Good afternoon, wonderful people, and a very, very happy THURSDAY. We’re rounding out what has been an eventful week for us here at Enterprise with a relatively calm news day (although those tides may change course later in the evening).
THE BIG STORIES TODAY
Are we looking for more UAE funding for our wheat? The government is reportedly in early talks with an unnamed Abu Dhabi-based bank to finance wheat imports from Kazakhstan, Reuters reports, citing three wheat traders and sources who have knowledge of the matter. Traders were informed about the potential funding for the wheat imports yesterday through a General Authority for Supply Commodities (GASC) wheat tender, according to Reuters.
IT’S INTEREST RATE DAY- The Central Bank of Egypt (CBE) is expected to leave interest rates unchanged when it meets later today, according to our customary poll of analysts. All seven of the people we spoketo think the CBE will leave rates on hold thanks to easing monthly inflation and the need to retain policy space for a widely anticipated devaluation.
THE BIG STORY ABROAD
It’s another somewhat mixed bag in the international business press, although monetary policy decisions are capturing headlines abroad ahead of our own monetary policy committee meeting. Turkey enacted another rate hike, with a massive 500 bps increase as it tries to control the inflation gripping the country, Bloomberg notes. Meanwhile, the Bank of England left interest rates on hold at 5.25% on account of better inflation data acquired in August, the Financial Times reports.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
An eventful cabinet meeting: Ministers yesterday greenlit a slew of decisions, including the recently-announced social support measures, a proposal to increase the capacity of Benban and establish a new wind farm, and new golden licenses for industrial projects.
We now know how much funding the IFC could extend to Damietta cargo terminal II: Our friends at the International Finance Corporation (IFC) are considering extending USD 125 mn loan to Egypt to fund the construction of Damietta Port’s second container terminal.
Pickalbatros targets Morocco expansion: Egypt-based hotel owner and operator Pickalbatros Hotels & Resorts Group will invest USD 140 mn in Morocco over the next two years.
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☀️ TOMORROW’S WEATHER- Expect some clouds tomorrow with the temperature reaching a high of 34°C and dropping to a cooler 24°C in the evening, according to our favorite weather app.
Do es naming things make the world around us less terrifying? Yes, says David Robson, an awardwinning science writer who specializes in brains, bodies, and behavior. His article for BBC Future, wherein Robson explores the human tendency to anthropomorphize non-human entities, especially diseases and natural disasters, comes hot on the heels of hurricanes Lee and Margot in the US, the tragic earthquake in Morocco, and the tropical cyclone in Libya. Robson posits that this phenomenon is a function of human cognition, and affects our understanding of the world. According to a study, the personification of death, diseases, and destructive natural forces is a psychological reaction to unpredictable, and often incomprehensible, events.
This is part of a trend of humanizing… well… anything. We gave the moon a face, see facialexpressions on houses and even on cars, and even in shoes. This phenomenon is called pareidolia, and according to philosopher David Hume, is part of a pattern of behavior that “ascribes malice and good will to everything that hurts us or pleases us.” There is a popular theory that anthropomorphism may have played a role in the development of religious deities and stories throughout human history, in an effort to explain or understand natural phenomena. Sometimes, attributing human traits to natural/statistical events to provide a sense of control may lead to irrational behavior, especially financially, allowing gamblers, for example, to blame Lady Luck for their losing streak rather than probability or their own recklessness.
Mobile phone manufacturers — with the exception of Apple — are seeing a light at the end of the market slump tunnel, looking to foldable phones to drive their growth,reports Bloomberg. The smartphone market has been sluggishas sales have dropped by 7.8% in the past three months, along with successive y-o-y decline over the past couple of years, according to a report by the International Data Corporation (IDC) quoted by Bloomberg. It also doesn’t help that fewer iPhone users are rushing to upgrade their phones as consumers see that new models don’t offer significant changes from their predecessors.
Foldables are the future? Companies like Samsung, Oppo, and Huawei Technologies sure think so. According to an Oppo executive, not only do they offer a more immersive experience, they allow for better multitasking among other advantages which make up for concerns like durability. While the sale of foldable phones remains a niche market, it is slated to expand considerably — up to doubling — over the coming year alone with companies like Honor Device Co. investing USD mns in R&D per phone generation. Apple — experts speculate — is expected to join the bandwagon by 2025, the article quotes Counterpoint Research as saying.
