More chatty chatbots

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: PMI still in contraction — but is at its highest level since last October

Good afternoon, friends, and happy THURSDAY-equivalent. We’re sliding into the long weekend — enjoy it, because the next holiday coming our way is Eid Al Adha at the end of June.

THE BIG STORY TODAY

PMI inches up, but remains in contraction: Activity in Egypt’s non-oil private sector remained in contraction territory in April as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on inventories, according to S&P Global’s purchasing managers' index (pdf). April’s PMI score inched up to 47.3, rising from 46.7 in March. The reading means activity is still shrinking, but is the highest level the PMI has hit since last October.

THE BIG STORY ABROAD

Picking up where we left off this morning, the international business press is firmly focused on the US banking sector and the US Federal Reserve, as the Federal Open Market Committee wraps its two-day meeting later today: CNBC | Reuters | Financial Times | Wall Street Journal.

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

That’s a wrap on the play for Pachin: Dubai-based National Paints Holding (NPH) has acquired over 80% of EGX-listed Paint and Chemical Industries (Pachin) for around EGP 770.5 mn in its mandatory tender offer that wrapped yesterday.
Toyota Tsusho could set up a factory here: Toyota Tsusho, the Africa-focused trading arm of Japanese carmaker Toyota, is looking to build two car factories in Africa and is considering setting up one of them here.
Tourist arrivals to Egypt in the first four months of the year jumped 33% from the same period in 2022.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI). The event will take place atthe Four Seasons, Nile Plaza.

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

ON THE AGENDA- We have seven panels where we discuss the steps these leaders and companies are taking to pull in FDI and to make their business export-driven. There will be several “lessons-learned” panels that include an Egyptian product focused one that looks at white goods, consumer electronics, fertilizers and garments. Another intends to extend the steps taken to create an export and FDI strategy through listening to the advice of other c-suite executives who have successfully made their business move in that direction. More panels include how to identify and pull in the right foreign partner, how to become part of a multinational’s supply chain, how industrial clusters can offer a way for SMEs to be part of our export economy and what industries of tomorrow we can leapfrog into. You can check out the full agenda here.

Some of the biggest names in business and finance are on board: The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

☀️ THE WEATHER THIS WEEKEND- Our lucky streak of sunny, warm weather continues:The mercury will rise tomorrow to a warm 36°C and 34°C on Friday, before cooling down a little to 30°C on Saturday. Expect nighttime lows starting at 23°C tomorrow that fall further to 17°C and 16°C the rest of the weekend.

More chatty AI chatbots are entering the chat + Vice Media is on the brink of bankruptcy

Google DeepMind and LinkedIn dive into the AI pool: Google DeepMind and LinkedIn’s founders launched a data-based chatbot called Pi — AI startup Inflection’s first product — where users will see personal conversations with the chatbot via an app, WhatsApp, Instagram, and Facebook, reports the Financial Times.

So, what’s in store? The new chatbot has the “persona of a sympathetic sounding board, rather than trying to provide information,” Inflection CEO Mustafa Suleyman said. It also has a more narrow use case — making it safer and easier to utilize, he added. Unlike most chatbots, Pi keeps the conversation flowing by asking users questions at the end of responses, “helping facilitate your own line of inquiry,” Suleyman added. The app — like many others — has an objective to help generate scripts and create art right away.

AI related concerns persist: As concerns about AI technology’s potential privacy violations, bias, proliferate scams and misinformation — as well as the rapid advancements of the technology — remain a pressing matter for those inside and outside the industry, Google and Microsoft’s CEOs will see a White House meeting today with American Vice President Kamala Harris to discuss AI related issues, Reuters reports.

Is Vice going under? Vice Media is struggling to secure a buyer that would save the company from bankruptcy, the New York Times reports, citing two sources with knowledge of the matter. The company, which “charmed giants like Disney and Fox into investing before a stunning crash-landing,” could be forced to file for bankruptcy within weeks, but still has a “slim” chance of locking down a buyout agreement, the sources said. The Canada-founded company has failed to turn to the black in the past several years, leading to several rounds of layoffs.

Chaos Walking: A dystopian sci-fi action film where women don’t exist, and you can hear everything men are thinking

? ON THE TUBE TONIGHT-
(all times CLT)

Imagine a world with no women — and where all of men’s thoughts are audible: Action film Chaos Walking, which is based on Patrick Ness’ sci-fi novel of the same name, is set in a dystopian world where there are no women and an enigmatic force called the Noise makes all men’s thoughts audible. Todd Hewitt (Tom Holland), a teenage boy living in a remote colony town, discovers Viola (Daisy Ridley), a young woman who has crash-landed on his planet. Soon, the two embark on a dangerous journey together, as they flee from a ruthless and powerful man, Prentiss (Mads Mikkelsen), who is on their trail. Chaos Walking is packed with intense action and captivating performances that keep audiences on the edge of their seats. The film is a visual and auditory spectacle, with stunning CGI and a hauntingly beautiful score that perfectly complements the story. You can watch Chaos Walking on Shahid.

Tomorrow is the Egyptian Super Cup — with a small programming change: Al Ahly will play against Pyramids tomorrow, after Zamalek withdrew from the match in protest over several Egyptian Football Association decisions, including allowing banned Al Ahly forward Kahraba to play the match. Zamalek is hoping to save its underwhelming season with a Super Cup victory. The match kicks off at 7:30pm.

Meanwhile in the Premier League: Manchester City continues on its march towards clinching the title when it meets West Ham at Etihad stadium at 10pm tonight. Meanwhile, Liverpool is hoping to secure qualification for the UEFA Champions League or hold on to its qualification for the Europa League when it plays against Fulham. At the same time, Brighton will play host to Manchester United, with Manchester United also looking to secure the three points that would put it in third place in the league — and allow it to qualify for the Champions League or Europa League.

