Happy THURSDAY, wonderful people. We’re never sure if the summer slowdown is real, but we’re almost certain that summer Thursdays can earn the “slowest day of the week” superlative.

THE BIG STORY TODAY

The EGX finally reversed a streak in the red, jumping 5.3% today on much higher turnover than we’ve become used to seeing from the bourse. Some EGP 2.03 bn worth of shares traded hands before the closing bell, which is 60.2% above the 90-day trailing average, with local investors accounting for the bulk of the activity. The index is still down 16% YTD, however.

ALSO- Chimera Investments’ EGP 384.8 mn acquisition of a majority stake in Beltone Financial is now official after Chimera’s mandatory tender offer for Beltone was executed today on the EGX. Chimera has acquired a 56% stake in the company, buying 259.1 mn shares of Beltone.

THE BIG STORY ABROAD

The Bank of England just delivered its steepest rate increase in 27 years, deciding today to raise interest rates by 50 bps to 1.75%, according to a statement from its monetary policy committee. The central bank pointed to spiraling inflation — which hit 9.4% in June, “well above” the bank’s 2% target — as the key reason for its decision, but warned that the UK is likely to fall into a recession over the next year. The story, which is topping coverage in the international business press this afternoon, is on the front pages of the Wall Street Journal, Reuters, Bloomberg, and CNBC.

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

• Activity in Egypt’s non-oil private sector continued to contract at a rapid pace in July as high inflation weighed on demand and output.
• The SCA still wants to take some of its companies public: The Suez Canal Authority (SCA) is considering listing three of its companies on the EGX by the end of 2022.
• Private sector partners can still get in on the new state EV charging company: Qualifying bidders looking to manage and operate the soon-to-be-established state company that will manage a network of electric vehicle charging stations now have until Wednesday, 31 August, to submit their offers.

???? CIRCLE YOUR CALENDAR-

We’re on the lookout for a number of key macro figures this week and next:

• Foreign reserves figures for July are expected between today and early next week;
• Inflation data for July will land on Wednesday, 10 August.

The Central Bank of Egypt will meet to discuss interest rates on Thursday, 18 August.

The 19-member board of trustees of the National Dialogue will hold its next meeting on 27 August, where it will choose the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and prepare the agenda and topics of discussion for the dialogue.

PSA- Startups have until Wednesday, 31 August to apply for the fall 2022 cycle of EGBank’s Mint Incubator. The incubator, backed by Cairo Angels, offers a three-month program for startups with existing products. Startups can apply for the program here.

☀️ TOMORROW’S WEATHER- It’s probably a good idea to head to the beach this weekend, as our favorite weather app tells us to expect the mercury to hit daytime highs of 37°C tomorrow and on Saturday. Expect the temperature to cool to 25°C tomorrow and 24°C on Saturday.

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WE’RE LOOKING FOR A SMART, TALENTED HEAD OF PEOPLE to help us develop and deliver a comprehensive people strategy to help grow Enterprise and our sister company, Inktank Communications. Attracting and retaining top talent is the lifeblood of our business — are you the right person to help us do it?

WHO YOU ARE- Our Head of People is responsible for aligning HR practices with business objectives and works alongside some very smart people, including our C-level and leadership teams, to design and develop HR strategies and monitor their effectiveness. Candidates should have at least 10 years of experience in human resources, with extensive knowledge of key HR disciplines including performance and talent. We are looking for someone who isn’t afraid to challenge, innovate, experiment, and move at a fast pace — not to mention creating some very cool new things to drive people engagement and improve a high-performance culture.

INTERESTED IN APPLYING? To apply for the Head of People, drop us a line at jobs@enterprisemea.com and mention “Noha” in your subject line — she’s our outgoing Head of People and the first person who’s going to be reading your application. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

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