Happy THURSDAY-equivalent, ladies and gentlemen. We’re in the last few hours of this abridged workweek as we head into a long weekend.
And we’re getting another long weekend next week, too: Next Thursday, 5 October will be a national holiday in observance of Armed Forces Day, which falls on Friday, Prime Minister Moustafa Madbouly said in a statement today.
EnterprisePM will be back on Sunday: EnterpriseAM and EnterprisePM are off tomorrow and will be back in your inboxes at our customary times on Sunday, 1 October. Our regional publications (Enterprise Climate and Enterprise Logistics) will still publish tomorrow, as will Enterprise Weekend.
THE BIG STORY TODAY
China Eximbank is reportedly set to extend us a USD 400 mn loan for the light rail transit (LRT) system, Asharq Business reports, citing sources it says have knowledge of the matter. The loan will be earmarked for the third phase of the LRT, which will include four stations across 20.4 km.
THE BIG STORY ABROAD
Evergrande CEO Hui Ka Yan is under residential surveillance, following the wealthmanagement staff’ s detention last month. This kind of informal detention is without official charges but he will have restrictions on his movements and communication outside of China. This news comes after compounded skepticism over the company’s restructuring plan as a result of its debt that can lead to failure and possible liquidation. (Bloomberg | Reuters)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
One thing off the IMF’s checklist? The IMF is starting to believe the government is serious about its ambitions to sell down state assets, a change in sentiment that it says could ease the path towards the all-important review of our USD 3 bn loan program.
In the lead-up to a handful of elections around the world, X users are no longer able to report misinformation about elections — which is typically a big issue for countries like Australia and the US. That’s according to research organization Reset.Tech Australia, which wrote an open letter to X (formerly known as Twitter) urging it to reverse its decision to disable a feature that allowed users to report misinformation. The “politics” category was removed from the reporting drop-down menu globally, except for in the EU, the organization says. X’s removal of the feature comes just weeks before Australia’s referendum on whether to establish an Indigenous advisory body to parliament and more than a year before the US presidential election, Reuters notes.
X’s commitment to mitigating serious misinformation is seen as concerning, as it has previously led to political instability, according to Alice Dawkins, Reset.Tech’s Australia’s executive director. Musk has promoted the “Community Notes” feature on the platform for fact-checking but these are only visible to the public when they are deemed helpful by various contributors with differing perspectives. Reset.Tech Australia also found that X failed to remove or label any posts containing misinformation about the Australian referendum.
The Writers’ Guild of America has finally set down its picket signs, after five months on strike, the Associated Press reports. This comes after a tentative agreement was on Monday, as of Tuesday night the strike was suspended, and the WGA union members have approved a new contract agreement with Hollywood studios. Writers are now able to start working on scripts, meaning that late-night talk shows will be back on air soon. Scripted shows may take longer to return, seeing as that actors are still on strike, with no talks scheduled with production companies.
The W: The WGA was able to raise the minimum pay increase from shows to 3.5% and 5% — studios had been lobbying for 2% and 4%. The union also negotiated a new residual payment plan based on shows’ popularity, and secured the requirement that TV shows with 13 or more episodes have at least six writers on staff, with the number adjusting as the number of episodes increases. Writers on shows in early development will now be ensured employment for a minimum of 10 weeks, and staff working on airing shows will secure three weeks of employment per episode. Most importantly, the use of AI will be regulated, meaning that screen credits will go to the writers.
ICYMI- WGA and SAG-AFTRA joined forces in May, striking together for the first time in 60 years in protest of unfair compensation in the face of inflation and cost-cutting by production companies following USD multi-bn investments in streaming. Studios have been exploiting the vague legalese of streaming services to avoid paying royalties to both writers and actors. The use of AI has been a sticking point for both unions — writers are concerned about being paid less to adapt scripts generated by a program, and actors feel at risk of having their digital likeness used without compensation.
Reaching net zero emissions by 2030s will cost the world USD 4.5 tn a year, says IEA: Global investment in clean energy technology and infrastructure needs to triple from USD 1.8 tn currently to USD 4.5 tn — roughly equivalent to the entire German GDP — per year over the next seven years, states a recent report by the International Energy Agency (IEA). According to IEA, two-thirds of the emissions reductions required by 2030 will come from solar, wind, electric vehicles, and energy efficiency, all of which are techs available at scale, though bolder action from governments is paramount. The report stressed the importance of countries working together to drive the transition and avoid severe climate impacts. IEA Executive Director Fatih Birol said “the COP28 climate summit in Dubai is a vital opportunity to commit to stronger ambition and implementation.”
Netflix partners with FIFA to produce this must-watch docuseries for football fans. Captains follows Thiago Silva of Brazil, Pierre-Emerick Aubameyang of Gabon, Luka Modrić of Croatia, Hasaan Maatouk of Lebanon, Brian Kaltak of Vanuatu, and Andre Blake of Jamaica as they try to steer their teams through the 2022 World Cup qualifications. The eight-episode series follows each team’s journeys over the course of two years, told through the perspective of their captains. For some of these captains, 2022 was their last shot at performing at the World Cup. While the series covers a lot of ground, it doesn’t delve deep enough into the lives of the players to build enough of an emotional connection for those who are unfamiliar with the sport. For those who have spent years watching football and have made household names of these players, it might have been redundant to be too meticulous. But the captains share the pressures of being not just a player, but a celebrity and an entertainer. It helps in understanding the kind of stress professional football players go through, providing insight into the emotional aspects of the sport.