Awardwinning filmmaker Errol Morris is back with The Pigeon Tunnel . The documentary director, who has carved a name for himself in the industry with impactful features like The Thin Blue Line, premiered his latest work at the 50th Telluride Film Festival earlier this month. The documentary is an interview with the remarkable David John Cornwell, more famously known as John Le Carré: Prolific novelist, and secret agent for both MI5 and MI6. The late author, who passed away in 2020, led a fascinating life where he drew inspiration from his personal experience as a spy during the Cold War to color his novels with vivid details, intricate plots, and compelling characters. The feature is captivating primarily due to Le Carré’s charm and magnetism as well as the archival material and reenactments Morris uses throughout the film.
What is a pigeon tunnel? While the title of the documentary may seem odd, it draws direct inspiration from Cornwell’s New York Times bestselling memoirs dubbed The Pigeon Tunnel: Stories from My Life. The name is a direct reference to the times the author spent with his father Ronnie — a problematic character who heavily influenced his life — as the pair used to go pigeon shooting together in a hotel in France overlooking the Mediterranean sea.
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⚽ We’re rounding out the first round of the Egyptian Premier League with three matches, the most important of which is the face-off between Pyramids FC and Zamalek tonight at 7pm. At the same time, Al Ittihad Al Sakandary will hit the field to play against Ceramica Cleopatra, while Pharco will play against Modern Future at 4pm.
European leagues will continue doling out the excitement today as we kick off the group stage of the Europa League. The match lineup is as follows:
LASK v Liverpool (7:45pm)
Leverkusen v Häcken (7:45pm)
Sheriff v Roma (7:45pm)
Panathinaikos v Villarreal (7:45pm)
Brighton v AEK Athens (10pm)
Ajax v Marseille (10pm)
Friday will be a little quiet with the start of new rounds of some major European leagues, while Saturday will bring a lot of excitement.
Saturday in the English Premier League:
Man City v Nottingham Forest (5pm)
Crystal Palace v Fulham (5pm)
Luton v Wolverhampton (5 pm)
Brentford v Everton (7:30 pm)
Burnley v Man United (10 pm)
** Are you missing out on the Enterprise Fantasy Premier League? You can easily join by clicking on this link or entering the code abd0f7.
The most important matches we await on Saturday in the major European leagues:
Milan v Hellas Verona (Serie A — 4 pm)
Bayern Munich v Bochum (Bundesliga — 4:30 pm)
Dortmund v Wolfsburg (Bundesliga — 4:30 pm)
Mönchengladbach v Leipzig (Bundesliga — 4:30 pm)
Osasuna v Sevilla (La Liga — 5:15 pm)
Sassuolo v Juventus (Serie A — 7 pm)
Barcelona v Celta Vigo (La Liga — 7:30 pm)
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? OUT AND ABOUT- (all times CLT)
Catch comedian Ali Quandil’s standup comedy show at Teatro in Arkan Plazatonightfrom 8:30 pm. Get your tickets from Ticketsmarche.
Masar Egbari will perform at City Garage Live in City Centre Almaza tomorrow. Tickets are available on Tazkarti.
Tamino is coming back to Egypt to perform tomorrow and Saturday at 8pm at AUC’s Tahrir campus.
Tamer Hosny and Nancy Ajram are performing at AlMasaHotelnext Thursday 28 September. Tickets are available at the banquet reservation office 10 am-10 pm.
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.
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? EARS TO THE GROUND-
Little Gold Men by Vanity Fair is a captivating podcast for cinephiles and Hollywood fans, with each episode acting as an immersive journey into the heart of the entertainment industry with an insider’s perspective into Hollywood. Topics covered include: Prestigious awards shows, dazzling red-carpet premieres, and all the effort that goes into it behind the scenes. The podcast also delves into the Oscars’ history, unearthing interesting anecdotes and shedding light on the evolution of this iconic event. We particularly enjoyed the unique blend of in-depth discussions and expert analysis around the best television shows and films of the moment, as well as the discussions on subtle strategies that propel individuals and specific works toward success. Look out for the famous guests that grace their studios and coverage of international film festivals. You can listen to Little Gold Men on Spotify, Apple Podcasts, and Audible.
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? UNDER THE LAMPLIGHT-
The Geek Way : The Radical Mindset that Drives Extraordinary Results. Forget pressure — can you thrive in chaos? It seems that this rare superpower has now become an essential tool in order to cope — and succeed — in today’s impossibly fast-paced world. New York Times bestselling author Andrew McAfee explains how the “geek way” is one of the surest ways to cultivate a culture of high performance and achievement. The tenets of his approach are: Science, ownership, speed, and openness. Based on these principles, people are able to develop a system where they can cooperate better with others, learn on the go, and avoid typical dysfunctions we are all too familiar with like nearly immobilized bureaucracy and inefficiency. McAfee combines scientific evidence, management theory, and personal experience as co-director of MIT’s Initiative on the Digital Economy among other areas of expertise to distill for us invaluable information. His knowledge is bound to help companies — in Silicon Valley and beyond — to do well, despite a series of challenges in an increasingly tech-ruled world.
