Good afternoon, wonderful people, and congratulations on another successful workweek. The news cycle seems to be winding down as Eid inches closer, allowing for a shorter issue today that covers Egypt’s latest financing MOU with the EU, all you need to know about the latest Trump tariffs, and insight on the future of journalism in the age of AI.

THE BIG STORY TODAY

Egypt is closer to unlocking another EUR 4 bn from the EU: Egypt is set to sign an MoU with the EU on a previously agreed upon financing agreement worth EUR 4 bn in 2H 2025, Planning Minister Rania Al Mashat said in a press conference on Wednesday. A visiting EU delegation has been conducting talks about the funds with Egyptian authorities since the start of the month, Al Mashat said, adding that she expects the financing to be adopted by all 27 members of the bloc in June.

REMEMBER- The EU recently agreed to fast-track the approval and disbursement of the tranche, which is the second part of a wider EUR 5 bn macro-financial assistance package. Egypt received the first EUR 1 bn of the package late December and was expected to finalize its agreement with the EU to receive the remaining EUR 4 bn by June. The EUR 5 bn in concessional loans are part of a wider EUR 7.4 bn package of loans, grants, and investments we’re getting from the EU through 2027.

THE BIG STORY ABROAD

The fallout from the latest Trump tariffs is dominating headlines in the int’l press: Global auto markets plunged after US President Donald Trump announced a 25% tariff on imported cars that’s set to come into effect on 3 April. The pan-European STOXX 600 index dropped 0.8% on Thursday morning before paring some of the losses, with its auto sector plummeting over 3.1%. Major manufacturers like Volkswagen, Porsche, and BMW saw substantial stock declines as bns of EUR were wiped from German auto stocks. Asian automakers were also hard-hit, including Japan’s Toyota and Honda, South Korea’s Kia Motors, and China’s Nio and Xpeng.

The move sparked backlash and threats of retaliation from foreign governments. European Commission President Ursula von der Leyen condemned the tariffs as "bad for businesses, worse for consumers." Canadian Prime Minister Mark Carney described the move as a “direct attack,” asserting that the country would defend itself against it, while Finance Minister Eric Lombard said that "the only solution for the European Union will be to raise tariffs on American products.”

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

• Growth almost doubled y-o-y in 2Q FY 2024-25, coming in at 4.3% for the three-month period, up from 2.3% during the same period last year.
• Cabinet approves FY 25-26 budget: The Madbouly cabinet greenlit the draft budget for the fiscal year 2025-2026, giving us our first official look into the year’s state budget.
• The government will announce the revamped export subsidy program within weeks. The three-year program will be presented to export councils following the Eid break and is expected to come into effect with the new fiscal year on 1 July.

☀️ TOMORROW’S WEATHER- The weather will be cooling by a whole five degrees tomorrow, with the mercury set to reach just 33°C in the morning and cooling even farther to 14°C in the evening, according to our favorite weather app.