Annual urban inflation eases for second consecutive month in May

🌤️ Good afternoon, folks, and happy (almost) weekend. The news cycle is picking up, and we’ve got the latest for you below. In today’s issue, we’re breaking down everything you need to know about the potentially record-breaking Super El Niño, and how Egypt may be affected. We also take a look at a scathing political memoir by best-selling author and social activist Naomi Klein, list the friendlies we’re watching tonight, and more.

Without further ado, the news…

THE BIG STORY TODAY-

📍 Egypt’s annual urban inflation eased for a second consecutive month in May, dropping 0.3 percentage points to 14.6% y-o-y, broadly in line with market expectations and reinforcing the view that the disinflation trend remains intact, according to Capmas data seen by EnterpriseAM. Prices accelerated on a monthly basis, however, rising 1.6% m-o-m in May versus 1.1% in April.

Food prices remained the primary driver of monthly increases, with HC Securities economist Heba Monir telling EnterpriseAM that “food and non-alcoholic beverages, the largest segment by weight, increased by 2.4% m-o-m” on the back of a 2.1% m-o-m uptick in seafood prices and a 2.3% m-o-m rise in vegetable prices.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Regional tensions continue to escalate as Iran retaliates with strikes on American bases in Jordan, Bahrain, and Kuwait after the US launched its own retaliatory airstrikes against Iran in response to yesterday’s downing of an Apache helicopter — which Iran has not claimed responsibility for. Air defense systems in both Bahrain and Kuwait engaged with Iranian missiles, while Jordan intercepted five. The US military said it hit 20 Iranian targets around the Strait of Hormuz earlier today, and Tehran said it will have to reassess diplomatic engagement with the US.

^^Read more on: CNN, CNBC, Reuters, and the Guardian.

IN THE TECH SPHERE- Apple’s latest Siri AI and iOS 27 launch is making the rounds following this year’s Worldwide Developers Conference. The software updates are said to foreshadow a highly anticipated foldable iPhone. We’ll have the full breakdown of the latest WWDC happenings in tomorrow’s edition of EnterprisePM.

IN OTHER NEWS- Snapchat announced new safety rules for kids aged 13-15, blocking them from sharing Stories and Spotlight posts with strangers on the public feed through a “friends only” setting.

^^Read more on: The Verge and Mashable.

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

• The government is considering having the Sovereign Fund of Egypt manage entire state-owned sector portfolios — including telecoms, textiles, fertilizers, and metals — to maximize returns for the treasury and give the Finance Ministry a more centralized management;
• LVP Pharma upped its stake in EGX-listed pharma giant Rameda to 31.5%, effectively buying out Equinox Pharma Holding in an EGP 847 mn transaction. LVP acquired some 167 mn shares — good for an 8.3% stake in Rameda — at EGP 5.07 each;
• Local point-of-sale fintech Blnk raised USD 37.1 mn in equity and debt to scale its consumer finance operations. The round includes USD 12.5 mn in Series A equity and USD 24.6 mn in debt facilities.

☀️ TOMORROW’S WEATHER- We’re in for a moderately warm day in C-town tomorrow, with a high of 35°C and a low of 23°C. Up north will be a bit cooler, with temperatures peaking at just 28°C, with a low of 20°C, according to our favorite weather app.