Good afternoon, friends. Today is hump day — not yesterday, as we (however wishfully) declared it. It’s not a particularly busy news day here at home, but we’ve learned that these tides can change swiftly.

THE BIG STORY TODAY

Remittances hit a record high in FY2021-2022 for the second year in a row, growing 1.6% y-o-y to USD 31.90 bn, according to central bank figures (pdf). The World Bank previously attributed the rise in remittances to factors such as rising oil prices and Egyptians who work in oil-rich Gulf countries remitting a significant portion of their earnings back to their families in Egypt.

THE BIG STORY ABROAD

Business activity across the eurozone was down for a second consecutive month in August, data (pdf).by S&P Global’s flash eurozone Composite Purchasing Managers' Index (PMI) showed, as a manufacturing contraction and a falling demand in service sector on the back of surging inflation weigh on business activity. PMI fell to 49.2 in August, down from 49.9, signaling a second month of contraction across the eurozone after a 16-month period of growth.

The contraction raises concerns that the eurozone is sliding towards recession, pressuring the European Central Bank as it looks to hike interest rates. “The euro-area composite PMI suggests the economy of the monetary union is sliding toward recession under the weight of soaring energy costs, and the worst still probably lies ahead,” David Powell, senior euro-area economist said, according to Bloomberg. The PMI data and its effect on the EUR are leading the front pages of Financial Times, CNBC, and Reuters.

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

• Egypt and the IMF are in the “final stages” of talks for a fresh facility to help shore up the economy, Prime Minister Moustafa Madbouly said.
• valU snaps up Paynas: EFG Hermes’ consumer finance arm valU has acquired 100% of digital HR and payroll platform Paynas.
• We’re adding 500k tons to our silo capacity: The Supply Ministry is building wheat silos in Toshka with the capacity to hold 500k tons of grain.

FOR TOMORROW-

CBE Governor Hassan Abdalla will reportedly meet with senior bankers, his first such meeting since being appointed last week. Abdalla was tapped to run the bank last Thursday after Tarek Amer stepped down unexpectedly the day before.

???? CIRCLE YOUR CALENDAR-

B Investments has just under a week to respond to Adnoc’s bid for TotalEnergies Egypt: Private equity outfit B Investments has until next Monday, 29 August, to decide whether or not it wants to preempt Adnoc Distribution’s bid to acquire 50% of TotalEnergies Egypt. Adnoc agreed last month to buy the stake in a USD 203 mn transaction, which would see it acquire the entirety of B Investments’ c.15.4% stake in the fuel distributor and a 34.6% stake from Total Energies Marketing Afrique.

PSA- Your deadline to catch a 65% break off late payment fines for your taxes is coming up on 31 August. The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.

Next week’s National Dialogue board meeting has been postponed to the first week of September after several members fell ill, Cairo24 reports. Board member Negad El Borai confirmed the postponement on social media, but did not say what triggered it. Cairo24’s source claims the meeting could now be held on 3 September. The meeting was set to see the board’s members 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.

The Union of Arab Banks is organizing a forum on money laundering and terrorism financing in Sharm El Sheikh from 1-3 September. Participating institutions include the Central Bank of Egypt and the Federation of Egyptian Banks, among others.

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to a scorching 42°C during the day tomorrow before falling to 26°C at night, our favorite weather app tells us.