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Good afternoon and happy near-Thursday. We can see the weekend around the corner as we come to a close to this sluggish news week.
THE BIG STORY TODAY
BRICS eyes its first-ever syndicated loan and we may get a slice: The New Development Bank, established by the BRICS group of emerging economies, is seeking its inaugural syndicated loan of USD 1.25 bn with a three-year tenor, writes Bloomberg, citing sources it says in the know. The Shanghai-based lender aims to use the loan for infrastructure and renewable energy financing in member states Brazil, India, China, Bangladesh, South Africa, and Egypt. Interested Asian and Middle Eastern banks have until the end of November to submit their commitments. The bank is looking to expand its membership and do more local currency lending.
THE BIG STORY ABROAD
Several updates on the Israeli war on Gaza continues to dominate the conversation in the western media:
- The US is quickly intensifying their military presence in the region as concerns around Iran and its allies increasing their attacks on US forces in the area continue to grow as Israel decides on the date of their ground offensive in Gaza. On another front, the US is rallying Gulf Arab states to stop and report any suspected fundraising for Hamas. In the Terrorist Financing Target Center’s latest meeting in Riyadh, Brian Nelson, the US Under Secretary for Terrorism and Financial Intelligence, pushed Gulf states to share any intelligence acquired that suggests that Hamas is raising funds in an effort to impose sanctions on people or entities providing the finances. (Bloomberg | Financial Times)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- A “humanitarian pause” of Israel’s war on Gaza may be in the works after intense debate at the UN Security Council yesterday. The United States remains firmly opposed to a ceasefire, but there are signs it could be pushing Israel for a brief break or slowdown in the brutal bombardment to let more aid into Gaza, with allies including Canada and Australia now agreeing civilians need to be thrown a lifeline of some (vague, undetermined) form.
- Got milk? The Suez Canal Authority signed a joint cooperation memorandum with Qatari dairy producer Baladna that will see USD 1.5 bn invested into developing the local dairy production and processing industry.
- Infinity Power sets 10 GW renewables target: Local renewable energy developer Infinity Power aims to grow its clean energy portfolio to reach 10 GW by 2030.
FOR TOMORROW-
PSA- We’re turning back our clocks. Daylight savings time will end in Egypt tomorrow at midnight, so don’t forget to turn back your clocks and enjoy that extra hour of sleep on Friday morning.
?️ TOMORROW’S WEATHER- Look for the mercury rising to 33°C in the daytime and dropping to 23°C in the nighttime, tells us our favorite weather app.
PLUS - Watch out for fog tomorrow morning as you drive to work. The Egyptian Meteorological Authority shared that a nation-wide heavy fog will lower visibility during the early hours of the day.
