US House votes for end of US-Iran war, and Israel continues attacks on Lebanon despite ceasefire

Good afternoon, friends, and congratulations on making it to the weekend. To reward your perseverance, we've packed today’s issue with a little bit of everything: a look at how Google’s AI ambitions are inadvertently giving DuckDuckGo a boost, a review of Remarkably Bright Creatures and its tender ode to humanity, a roundup of this weekend’s World Cup friendlies, and a reminder that Aziz Maraka is bringing the hits to Cairo Jazz Club 610 soon.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 Still getting plenty of ink are the latest updates on the ongoing US-Iran war. In a dramatic turn of events, the US House of Representatives approved a war powers resolution aimed at curbing US military action against Iran — a significant challenge to President Donald Trump. The vote marks the first time Capitol Hill has backed such a measure since the conflict began, with a small group of Republicans joining Democrats to support an end to the war.

The outcome comes despite efforts by House Speaker Mike Johnson to block the resolution, having suspended floor proceedings two weeks ago when it appeared poised to pass. Opposition to the war has only intensified in the weeks since, as the conflict drags on and the administration struggles to chart a path toward peace. “Enough is enough,” said Gregory Meeks, senior Democrat on the House Foreign Affairs Committee. Meeks argued that Americans are increasingly feeling the economic consequences of the conflict, citing rising costs of gas and groceries, and urged Trump to bring the war to an end.

^^Read more on: CNN, BBC, and Associated Press

CLOSER TO HOME- Israel continues relentless attacks on southern Lebanon despite the ceasefire. Any hopes that the newly announced Israel-Lebanon ceasefire agreement would bring an immediate halt to hostilities were quickly tempered on Thursday, as Israeli Defense Minister Israel Katz stated that Israel would continue carrying out strikes in Lebanon and would not withdraw from the country’s south for the time being.

The ceasefire agreement, unveiled in Washington following talks between Lebanese and Israeli officials, is part of a US-backed diplomatic effort aimed at reducing tensions along the border. Notably absent from the negotiations was Hezbollah, the Iran-backed armed group at the center of the conflict, which has yet to publicly comment on the agreement.

^^Read more on: Reuters, Guardian, BBC, and CNN

IN OTHER NEWS- The UK’s financial watchdog is putting football clubs on notice. The Financial Conduct Authority warned clubs — including those in the Premier League — that sponsorship agreements with unauthorized crypto firms and trading platforms could expose them to judicial risks, money laundering concerns, and reputational fallout.

The regulator said some firms may be using high-profile football sponsorships to sidestep UK financial promotion rules, marketing themselves to fans despite not being authorized to operate in Britain. The warning reflects growing scrutiny of the increasingly close relationship between sports and crypto, as regulators seek to crack down on unlicensed financial promotions targeting consumers.

^^Read more on: Reuters, Financial Times, and the Guardian

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

• Ascom’s board of directors approved a fair value study to acquire a 90% stake in Raya Holding’s Ostool Transport and Logistics, bringing Qalaa Holdings’ mining arm one step closer to executing the EGP 641 mn buyout;
• The EGX30 added 1.73% in May to close the month at roughly 52.7k points — a far cry from April’s 14.2% surge but still a solid showing since the month was shortened by four trading sessions for Eid El Adha. Total market cap climbed 2.48% to EGP 3.76 tn;
• Egypt’s gross domestic savings rate collapsed to 1.2% of GDP in FY 2024/25, down from 6.1% the previous fiscal year — a 75% drop in a single year. This puts Egypt’s savings rate at a fraction of what high-growth emerging markets typically need to fund investment-led growth.

☀️ TOMORROW’S WEATHER- Tomorrow brings warm weather and hazy sunshine, with temperatures peaking at 36°C before settling at a breezy 26°C by nightfall. Along the North Coast, expect slightly milder temperatures with a high of 31°C and a cooler low of 19°C, according to our favorite weather app.