Good afternoon, all, and welcome to the start of a new workweek. This one seems to be kicking off with cooler weather and hotter prices.

THE BIG STORY TODAY

Inflation continues inching up: Annual urban inflation rose 0.1 percentage points to 26.5% in October, extending its upward trajectory for a third consecutive month, according to data from state statistics agency Capmas. The increase, which came off the back of rising food and beverage prices, follows September’s modest 0.2 percentage point increase to 26.4% but remains well below October 2023’s reading of 35.8%.

THE BIG STORY ABROAD

BTC closes in on USD 80k amid Trump’s victory: BTC surged to a record USD 79.8k on Sunday, continuing a crypto winning streak that began after Donald Trump clinched the US presidential contest last week, Bloomberg reports. Trump has pledged to support the digital asset sector by building a strategic BTC stockpile and appointing pro-crypto regulators — a project that may be bolstered by a Republican-controlled Congress. BTC soared nearly 9% following last Tuesday’s election, hitting USD 76k as investors linked Trump’s victory to potential crypto-friendly policies.

PLUS- US cracks down on chip shipments to China: The US Commerce Department has directed Taiwan Semiconductor Manufacturing Company (TSMC) to halt shipments of advanced semiconductor chips to Chinese customers in the AI and GPU sectors, Reuters reports. This comes after TSMC found one of its chips in a Huawei AI processor in violation of stringent controls on the export of US chips to China.

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

  • Will the “old rent” law soon be revamped? The Supreme Constitutional Court ruled yesterday the fixed rent for residential properties stipulated in the so-called “old rent” law as unconstitutional and called on lawmakers to amend the first two articles of the law before the legislative season comes to a close.
  • Oil Ministry launches new company to pursue green aviation fuel ambitions: The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD 530 mn to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate.
  • Gulf of Suez mega wind farm looks close to securing 20% of its total funding: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the alliance's USD 1.06 bn mega wind farm planned for the Gulf of Suez.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- We’re expecting the same weather tomorrow, with the mercury hitting a high of 25°C and low of 17°C, according to our favorite weather app.

Tags: