.7 bn. Higher net interest income helped offset the 7% y-o-y dip in non-interest income;
• India is turning to Egypt for fertilizers as the Strait of Hormuz remains effectively closed and traditional Gulf suppliers halt shipments. Local tenders secured contracts to deliver between 300-350k tons to the South Asian giant, with Abu Qir Fertilizers, Mopco, and Egyptian Fertilizers Company scooping up the lion’s share of 240k tons.

☀️ TOMORROW’S WEATHER- Summer is definitely here to stay in Cairo as we’re looking at a high of 35°C and a low of 25°C tomorrow, with temperatures expected to increase over the weekend, according to our favorite weather app.