US and Iran reach tenth night of strikes as mediators propose 10-day ceasefire

Good afternoon, friends, and happy almost-long-weekend — one more day. With the World Cup now over, we’ve got a relatively brisk issue this afternoon. Today, we have a look at what happens when the AI spending spree meets reality: companies that rushed to replace human labor with AI agents are discovering the bills don’t add up, and a desperate reassessment is underway. On a brighter note, we found a French sandwich spot that we can confidently say we’re obsessed with — and have a feeling you will be too.

But first, the news…

THE BIG STORY ABROAD-

🌐 It’s a loaded afternoon on the global newsfronts as the US and Iran continue their retaliation spree with the Strait of Hormuz caught in the crossfire. Iran has reportedly attacked a tanker in the strait, forcing its crew to abandon ship following a tenth consecutive night of attacks between the two nations. This comes after US President Donald Trump ordered a fresh wave of strikes in southern Iran overnight — vowing that Tehran would pay “many times over” for the death of American soldiers — prompting Tehran to retaliate by targeting US sites in Bahrain, Kuwait, and Jordan. Iran’s Revolutionary Guards also claimed that two oil tankers caught fire after explosions surrounded the Strait of Hormuz. Regional mediators have reportedly presented Washington and Tehran with a 10-day ceasefire proposal.

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

ALSO- Yemen’s Iran-backed Houthi rebels have announced a maritime embargo on Saudi Arabia, escalating tensions in the Red Sea and threatening another key global shipping route. The group said the move is in retaliation for what it described as Saudi Arabia’s blockade of Yemen and a recent strike on Sanaa International Airport. In a televised statement, Houthi military spokesperson Yahya Saree said the embargo would take effect immediately, calling it an “eye for an eye” response.

While the Houthis have yet to explain how the embargo will be enforced, senior official Nasruddin Amer said the group intends to close the Bab Al Mandeb Strait to Saudi-linked shipping, raising fresh concerns over disruptions to one of the world’s busiest maritime chokepoints.

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

MEANWHILE IN THE UK- Newly appointed UK Prime Minister Andy Burnham announced an GBP 850 mn tax cut on electricity bills in his first major policy announcement since taking office yesterday, promising households an average saving of GBP 45 a year starting in October.

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

The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader’s mind: What does AI actually mean for your company, your people, and your own job?

Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We’re all figuring it out in real time — and for Egypt, the stakes are unusually high.

Egypt could leapfrog a generation on the back of this technology — or watch AI hollow out the industries and jobs we can’t afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited, and attendance is by invitation only.

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

• Egyptian banks are racing for deposits, but analysts disagree over whether the move marks a liquidity squeeze or a strategic reset. Local banks have ramped up competition for deposits, raising certificate yields to more than 20% despite the Central Bank of Egypt (CBE) holding rates steady for a third straight meeting on 9 July;
• The CBE issued the first-ever 63-day Treasury notes, worth EGP 150 bn, on behalf of the Finance Ministry this week. The return on these short-term instruments floats with the CBE’s corridor rate rather than being fixed at auction;
• CIRA Education’s normalized net income jumped 91% y-o-y to EGP 1.18 bn in the first nine months of FY 2025/26 as operating net income rose and finance costs fell. Revenues rose 35% y-o-y to EGP 4.51 bn during the period, while normalized EBITDA increased 33% to EGP 2.40 bn.

☀️ TOMORROW’S WEATHER- Stay cool and indoors if you can, folks — it’s going to be a particularly hot day in Cairo. We’re in for a whopping high of 41°C, with an overnight low of 26°C. Milder temperatures are expected up north, with highs of 33-34°C and lows of 25-26°C throughout the stretch of the coast, according to our favorite weather app.