Conflict over Hormuz continues as US and Iran trade strikes

Good afternoon, ladies and gents, and happy Monday. It’s a rather quiet one today, and we’ve got a brisk issue for you. While there are no World Cup matches being played tonight, we’re still talking sports. We’re looking back at Egypt’s World Cup run with some perspective on what it actually meant, financially and historically, for Egyptian football. We also have Enola Holmes 3, which is fun enough to justify a weeknight watch even if the plot doesn’t always hold together.

First up, the news…

THE BIG STORY ABROAD-

🌐 It remains a relatively quiet afternoon on the global front — save for the latest escalations in the US-Iran war. The dispute over the Strait of Hormuz remains a focal point in the conflict after both countries traded strikes through the weekend and overnight. In addition, shipping through the central waterway came to a near halt following warning shots fired at a passing vessel by Iran’s Revolutionary Guard and Tehran’s threats to close the strait entirely.

Earlier this afternoon, Bahrain’s Defence Force reported intercepting and destroying several Iranian missiles and drones, after Iran launched a wave of strikes on several US military assets across the Gulf. Oil prices remain on the rise.

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

MEANWHILE IN FRANCE- A wildfire of massive scale has torn through over 800 hectares of the Fontainebleau forest, 60 km southeast of Paris, forcing evacuations and road closures. Firefighting planes are scooping water from the Seine to fight it. Investigations are underway to determine whether the fire was sparked by the blazing heatwave sweeping the country or if it was set deliberately.

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

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

• The Mineral Resources and Mining Industries Authority (MRMIA) is in talks with several Australian mining companies about investing in Egypt for the first time. Some of the firms have signaled their intent to enter the local gold and mining sector. MRMIA aims to raise gold and silver revenue to USD 557 mn this fiscal year, up 255% y-o-y from USD 157 mn;
• The EGX is shifting when its main-market index reviews take effect, giving investors more lead time. Results of the semi-annual review will now be announced at least two weeks before they take effect and will apply from the first working day of March and September, rather than 1 February and 1 August;
• The New and Urban Communities Authority is offering another round of relief for investors and buyers in new cities — cutting assignment fees, waiving some late-payment penalties, and giving stalled projects more time to deliver. The package extends several existing facilitations for another year while keeping western North Coast land outside most of the breaks;
• The government is studying whether to use a new state-owned asset company as a debt-restructuring tool, letting creditors swap Treasury bills for equity in the vehicle. The move would convert some holders of state debt into shareholders in the company. The company is set to launch this month.

☀️ TOMORROW’S WEATHER- Keep your water bottles close as the heat picks up in Cairo tomorrow, with a scorching high of 37°C but a breezier low of 24°C. Up north, it’s a clear, sunny day with a high of 31°C and a low of 24°C, according to our favorite weather app.