Happy THURSDAY, wonderful people. The slide into the weekend is much calmer than we had anticipated, as the news cycle takes a bit of a breather this afternoon.

CORRECTION- In this morning’s edition of EnterpriseAM, we incorrectly wrote in the TL;DR that Trella raised a USD 20 mn round. It was digital banking app Telda that raised the round. The entry has been updated on our website and we apologize for the error.

THE BIG STORY TODAY

Egypt backs UN resolution condemning Russia’s Ukraine annexations: Egypt voted in favor of a UN General Assembly Resolution earlier this week condemning Russia for annexing several regions in Ukraine and demanding that Russia reverse the move, the Foreign Ministry said in a statement. The statement also reiterates Egypt’s calls for Russian and Ukraine to reach a diplomatic solution to the conflict.

THE BIG STORY ABROAD

US core inflation hit a four-decade high in September, although the consumer price index rose at a slower pace during the month, coming in at 8.2%, according to Bureau of Labor Statistics data. The core inflation figure, which strips out food and energy costs, rose 0.3 percentage points from August. The story is on the front pages of the Wall Street Journal, the New York Times, and the Financial Times this afternoon.

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

• An assistance package from the IMF is in the “final confirmation” stage, Finance Minister Mohamed Maait said on the sidelines of the IMF / World Bank Annual Meetings.
• The Siemens-built, 4.8 GW combined-cycle power plant in Beni Suef has reportedly been tapped as the first of the three plants to be transferred to the Sovereign Fund of Egypt’s (SFE) pre-IPO fund before the end of the year.
• 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.

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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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???? CIRCLE YOUR CALENDAR-

Bread reform committee should get House approval on Sunday: The House should 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.

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.

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

☀️ TOMORROW’S WEATHER- It’s going to be a little cooler over the weekend, with temperatures peaking at 27-29°C in the day and hitting as low as 21°C at night, the national weather service says. There’s also a chance of rain along northern coastal regions.