Good afternoon, friends. It’s almost the end of the week, with the upcoming long weekend making tomorrow a THURSDAY-equivalent.

THE BIG STORY TODAY

PMI contraction accelerates again: The contraction in Egypt’s non-oil private sector deepened in September on the back of “price and supply challenges” that curbed output levels, according to S&P Global’s purchasing managers’ index (PMI) (pdf). Our PMI fell to a four-month low of 48.7 in September, down from 49.2 in August. September is now the 34th consecutive month that business activity has been in decline.

THE BIG STORY ABROAD

Sam Bankman-Fried’s upcoming trial is getting play in the international business press this afternoon. The former b’naire is facing charges of embezzling from FTX customers from 2019 until November 2022 to finance his hedge fund Alameda Research, donate over USD 100 mn to politicians, and purchase luxury properties.Bankman-Fried was indicted last December and has been detained since August 11 when a judge uncovered that he allegedly engaged in witness tampering by sharing a former partner’s personal writing with a reporter. (Reuters | Bloomberg | WSJ)

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

  • ELECTION 2023: El Sisi has officially thrown his hat into the ring: President Abdel Fattah El Sisi will seek a third term in office after he announced yesterday his candidacy for December’s presidential election.
  • Maersk’s expansion of East Port Said port could get IFC backing: The International Financial Corporation (IFC) is considering providing a loan of up to USD 175 mn to help the Suez Canal Container Terminal (SCCT) expand its existing container terminal at East Port Said port.
  • Sugar traders are no longer taking their ahwa ziyada: The Madbouly government will meet with sugar packing companies and traders later today to negotiate new terms and requirements for trading of the commodity.

☀️ TOMORROW’S WEATHER- Expect another cloudy day with a high of 31°C during the day dropping to 24°C in the evening, according to our favorite weather app.

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