Europe’s deadly heatwave, explained

1

WHAT WE’RE TRACKING TONIGHT

Trump earns big from crypto in 2025

☀️ Good afternoon, ladies and gents, and congratulations on making it to the long weekend. We’ve got a packed issue to send you off with. First: Europe is in the grip of a brutal heatwave — and we’re asking the obvious question: are we actually any better prepared for this kind of heat than they are?

We also have a review of Annie Ernaux’s The Years, a Nobel-prizewinning meditation on memory and French history that’s exactly the kind of book a long weekend was made for. And the big one: Egypt face Australia on Friday with a Round of 16 spot up for grabs — beat them, and we might just get the Egypt-Argentina match everyone’s on the lookout for.

** A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow in observance of the 30 June Revolution and will be back in your inboxes Sunday afternoon.

Up first, the news…

THE BIG STORY ABROAD-

🌐 It’s another afternoon with a hodge-podge of stories in the news cycle. Top billing, however, goes to US President Donald Trump’s earnings from crypto ventures — a story front and center everywhere. A mandatory financial disclosure showed that Trump earned at least USD 1 bn from crypto and crypto-related ventures in 2025 — and as much as USD 1.4 bn, depending on which income streams are counted. The bulk came from two sources: some USD 635 mn in royalties from his “meme coin” business, and over USD 550 mn from World Liberty Financial, a firm co-founded by Trump, his sons, and Steve Witkoff.

The disclosure reignited conflict-of-interest concerns that have haunted Trump’s crypto dealings since he took office. The White House claims no conflict is at play, with deputy press secretary Anna Kelly saying that “neither the president nor his family has ever engaged — or will ever engage — in conflicts of interest.” Former chief White House ethics lawyer Richard Painter disagrees, however, telling the BBC: “Of course it’s a conflict of interest.”

^^Read more on the Associated Press, Reuters, Financial Times, the Guardian, Bloomberg, and the BBC.

IN AI NEWS- The US Commerce Department lifted its export ban on Anthropic’s Claude Fable 5 and Mythos 5, with Anthropic announcing it would begin restoring access from today. The ban had been in place since 12 June, and was triggered by concerns that the powerful models could exploit security vulnerabilities. It’s worth noting that the relationship between Anthropic and the Trump administration has been tumultuous.

^^Read more on Financial Times, CNN, and the BBC.

MEANWHILE- On the US-Iran front, officials are holding indirect lower-level technical talks today in Doha with Qatari and Pakistani mediators, focused on implementing the MoU and building on existing progress.

^^Read more on CNN and the BBC.

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

  • The House gave final approval to amendments to how the Universal Health Ins. system’s solidarity contribution gets collected and channeled. Proceeds from the 0.25% healthcare levy will now be treated as tax revenue. The Egyptian Tax Authority will audit and collect the payments from covered companies and individuals for the state treasury;
  • French logistics group Africa Global Logistics submitted an indicative non-binding offer to acquire up to 100% of EGX-listed Egytrans Nosco — with a floor of 75%. At a provisional range of EGP 11.25-12.25 per share, the high end of the offer would value the company at EGP 2.76 bn, by our math;
  • The government is moving to carve out its financial and business districts from the domestic regulatory framework. A new draft law currently before the House Economic Affairs Committee aims to turn these zones into independent, outward-facing regional service hubs.

☀️ TOMORROW’S WEATHER- It’s another hot day in Cairo, with the mercury set to peak at 38°C, with a low of 23°C. Our friends up north will be in for relatively cooler conditions, with a high of 31°C and a low of 24°C, according to our favorite weather app.

2

PLUG IN

Egypt and Europe are facing the same heat — only one is built for it

☀️ 40°C is a regular summer day here in Egypt, so why are these temperatures a catastrophe in Europe? Western Europe has been trapped under a “heat dome” this week, with temperatures soaring above 40°C across several countries as the extreme conditions seem to have pushed both daytime and nighttime temperatures to new highs, with humidity making parts of Europe feel more tropical than temperate. The death toll due to the heatwave is growing — with France alone recording 1k deaths in just three days. The heat, driven up from North Africa, has swept across Spain, France, Belgium, the Netherlands, and the UK — many of which are not equipped with widespread air conditioning or accustomed to prolonged periods of intense heat.

