Good afternoon, friends, and happy almost-Thursday. We hope you’re staying cool and hydrated as we welcome another scorching heatwave that is expected to last until the middle of next week.
THE BIG STORY TODAY
770k tons of mostly Russian wheat is coming our way: State grain buyer GASC has bought 770k tons of wheat from Russia and Bulgaria in its largest single purchase since June 2022, Reuters reports. Some 720k tons will be sourced from Russia while the rest will be supplied by Bulgaria. Low price offered for the wheat — which averaged around USD 221 per ton — cast doubt on whether the unofficial minimum export price, intended to curb Russian wheat exports, was being enforced, traders told the newswire.
Increasing wheat reserves amid a global price slump: The government plans to extend strategic commodity reserves from six to nine months, in light of increased FX availability and global price declines, an anonymous official told Asharq Business. This latest wheat buy increased Egypt’s reserves to seven months, the official noted.
THE BIG STORY ABROAD
Still on the Trump train: US presidential candidate Donald Trump continues to dominate international headlines today, with news outlets tracking developments at the Republican National Convention in Milwaukee and detailing Silicon Valley’s enthusiastic embrace of Trump after his announcement that Ohio senator JD Vance would serve as his running mate.
Nikki Haley, who once called Trump “unfit for office,” endorsed the former president at the Republican convention earlier today, telling the Milwaukee crowd, “You don’t have to agree with Trump 100% of the time to vote for him.”
Meanwhile, big tech continues to line up behind Trump as traditionally liberal Silicon Valley moves away from the Democratic Party amid concerns over AI regulation in Washington, the Wall Street Journal reports. Trump’s new running mate JD Vance, a former employee of venture capitalist Peter Thiel, has been a critical link between the Trump campaign and Silicon Valley’s biggest names since before joining the ticket.
Finally, the FT notes the uncharacteristically low profile that Trump’s wife Melania, daughter Ivanka, and son-in-law Jared Kushner have maintained in and out of the Republican National Convention — a marked shift from Trump’s last presidential campaign and term.
WHILE IN BUSINESS NEWS- HSBC has named CFO Georges Elhedery as its next CEO. (FT, WSJ, Reuters)
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The Egypt Mining Forum kicked off yesterday, bringing together over 4k attendees for 15 sessions with over 50 speakers to discuss the mining market’s potential and to unveil ambitious plans for the sector.
IMF trims Egypt’s growth outlook: The IMF has cut our growth forecast for the current fiscal year to 4.1%, down 0.3 percentage points from its April forecast in its updated World Economic Outlook (pdf).
EBRD funnels some USD 130 mn into the private sector: The European Bank for Reconstruction and Development (EBRD) is extending a USD 130 mn loan to Coca-Cola HBC Egypt — a major bottling partner of The Coca-Cola Company — to finance the company’s capex and working capital requirements.
☀️ TOMORROW’S WEATHER- Sweltering days are incoming due to the Indian summer monsoon hitting Egypt starting today and until the middle of next week, according to the Egyptian Meteorological Authority. Mercury is peaking at a high of 38°C in Cairo tomorrow, with a real feel of 40°C, before dropping to 27°C by night. Alexandria and Sahel will be a bit cooler with a high of 33°C, a real feel of 37°C, and a low of 25°C at night.
Are more complaints the key to a healthy office culture? Hogan Lovells, a UK law firm, has recently introduced an online tool where employees can share cases of microaggression — minor slights that demean the identity of a person, whether based on their race, culture, belief, or gender — the Financial Times reports .
Why? Penny Angell, managing partner at the firm, says that the tool targets employee “reluctance to call out seemingly ‘minor incidents’,” that if left unchecked may contribute to the feeling of being excluded or marginalized. It’s a “smoke alarm” that addresses issues before they become severe, says Rosie Turner, co-founder of InChorus, the platform being used by Hogan Lovells. It’s about identifying “friction points” that employers can then use for training to improve office culture.
To put things into perspective, while reporting — anonymously — on the platform, employees are not allowed to name individuals to avoid misuse of the service. The scale of the issues reported, like belittling someone’s effort or being referred to as technologically challenged, don’t warrant escalation, but addressing the insensitivity behind them can foster a sense of compassion.
