Happy almost-THURSDAY, friends. We’re almost at the finish line for the week, but the news cycle shows no signs of slowing just yet.

THE BIG STORIES TODAY

#1- Egypt’s external debt dropped 1.3% q-o-q to USD 155.7 bn during the fourth quarter of last fiscal year (from April-June 2022), down from an all-time high of USD 157.8 bn the preceding quarter, according to central bank figures.

#2- Beni Suef power plant tapped for SFE’s pre-IPO fund? The Siemens-built combined-cycle power plant in Beni Suef is reportedly going to be the first of the three plants that will be transferred to the Sovereign Fund of Egypt’s (SFE) pre-IPO fund before the end of the year, Bloomberg Asharq reports, citing three government sources. The fund is meant to prepare the state-owned assets and companies for stake sales. The SFE will offer stakes in the plant to strategic investors “at a later time,” the sources say. Planning Minister Hala El Said had said last month that one of the three plants will be among the first batch of assets that will be transferred to the pre-IPO fund, which plans to raise USD 6 bn from selling stakes in state-owned assets by mid-2023.

THE BIG STORY ABROAD

The international business press is broadly focused this afternoon on the ongoing meltdown in the UK bond market, as the Bank of England holds its ground on ending its bond-buying program this Friday, 14 October. The announcement led to a renewed sell-off in gilts, while the GBP slid again. The story is on the front pages of the Financial Times, the Wall Street Journal, Reuters, and CNBC.

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

• The IMF expects more than a third of the global economy to contract “this year or next,” it warns in its October World Economic Outlook.
• We’re getting EUR 40 mn from the EBRD for freight + passenger rail line: Egyptian National Railways could be securing a EUR 40 mn loan from the European Bank for Reconstruction and Development to partially finance work on the Robeiky-10th of Ramadan-Belbeis freight and passenger railway line.
• Fintech and fintech-enabled startups are up for a funding boost after Mastercard closed a “strategic” investment in fintech fund Nclude.

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???? CIRCLE YOUR CALENDAR-

Bread reform committee should get House approval on Sunday: The House will approve Supply Minister Ali El Moselhy’s proposal to form an ad hoc committee to look into possible changes to the country’s massive bread subsidy program during its session on Sunday, 16 October, head of the House agriculture committee Hesham El Hossary told reporters yesterday.

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.

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.

Will Sidpec buy Ethydco? Sidi Kerir Petrochemicals’ (Sidpec) board will discuss the potential acquisition of state-owned Egyptian Ethylene and Derivatives Company (Ethydco) through a share exchange, at an extraordinary general assembly meeting next Thursday, 20 October, according to an EGX disclosure (pdf). Sidpec has tapped NI Capital as advisor, the company said in a statement (pdf) to the bourse.

????TOMORROW’S WEATHER- It’s going to be another partially cloudy day, giving us a daytime high of 30°C and a nighttime low of 20°C, our favorite weather app tells us.