Also in the Premier League’s Gameweek 35:

Manchester City v Leeds (Saturday at 5pm)
Wolverhampton v Aston Villa (Saturday at 5pm)
Tottenham v Crystal Palace (Saturday at 5pm)
Liverpool v Brentford (Saturday at 7:30pm)

Don’t forget to join the Enterprise Fantasy League by clicking on this link or using the code 8o4sut to compete against more than 200 of our readers for a special prize.

Over in La Liga, Valencia hosts Villareal at 8:30pm tonight, with Valencia hoping to secure three points to move out of the bottom of the league. Getafe — which is currently second-to-last in the league — is also fighting against relegation when it meets Celta Vigo at 11pm tonight. Meanwhile, Atletico Madrid faces off against Cadiz at the same time. A victory would put Atletico Madrid in second place, edging out Real Madrid with a one-point difference.

The Spanish league continues over the weekend with the following matches:

Girona v Mallorca (Thursday at 8:30pm)
Sevilla v Espanyol (Thursday at 8:30pm)
Rayo Vallecano v Valladolid (Thursday at 11pm)
Atletico v Real Betis (Thursday at 11pm)

Serie A also has a handful of matches over the next few days, starting with Milan v Cremonese at 10pm and Verona v Inter, both at 10pm tonight. Tomorrow, Udinese meets with Napoli at 9:45pm, while Milan v Lazio kicks off at 4pm on Saturday and Roma v Inter is scheduled for 7pm on Saturday.

And in the Bundesliga, Bayern Munich is playing against Werder at 7:30pm on Saturday, with Bayern hoping to push its score to 65 points to maintain its point gap with second-place Dortmund, which has 61 points, with four gameweeks left in the league.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, opened at Safarkhan Art Gallery yesterday and runs through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Enjoy art for a good cause: The French Embassy in Cairo is hosting Le Printemps des Artistes, a nonprofit exhibition from this Friday-Sunday, 5-7 May at the Diplomatic Club in downtown Cairo. The exhibition — which will be open to the public at no charge — will feature nearly 400 art pieces from 80 Egypt-based artists. The exhibition will benefit French NGO Samusocial International Egypt, which “supports street children and isolated young mothers in Cairo,” according to a press release (pdf).

Learn how to (properly) use your phone camera with the help of professional photographer Mohamed Elmaandi, who will be running a 10-hour workshop on mobile photography. The workshop will run on Friday and Saturday, 5 and 6 May at the AUC School of Continuing Education from 9:30am until 6:30pm.

Running for a cause: Red Bull’s Wings for Life World Run will be taking place on Sunday, 7 May and is expected to be the world’s largest marathon. Participants will include runners and wheelchair users whose entry fees will be fully donated to spinal cord research. The run will take place in several locations across the world. In Egypt, participants will meet at 1 pm on the Cairo-Ain Sokhna Highway or download an app here through which they may run anywhere.

An iconic talent at an iconic venue: It’s time for Omar Khairat’s annual fundraising concert. The musical virtuoso will be gracing attendees with his timeless music at the Grand Egyptian Music (GEM) next Sunday, 7 May.

Back to the Cairo Opera House: Egypt’s iconic Omar Khairat will be performing next Wednesday, 10 and Thursday 11 May, starting 8pm. The concerts are expected to run through until 11pm at the historical venue’s Main Hall.

Who else has a 40-year roster of songs to choose from at a concert? Catch Amr Diabperforming some of his biggest hits — old and new — at AUC on Friday, 12 May. Tickets are available through Tazkarti.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Turn back the clocks: Somewhere in a small back alley of Tokyo sits a cafe, manned by a father, his young daughter, and cousin. Not much is special about this coffee shop, which has continued to quietly serve its customers for over a hundred years — but for the few that know, the coffee shop offers the chance to travel back in time. Toshikazu Kawaguchi’s Before the Coffee Gets Cold tells the stories of four visitors hoping to return to their past — to tell the father of their adoptive daughter of her life, to confront a man who left them and to meet a husband who has since lost his memory to Alzheimer’s. But these emotional trips are beset by rules: Customers must sit in a particular seat, cannot attempt to change events, and must return to the current day before the coffee gets cold — failure to comply will leave the customer stuck in the past and a ghost to the present.

Elsewedy Electric is paying out dividends + Sidpec reports 1Q 2023 earnings

MARKET NEWS-

Elsewedy Electric is paying out dividends of EGP 0.40 per share on its FY 2022-23 earnings, payable on 21 May, the company said in an EGX disclosure (pdf).

EARNINGS WATCH-

Sidi Kerir Petrochemicals Company reported net income after tax of EGP 520 mn in 1Q2023, up 107.2% y-o-y, the company said in anEGX disclosure (pdf). The company recorded EGP 3.6 bn in revenues during the first quarter, up 71.4% y-o-y.

MARKET ROUNDUP-

The EGX30 fell 0.3% at today’s close on turnover of EGP 1.68 bn. Regional investors were net buyers. The index is up 18.5% YTD.

In the green: Ibnsina Pharma (+6.4%), Taaleem (+3.2%) and Sidi Kerir Petrochemicals (+1.9%).

In the red: e-Finance (-2.3%), Oriental Weavers (-2.1%) and Orascom Construction (-2.1%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

4 May (Thursday): National holiday in observance of Labor Day (TBC).

6-20 May (Saturday-Saturday): Film Society Festival for Egyptian Cinema.

12-15 May (Friday-Monday): Egypt Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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