Good afternoon, friends, and welcome to the end of the workweek. It’s a relatively calm day at home, and we’ve got some good news for you. Prime Minister Mostafa Madbouly announced earlier today that Thursday, 24 July, will be a public holiday — so start planning for that long weekend.

THE BIG STORY TODAY-

Russian Lukoil plans to invest approximately USD 23 mn in oil exploration in the Eastern Desert, a government official told Asharq Business. Operations are expected to focus on the South Wadi El Sahl area, located west of the Gulf of Suez. The Russian company is set to conduct a seismic survey over an area of 200 sq km, in addition to drilling six exploratory wells throughout a three-year research period in the region.

THE BIG STORY ABROAD-

It’s another day with a mixed bag of headlines in the international press. Among the stories getting top billing:

More than 60 people were reported dead after a massive fire broke out in a five-story hypermarket in Iraq. Authorities are still on the lookout for more bodies as 11 people remain missing, while 45 have been rescued. While the cause of the fire remains unknown, the governorate of Al-Kut city — where the hypermarket is located — filed a lawsuit against the building and mall owners. Results of a preliminary investigation will be revealed within 48 hours, Iraqi authorities said. (Reuters | AP | NYT | CNN | BBC)

MEANWHILE- US President Donald Trump took to Truth Social on Wednesday to announce a change to Coca-Cola’s recipe. The US president wrote that he had been “speaking to Coca-Cola about using real cane sugar in Coke in the United States," claiming the beverage manufacturer agreed to the change — yet a spokesperson for the company did not confirm the switch, according to CNN.

So, what’s the OG US recipe? Coca-Cola sold in the US is sweetened using corn syrup — a shift away from its international counterparts, which utilize cane sugar. US Secretary of Health and Human Services Robert F. Kennedy, Jr had previously advocated against the use of high-fructose corn syrup, with a Maha report published earlier in May noting that corn syrup contributed to child obesity, type 2 diabetes, and other chronic diseases. However, Trump’s backing argument was as simple as “it’s just better.”

A bitter aftertaste for the US economy. Replacing high-fructose corn syrup with cane sugar might come at an economic cost. Corn Refiners Association President and CEO John Bode issued a statement claiming that the change would impact US manufacturing jobs, slow down farm income, and “boost imports of foreign sugar, all with no nutritional benefit.” (Reuters | BBC | CNN | AP | FT | Forbes)

☀️ TOMORROW’S WEATHER- If you’re not headed up north, we’d suggest staying indoors tomorrow, as temperatures are set to peak at 38°C, before cooling down to 24°C. Up north, we’re expecting a high of 29°C and a low of 25°C, according to our favorite weather app.