Good afternoon, friends, and happy Monday. Today’s issue is a light — and, if we may, fun — one. Have you ever wondered what would happen if you left your office job and headed to the mountains? We speak with a founder who turned a career in VC into just that. Elsewhere in today’s issue: we take a look at a new Kevin Hart comedy that asks: How far would you go for a promotion?
But first, the news…
THE BIG STORY ABROAD-
🌐 In the latest US-Iran developments, Iran’s Foreign Ministry denied that negotiations are underway after US President Donald Trump claimed talks would resume later today. Trump’s announcement came after he called off “massive attacks” on Iran at the last minute. Oil prices eased as investors moved past geopolitical concerns following Trump’s claims, coinciding with the announcement of an Opec+ production increase of 188k bbl / d for September. WTI dropped to USD 79.5 / bbl, while Brent crude fell 4.63% to USD 83.5 / bbl, as of the time of publication.
^^Read more on: Reuters, CNBC, and Bloomberg.
IN THE BUSINESS PRESS- Shares in AstraZeneca fell nearly 7% following reports of a potential merger with Bristol Myers Squibb, as analysts expressed confusion over the move given Astra’s current growth trajectory and strong innovation pipeline. Meanwhile, shares of Bristol Myers Squibb rose 6% in premarket trading.
^^Read more on: CNBC, Bloomberg, and The Financial Times.
IN OTHER NEWS- European football’s governing body, UEFA, has threatened action against Gianni Infantino, president of FIFA, over his failed proposal to create a USD 20 bn commercial subsidiary to manage major tournaments like the World Cup and sell a 20% stake to private investors. England’s Football Association and Wales have publicly withdrawn support for Infantino’s re-election bid. After a major backlash, the FIFA president backed down on Friday and confirmed that the proposal will not proceed.
^^Read more on: BBC, Reuters, and The Financial Times.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- HSBC is exiting retail banking in Egypt after 44 years in the market but has no intention of pulling back from corporate and institutional banking, which account for the lion’s share of its business here. It has reached a definitive agreement with Emirates NBD Egypt that will see it hand over its entire retail business for an undisclosed sum;
- The government launched a new lease-to-own system for industrial land that allows manufacturers to spread land costs over up to 21 years and seek ownership after one year of operations;
- Local CNC machine manufacturer Simplex is raising a new funding round to bankroll its expansion in Tenth of Ramadan City, which will push its annual production capacity to 3.5k machines. The company aims to close the active round by the end of the year to finance the build-out.
☀️ TOMORROW’S WEATHER- Tomorrow’s weather remains much the same, with the mercury climbing to a warm 37°C before dropping to a cooler overnight low of 25°C. On the North Coast, expect abundant sunshine, with a more comfortable high of 31°C and a clear overnight low of 24°C, according to our favorite weather app.




