Global VC funding drought in 1H 2023 despite AI boom: Global venture capital funding saw a 48% decline in the first half of 2023 to USD 173.9 bn, according to data from research firm PitchBook, reports Reuters. That’s despite investors plowing some USD 40 bn in AI startups over the past six months, sparked by the success of OpenAI’s ChatGPT – which received a USD 10 bn investment from Microsoft – and similar products. The dip is all the more stark considering that VC funding hit a record high only two years ago, reaching USD 745.1 bn in 2021.

The days of easy money are over: VCs are becoming more selective against a backdrop of rising interest rates, fewer IPOs, and a lack of alternative ways to make exits. Latin America has seen the biggest fall in VC funding with an 86% slump, while funding fell 69% in Europe and 65% in the US.

ADQ + Bank of Montreal to snap up stakes in Sagard: Abu Dhabi sovereign wealth fund ADQ and Canada’s Bank of Montreal will acquire minority stakes in alternative asset manager Sagard, according to a joint statement seen by Reuters. The transaction will see Canadian ins-focused financial holding firm Great-West Lifeco increase its existing minority stake in Sagard. It is expected to close in 3Q 2023, pending regulatory approvals.

Musk calls copycat on Threads: Twitter plans to take legal action against Meta, accusing the company of hiring ex-Twitter employees to develop rival app Threads, BBC News reports. Meta denies the claims. More than 30 million people signed up to Threads in the 24 hours following its launch last week.

EGX30

17,102

-1.6% (YTD: +17.2%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

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17.25% lending

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+0.1% (YTD: +10.7%)

ADX

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0.0% (YTD: -5.9%)

DFM

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S&P 500

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FTSE 100

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Euro Stoxx 50

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Brent crude

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THE CLOSING BELL-

The EGX30 fell 1.6% at Thursday’s close on turnover of EGP 1.67 bn (about 24% below the trailing 90-day average). Local investors were net sellers. The index is up 17.2% YTD.

In the green: EFG Holding (+2.1%), Qalaa Holdings (+1.7%) and Edita (+1.3%).

In the red: Ibnsina Pharma (-4.0%), Egypt Kuwait Holding (-3.9%) and Elsewedy Electric (-3.5%).

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