Media boycotts White House as Trump addresses UN

Good afternoon, folks, and happy hump day. We’ve got somewhat of a brisk issue for you this afternoon. The Central Bank of Egypt’s Monetary Policy Committee is set to meet on Thursday, and today’s explainer gets into why that decision is shaped as much by the government’s own borrowing needs as by inflation — fiscal dominance, in plain language, and why it matters.

Elsewhere in today’s issue: On a more immediately satisfying note, we found a burger spot in Heliopolis that has a very short menu and a very good Oklahoma Smash, and why that might be exactly what you need after a full day in the office. That and more.

First up, the news…

THE BIG STORY ABROAD-

🌐 Making headlines this afternoon is news that US President Donald Trump and the White House are now facing a media boycott by major TV networks after CNN, Politico, and MS Now sued the administration over being barred from White House grounds. After the major press pool, including ABC, CBS, Fox News, and NBC, announced it would halt video coverage of the US president, Trump’s administration started promoting its own online feed, Trump TV, which is set to provide 24/7 coverage of the president. No press coverage was available at Trump’s arrival in New York for the UN General Assembly or of his ribbon-cutting ceremony to unveil a new White House helipad — only a White House livestream where his comments were inaudible was available.

^^Read more on: BBC and The Guardian.

Speaking of the UN General Assembly, Trump is slated for a slew of meetings with world leaders as the conference begins in the next few hours. Among the 11 leaders and groups Trump is expected to meet are Ukrainian President Volodymyr Zelenskyy, UK Prime Minister Andy Burnham, and Greenland Prime Minister Jens-Frederik Nielsen, as well as representatives from the Gulf states. During his opening speech, Trump is expected to address the war with Iran, the Russia-Ukraine war, climate change, and the impacts of AI.

^^Read more on: CNN and Reuters.

MEANWHILE- On the Iran front, the Islamic Republic has stated that it’s ready to reopen the Strait of Hormuz in seven days if the US scales back military pressures and lifts its blockade on Iranian ports. Iran has also been the subject of a recent G7 joint statement, which called on Tehran to end its arming and support of the Houthis in Yemen.

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

IN THE BUSINESS PRESS- Alibaba shares jumped 3% in Hong Kong today after the tech giant announced its new AI chip, the Zhenwu V900 — which is reportedly three times faster than its predecessor — alongside plans to expand its data center capacity, according to CNBC.

With the EnterpriseAM Egypt Forum two weeks away, here's what's shaping up on the agenda:

• Where does AI fit on the list of topics keeping CEOs awake at night as they plan their strategies for 2027 and beyond?
• Is there really an AI opportunity for Egypt?
• An industry insider warns that your company is about to get attacked.
• What does AI mean for your company, your team, and your job?
• What does AI mean for your family — from what your kids should be studying to how to protect aging parents from scams and disinformation

Join us on 5 October in Cairo. Attendance is by invitation only, and seats are filling up quickly.

Request your invitation here.

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

• Cairo-born fintech Paymob landed a USD 35 mn pre-Series C round co-led by Abu Dhabi sovereign investor Mubadala and the European Bank for Reconstruction and Development (EBRD);
• Another 6.5% of Gourmet changed hands just seven months after its blockbuster IPO, with B Investments Holding selling 26 mn shares for EGP 416.2 mn, cutting its stake in the premium grocer to 33.5%. The sale prices the shares at EGP 16 apiece, more than double Gourmet’s EGP 6.90 final IPO price, and takes B Investments below the 40% stake it came out of the listing with;
• Local steelmaker Metad Helwan for Metal Rolling is eyeing an EGP 1 bn IPO on the EGX in 2H 2027, with plans to offer a 15-30% stake. The company is still studying the transaction and has yet to appoint a financial adviser or bookrunner. Taken at face value, the targeted proceeds and stake range imply a valuation of anywhere between EGP 3.3 bn and EGP 6.7 bn;
• Our friends at EFG Hermes kept their corporate access crown, ranking first in the Extel Emerging EMEA survey’s corporate access conferences category for the second year running. Moreover, our friends at Beltone Asset Management were named Egypt’s Best Islamic Fund Manager at this year’s Euromoney Islamic Finance Awards.

☀️ TOMORROW’S WEATHER- Things are warming up ever so slightly in the capital tomorrow, with temperatures peaking at a sunny 34°C before dropping to a cloudy 24°C overnight, according to our favorite weather app.