Good afternoon, friends, and happy almost-weekend. The news cycle seems to have picked up the pace just as we inch closer toward the weekend.

THE BIG STORY TODAY

The General Authority for Investment and Freezones has finalised its inventory of all the 2224 different fees faced by investors, a government source told EnterpriseAM. All 67 relevant government entities were contacted and have sent all fees and stamps they collect, according to our source.

The inventory was done ahead of a Finance Ministry and Investment Ministry plan to replace the myriad and often confusing set of fees with a single unified additional tax on net income. Following three months of study, this move sets the stage for Finance Minister Ahmed Kouchouk and Investment Minister Hassan Al-Khatib to meet and finalize a decision on the new consolidated tax system, the source said.

The proposed tax will come at a rate of 3% to 5%, which will be collected with the investor’s tax filing. This is higher than the average we were previously told about in April, which suggested the additional tax would be around 2-3%, but still well below what many investors currently pay.

Despite the reduction in fees, officials think the new plan could double its annual turnover rate, as the new system will encourage more investment and help projects increase earnings, a government source told us in April.

AND IN OTHER NEWS- We finally have an opening date for the Grand Egyptian Museum, now set to open on 1 November, Egyptian Prime Minister Mostafa Madbouly announced. The museum was initially scheduled to open on 3 July, but was postponed after Israel launched attacks on Iran and ratcheted up tensions in the region.

THE BIG STORY ABROAD

It’s a busy afternoon as far as international business and finance headlines are concerned. Among the stories getting top billing:

Berkshire Hathaway underperforms, with shares dipping by a significant margin in the wake of Chief Executive Officer Warren Buffett’s retirement, sending a slew of investors to the exit. The US multinational conglomerate holding company’s Class A shares have dropped 14% since May 2 — coinciding with the last trading day since Buffett announced that he was handing over the reins to Greg Abel.

What gives? The underperformance comes even as Berkshire Hathaway’s core business reports healthy results — with the railroad, retail, manufacturing and utility divisions showing profit growth in 2Q 2025. Investors who had once deemed Berkshire Hathaway a safe haven during trade war fears are now shifting towards fast-growing tech stocks, according to the Financial Times.

SPEAKING OF TECH- AI giant OpenAI appears to be in talks with investors over a share sale that would catapult the tech company to a valuation of USD 500 bn, surpassing Musk’s SpaceX — recently valued at USD 400 bn — and setting it at the forefront of the world’s most valuable private-owned tech groups.

ALSO- The ChatGPT parent company has its eyes set on a USD 40 bn investment led by SoftBank, which has valued OpenAI at USD 300 bn — USD 200 bn short of its aspirations. The company is also considering a secondary stock sale that would authorize current and past employees to sell their shares, according to the Financial Times.

MEANWHILE- The Shanghai Composite Index reached a 3.5-year high, closing up 0.45% at 3.6k points today. The rise was driven by hopes of an extended US-China trade truce, with US President Donald Trump stating that he’s “very close” to a deal with China.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo are set to peak at a moderate 35°C tomorrow, before cooling down to 22°C. Up north, the weekend will be off to a cool start with a high of 28°C and a low of 26°C, according to our favorite weather app.