Good morning, ladies and gentlemen. The heat is rising again today, both literally and metaphorically.

Literally: Expect the mercury to hit at least 43°C in the capital as a heat wave rolls over the country. Our favourite weather app shows the mercury touching 44°C tomorrow — and temperatures largely above 40°C through mid-month.

Metaphorically: We have two hot stories for you this morning. President Abdel Fattah El Sisi is pushing forward with a plan to raise the price of subsidized bread for the first time in a generation and Orascom Development Egypt is dealing with an Environment Ministry claim that it has somehow damaged the environment in El Gouna, its flagship destination. We have more on both stories in this morning’s Speed Round, below.

THE BIG STORY ABROAD is still (you guessed it) … covid-19. Customers and staff will need to show proof of vaccination to get into restaurants, gyms, entertainment venues and other indoor sites in New York City, Reuters and the Financial Times report. The requirement comes into effect next month. Bloomberg, meanwhile, quotes a US medical group as saying that the Delta variant means countries won’t see true “herd immunity” until at least 80% of the population is vaccinated or has had the disease.

More and more top global companies will require their staff to be vaccinated when they go back to working from the office in September. Microsoft is the latest to make it official, saying employees and anybody else coming into its offices will need to show proof they’re jabbed. Google and Facebook made similar announcements last week, following in the footsteps of hospitals and restaurant groups.

US politics watchers are also following the case of New York Governor Andrew Cuomo. President Joe Biden said Cuomo “should resign” as investigators said they had “corroborated the claims of 11 women who accused Mr. Cuomo of inappropriate behavior, from suggestive comments to instances of groping.” The story leads the Wall Street Journal and New York Times.

MORNING MUST READS- For you finance nerds this morning, take your pick between Fortune’s interview with Nasdaq CEO Adena Friedman covering SPACs, meme stocks and a “new generation” of investors and the WSJ’s sit-down with SEC chief Gary Genslder, who says the “crypto Wild West” demands stronger investor protection — foreshadowing stronger regulation in the US.

HAPPENING TODAY- It’s the final day for the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

HAPPENING TOMORROW- The Central Bank of Egypt will meet this week to review interest rates. All 12 analysts we surveyed expect the central bank to leave rates on hold, with inflation and rising global commodity prices weighing heavily on their decision.

A bit further out: We can expect foreign reserve figures for July next week and inflation data out on Tuesday.

CIRCLE YOUR CALENDAR- Euromoney Conferences is organizing a two-day virtual conference from 7-8 September to talk sustainable finance and investment. Titled “GlobalCapital Sustainable and Responsible Capital Markets Forum,” the online event will feature on day one Vice Minister of Finance Minister Ahmed Kouchouk, who will participate in a live panel discussion on green sovereign bonds. You can register for the webinar here.

REMINDER- Next week will be a short workweek. Islamic New Year here in Egypt looks set to fall on Monday of next week (much of the rest of the Arab world will celebrate it on Tuesday). The Madbouly government is yet to confirm whether we will observe the holiday on Thursday, 12 August (which we think is most likely) or on Sunday, 8 August. No news by tomorrow afternoon means the holiday will be observed next Thursday.

** CATCH UP QUICK with the top stories from yesterday’s edition of EnterprisePM:

• Mixed PMI in July: Non-oil private sector employment grew for the first time in almost two years in July but a contraction in activity worsened as demand weakened, IHS Markit said yesterday.
• Odin-Kasb equity fund to launch by the end of the year: Odin Investments and Kasb Capital are targeting a EGP 200 mn first close when their new equity fund goes live later this year, a launch that has been delayed for almost a year due to negotiations with authorities.
• Egypt’s handball team makes history: Egypt’s handball team is going to the Olympic semifinals for the first time in history after they beat Germany 31-26.

TOKYO 2020 AS IT STANDS-

Egypt has two chances to snag a bronze medal today: Mohamed Ibrahim Kicho will compete against Russia in the Men’s Greco-Roman 67 kg wrestling match, while Mohamed Metwally will face off against Germany in the Men’s Greco-Roman 87 kg, with the session beginning at 12:30pm CLT.

Two Egyptian equestrians are also competing in the individual jumping final — Mouda Zeyada and Nayel Nassar are set to clear hurdles at noon CLT.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development as well as social infrastructure such as health and education.

In today’s issue: The ring road is set to get a major EGP 7.3 bn facelift, with one of the main changes being the introduction of a Bus Rapid Transit (BRT) lane to replace microbuses and smoothen out traffic on the highway. But how will the new BRT compare to cheap and convenient microbuses, and what could its rollout look like?