Do robots give you the creeps?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: C2X signs USD 3 bn green fuel production framework agreement

Good afternoon, wonderful people, and welcome to the last day of this abridged week. We’re heading into the long weekend (which, might we add, will be our last holiday of 2024) with a reasonably paced news cycle, rounding out a string of heavy news days.

PSA- EnterprisePM is off tomorrow along with EnterpriseAM, but we’ll slide into your inboxes with our Enterprise Weekend Edition at 9am CLT. Enterprise Climate and Enterprise Logistics, which cover regional industries, will also publish tomorrow. We’ll be back to our normal schedule on Sunday.

THE BIG STORY TODAY

C2X is investing up to USD 3 to produce green fuel in the SCZone: Egypt signed a framework agreement with C2X — which is owned by AP Moller Holding and AP Moller-Maersk — worth up to USD 3 bn for the production of green methanol and its derivatives in the Suez Canal Economic Zone, according to a statement. The company plans to produce 300k tons of green methanol per year in the project’s first phase, with that figure set to increase to 1 mn by the end of the final phase.

ALSO- Beltone Financial will increase its Minya-based microfinance subsidiary Cash’s capital base to reach EGP 500 mn, the company said in a statement. Cash’s plan is to use the proceedings to expand its reach by increasing its branches across Egypt and launching remote branches to make its financial services available across the country, with plans to reach 50 branches by the end of 2023 and 150 branches by 4Q 2024, according to the statement. Beltone recently completed a share purchase agreement to acquire 100% of Cash last month.

THE BIG STORY ABROAD

Kevin McCarthy’s ouster as Speaker of the House continues to be the leading story in the international press this afternoon. The move gives the Republican party a week to replace the speaker in a move that has left lawmakers stunned and strained relationships in the capitol. (Reuters | Bloomberg | BBC | Associated Press | Wall Street Journal)

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

The race for Gulf Capital’s stake in Middle East Glass is on: Africa-focused private equity firm Development Partners International (DPI) has joined the race for Gulf Capital’s entire 37% stake (23.1 mn shares) in EGX-listed bottle maker Middle East Glass(MEG).
Saudi VCs like the look of this Egyptian startup: Egyptian deep tech startup Intella has secured USD 3.4 mn in a pre-series A funding round.
Another growth downgrade: Italy’s Intesa Sanpaolo has cut its 2023 and 2024 growth forecasts for Egypt due to the country’s ongoing economic crisis.

⛅ TOMORROW’S WEATHER- Look forward to a high of 31°C in the morning and expect a cooler evening at 25°C, according to our favorite weather app.

Why do AI robots creep us out? PLUS: Netflix intends to increase membership fees

Explaining the eerie side of AI: First coined by roboticist Masahiro Mori in an essay penned in 1970, the term “uncanny valley” explains the feeling of unease or creepiness that we sometimes feel from robots, according to National Geographic. Humans typically view robots positively when they have human-like features and seem relatable, but when robots become too humanlike, there is a sudden plunge in likability, Mori postulated.

Scientists and researchers have proposed several theories to explain this phenomenon: One theory suggests that our discomfort arises from perceiving a threat to our humanity or the possibility of contagious illnesses. Additionally, cognitive explanations suggest that our tendency to attribute human-like qualities and consciousness to artificial beings leads to cognitive dissonance and confusion.

Is there a future for human-robot interactions? Robotics and AI researchers strive to bridge the uncanny valley to create more realistic and socially integrated robots. However, ethical questions arise regarding the extent to which non-human robots should resemble humans and how much information AI should have about us. Some experts, like roboticist Karl MacDorman, an associate dean at the Indiana University School of Informatics and Computing, argue that robots need to replicate humans entirely. On the other hand, Bilge Mutlu, a professor of computer science at the University of Wisconsin Madison believes that what is more important than the robot’s appearance is that they should be designed purposefully and cautiously for specific tasks, rather than attempting to replace human decision-making.

Netflix is joining its rivals by augmenting membership prices in a bid to increase profitability, the Wall Street Journal reports, citing sources with knowledge of the matter. While major streaming platforms like Disney and Warner Bros. Discovery have increased their service fees by nearly 25% over the past year, Netflix held its course and focused instead on crushing the password-sharing era.

We don’t know when or how much: Netflix declined to comment on when the price hike will be implemented, or how much it will cost viewers. We do know, however, that the new prices should come into effect once the Hollywood strike that has halted the industry to near paralysis — bringing together writers and actors — comes to an end.

More people are choosing to endure ads: Not only are ad-supported plans significantly cheaper for viewers, they are also more profitable for the entertainment platforms themselves. Take for instance Disney: The ad-supported version of the streaming provider will cost USD 6/month less than the ones that are without ads, once the company increases the latter’s prices by mid-October, the WSJ notes.

