Iran talks in dispute, drones over Russia, and a South Korean heatwave

Good afternoon, ladies and gentlemen, and happy hump day. Today we’re asking whether Egypt’s SPACs are moving faster than the market’s oversight mechanisms can keep up with. A year and a half in, the model has clearly worked, and that’s when the harder questions start. We also have a Lebanese breakfast spot in New Cairo for tomorrow morning, if you need something to look forward to. That and more.

But before we dive in, the news…

THE BIG STORY ABROAD-

🌐 It’s another busy afternoon in the global press, with no single story getting top billing. Instead, a hodge-podge of headlines is fighting for prime spots on various digital front pages. Here’s the rundown:

On the US-Iran front: Earlier this morning, a cargo ship reported being hit by an “unknown” projectile in the Strait of Hormuz, 37 km off the coast of Oman, according to the UK Maritime Trade Operations Center. No further information was provided on the ship, its origins, or its cargo.

The conflicting accounts over the war continue to amass plenty of ink. After US President Donald Trump claimed that talks were underway — later refuted by Iranian Foreign Ministry spokesperson Esmaeil Baghaei — uncertainty is at an all-time high. It’s a confusing — and pretty messy — situation, and CNN is out with a piece on why that is. Senior Reporter Stephen Collinson writes that unless Trump finds a way out, history will remember his choice to wage war as a presidency-defining error, noting that the only silver lining is not massively escalating it... yet. Trump is essentially at a fork in the road where every option “carries a steeper price tag than the last,” Collinson writes. The BBC called the past few days “humbling” for the US president as he continues to claim, deny, and dismiss.

Trump has also reprimanded oil companies for “making too much money” on the back of the war, saying companies should “give some of that back to the public.” ExxonMobil and Chevron earned as much as USD 318 mn per day in 2Q, an over threefold y-o-y jump, and Trump just doesn’t “like it.”

In related regional news, the seventh round of US-mediated Lebanon-Israel talks is currently underway in Rome as Beirut hopes to negotiate Israel’s withdrawal from Southern Lebanon.

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

MEANWHILE IN RUSSIA- Moscow says at least seven were killed after debris from a Ukrainian drone fell onto a crowded beach — the incident is reportedly “one of the deadliest” in recent weeks. Another five were killed and 10 injured close to Moscow in an overnight Ukrainian drone attack on a warehouse near the Russian capital. Russian retaliatory strikes killed at least four in Ukraine as both countries exchanged hits.

^^Read more on: CNN and BBC.

IN THE BUSINESS PRESS- Elon Musk’s SpaceX is set to report its 2Q 2026 results after the market closes today. This marks its first earnings release since listing on the Nasdaq. SpaceX is significantly down since it started trading in mid-June, with its current share price well below its IPO price of USD 135.

^^Read more on: Business Insider.

IN OTHER NEWS- It seems summer is baring its sun a little too hard everywhere on the planet. Following a record-breaking pan-European heatwave and a slew of wildfires across the globe, South Korea is experiencing all-time high temperatures, with parts of the country recording peaks of 42.5°C earlier this week. So far, 16 heatwave-related deaths have been recorded in the East Asian country.

^^Read more on: BBC, The Guardian, and France24.

The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?

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.

Request your invitation here.

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

• EnterpriseAM sat down with EGX boss Omar Radwan for a wide-ranging conversation about where the exchange stands, from the S&P Dow Jones Indices (S&P DJI) review to short-selling’s final countdown and the state IPO pipeline. Radwan tells us the final system test for short-selling is underway, puts a number on the state listings pipeline for the first time, and lays out the EGX’s case to S&P DJI ahead of a decision expected within months;
• The Finance Ministry has shelved plans for a new Income Tax Act, opting instead for a third package of targeted tax facilitations. The ministry has begun preparing the package as the second round of tax facilitations enters its initial implementation phase;
• The government will auction eight billet-production licenses this August, with a combined annual capacity of 2.8 mn tons. The Industrial Development Authority is finalizing the tender documents before inviting technical and financial bids. The move aims to deepen local steel production, which rose 10.8% y-o-y to 2.89 mn tons in 1Q 2026;
• Egypt is accelerating a USD 128 mn, six-pipeline infrastructure package spanning 317 km to transport crude oil and petroleum products between domestic production zones, refineries, and export terminals across the country. The full network is slated to come online by early 2027.

☀️ TOMORROW’S WEATHER- Another warm day is on the cards tomorrow, with Cairo reaching a high of 37°C before easing into a more comfortable low of 25°C after sunset. Heading to the North Coast? Expect plenty of sunshine, a pleasant high of 32°C, and a clear evening with temperatures settling around 23°C, according to our favorite weather app.