Good afternoon, friends, we hope you’re staying cool — and indoors. It’s a relatively calm day on the news front, and we’ve got a brisk issue for you today.

THE BIG STORY TODAY-

President Abdel Fattah El Sisi called on US President Donald Trump and other world leaders to act swiftly to end the war in Gaza and allow the entry of humanitarian aid, he said in a televised speech this afternoon (watch, runtime; 7:30). El Sisi warned that conditions in the territory have become “tragic and intolerable” in recent months. The president stressed that Egypt will never play a negative role towards its brothers in Palestine, adding that Cairo has been working with Qatar and the US since 7 October 2023 to end the war, facilitate the flow of aid, and secure the release of the detainees.

The government is considering postponing electricity price hikes until January 2026, a government source told EnterpriseAM. This potential delay stems from the energy sector securing its natural gas needs at a price below current rates through recent short and medium-term agreements as well as the EGP strengthening against the USD, which have both provided the government the flexibility needed to absorb the cost of pushing back these anticipated hikes, our source told us.

The proposed hikes? Up to 40% based on consumption: The proposed electricity price increases are anticipated to range from 15% to 40%, with the exact percentage directly tied to customers’ consumption tier, our source said. A government source told us earlier this month that the Electricity Ministry proposed scenarios to the cabinet that included postponing any electricity hikes to September to shield citizens from inflationary pressures. The Electricity Ministry already raised electricity prices by 14-40% between August and September 2024.

Electricity consumption hit a new peak of 39.0 GW on Saturday, after a few days of extreme heat pushed energy demand to a series of record highs. Power plants are fed 3.3 bn cubic feet of natural gas a day — taking up 65% of the country’s gas supplies, according to our sources.

THE BIG STORY ABROAD-

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

Trade war thwarted? US President Donald Trump and European Commission President Ursula von der Leyen reached a trade agreement on Sunday, avoiding an all-out trade war between both economies. While higher than the 10% tariff set by Trump in April, the agreement — which sets a 15% tariff on most European goods entering the US — is significantly lower than what Trump has previously threatened had an agreement not been reached.

REMEMBER- Earlier in July, Trump took to Truth Social to announce a 25-40% tariff on all goods imported from 14 countries to the US, effective 1 August. The US president had left the door open to negotiations, and threatened that any retaliatory tariffs would be matched. In May, Trump had gone as far as threatening the European Union with tariffs of up to 50%. “Our discussions with them are going nowhere,” the US president said on Truth Social.

HOWEVER- It seems as though not everyone is happy with the deal struck. French Prime Minister François Bayrou expressed frustration over the agreement, noting that European exporters will face triple the 4.8% tariffs currently in place — a “far cry” from the zero-for-zero tariff deal the EU had initially offered. Bayrou called the agreement a “dark day” for the EU, accusing the union of “submission.” Many economists shared Bayrou’s concerns, anticipating long-term damage for both the US and the EU. (CNN | Guardian | New York Times)

MEANWHILE- Wildfires continue to engulf parts of Turkey and Greece, leaving thousands stranded with evacuations underway. Temperatures in central Greece reached a high of 42.4°C on Sunday, igniting major wildfires across the country in Athens, Crete, Evia, and Kythira. In Turkey, the Southeastern city of Silopi recorded a record-high temperature of 50.5°C. Turkey's forestry minister, Ibrahim Yumakli, said Sunday that it would be days before the fires are contained, with some local authorities enforcing restrictions on water consumption as several provinces are declared “disaster zones.” (BBC | Axios | CNN)

☀️ TOMORROW’S WEATHER- You’ll want to stay indoors tomorrow, as temperatures in the capital are set to peak at 41°C, before dropping to 25°C. Across the North Coast, the weather will be slightly less intense — with a high of 33°C and a low of 27°C — according to the Egyptian Meteorological Authority.