Not everyone thinks this is a good idea. Chris Preston, director and co-founder of consultant firm The Culture Builders, told People Management that this policy might lead to fear and suspicion among the workers and that it would stop people from resolving the problem in-person. “Having adult-to-adult conversations at the point of transgression is the way to move this forward, not secret reporting,” he said.
Management will never truly know what’s going on. According to Ethan Burris, professor of management at the University of Texas’ McCombs School of Business, the fact that the reports are anonymous will hinder the management’s ability to follow up with the individual directly. Addressing the company as a whole during a training session won’t be as effective as targeted action, Burris believes.
Organizers of the 2026 World Cup have received a wakeup call to reassess their preparation after the Copa chaos. Copa América was a mess of transportation nightmares and security lapses, with match attendance ranging from nearly empty stadiums to overly crowded safety concerns. Now, the question is whether the 2026 World Cup, co-hosted by the US alongside Mexico and Canada, will learn from these mistakes.
Crowd control: Even stadiums like the iconic and active Miami’s Hard Rock Stadium dropped the ball on security — ticketless fans formed large crowds in front of the gates in an attempt to get in, leading to a delay of over an hour for the final match between Argentina and Colombia. In the cases of an overcrowded stadium there were times where security struggled to contain fan clashes from opposite teams.
Weather was also a huge factor: An assistant referee collapsed due to heat exhaustion, highlighting that scheduling games in extreme conditions without providing air-conditioning to mitigate the heat can raise health and safety concerns.
Jake Gyllenhaal takes the lead in Presumed Innocent. This new take comes after the 90s film and is based on the novel by Scott Turow. This miniseries is from director David E. Kelley and actor Jake Gyllenhaal who have injected new life into this gripping legal drama.
Rozat “Rusty” Sabich (Jake Gyllenhaal), the chief deputy prosecutor in Cook County, finds himself dragged into a dark murder case when his colleague Carolyn Polhemus (Renate Reinsve) is found brutally murdered. As Rusty delves into the investigation, suspicions swirl around him due to his past affair with Carolyn, known to a select few, including his wife Barbara (Ruth Negga).
Office politics plays a big part. Tensions escalate as Rusty’s rival Nico Della Guardia (O-T Fagbenle) takes on the case to gain leverage in a fiercely contested election against District Attorney Raymond Horgan (Bill Camp) who happens to be defending Sabich.
Kelley’s adaptation streamlines the narrative. This stretch allows deeper exploration of Rusty’s psyche and the emotional fallout from his actions. It also illustrates the impact the trial has on his family and coworkers as they grapple with the case, which is dividing them into two factions.
A contemporary reinterpretation that resonates with modern audiences. It holds the promise of a gripping psychological thriller fused with legal drama, with early signs suggesting an engaging exploration of guilt, ambition, and complex human relationships. However, be prepared for dramatic twists that could hijack the narrative, which is commonplace in Kelley’s work.
⚽ Egyptian Olympic team faces its Iraqi counterpart in the final friendly before Paris Games: The Egyptian U-23 team will go head-to-head against Iraq at 7pm tonight in a friendly match held in Bordeaux, France.
Our Group: Egypt will be in Group C in the Olympic Games alongside Spain, Uzbekistan, and the Dominican Republic. The Pharaohs will kick off their campaign in Nantes, taking on the Dominican Republic on 24 July, followed by a match against Uzbekistan on 27 July, before traveling to Bordeaux for the third clash (and hopefully not the last in the Olympiad) against Spain on 30 July.
Tonight’s game marks the Pharaohs final preparatory game before the Summer Olympics after a 1-1 draw against Ukraine on Sunday, which saw senior players Mohamed Elneny and Ahmed Mostafa Zizo play in the starting XI.
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🍝 EAT THIS TONIGHT-
A touch of Italy at Zio Marco: In the streets of Zamalek is a quaint Italian restaurant built on decades of experience. Chef Marco brought his family’s recipes all the way from Italy after spending 40 years in the country.
The dish that whet our appetite, the Tagliata di Filetto al Pistacchio, contained thinly sliced and perfectly cooked steak, topped with a luscious pistachio sauce. The rich, nutty flavors and tender beef, paired with perfected mashed potatoes, melt in your mouth, making every delicious bite easy to savor.
