Ukraine to resume strikes on Russian oil refineries

Good afternoon, friends. We have a packed issue before heading into the weekend. We kicked off the week with the bang that is the blockbuster Banque du Caire IPO — and it’s ending with another courtesy of MNT-Halan. The fintech unicorn wrapped subscriptions today with the biggest order book the EGX has seen in years, with institutional and retail investors collectively placing orders for 16x more stock than was on offer. We have all the details below in our Big Story Today.

Also on deck: We’re taking a look at a certain cultural movement here in Om El Donia, speaking with Marwan Sallam, who launched the Anti-AI Club — not as a rejection of technology, but as a question about what happens to creativity and human connection when we stop reaching for it ourselves. We also check out Talae Nazil on Shahid, starring Mona Zaki and Mohamed Shaheen — early signs suggest it’s worth your time. We also have the weekend’s footie rounded up, and more.

Without further ado, the international headlines.

THE BIG STORY ABROAD-

🌐 Still leading the digital pages this afternoon is the latest on Russia and Ukraine, with Ukrainian President Volodymyr Zelenskyy announcing that Ukraine will resume strikes on Russia’s oil refineries after a brief pause in deference to Washington’s peace efforts. As Russia continues to target Ukraine’s energy infrastructure and undermine the energy ceasefire, Zelenskyy says “we’re done,” criticizing the US over its withdrawal of intelligence support and alleged restriction on Starlink satellite services without notifying Ukraine’s defense forces. Zelenskyy maintains that Ukraine will agree to US President Donald Trump’s proposed ceasefire only if Moscow upholds its end of the agreement.

^^Read more on: BBC, CNN, CNBC, The Guardian, and Financial Times.

MEANWHILE- The US military is reportedly considering new strike plans to use the so-called “mother of all bombs” against Iranian energy infrastructure and nuclear sites. One of the largest non-nuclear bombs in the US arsenal, the GBU-43/B Massive Ordnance Air Blast Bomb has not been previously deployed inside Iran but was used in Afghanistan in 2017 under Trump’s first administration. While US forces await Trump’s go-ahead to resume combat operations, the president has stated that he would not return to fighting before the midterm elections as the pressure mounts to bring an end to the six-month-long war.

^^Read more on: CNN and CNBC.

IN THE BUSINESS PRESS- An AI stock-led global sell-off deepened today amid mounting inflation fears and expectations of future interest rate hikes, wiping more than USD 1 tn off global market caps just this week. Chipmakers Nvidia, Micron, and AMD were all down in premarket trading today, while Asian tech stocks faced an even sharper sell-off, led by an 8% six-month-low dip in South Korea’s chipmaker-heavy Kospi 200 index.

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

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

• Vietnam’s tech giant FPT opened its first Africa office, launching operations in Cairo as a base to serve clients across Europe, the Middle East, and Africa. FPT Egypt began operating in New Cairo and launched with a team of more than 60 Egyptian engineers delivering software development, AI solutions, and application support. It aims to reach 100 employees by year-end, and 300-500 within the next three to five years;
• A joint venture between Elsewedy Electric’s power systems arm and PowerChina’s Sinohydro signed a USD 2.2 bn EPC contract to build the 2.3 GW Rabigh 2 Independent Power Plant (IPP) expansion on Saudi Arabia’s Red Sea coast. The two signed the contract in Riyadh on Monday but haven’t said how they’re splitting the work;
• Companies and banks can now buy the state’s UN-certified carbon credits directly, but they’ll have to move fast. The Egyptian Environmental Affairs Agency (EEAA) began taking bids on Sunday from public- and private-sector companies, entities, and banks, and will accept them until 31 October. Credits will go out on a first-come, first-served basis until they run out.

☀️ TOMORROW’S WEATHER- The weekend will be off to a breezy start, with the mercury set to peak at just 28°C, before dropping to a cool overnight low of 20°C, according to our favorite weather app. If you’re looking for a sign to bring out the heavier garments, this is it.