Trump threatens Iran’s power plants and bridges unless Tehran comes to the table

Good afternoon, friends, and almost there — just one more day until the weekend. Today’s issue offers a change of pace: we sit down with Egyptian composer Hisham Kharma, who has spent two decades building something that doesn’t fit neatly into any label. We also dissect a book that shows the mercurial nature of fame and break down the latest World Cup happenings ahead of tonight’s Argentina vs. England headliner.

But first, the news…

THE BIG STORY ABROAD-

🌐 Still getting plenty of ink for the fourth consecutive day is the continued conflict between the US and Iran. The US launched another series of strikes against Iran this morning, following four consecutive nights of tit-for-tat strikes and Iranian strikes on US military assets in Bahrain, Kuwait, and Jordan earlier today.

This comes hot on the heels of US President Donald Trump’s statements to Fox News that American strikes will move to Iran’s power plants and bridges next week unless Tehran returns to the negotiations table. Iran’s Foreign Ministry has called the ongoing strikes a “flagrant violation” of the UN Charter, and Tehran is now warning it could block additional shipping lanes beyond Hormuz. Earlier, pressure from Gulf states prompted Trump to walk back his proposed 20% fee on cargoes transiting the strait.

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

IN THE BUSINESS PRESS- Fintech giant PayPal’s shares jumped about 18% in pre-market trading today, following news about Stripe and private equity firm Advent International making a joint offer to buy PayPal for USD 60.50 per share — a bid that would value the fintech pioneer at more than USD 53 bn, according to Reuters. The offer, a 28% premium to PayPal’s Tuesday close, is backed by roughly USD 50 bn in committed bank financing, with Stripe and Advent proposing to jointly own the company rather than split it up.

^^Read more on: Reuters and Business Insider.

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

• Parliament gave final approval on Tuesday to the draft law reorganizing Mostakbal Misr following two days of floor debate. The law transfers supervision of the authority from the Defense Ministry, placing it under the direct oversight of the presidency;
• The government is set to pay foreign oil firms nearly USD 240 mn a month under a new mechanism designed to prevent another buildup of arrears. The move is part of a broader push to stay current on energy-sector dues;
• Cairo-based last-mile delivery and fulfillment firm Mylerz tapped its shareholders for more than EGP 100 mn in fresh debt and equity. The raise is mostly equity, with a smaller debt component, and will go primarily toward shoring up the balance sheet, funding working capital, and supporting infrastructure growth at home.

☀️ TOMORROW’S WEATHER- Summer is summering tomorrow, with temperatures in Cairo set for a high of 36°C before cooling down to a reasonable low of 24°C. Up in the North Coast, expect a cooler high of 31°C and a low of 24°C, according to our favorite weather app.