The scorching weather has already fueled wildfires. As the heatwave moves eastward, Germany recorded its third consecutive daily record with temperatures reaching 41.7°C in Neißemünde near the Polish border, while Poland hit a new national high of 40.5°C and the Czech Republic recorded its hottest day ever at 41.9°C. “Heat stress is often called the ‘silent killer’ — and European homes, workplaces and schools were not built for these temperatures,” World Health Organization (WHO) Chief Tedros Adhanom Ghebreyesus said on X.

Are we better equipped to manage the heat here in Om el Donia?

Only around 25% of French households have air conditioning, according to the BBC, a number that is still dwarfed by southern Europe (roughly 50% in Greece and Italy) and miles behind the US and Japan (90%). Egypt, by contrast, has hotter baseline temperatures and far higher AC penetration in dense urban areas — air conditioning already accounts for up to 75% of household electricity use during the peak summer months, according to a report by the Egyptian Electricity Holding Company.

Egyptians aren’t tougher. We’re just forced to be better equipped, and that’s a different thing entirely from being protected, a distinction Europe is being forced to relearn in real time, as officials call for a national AC rollout for schools and hospitals while France’s own health minister warns the death toll will keep climbing.

Europe was caught off guard

Why was the continent caught so unprepared? Two forces are colliding. A rapid attribution analysis by World Weather Attribution found that this is the most severe June heatwave on record for the region, concluding that a similar event in 1976 would have been “virtually impossible” without human-driven warming. The pressure is also colliding with Europe’s growing AI ambitions. Around two-thirds of data centers built globally since 2022 are located in water-stressed regions, and much of Europe’s AI infrastructure expansion is happening in areas already feeling the heat.

Meanwhile, countries including the Netherlands and Ireland have moved to restrict new data center construction over concerns around electricity demand and water usage. As AI requires more computing power, it also requires more cooling capacity and greater pressure on energy grids — exactly when heatwaves are driving demand higher. The issue is quickly becoming a regulatory battle, with the European Union set to introduce mandatory water-efficiency standards for data centers in 2026.

Egypt’s own pressure test

Is Egypt’s infrastructure actually better prepared for extreme heat, or have we simply learned to live with it? The answer is a bit of both, but the bigger factor is energy security rather than heat tolerance. Egypt is no stranger to brutal summers, but the challenge has historically been keeping the lights on as temperatures push air-conditioning demand to new heights. The country’s power grid hit a peak load of 36.6k MW this June amid the current heatwave — with projections noting that demand could climb to 40 GW before the season wraps up.

That pressure is not new. Egypt experienced daily load-shedding during the summers of 2023 and 2024 as gas shortages collided with rising electricity consumption. This year, however, the government is wagering on a different equation: more capacity and more fuel. The Electricity Ministry has added around 3k MW to the grid and started integrating battery storage ahead of the summer season peak, while the Petroleum Ministry has secured LNG supplies through regasification facilities in Sokhna and Damietta to avoid another energy crunch. Officials are now promising a summer without blackouts — a claim that will be put to the test as temperatures continue climbing.

Stay cool and carry on

What’s next: The government is expected to continue its gradual subsidy reform path, with electricity prices already adjusted several times as it works to reduce the cost burden on the state. At the same time, rising temperatures mean demand will remain the key number to watch: whether peak consumption pushes beyond the 40 GW mark, seen as a potential summer benchmark, and whether the country’s LNG imports and new storage capacity can keep the grid stable through the hottest months.

The bottom line: Europe is now confronting an extreme heat reality that Egypt has spent years building around — but that preparedness has come with a price tag. Egypt’s approach has relied on expanding generation capacity, securing fuel supplies, and reshaping the electricity market to handle increasingly intense summer demand. The grid has already faced record-breaking pressure, with demand expected to keep rising.

This does not mean Egypt is immune to heat-related energy stress. The system remains exposed to fuel supply disruptions, higher import costs, and the challenge of balancing affordability with the need for more investment. This summer’s real test will be whether the combination of additional capacity, LNG infrastructure, and storage upgrades can deliver the stability officials are promising.

Tags:

3

Under the Lamplight

Memory and the making of French society in Annie Ernaux’s The Years

💡 The many ways memory shapes our reality take center stage in Nobel laureate French writer Annie Ernaux’s 2008 magnum opus, The Years. Translated into English by Alison L. Strayer, Ernaux crafts a sweeping record of French society from 1940 to 2006, blurring the lines between documented postwar French history, family life, and the intimate lives of the country’s youth — mainly women — across decades.