The Wonderful Story of Henry Sugar: A Wes Anderson creation not to miss this weekend

? ON THE TUBE TONIGHT-
(all times CLT)

The Wonderful Story of Henry Sugar is a short film directed by Wes Anderson and based on Roald Dahl's 1977 short story of the same name. It follows Henry Sugar (Benedict Cumberbatch), the false name of a miserly wealthy man with a passion for gambling. When he worries about losing his inherited wealth, he comes across a book based on a doctor’s report of Imdad Khan, a patient known as “The Man Who Sees Without Using His Eyes.” This patient possessed an extraordinary ability to see, even if his eyes were sealed, and used this gift to earn money as a part of a circus act. After three years of practicing Imdad’s method, Sugar eventually gains the ability to see through cards — gaining immense wealth. However, this sudden influx of wealth gave him no contentment; he proceeded to throw money off of his balcony to the crowds, causing chaos in the streets of London. As riots ensued he was advised by the authorities to find a more legal form of charity. As a result, he embarked on a global journey, utilizing his abilities under different disguises at gambling tables and using it to build orphanages and hospitals. In proper Wes Anderson aesthetic, the film’s story telling is vibrant, each character eccentric and delves into the realms of magic, spirituality, and the power of the mind.

Zamalek in the league: The White Knights will be hosted by the National Bank of Egypt at 7pm on Saturday in round 3 of the Egyptian League. Zamalek has gained two points from two matches, and is seeking to take advantage of the difficult African victory over Arta Solar by four goals to correct the course in the league.

Key matches of round 2 of the UEFA Europa League groups tomorrow:

Sporting Lisbon v Atalanta (7:45pm)
Marseille v Brighton (7:45pm)
Roma v Servette Geneva (10pm)
Liverpool v Union Saint-Gilloise (10pm)

Saturday’s match between Luton and Tottenham at 2:30pm starts off round 8 of the English Premier League.

…then a flurry of matches will follow at 5pm:

Burnley v Chelsea
Man United v Brentford
Fulham v Sheffield United
Everton v Bournemouth

…then the day will conclude with one match at 7pm between Crystal Palace v Nottingham Forest.

More than 200 Enterprise readers are competing in our Enterprise Fantasy League — don’t miss the chance to join them by clicking this link or entering this code abd0f7.

The most important matches of the major European leagues on Saturday:

Inter Milan v Bologna (Serie A — 4pm)
Dortmund v Union Berlin (Bundesliga — 4:30pm)
Real Madrid v Osasuna (La Liga — 5:15pm)
Juventus v Torino (Serie A — 7pm)
Genoa v Milan (Serie A — 9:45pm)
Sevilla v Rayo Vallecano (La Liga — 10pm)

Shawarma… à la Française? We thought we had seen it all, but Kazdora just hit us with a new devious — and delicious — innovation: A shawarma sandwich in brioche bread. While we are not among those who like to fix what is not broken, we do have to pause for a moment and make an exception here. The shawarma pieces are flavorful and with the right bite, and the buttery brioche may give a slight kaizer bun feel, but you can taste the haughtiness that comes with the French brioche. What was also commendable was that Kazdora respected the sacred flavors we expect from that meal, ensuring that all the shawarma essentials: Toumeya, pickles and fries were part of the sandwich. If you are a purist you can still opt for the regular Lebanese wrap. Located in Wataneya Station in New Cairo’s Tahrir Axis, the joint also has shish tawouk wraps, chicken and beef shawarma wraps — in regular pita or Iraqi samoon bread — and plates. You can always end your meal with a cool rice pudding dessert — if you have any space left in your stomach.

Think of The Maniac as the next step after Benjamin Labatut’s bestselling book, When We Cease to Understand the World . In 2020, Labatut considered the terrifying side of science — quantum mechanics, specifically — in a nonfiction novel that touched, among other things, on some of the scientific advancements that made the world wars the devastating events they were. In his latest book, the author zeroes in on John von Neumann: Born in Hungary in 1903, von Neumann was a mathematician, computer scientist, and physicist — just to name a few of his vocations. With nearly unparalleled intelligence, his contributions had an immense impact on many scientific fields including applied mathematics and quantum theory. Along with Turing and Shannon, von Neumann was one of the conceptual forerunners of the stored-program digital computer and a leader in the field of game theory. In this book, which is also part-fiction-part-biography, we understand the revolutionary power of von Neumann’s work as we begin to grapple with the intricacies of artificial intelligence: A realm that is “completely indifferent to mankind’s deepest needs.”

What the markets are doing on 4 October, 2023

The EGX30 rose 0.8% at today’s close on turnover of EGP 1.51 bn (30.3% below the 90-day average). International investors were net buyers. The index is up 36.1% YTD.

In the green: Alexandria Mineral Oils Company (+5.8%), Credit Agricole Egypt (+5.2%) and Beltone Financial Holding (+4.7%).

In the red: Eastern Company (-2.2%), Oriental Weavers (-1.6%) and Juhayna Food Industries (-1.3%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

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

4-18 October (Wednesdays): Japanese tea making workshop at AUC New Cairo Campus.

6 October (Friday): Armed Forces Day.

7-21 October (Saturday-Tuesday): Illustration workshop with Keem The Kid at Cocoon Cultural Center.

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

12-16 October (Thursday-Monday): Cairo Opera Ballet Company Cinderella at Cairo Opera House.

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

13 October (Friday):The Garden Market at Merryland Park.

13 October (Friday): Oktoberfest at the Swiss Club.

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

26 October - 3 November (Thursday-Friday): The 15th Annual Cairo International JazzFestival at AUC’s Tahrir campus

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.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

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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