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TikTok is in the naughty corner

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING:

Good afternoon, wonderful people. We come to you after bringing a close to the second and final day of the Enterprise Finance Forum, which we’re very happy to report was another full house and again brought insightful conversations on stage. On behalf of all of our guests, our sponsors, and our partners, thank you to everyone who joined us on stage.

THE BIG STORIES TODAY

#1- Chevron plans to invest USD 3 bn in 1H 2024 to develop their block in the Nargis natural gas concession in the Eastern Mediterranean, Asharq Business reports, citing an official source it says has knowledge of the matter.

#2- Toma has its eyes on Dice: Clothing company Dice Sports and Casual Wear has received a preliminary offer from a consortium of Toma for Commercial and Industrial Investments and Dice shareholder Maged Toma for the acquisition of a 90% stake in the company at EGP 0.65 per share, Dice said in a disclosure (pdf) to the EGX. The offer, which is targeting 1.6 bn shares, is worth EGP 1.045 bn, by our math.

THE BIG STORY ABROAD

Threats to trade ties between Canada and India are leading the conversation in the international business press this afternoon. The crumbling relations between the two nations reached a new height when Canada accused India of the assassination of a Sikh separatist leader in British Columbia in June. Diplomatic ties have already been strained with India’s disdain of Sikh separatist activity in the western nation, although matters have been strained further by Canada’s decision to remove India’s top intelligence officer from the country while the South Asian nation has given a senior Canadian diplomat 5-days notice. (Reuters | Financial Times | Associated Press | Bloomberg | Washington Post | The Wall Street Journal)


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

  • That ACUD IPO is still alive: The company in charge of developing the new administrative capital could move forward with an IPO on the EGX during the first half of 2024.
  • Another Gulf acquisition of an Egyptian pharma group in the works? A number of Gulf investors are interested in acquiring a stake in distressed pharma wholesaler United Company of Pharmacists.
  • SCZone wants a big loan to fund green hydrogen projects: The General Authority for the Suez Canal Economic Zone (SCZone) is on course to take out a 15-year, EGP 30 bn loan from a syndicate of local banks to finance the infrastructure for a number of green hydrogen projects.

☀️ TOMORROW’S WEATHER- Expect a high of 33°C in the daytime and a cooler 23°C in the evening, according to our favorite weather app.

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FOR YOUR COMMUTE

TikTok fined on children’s privacy + Monster storms will becomes the new norm

TikTok fined for breaching EU data law on children’s privacy. The EUR 345 mn ticket was issued by Irish regulators under the GDPR privacy law, according to the BBC. An investigation conducted found that TikTok was not transparent enough with children about its privacy settings — making accounts public by default for those aged 13 to 17. TikTok disagrees with the decision and believes the criticisms are focused on features that were changed before the investigation began.

This fine was one of the largest. In April 2020, TikTok was fined by the UK data watchdog GBP 12.7 mn for allowing children under the age of 13 to have an account. Since then, TikTok has become more compliant in making accounts for 13 to 15-year-olds private by default in January 2021. This month, all 16 and 17-year-olds signing up will have their accounts automatically private. These actions aim to address concerns over data protection and underage usage.


Rapidly intensifying storms are now more common within 386 km of coastlines than they were four decades ago, reports a recent study published in Nature. Satellites recently released images of Hurricane Lee, where meteorologists have identified it as “a monster storm”, where wind speeds increased from an Category 1 storm to a Category 5 storm in 24 hours, as one weather presenter from WKRG-TV said. Scientists predict that global warming will lead to more hurricanes like Lee, which have the potential to double in strength before hitting coastal communities.

Contributions to rapid intensification are from environmental nuances, like the influence of freshwater and increased rainfall. A study, conducted by Ruby Leung, an atmospheric scientist, showed that freshwater from river systems can increase the chances of rapid intensification in certain areas. Climate change is also causing hurricanes to produce more rainfall. Forecasting models could enhance their accuracy by gathering more data from the inner core of hurricanes. Through devices such as Hurricane Hunter reconnaissance flights, as well as detailed measurements from satellite data, buoys, and drones, according to The National Geographic.

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ENTERPRISE RECOMMENDS

Figure out why this K-drama is a global hit

? ON THE TUBE TONIGHT-
(all times CLT)

Moving is the new Korean show that became the most watched K-drama on several platforms in a week. This 20-part series combines several genres: Action, fantasy, and sci-fi and is creating a following as new episodes continue to air until the end of September. The plot is simple enough: Three teenagers in high school with secret superpowers — like defying gravity — are in danger when a government entity sets out to get them. There to protect them, however, are their equally gifted spy parents who come out of retirement to ensure their children are safe. But while the storyline is not groundbreaking, the script, impressive production, and performances make “Moving” more than worth our time. And Kang Full — the artist whose webtoon was adapted into the show — also seems to agree. “No matter how interesting the plot is, it all comes down to who is taking us through the story”, the visual artist, who also happens to have written the screenplay, is quoted as saying in an interview. And sure enough, his focus on character development shines through the star-studded affair.