What to expect: Ernaux’s writing is anything but conventional. Known for her unflinching autobiographical works, the memoirist frequently plays with chronology to shape her narratives. In what has since been described as a collective autobiography, The Years is not narrated through a singular “I” but through a collective “we” that evolves. Ernaux timestamps the narrative through descriptions of photographs of young girls at different stages of life, using them as entry points into both personal and national memories. The book teems with distinctly French cultural references, slang, historical turning points, and the everyday nuances of families and the society they inhabit.

What we liked: Though many references inevitably elude non-French readers, the richness of the world Ernaux reconstructs is completely absorbing. It feels familiar and lived-in, offering intimate windows into her own experiences through the book’s distinctly female lens. Ernaux’s signature philosophical streak runs strongly throughout the story, with her focus on the implications of memory proving as striking and incisive as ever. Her tone is omniscient, with flashes of satire. Her prose is emotive without giving in to excessive flowery language, a quality that Strayer captures remarkably well in English.

The verdict: In just over 200 pages, The Years is relatively short for the scope it captures. The years pass as swiftly for the reader as they do within the narrative itself. While some may find its pace demanding, we found it to be an immersive read, with flowing language that kept us turning the pages. If you’re looking for thought-provoking form and inventive storytelling, The Years deserves a place on your reading list.

WHERE TO GET IT- You can find the eBook version on Kobo.

4

Sports

Egypt vs. Australia this Friday + your long weekend World Cup guide

⚽ We’re kicking off the long weekend, which means there will be plenty of World Cup fixtures to watch. The two matches everyone at home is circling are both happening within hours of each other on Friday. Egypt face Australia at 9pm at the Dallas Stadium with a place in the Round of 16 on the line — and the Pharaohs’ first knockout victory in history within reach.

A few hours later, at 1am, Argentina take on Cape Verde in Miami, with Messi looking to extend his run of scoring in seven straight World Cup matches. If Egypt get past Australia and Argentina get past Cape Verde, the two sides meet next. (We’re rooting, however, for Cape Verde).

💡 FUN FACT- Egypt has already locked in USD 11 mn in participation money, per the published payout tiers. Get past Australia and into the Round of 16, and the figure climbs to around USD 15 mn.

What we’re watching this weekend

Before Egypt’s big moment, there’s plenty of footie to get through. Tonight brings the rest of the Round of 32: England face DR Congo in Atlanta at 7pm, Belgium take on Senegal at 11pm in Seattle, and the US meet Bosnia and Herzegovina at 3am early Thursday in San Francisco. Thursday continues the round: Spain play Austria at 10pm in LA, Portugal face Croatia at 2am in Toronto, and Switzerland meet Algeria at 6am Friday in Vancouver.

Saturday brings forth the Round of 16, with the bracket now reshuffling around Friday’s results. Canada face Morocco in Houston at 8pm, and Paraguay — after eliminating Germany — take on France at 11pm in Philadelphia.

💡 NOTE- All matches will be broadcast on beIN Sports Max 1 and 2.

🥅 ICYMI-

Story Image

Tuesday was another night of big results. Haaland delivered again, scoring an 86th-minute deciding goal as Norway beat the Ivory Coast 2-1 in Dallas. Mbappé was the story of the evening, scoring twice as France swept Sweden 3-0 to move within one goal of Messi’s all-time World Cup scoring record of 19. His first goal, just before half-time, was also his ninth in World Cup knockout matches — a new all-time record, breaking a tie with Brazilian greats Leonidas and Ronaldo

AND- Mexico also beat Ecuador 2-0. The co-hosts remain unbeaten, having kept four consecutive clean sheets and not conceding in six World Cup games on home soil.

**Don’t miss out on the fierce competition in the EnterpriseAM Fantasy World Cup — click on this link or use the code 2CUFGASD to join.

This publication is proudly sponsored by

5

Mark Your Calendar

Watch Egypt vs. Australia by the beach in Sahel at Cocoon

⚽ Waiting for Egypt versus Australia this Friday? Join fellow World Cup fans at the Cocoon Fan Zone, taking over Cocoon Beach in Sidi Abdel Rahman this Friday, 3 July, at 9pm. This is your chance to cheer Egypt on in the Round of 32 clash, complete with a giant screen, live crowd reactions, chants, and a beachfront atmosphere. Secure your tickets to the fan zone on TicketsMarche.

