Happy hump day, friends. It’s hard to believe we’re just halfway through the week, but we think the news flow is taking a bit of a breather as earnings season winds down. Today was the deadline for EGX-listed companies to file their earnings for 1Q2022.

THE BIG STORY TODAY

Our natural gas and LNG export revenues grew 98% y-o-y in 4M2022 to record USD 3.89 bn, Reuters reports, citing Oil Ministry data it has seen. Meanwhile, our 2021 revenues from natural gas exports jumped 768% y-o-y to USD 3.96 bn, according to the data. The rise comes as the government is pushing to ramp up its exports of liquefied natural gas, particularly to the EU amid its energy crunch on the back of the war in Ukraine.

THE BIG STORY ABROAD

The global business press is leading with macroeconomic news this afternoon, as eurozone inflation hit a record 8.1% in May (pdf), accelerating from 7.4% in April and surpassing economist forecasts of 7.7%. The inflation figures come a little over a week ahead of the European Central Bank’s next monetary policy meeting on Thursday, 9 June, during which the bank will consider how quickly to begin raising interest rates. CNBC, Bloomberg, and the Financial Times have the story.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• NBE, Banque Misr suspend sales of 18% CDs: State-owned National Bank of Egypt and Banque Misr will no longer be selling one-year, 18% certificates of deposit introduced after the Central Bank of Egypt’s devalued the EGP on 22 March.
• Swvl slashes headcount as startups around the world gird for nuclear winter: Nasdaq-listed mass transport startup Swvl is laying off 32% of its staff in a bid to turn cashflow positive by next year.
• PM spearheads fair competition push to boost privatization plans: Prime Minister Moustafa Madbouly will head a new ministerial committee to shore up competition policy and ensure all businesses are playing on a level field

FOR TOMORROW- The Islamic Development Bank’s 2022 annual meetings kick off tomorrow and wrap this Saturday, 4 June in Sharm El Sheikh. Enterprise will be attending the annual meetings and bringing you updates from there.

The Islamic Corporation for the Ins. of Investment and Export Credit will hold two high-level parallel meetings on climate action and digital transformation during IsDB’s annual meetings.

???? CIRCLE YOUR CALENDAR-

The Greek Campus is holding a workshop tomorrow headlined “Transitioning to e-mobility” that will look at the electric vehicle industry in Egypt (and worldwide). The workshop will run from 6-9pm and will be led by Ayman Mohamed and Ahmed El Hosseny, co-founders of local EV marketplace Electrified.

Conference season continues next week:

• Africa Health ExCon runs from Sunday-Tuesday, 5-7 June at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital.
• Technology conference Tech Invest 4 will take place next Tuesday, 7 June at the Grand Nile Hotel in Cairo.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 36°C and a nighttime low of 20°C in the capital city tomorrow, our favorite weather app tells us.