Happy Tuesday, wonderful people. We have an interesting — albeit not-crazy-busy — hump day on the home front today.

THE BIG STORY TODAY

Gov’t is on board for more FX flexibility, El Said says: “We as a government do agree that a flexible exchange rate is definitely good for the economy," Planning Minister Hala El Said told BloombergTV today (watch, runtime: 6:40). The government would back further EGP depreciation the minister said, following weeks of speculation that CBE Governor Hassan Abdalla will gradually allow for more flexibility in the EGP exchange rate in a bid to secure new IMF assistance

THE BIG STORY ABROAD

Newly-minted UK Prime Minister Liz Truss’ first day in office and ongoing energy woes across Europe are leading the conversation in the international business press this afternoon. Truss is currently “finalizing” a GBP 100 bn package that would place a ceiling on energy prices for households and businesses in a bid to address soaring costs, Reuters and the Financial Times report. The EU appears to be considering following in Truss’ footsteps, with Brussels reportedly lobbying to impose similar caps on gas prices across the EU, according to the Financial Times. Why is this all so significant? Energy bills in Europe could rise by as much as EUR 2 tn “at their peak early next year,” Goldman Sachs said in a note this week, according to Bloomberg.

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

• Could Telecom Egypt’s stake in Vodafone Egypt be in play? The Qatar Investment Authority (QIA), Saudi Arabia’s Public Investment Fund, and Abu Dhabi’s ADQ are all eyeing part of state-owned landline monopoly Telecom Egypt’s stake in Vodafone Egypt.
• Activity in Egypt’s non-oil private sector contracted at a slower pace in August on a relative easing of inflationary pressures, with the purchasing managers’ index rising for the second consecutive month.
• EGX-listed private sector giant CIB is planning a multi-bn EGP capital increase that would raise its capital by around a third.

FOR TOMORROW-

US climate envoy John Kerry will be in town tomorrow for the Egypt-International Cooperation Forum (Egypt-ICF), which runs 7-9 September at Almasa Convention Center in the new administrative capital. The three-day event will bring together global policymakers, ministers, development partners and other participants ahead of COP27 to discuss climate action and green transition, food security, and others with a focus on Africa. Check the full agenda here (pdf).

Tourism expo starts tomorrow: The four-day Gate Travel Expo 2022 starts tomorrow at El Qubba Palace.

???? CIRCLE YOUR CALENDAR-

Our monthly list of data points to keep your eye on over the next few days and weeks:

• Foreign reserves figures for August should be out during the first week of the month.
• Inflation figures: Inflation data for August from Capmas will land on Saturday, 10 September. Expect the Central Bank of Egypt to follow up on Sunday, 11 September with its inflation report.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 September to review interest rates.

We’re expecting some sort of announcement from the government on how it plans to proceed with its privatization program, according to media comments Finance Minister Mohamed Maait gave last week. This came on the same day as Prime Minister Moustafa Madbouy met with the heads of the EGX and the Financial Regulatory Authority to discuss plans to sell stakes in state-owned enterprises on the bourse.

Support measures coming for local commercial ships? Transport Minister Kamel El Wazir will hold a meeting this week with the maritime transport sector and private shipping companies to discuss ways to boost the commercial fleet, Al Mal reports, citing an unnamed source.

GECF to meet ahead of COP: The Gas Exporting Countries Forum (GECF) will hold a virtual coordination meeting in the run-up to COP27 next Thursday, 15 September, it said in a statement. The meeting will cover the developments regarding the UN climate change negotiations, it will also see all 19 members exchange views regarding the matter.

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 36°C during the day tomorrow before falling to 24°C at night, our favorite weather app tells us.