What’s preoccupying us this morning: Natural (and healthy volatility) in the FX market doesn’t bother us in the least, with our pals at CIB now selling greenbacks for EGP 17.65 apiece. Instead, we’re still puzzled about what prompted the rupture in ties with KSA (below) — and whether we have a chance at rapprochement anytime soon. We’re troubled by a report that suggests the gas industry deregulation act isn’t as far along as previously thought (Speed Round), and we’re bracing for some negative coverage of the healthcare industry in the local and international press after the Times of London ran with a piece on how shortages of medicines and supplies are hurting patients (Egypt in the News). The Nubian land protest story probably has a couple more days’ legs in it, particularly given the international media’s interest in minority rights issues and the fact that the foreign press has largely covered the story through wire service reports so far. Businesses are struggling to reprice contracts with each other and with the government (Speed Round). Oh, and the Russians? They’re not sending us tourists any time soon (Speed Round).

Chance for rapprochement? Oil Minister Tarek El Molla is travelling to Saudi Arabia today to attend the 14th Arab International Mineral Resources Conference in Jeddah. El Molla told Al Mal that there will be a ministerial-level meeting with Arab energy ministers following the conference’s opening, but did not mention if he will discuss resuming Saudi oil shipments from Aramco to Egypt.

…Or maybe not: Iran is willing to mend ties with Egypt, Iranian foreign ministry spokesman Bahram Qassemi said. According to Iran’s Tasnim News Agency, Qassemi said “we have always been willing to have relations with Egypt and its people under better conditions and be able to tap into the two countries’ potential.” However, Qassemi noted that the two countries will have to “resolve differences on some bilateral issues before a thaw in relations.” He also took a swipe at Saudi Arabia for “intensifying anti-Iran measures” in the Organization of Islamic Cooperation recently.

The much-delayed auction for eight new cement licenses has been (you guessed it) delayed again to 30 November, after they were supposed to have been held today, an unnamed official from the Industrial Development Authority (IDA) tells Al Mal.

Al Ahram Hebdo and the French Embassy in Cairo will host a conference headlined French Investments in Egypt: Opportunities and Challenges today at Al Ahram’s headquarters.

New Trump video touts agenda for first 100 days: US president-elect Donald Trump released a video statement last night moving a bit more to the center, vowing a smooth, efficient and effective transition and promising to kill a key trade agreement, de-regulate US energy production, develop a plan to protect the nation from cyberattacks, investigate visa fraud in immigration, and cut red tape. Watch the video (runtime: 2:37) or get more on Politico or the New York Times.

Random thought of the morning: It could be a very good time for your kid to apply to leading US law schools. We’re betting that student demand for top-drawer legal education has just about it bottom, and that mix of falling applications and an eternal quest in corporate law for bright, multilingual talent would give some of the kids we know excellent opportunities. What sparked the thought? The Financial Times ranking of top global law programs is out, and with it an accompanying article headlined “Law school admissions collapse continues.”

** This morning’s edition is dedicated to people who keep their promises.