Good afternoon, ladies and gentlemen, and welcome to another enriching issue. Much to unpack in today’s issue as we decolonize fashion with Nada Koreish, explore food and colonialism in Taiwan Travelogue, read into the new PMI report findings on the non-oil private sector, and keep track of World Cup friendlies.
Without further ado, the news…
THE BIG STORY TODAY-
📍 The non-oil private sector saw a slight improvement in May, with the S&P Global Purchasing Managers’ Index (PMI) rising to 47.1 points from 46.6 points in April, according to the agency’s latest report (PDF). However, the sector's performance remained below the 50-point threshold that separates growth from contraction for the fifth consecutive month.
The slowdown in private sector activity was driven by a renewed spike in input costs, which dampened demand. This forced companies to sharply hike prices and triggered the sharpest wave of job cuts since June 2020, the report noted. Additionally, purchase prices rose at their fastest pace since January 2023, fueled by higher fuel and electricity costs alongside currency depreciation.
THE BIG STORY ABROAD-
🌐 The US-Iran war once again dominates headlines as the two countries exchange strikes in one of the most serious escalations since the fragile ceasefire took effect. US forces claimed they intercepted Iranian ballistic missiles and drones aimed at US bases in Bahrain and Kuwait. The US then conducted “self-defense” strikes on Qeshm Island in the Strait of Hormuz. The strikes came after the US struck an empty oil tanker heading for Iran’s Kharg Island.
Kuwait was drawn into the conflict after an Iranian drone strike hit its international airport, injuring at least 63 people, according to the country’s Health Ministry. Flights at the airport have been suspended due to heavy damage to one of its passenger terminals.
^^Read more on: BBC, Bloomberg, CNN, The Wall Street Journal, and Financial Times.
IN OTHER NEWS- The Trump administration proposed new tariffs of up to 12.5% on imports from 60 economies following an investigation into goods allegedly produced by forced labor. The sweeping tariff package aims to revive US President Donald Trump’s emergency tariffs, struck down earlier this year by the Supreme Court. Major trading partners like China, the EU, Japan, India, Canada, and others would be affected by the levy.
^^Read more on: Bloomberg, CNBC, Reuters, The Wall Street Journal, and Financial Times.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- InstaPay, Fawry, and a number of other banking and non-banking finance services and investment funds are set to receive VAT exemptions under the second tax facilitation package. The package is now heading to the House for approval;
- The Industrial Development Authority (IDA) is asking parliament for EGP 21 bn over the next three years to complete infrastructure across 17 industrial zones. The request comes weeks after five new zones were transferred to the IDA’s jurisdiction, deepening pressure on the government to expand the supply of investment-ready land;
- Egyptian equities could lose their emerging market label in one of the world's most widely followed equity index families. S&P Dow Jones Indices (S&P DJI) launched a consultation on demoting Egypt to frontier market status, citing lingering concerns around market accessibility, capital mobility, and broader institutional stability;
- Our investment fund industry has become a EGP 411 bn parallel route for household savings by the end of 1Q 2026, up 30% in a single quarter. The shift isn’t replacing the deposit base but rather opening a regulated, lower-ticket channel for households to gain exposure to the very asset classes they’ve long preferred.
☀️ TOMORROW’S WEATHER- Expect another warm day tomorrow in C-Town as mercury rises to 37°C, with things cooling down in the evening to a low of 23°C. On the Coast, expect plenty of sunshine with a high of 30°C and a breezy low of 19°C, according to our favorite weather app.




