Good afternoon, wonderful people. It’s been a whirlwind start to this new workweek here at home, although international headlines appear to be stuck in time with not much happening beyond our borders.

THE BIG STORY TODAY

e-Finance plans share buybacks: State-owned fintech firm e-Finance will buy back 5% of its outstanding shares over the next nine months in a bid to “support the company’s share price” and “strengthen investors’ confidence in the firm,” the company said in an EGX disclosure (pdf). The company’s shares closed up 2.8% to reach EGP 15.41.

THE BIG STORY ABROAD

The international press is squarely focused on two things, and two things only this afternoon: Queen Elizabeth II’s death and Ukrainian forces’ against Russian soldiers. Ukraine has recaptured Kharkiv from Russian forces, which Ukrainian President Volodymyr Zelensky suggested could be a turning point in the war that has dragged on since late February (Reuters | Bloomberg | CNBC). Meanwhile, we’re getting the play-by-play of the funerary process for the late Queen Elizabeth II courtesy of Reuters and the Wall Street Journal.

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

• Meltdown on Planet Startup: The board of directors of B2B e-commerce startup Capiter has fired the company’s co-founders “effective immediately” as social media exploded with allegations of financial impropriety (including embezzlement).
• Inflation accelerated in August to reach a near-four-year high on the back of higher food and beverage prices.
• Domty shareholders will get a little more for selling to Expedition Investments: The Expedition Investments-led consortium bidding to acquire 34% of cheesemaker Domty has upped its offer by 10%.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Industrial companies’ share performances on the EGX30 on a year-to-date basis and in the past five months (since the beginning of 2Q 2022) are once again somewhat at odds with the gains reported in their earnings during the second quarter of the year. While shares in only one of the five companies we’re looking at are in the green YTD, four out of the five companies reported strong earnings in 2Q 2022.

???? CIRCLE YOUR CALENDAR-

Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham for a luncheon tomorrow (Monday, 12 September) from 1-4pm CLT. Dr. Mahmoud will by speaking in his capacity as UN climate change high-level champion for Egypt. The special luncheon meeting at the Nile Ritz Carlton is open to AmCham members and their guests. Non-members can register to watch here.

Consoleya and Cairo Angels will host a business meet-up tomorrow focusing on Nigeria’s tech ecosystem and how it compares with Egypt’s startup scene. Tarek Shahin (CI Capital’s chief investment officer), Biola Alabi Media CEO Biola Alabi, and Ibrahim Sagna (Afreximbank’s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.

Domty deadline day: Shareholders in cheesemaker Domty have until Wednesday to sell their shares to Expedition Investments, as part of its mandatory tender offer for 34% of the company. Expedition sweetened the deal by upping its offer price by 10% last week, which we cover in more detail in this morning’s news well, below.

B Investments is going to have to make up its mind over TotalEnergies Egypt by Thursday: The private equity player has the right to preempt a bid by Abu Dhabi energy giant Adnoc to acquire a 50% stake in the company, which expires on Thursday.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 38°C tomorrow during the day before falling to 23°C at night, our favorite weather app tells us.