The EGX30 rose 1.4% at today’s close on turnover of EGP 2.0 bn (8.2% below the 90-day average). Regional investors were net sellers. The index is up 37.6% YTD.
In the green: Egypt Kuwait Holding (+8.9%), Talaat Moustafa Group (+6.1%), and Telecom Egypt (+4.5%).
In the red: Alexandria Containers and Cargo Handling (-2.6%), Qalaa Holdings (-1.8%), and Beltone Holding (-0.7%).
Is the gender pay gap narrowing in the football world? Not five years ago, Stoke City’s women footballers would find that their pre-season training sometimes involved removing rubbish from the football pitch at a former working men’s club in central England. Today, litter picking is in the past for the team — they are receiving respectable salaries, instructions from a full-time coach and the opportunity to train at the same GBP multi-mn facilities that the men’s team enjoys.
The shift for Stoke City is a reflection of a wider shift in women’s football, which has been booming on a global scale: This year’s Women’s World Cup attracted record-breaking crowds and television audiences, according to the BBC. The championship also attracted a total of 30 sponsors — the biggest number for the event in history — with headline sponsors including Unilever, Budweiser, and McDonald’s.
Despite the popularity boom, the revenues just aren’t the same: Despite the big-brand names in the headlines, revenue made from these same commercial agreements is estimated at just 18% of last year’s men’s competition, according to Time. This summer’s competition reeled in USD 300 mn in revenues, which pales in comparison to the men’s World Cup in Qatar last winter, which saw USD 1.7 bn in revenues. Even on a team-by-team basis, massive gaps persist: Real Madrid’s women’s teams generated EUR 1.4 mn in revenues in the 2021-22 season, compared to EUR 713.8 mn from the men’s team in the same season, Reuters reported, citing Deloitte data.
The women’s game has struggled to compete when it comes to broadcast rights: Although audiences for women’s sporting events have been showing significant growth, with football alone accounting for nearly three quarters of viewing hours for women’s sports, “there is still much to be done around growing women’s sport,” Women’s Sport Trust CEO Tammy Parlour said. In England’s Women’s Super League, broadcast rights for the next three years were sold for just GBP 25 mn — a tiny fraction of the price paid for Premier League broadcast rights, according to the Washington Post. In the Women’s World Cup, broadcasters from Britain, Spain, France, Germany, and Italy had offered USD 1-10 mn for broadcasting rights to the championship — again, a fraction of the USD 100-200 mn range offered for the men’s tournament, FIFA President Gianni Infantino had previously said. Infantino stressed that broadcasters have a “duty to promote and invest in women's sport.”
We’ve seen more and more women’s teams rising up against the inequality: From Nigeria to Canada, South Africa to the UK, stand-offs between teams and their football associations have been rife, with fights ranging from bonuses to basic equal pay. In an analysis of 22 women’s teams in Europe, the highest monthly salary is as little as EUR 18k, while the lowest is EUR 40, according to a European Club Association report (pdf). “Salary is one of the biggest costs [for clubs], even though salaries in women’s football cannot be compared to those in men’s football,” the report says. FIFA has maintained that equal salary payments is the responsibility of the football associations themselves, with the governing body only taking responsibility for the disbursement of prize money to the associations, which are then expected to distribute the funds among players. Several African women’s teams boycotted events and spoke out against unfair wages and outstanding payments ahead of this year’s Women’s World Cup, according to DW.
But it’s not just the associations. Branding and marketing are also part of the problem: Brands generally aren’t as willing to put their money behind women as they are with men, although women can bring a different — and sometimes higher — value. According to Nielsen Holdings, while women footballers tend to have fewer followers than their male counterparts, their engagement is almost always greater, meaning they can influence a wider audience. A clear example of this phenomenon is Aston Villa’s Alisha Lehmann, who has a following of 13.9 mn on Instagram, exceeding any others from her country — including tennis prodigy Roger Federer. Her 6.99% engagement translates into a media value over USD 300k per post, compared to Spaniard Sergio Ramos with 53 mn followers but only a 1.8% engagement rate, making his reach close to Lehmann’s.
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