Did you miss the anthem? The excitement of the Champions League returns again with eight matches in the opening of the group stage today.

Milan and Newcastle will meet for the first match tonight at 7:45pm. The Young Boys will be playing against Leipzig at the same time.

Matches at 10pm tonight:

  • Paris Saint-Germain v Dortmund
  • Manchester City v Red Star
  • Barcelona v Royal Antwerp
  • Lazio v Atletico Madrid
  • Feyenoord v Celtic
  • Shakhtar Donetsk v Porto

There is excitement at home, too: Al Ahly will play its first match in the new season of the Premier League against Al Masry at 7pm tonight. Before that, at 4pm, Zed — which is newly minted in the league — will meet with Al Ismaily.

? OUT AND ABOUT-
(all times CLT)

Watch the Skating Theatre Show tonight at Cairo Stadium starting at 6pm. Get your tickets from Ticketsmarche.

Catch comedian Ali Quandil’s standup comedy show at Teatro in Arkan Plazaon Thursday, 21 September from 8:30 pm. Get your tickets from Ticketsmarche.

Masar Egbari will perform at City Garage Live in City Centre Almaza on Friday 22 September. Tickets are available on Tazkarti.

Tamino is coming back to Egypt to perform on Friday-Saturday, 22-23 September at 8pm at AUC’s Tahrir campus.

Samar Tarek, Muslim and Molotof are all set to perform on Friday, 29 September at the Greek Campus. Tickets are available on Ticketsmall here.

Medhat Saleh will be performing at the Cairo Opera House on Friday, 29 September at 8:30 pm. Get your tickets on Ticketsmall.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

Omar Khairat is set to perform at Cairo Opera House on Tuesday-Wednesday, 3-4 October from 8:30-11:30 pm.

Italian opera Teatro Di San Carlo is coming to Egypt for the first time with a showat the Pyramids of Giza on Wednesday, 11 October. You can book your tickets from Ticketsmarche here.

Egyptian singers Ruby and Ahmed Saad are performing together at Misr University on Wednesday, 18 October at 8pm. Get your tickets at Ticketsmarche.

DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.

Jim Gaffigan’s Barely Alive Tour will hit the Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.

Canadian pop star Charlotte Cardin will be performing at CJC 610 on Saturday, 20 January at 9 pm. Get your tickets here.

? UNDER THE LAMPLIGHT-

Right Kind of Wrong : The Science of Failing Well will help you maximize the benefits of your mistakes. Not all mistakes were born equal, as the introduction of this book by Harvard School Leadership Professor Amy Edmondson shows. Some can literally mean the difference between life and death, while others, not so much. A helpful way to think about the different kinds of mistakes a person can make is the one Edmondson employs: There is simple, complex, and intelligent failure. Luckily, on a day-to-day basis, most mistakes do not have immensely overwhelming consequences. And yet, according to this book, we are left with three uncomfortable feelings when we do fail: Aversion, confusion, and fear. It is only by understanding this “failure landscape” first, which she discusses in part I, that we are able to fail better. Thus, in the second part of her book, Edmondson walks us through how, as inevitably fallible human beings, we can rethink failure by replacing shame and guilt with growth and curiosity. Her writing is uplifting, motivational, and highly needed in a fast-paced world when decision-making and changes are ever-present.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 19 September, 2023

Orascom Construction’s board of directors approved paying out dividends of USD 0.275 per share on its FY 2022-2023 earnings, payable on 31 October, the company said in an EGX disclosure (pdf). The company’s ordinary general assembly will consider the proposal on 11 October.

MARKET ROUNDUP-

The EGX30 rose 1.0% at today’s close on turnover of EGP 3.2 bn (51.1% above the 90-day average). Foreign investors were net buyers. The index is up 36.7% YTD.

In the green: Mopco (+19.2%), Abu Qir Fertilizers (+5.5%) and Alexandria Containers and Cargo Handling (+4.2%).

In the red: Oriental Weavers (-4.7%), Orascom Development Egypt (-2.7%) and Talaat Moustafa Group (-2.6%).

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Founder of the Week

Meet our founder of the week: Farah El Charkawy, Fôu’s co-founder and executive pastry chef

OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Farah El Charkawy (LinkedIn), Fôu ’s co-founder and executive pastry chef.

My name is Farah El Charkawy and I’m the co-founder and executive chef of Fôu, which is an online pastry boutique specializing in crafting artisanal French pastries. Before Fôu, I was a lawyer: I graduated with a double bachelor’s degree in law from Paris 1 Panthéon-Sorbonne and Cairo University, then I went on to earn my masters degree from Toulouse 1 Capitole in 2013. Afterwards I worked as an arbitration lawyer at Zulficar and Partners Law Firm, which I joined in 2014.

