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Good afternoon, friends, and happy almost-THURSDAY. The weekend is within arm’s reach and we’re just about halfway through Ramadan, and both of these things make us very pleased, indeed.
THE BIG STORY TODAY
Two unnamed Russian and US companies are looking to develop small nuclear reactors to produce as much as 300 MW of energy in Egypt, with the companies planning to submit offers to Egyptian authorities soon, Asharq Business reports, citing sources it says have knowledge of the matter. The companies had already negotiated the project — which will be financed through facilitated bank loans — with the Nuclear Power Plants Authority, the sources say.
THE BIG STORIES ABROAD
Picking up where we left off this morning, the international business press is still squarely focused on the indictment of former US President Donald Trump, who pleaded not guilty to 34 felony counts when he appeared in a Manhattan court yesterday. The story continues to be on the front pages everywhere, including CNBC, Bloomberg, Reuters, the Financial Times, the Associated Press, and the Wall Street Journal.
Also still getting attention: UBS’ acquisition of rival bank Credit Suisse would expedite its current growth strategy to expand in the US and Asia but carries “significant execution risks,” UBS Chairman Colm Kelleher told the bank’s shareholders at its annual general assembly today, without specifying the risks, the Financial Times reports. The new post-acquisition entity will be the fourth-largest lender in the world, managing assets worth more than USD 5 tn for its clients.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Private-sector activity in contraction again in March: The contraction in Egypt’s non-oil private sector deepened in March as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on demand.
- Egypt faces a “stark choice”: Accelerate economic reforms or face further “painful adjustment” in the form of more currency depreciation and a further drop in imports that could fuel inflation and stymie growth, Goldman Sachs’ Farouk Soussa and Sara Grut wrote in a report.
- Offers roll in for the new hotels company: Investors have started submitting offers for the state’s newly-established hotels company, our friend Sovereign Fund of Egypt (SFE) CEO Ayman Soliman said yesterday.
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🗓 CIRCLE YOUR CALENDAR-
PSA #1- Start planning the next run of holidays:
- Coptic Easter falls on Sunday, 16 April;
- Sham El Nessim is on Monday, 17 April;
- Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
- Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.
PSA #2- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.
☀️ TOMORROW’S WEATHER- Expect the mercury to rise just a couple of degrees tomorrow to hit 28°C during the day, before cooling to 15°C in the evening, our favorite weather app says.