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⚽ Round 2 of the Egyptian League will end with four matches tonight and tomorrow: Enppi and Talaea El Gaish will meet at 4pm, while Zed will be a guest at El Gouna at 7pm today. Al Masry and Al Ismaily seek to collect the three points and achieve the first victory in the new season tomorrow after losing in the first round. Al Masry faces Pharco in a match that starts at 4pm, while Al Ismaily will host Al Ittihad at 7pm.
Highlights of round 32 of the Carabao Cup (EFL):
Chelsea v Brighton (9:45pm)
Liverpool v Leicester City (9:45pm)
Brentford v Arsenal (9:45pm)
Aston Villa v Everton (9:45pm)
Newcastle v Man City (10pm)
Al Ahly takes on Ethiopia’s St. George tomorrow at 7pm as a part of the second leg of the CAF Champions League’s 32 round. This comes after the team achieved a victory in the first leg with three goals.
The audience ? Zamalek : In the same round of the Confederation Championship, Zamalek will host Arta Solar, Djibouti’s champion, at 6pm on Friday at Cairo Stadium in the presence of 30 k fans, after the first match ended with a defeat of The White Knights by two goals.
The English Premier League’s gameweek 7 begins on Saturday:
Aston Villa v Brighton (2:30pm)
Wolverhampton v Manchester City (5pm)
Bournemouth v Arsenal (5pm)
Manchester United v Crystal Palace (5pm)
Newcastle v Burnley (5pm)
West Ham v Sheffield United (5pm)
Everton v Luton (5pm)
Tottenham v Liverpool (7:30pm)
Don’t miss out on the fun we’re having in the Enterprise Fantasy League. You can easily subscribe by clicking on this link or entering the code: abd0f7.
The long weekend brings fun football evenings in the major European leagues, below are some of the most prominent matches expected today:
Real Madrid v Las Palmas (La Liga — 8pm)
Cagliari v Milan (Serie A — 7:30pm)
Napoli v Udinese (Serie A — 9:45pm)
Inter Milan v Sassuolo (Serie A — 9:45pm)
…and by the end of the week:
Genoa v Roma (Serie A — 9:45pm, Thursday)
Osasuna v Atletico Madrid (La Liga — 10:30pm, Thursday)
Hoffenheim v Dortmund (Bundesliga — 9:30pm, Friday)
Barcelona v Sevilla (La Liga — 10pm, Friday)
Lecce v Napoli (Serie A — 4pm, Saturday)
Clermont Foot v Paris Saint-Germain (Ligue 1 — 6pm, Saturday)
Milan v Lazio (Serie A — 7 pm, Saturday)
Girona v Real Madrid (La Liga — 7:30pm, Saturday)
Leipzig v Bayern Munich (Bundesliga — 7:30pm, Saturday)
Salernitana v Inter Milan (Serie A — 9:45pm, Saturday)
Monaco v Marseille (Ligue 1 — 10pm, Saturday)
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? EAT THIS TONIGHT-
Fati’s is a baker’s passion embodied. Owned by a young entrepreneur, the donut place has been growing over the past couple of years at a steady and inspiring pace. From cloudkitchen to one physical shop — in Banha, no less — and hopefully many more to come, Fatma is doing an outstanding job. The donut shop owner studied baking at Canada’s Algonquin College to complement and hone her natural talent before bringing her hard-earned expertise back to Egypt. She started off by experimenting with flavors and developing recipes to make donuts as versatile as possible. Not only does she not stick to traditional flavors, she also finds inspiration in our local culture to give her desserts a twist: Feteer meshaltet donuts were definitely a first for us. We also love how dynamic her menu is — this summer, for instance, she opted for tropical flavors like a refreshing mango cream donut. We also loved the Lemonardo di Caprio: A lemon curd stuffed, white sugar, and torched meringue-covered donut. And the cinnamon rolls made out of donut dough are also a must-try. We’re giving Fati’s two thumbs up for the creativity and endless options, and the possibility to deliver to Cairo when ordering through their instagram account.
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.
Join Andromida as it pays homage to the legendary Pink Floyd at Cairo Jazz Club next Sunday, 1 October at 9pm. For reservations, send them a message on their Facebook page.
Experience the rhythms of salsa music with Soulmotion Studio at Cairo Jazz Club 610on Monday, 2 October from 8pm. Contact CJC 610 Facebook page for more information.
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.
Music enthusiasts, this one’s for you: The annual Cairo International Jazz Festival is happening at AUC’s Tahrir campus from Thursday, 26 October to Friday, 3 November. For more information contact them on their page here.
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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? UNDER THE LAMPLIGHT-
“Just by the mere act of reading this sentence you have successfully broken a code.” It is thanks to this opening sentence that we became hooked to bestselling author Sinclair McKay’s book, The Hidden History of Code-Breaking: The Secret World of Cyphers, Uncrackable Codes, and Elusive Encryption. As language has evolved over humanity’s history to enable clearer, more concise communication, so have attempts to obscure it. Why? Simply to conceal sensitive information found in everything from love letters, to details about ancient civilizations’ puzzling advancements, all the way to wartime communiqués.
And while codes can be fun to make sense of, deciphering them — or being unable to — can often have enormous consequences. Take, for instance, the Nazis’ enigma machine during World War II: A device based on a sophisticated encryption system that was put in place to ensure the secure transmission of highly confidential data — until its downfall thanks to the genius minds of Polish mathematicians. Ultimately, the book is a celebration of human creativity throughout the centuries and what it is capable of.
The EGX30 fell 0.9% at today’s close on turnover of EGP 2.1 bn (0.6% below the 90-day average). Local investors were net buyers. The index is up 38.2% YTD.
In the green: Orascom Construction (+3.7%), AMOC (+3.1%), and Palm Hills Developments (+2.9%).
In the red: Fawry (-4.1%), Juhayna (-4.0%), and Abu Qir Fertilizers (-3.6%).
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