Good morning, wonderful people. It’s a quiet Monday morning — but expect the newsflow to pick up pace as the day wears on. September inflation figures are due out today and the Senate will be discussing key legislation meant to power up our electric vehicle industry.

THE BIG STORY here at home: The Supply Minister is breaking a months-long silence on bread subsidy reform. Supply Minister Ali El Moselhy is calling on MPs to form a committee to discuss ways to target the country’s gargantuan subsidy program more effectively and cut what we pay to import wheat. Subsidy reform — traditionally a “third rail” of Egyptian public policy — has been a no-go area for years, but is back in the spotlight as more households are squeezed by the rising cost of living.

HAPPENING TODAY-

The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.

It’s inflation day: Capmas and the Central Bank of Egypt are set to release inflation figures for September today. Analysts are expecting inflation to have continued rising in September due to the weakening EGP after reaching highs not seen since November 2018 in August.

ALSO- A green Monday for the Senate: The Senate will discuss legislation today that could set up a new regulatory body to set policies to localize the auto industry, including electric vehicles (EV). Enterprise Climate last week reported in depth on the bill, which would also set up a fund to provide financing and incentives to investors looking to get in on local EV assembly in Egypt.

The Senate will also discuss amendments to the Environment Act that would see a “green fee” of between EGP 1k and EGP 50k levied on new diesel and gas vehicles. As the bill currently stands, some 80% of the proceeds would go towards localizing our climate-friendly vehicle industry, with the rest to be split between the Environment` Protection Fund and the state budget.

CATCH UP QUICK- The government’s automotive committee held its first meeting last month, inching us closer to the long-awaited automotive strategy.

** CORRECTION- In yesterday’s editions of EnterpriseAM and EnterprisePM, we incorrectly reported that the “green fee” would be set between EGP 1k and EGP 500k.

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Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.
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SETTING THE TONE GLOBALLY: The IMF and World Bank annual meetings kick off today in Washington, DC, and wrap up on Sunday, 16 October. The theme of the in-person gathering is clear from the very first session: “addressing multiple crises in an era of volatility.” You can explore the meetings’ website here or dive deeper into the day-by-day agenda here.

Not (yet) on the agenda: A meeting of the executive board to discuss an assistance package for Egypt. The public agenda of the IMF’s top body so far shows no meetings penciled in for this week. The board would have to approve any loan or other assistance to Egypt.

Central Bank Governor Hassan Abdalla, a number of cabinet members, and a who’s who of the Egyptian banking community are all descending on Washington for the get-together.

OTHER BIG GLOBAL STORIES worth knowing about this morning:

• There’s less than a month to go until midterm elections in the United States. The New York Times is describing this as a “tumultuous race.” The right-leaning Wall Street Journal suggests voters prefer Republicans on economic issues heading into the 8 November poll, and Politico is calling the battle for a majority in the Senate a “nail-biter.”
• Markets sage Mohamed El Erian is getting lots of ink after he warned in a televised interview that the US faces “a very high probability of a damaging recession that was totally avoidable.” (Bloomberg | Fortune)
• Reporters are zeroing in on China, which will hold its once-every-five-years Communist Party congress next week. The gathering is expected to deliver China’s president, Xi Jinping an unprecedented third five-year term in office.
• An attack on a road and rail bridge that’s a key part of Russia’s supply line into southern Ukraine is still making headlines.

MORNING MUST READS-

What the hell is the metaverse, anyway? The New York Times’ Kashmir Hill spent 24 hours with a Facebook Meta headset clamped over her head to figure out the state of play — and is back with a report for those of us who just … can’t.

Howard Schultz’s fight to stop a Starbucks barista uprising in the Washington Post is simultaneously an inter-generational epic, a dive into the state of the US labor market, and a warning to startup founders that their businesses will — one day — outgrow their abilities to control them.

CIRCLE YOUR CALENDAR-

Assessing Nafeza, one year on: Lynx Strategic Business Advisors are hosting a webinar today to discuss the Advanced Cargo Information (ACI), aka Nafeza, one year after it was implemented. You can register for the event here.

The CEO Women Conference takes place in Cairo today. The event will bring together Arab and African businesswomen together to discuss women’s leadership and forge closer ties.

Fuel prices to rise this month? We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine.

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

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: The private sector can play a significant role in increasing kindergarten enrollment and high school graduation rates across Egypt, according to a new World Bank report. In today’s Blackboard, we look at the benefits of expanding public-private partnerships (PPPs) to provide universal KG education in Egypt, and how improving access to early childhood education is critical for Egypt's educational reform plans.

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at a changing regulatory landscape for nutritional and dietary supplement producers, which industry players say could undermine local manufacturing and hamper exports.