Equally mouthwatering was the Risotto allo Scoglio, a seafood risotto that’ll save you the trip to coastal Italy. The risotto, delicately cooked to creamy perfection, is generously studded with fresh seafood that include juicy shrimps, plump mussels, clams and tender calamari.
We had to conclude the evening with the Italian classic dessert, Tiramisu: Zio Marco’s creamy tiramisu provided the perfect finale. Layered with espresso-soaked ladyfingers and mascarpone cheese, this classic Italian dessert is a testament to the restaurant’s commitment to authenticity and quality.
Zamalek residents, rejoice. You can order these dishes on Instashop. Less lucky residents from other areas in Cairo will have to make the trip.
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🎤 OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Fan-favorite spinners Disco Misr will be performing at Boom Room tonight. Click here to get your tickets.
Marwan Pablo’s streetwear brand Barraserb is having a pop-up event in Downtown Cairo at The Factory this evening, starting from 6pm. Sign up on the website to get an entry pass.
20 years of Massar Egbari: The band is celebrating its 20th anniversary with a concert at Al Sawy Culturewheel, Nile University branch in Sheikh Zayed tomorrow at 8pm. Click here to get your tickets.
Perfect your speech skills by attending The Art of Public Speaking. The workshop will take place starting Friday, 19 July, and will continue through to Saturday, 20 July at AUC Tahrir Campus. Covering everything from how to prepare a speech to how to deliver it with confidence, this workshop is perfect for those who lead careers where this trait is an asset.
Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek this Friday, July 19 at 8 pm. Reserve your tickets here.
Spend your weekend on a tour through Historic Cairo: On Saturday, July 20 explore the historic houses of Beit al Harawy, Beit al Set Wassila, and Beit Gamal Al Din Al Zahaby, and the church of Virgin Mary in Haret el Roum, where the Coptic Orthodox Pope sat from 1660 to 1799, and Abdel Zaher did his bookbinding. To book your spot click here.
HAPPENING LATER-
The Cords Festival featuring El Esseily and Massar Egbari will take place at New Alamein City on the North Coast on Thursday, 25 July. Get your tickets from Ticketsmarche before they sell out.
Marwan Moussa, Afroto, DJ Nooriyah, and DJ duo Bubblegum Kollective are going to theseaside to deliver an unforgettable night at CJC Seashore Ras El Hekma at 9pm on Friday, July 26. Get your tickets here.
Palestinian artist Saint Levant to perform at Egypt’s D-Bay North Coast on Thursday, July 25. The concert will also have Zabady Khalat performing alongside him as well as a surprise guest. As of now standing tickets are sold out, but VIP standing and tables are still available. Get your tickets here while they’re still available.
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💡 UNDER THE LAMPLIGHT-
Women fight backin The Furies: Women, Vengeance, and Justice. Journalist and author Elizabeth Flock examines the necessity of female violence in retaliation to the systems that oppress them. Without making it too fantastical and adapted to storytelling, Flock relays the real stories of three women who do just that: Brittany from Alabama, who was assaulted and left to fend for herself, Angoori from India, who fights for victims of domestic abuse, and Cicek Mustafa Zibo, who fights against ISIS with an all-female militia.
Is violence never the answer? Flock would argue that no, sometimes violence is necessary. And yet, these women who achieved great feats will be criticized for their upheaval, even when the institutions in place meant to protect them fail to do so.
Instead of focusing on the violence incited against women, she shifts the narrative. The text is about women standing up for themselves when no one else will. By using the personal stories of these figures, Flock gives insight into what it means to fight back, against all odds, while coming from completely different backgrounds.
But she doesn’t idealize the subjects. While she does use them to develop her argument, the three women are not perfect and the point remains with the acts of violence themselves and not the sainthood of the inciters. However, each story is given justice with an impressive amount of care and detail. Word of warning: The heavy content is expressed vividly on purpose to illustrate the intensity of the situation these women find themselves in.
The EGX30 rose 1.8% at today’s close on turnover of EGP 3.6 bn (11.6% below the 90-day average). Local investors were net buyers. The index is up 13.8% YTD.
In the green: Eastern Company (+6.2%), Delta Sugar (+5.4%), and Abu Qir Fertilizers (+5.0%).