US-Iran strikes put peace agreement on life support

Good afternoon, friends, and welcome back — the weekend flew by, but the good news is there’s another long one just around the corner. In the meantime, we have a packed issue to carry you through. We sit down with Egyptian entrepreneur Ahmed El Hefny to ask what leadership actually looks like when you’re building businesses, and break down a podcast for anyone who likes their tech news served with a side of sharp analysis. And of course: Egypt are through to the knockouts, the Round of 32 begins tonight, and we have everything you need ahead of kick-off.

First things first, the news…

THE BIG STORY ABROAD-

🌐 US and Iran continue exchanging strikes — the second consecutive day of military action. The strikes are the latest escalation in a rapidly deteriorating situation that began yesterday with Iran attacking a Panama-flagged oil tanker in the Strait of Hormuz. The US responded with strikes on Iranian missile, drone, and radar sites. “There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started,” Trump said on Truth Social, threatening that “​the Islamic ​Republic of Iran ​will ​no longer exist.” Iran’s IRGC then struck US military sites in Kuwait and Bahrain, threatening a “complete halt” to peace talks.

^^Read more on: CNN, BBC, Reuters, Associated Press, and the Guardian.

MEANWHILE- Venezuela is still reeling from the magnitude of the losses caused by the two back-to-back earthquakes that shook the country last week, as the death toll climbs to over 1.4k. Rescue teams are racing against time in Venezuela as efforts continue to find survivors. The search has been complicated by ongoing aftershocks. So far, the earthquakes have left 3.2k injured, 3.1k homeless, and almost 69k reportedly unaccounted for.

^^Read more on: CNN, BBC, Associated Press, and the Guardian.

AND- France has recorded around 1k excess deaths since 24 June, according to Public Health France, during the intense heatwave. The heatwave has swept across western Europe and is now moving east — with more record temperatures expected as it advances toward Poland and central Europe.

^^Read more on: The Guardian, Reuters, BBC, and Associated Press.

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

• Egypt’s recent state-asset sales satisfy the IMF’s latest review targets, clearing the way to unlock roughly USD 1.6 bn in financing. The seventh review under the USD 8 bn Extended Fund Facility is progressing, with the IMF aiming to hold board meetings this summer that would unlock the disbursements;
• NNS Holding — the Cyprus-incorporated arm of Nassef Sawiris’ private family office — intends to launch a voluntary allcash public offer of EUR 4.10 per share for all of OCI Global’s issued and outstanding shares. NNS says the offer is designed to break the deadlock over the company’s proposed merger with Orascom Construction;
• The FRA is putting a compliance gate around NBFIs’ branch expansion. The regulator amended its rules for registering, moving, and closing branches. The goal is to let compliant non-bank finance firms expand geographically while clamping down on firms with unresolved violations or sloppy reporting.

☀️ TOMORROW’S WEATHER- It seems we’re in for another tad-too-warm start to the week in Cairo, with the mercury set to peak at 37°C, alongside a low of 25°C. Up north, expect a high of 31°C and a low of 21°C, according to our favorite weather app.