I have been passionate about pastries since I took my first culinary course in 2014, and since then, I’ve wanted to have my own pastry shop and pursue a career in this field, giving it my full attention and time to eventually establish my own pastry business. In 2019, I left the law world and traveled to France to study French pastry art at Alain Ducasse's school (Ecole Nationale Supérieure de Pâtisserie). Then, I did some training in Paris with a well-known chef in France, Christophe Michalak, and another famous chef in Dubai, Karim Bourgi.

The best part of my job is brainstorming and building up my recipes. It’s a creative process: Flavors are imagined, research is conducted, and (many) pastry books are read. I could travel for inspiration as well. New destinations allow me to taste as many products as possible and inspire me more. I also love to put plans for marketing and developing my brand.

Standing on my feet for long periods of time — almost 14 hours per workday — is one of the worst parts of my job. Another downside is that my mind is fully consumed with work — even if I’m not physically present at the factory or even on my days off — I just can't stop thinking about recipes, flavors, food, and concepts.

Don’t be afraid to make mistakes, and be patient and courageous is the advice I could give someone who is thinking of starting their own business. People sometimes feel upset when things do not go well with them. But, goals take time to be achieved — just don’t give up quickly, and learn from your mistakes.

The two most important KPIs that I look at every day are my products’ sale rate and the optimum cost spent on raw materials, as prices fluctuate from one day to another.

I choose to turn to my friends, my business partner s, and colleagues in the industry when I face an obstacle: It really depends on the type of problem and the situation.

Being a founder of a startup is not a lonely journey ; in fact, I have been fortunate to have an amazing team that makes everyday operations achievable. This companionship comes despite losing out on a lot of social activities such as going out with friends, playing sports, and traveling when I started working on my business.

Most importantly, I am grateful for Marianne Smaika, and Sherif and Karim Bichara, my partners who trusted and supported me blindly, and invested EGP 5 mn into Fôu.

My company’s long-term plan is to establish a mother company with a focus on F&B activities. I dream that Fôu will not only be about selling French-style pastries — I see its potential to offer different related products such as cutlery and tableware.

If I were to leave Fôu tomorrow, I would s ell it to a company that would respect the nature of my business and its philosophy. I would definitely prefer to stay on as a partner, rather than sell it off entirely, but if I had to, I would be an advisor or a consultant for the brand.

My family was completely shocked by my decision to let go of my stable law career. Despite their general support for all my decisions, never influencing my choices or my actions, they were wary of my career shift. They believed that I was ruining my future by giving up on being a lawyer, and that I would not excel on this path. Nevertheless, they encouraged me to do what I wanted to do, even if they did not agree with me. I believe that they are now very proud of what I’ve achieved.

The last great thing I read was a novel called The Course of Love by Alain de Botton. It addresses the concept of love and marriage from a very mature and realistic perspective. I find that it gives great lessons on forgiveness, acceptance, and allows one to understand human relationships differently.

I always get my inspiration from traveling to new places. My mind digests new ideas from visual stimuli and gets revived. Trying new food and experiencing different flavors is another ingredient for inspiration.

If I am ever lucky enough to have some down time, I always spend it with my friends. Other times, I escape to the beach, and, of course, nothing beats some retail therapy.

From the startups out there, I think Cairopolitan is killing it, withtheir original, unique, and creative products.

If I couldn't build the business that I’m building now, I would study the art of perfumery. This art is something that impresses me and I deeply believe that understanding the chemistry behind scents would help me come up with creative flavors for desserts. Another scenario would be traveling — living the simple and carefree life of a student — enjoying myself and learning something interesting.


SEPTEMBER

19 September (Tuesday): The Skating Theatre Show at Cairo Stadium.

21 September (Thursday): Standup Comedian Ali Quandil show at Theatro, Arkan Plaza, Sheikh Zayed.

21-23 September (Thursday-Saturday): L’Etape Egypt by Tour de France, Sharm El Sheikh.

22 September (Friday): Masar Egbari concert at City Garage Live in City Centre Almaza.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

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

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

29 September (Friday): Samar Tarek, Muslim and Molotof LitOne concert, Greek Campus, Tahrir, Cairo.

29 September (Friday):Medhat Saleh will be performing at the Cairo Opera House

OCTOBER

3-4 October (Tuesday-Wednesday): Omar Khairat is set to perform at Cairo Opera House

6 October (Friday): Armed Forces Day.

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

18 October (Wednesday):Ruby and Ahmed Saad at Misr University

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

JANUARY

20 January (Saturday): Charlotte Cardin performing at Cairo Jazz Club 610

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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