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Good afternoon, folks, and congratulations on making it to the weekend. Today we unpack Apple’s latest launches — which, in fact, include a foldable iPhone — review a Netflix family drama with a sensational lead, and catch up on what the pitches have in store for the weekend.
Also in today’s issue, urban inflation defies forecasts and eases to a slowdown in August, and Trump makes questionable fiscal decisions.
But first, the news…
THE BIG STORY TODAY-
📍 Urban inflation slowed to 14.5% in August, defying forecasts of a pickup — and undershooting the central bank’s near-term call. Annual urban inflation eased from 14.9% in July, according to Capmas data (pdf), even as a Reuters poll of 17 analysts had pointed to an acceleration to 15.5% — with the softest forecast in the range at 14.6%, still above the actual results. Prices rose just 0.1% m-o-m, according to the data.
Why it matters: The softer results come ahead of the CBE’s next MPC meeting on 24 September — one of three left this year, with 29 October and 17 December to follow — and hand the banks committee a data point the August guidance didn’t anticipate. The bank has room to wait either way.
^^We’ll have more on this story in Sunday’s edition of EnterpriseAM.
The mechanics of retail with Baraka’s Ahmed Ragab: After almost 50 years of competition, why would two companies choose to merge? Is it as simple as the big entity buying the smaller one, or is there more to the story?
On this episode of Making It, Ahmed Ragab, CEO and partner at Baraka Retail Group, joins Patrick to share how things actually played out for him.
Listen to the episode on: Apple Podcasts | Spotify | Anghami | YouTube
Sign up to our newsletter to get Making It in your inbox.
THE BIG STORY ABROAD-
🌐 Leading the digital pages this afternoon is US President Donald Trump’s shocking — and fiscally questionable — proposal to pay every US adult USD 5k if Republicans retain control of Congress in November’s midterm elections, made during the GOP’s first-ever convention held in the middle of a US presidential term. Trump didn’t clarify how this would be funded, and with approximately 270 mn adult Americans, the payout would cost well over USD 1 tn. This is Trump’s final presidential term, and his financial enticement comes as the GOP faces weakening popularity ahead of November’s midterms.
^^Read more on: Bloomberg, BBC, CNBC, Reuters, and The Guardian.
MEANWHILE- The US president said on Wednesday that he expects the war with Iran to end after the midterm elections, which are nearly two months away, and threatened to attack a nuclear site associated with the Islamic Republic. He says oil prices are likely to tumble downward only after the elections. Oil extended gains earlier today, with Brent crude currently at USD 102.2 per barrel and WTI jumping to USD 97.5 per barrel, as of the time of publication.
^^Read more on: Bloomberg, CNBC, and Reuters.
IN OTHER NEWS- Traders are anticipating a quarter-point interest rate hike by the European Central Bank today, taking the rate to 2.5%, its highest since March 2025. This comes amid surging oil prices and inflation driven by the escalating US-Iran war.
^^Read more on: CNBC, Reuters, and The Financial Times.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Misr for Central Clearing, Depository, and Registry has entered final testing for its centralized securities lending and borrowing system, with a limited pilot launch scheduled for November alongside the EGX, the FRA, and select brokerages;
- Mediterranean-focused oil producer Energean is nearing an agreement with the Egyptian General Petroleum Corp. to merge three concessions — Abu Qir, North El Amriya, and North Idku — into a single concession with improved fiscal terms and higher gas pricing, paving the way for it to double production in the country;
- Egypt’s auto market grew 15.6% y-o-y in July to 18k units (+3.3% m-o-m), with buses and trucks once again outpacing passenger cars. Passenger cars — still the largest slice at 71% of volume — rose 4.1% m-o-m to 12.9k units, while buses jumped 62% to 1.8k units and trucks climbed 37.3% to 3.3k units.
☀️ TOMORROW’S WEATHER- The calendar says summer is winding down; Cairo’s weather didn’t get the memo. Expect a sunny high of 34°C in the capital this weekend, with temperatures falling to 23°C overnight, according to our favorite weather app.