6

GO WITH THE FLOW

What the markets are doing on 1 July 2026

The EGX30 rose 0.1% at today’s close on turnover of EGP 7.6 bn (12.0% below the 90-day average). Local investors were the sole net buyers. The index is up 20.8% YTD.

In the green: Qalaa Holdings (+5.9%), E-finance (+2.2%), and Orascom Construction (+1.4%).

In the red: ADIB (-3.8%), GB Corp (-1.7%), and Emaar Misr (-0.7%).


🗓️ JULY

1 July - 2 November (Wednesday-Monday): General registration for The Marakez Pyramids Half Marathon.

3 July (Friday): Ruby at O by Michel Fadel, Marassi.

3 July (Friday): Cocoon Fan Zone at Cocoon Beach, Sidi Abdel Rahman.

4 July (Saturday): Ehab Tawfik at O by Michel Fadel, Marassi.

6-20 July (Monday-Monday): Bibliotheca Alexandrina International Book Fair.

7-24 July (Tuesday-Friday): Khayal Mareed Play at Theatro Arkan.

9-11 July (Thursday-Saturday): Comixandria at Jesuit Cultural Center, Alexandria.

10 July (Friday): Mohamed Fouad, Hamid El Shari, Hisham Abbas, and Hossam Hosny at Tiatro Romano, Marina 2, Al Alamein.

10 July (Friday): Honey Drop Vol.3 Ft. Disco Misr at Beachouse One, Seashell.

10 July (Friday): Ghaiboba by Saleh El Nawawy at Teatro 90.

11 July (Saturday): Saleh El Nawawy: Mo7tawa Saleh lel Estekhdam at Teatro 90.

17 July (Friday): Tamer Ashour at Cocoon Beach, Sidi Abdel Rahman.

17 July (Friday): Al Shami and Mohamed Fadl Shaker at Tiatro Romano, Marina 2, Al Alamein.

23 July (Thursday): July 23rd Revolution 1952.

23 July (Thursday): Marwan Pablo & Lege-Cy at Porto Golf.

24 July (Friday): Tamer Ashour at Tiatro Romano, Marina 2, Al Alamein.

24 July (Friday): Ramy Sabry at Cocoon Beach, Sidi Abdel Rahman.

24 July (Friday): Adriatique at the North Coast.

29 July (Wednesday): Ali El Haggar at ElSawy Culturewheel.

31 July (Friday): Localine Vol.3 at Masyaf, Ras El Hekma.

31 July (Friday): Reda El Bahrawy, Rahma Mohsen, and Ahmed Sheba at Tiatro Romano, Marina 2, Al Alamein.

31 July (Friday): Shorelines Festival at Almaza Bay.

AUGUST

6 August (Thursday): Massar Egbari at Bibliotheca Alexandrina.

6 August (Thursday): Deep House Bible at North Coast.

6-15 August (Thursday-Saturday): The Garden Market at Lakeyard, Hacienda Bay, North Coast.

7 August (Friday): Sherine at Porto Golf, Alamein City.

7 August (Friday): Cairokee Ft. Disco Misr at D-Bay, North Coast.

14 August (Friday): Nawal El Zoghby and Wael Jassar at Tiatro Romano, Marina 2, Al Alamein.

21 August (Friday): Black Coffee at Cubix North Coast.

25 August (Thursday): Prophet Muhammad’s Birthday.

27 August (Saturday): Jadal at Bibliotheca Alexandrina.

29 August (Monday): Jadal at El Sawy Culturewheel, Nile University, Sheikh Zayed.

SEPTEMBER

26 September (Saturday): John Achkar’s Feena Nehke at Theatro Arkan.

OCTOBER

1-4 October (Thursday-Sunday): She Arts festival across Cairo and Alexandria.

6 October (Tuesday): Armed Forces Day.

15-23 October (Thursday-Friday): El Gouna Film Festival.

24 October (Saturday): Blue 25th Anniversary Tour at New Capital.

28-31 October (Wednesday-Saturday): Egypt’s Cheese Festival at Al Horreya Garden, Zamalek.

NOVEMBER

5 November (Thursday): Gala De Danza at the Grand Egyptian Museum.

11-20 November (Wednesday-Friday): Cairo International Film Festival.

19-28 November (Thursday-Saturday): Cairo Design Week.

28 November (Saturday): Shakira at the Pyramids of Giza.

DECEMBER

11-12 December (Friday-Saturday): The Marakez Pyramids Half Marathon at the Pyramids of Giza.

Now Playing
Now Playing
00:00
00:00