Misleading wellness

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Kuwait tops up USD 4 bn deposit with CBE before next year’s expiry date + DP World’s Sokhna logistics zone to begin construction this month

Good afternoon, friends, and welcome to this busy Monday as fresh FX and investment updates are hitting our news cycle.

THE BIG STORIES TODAY

#1- Kuwait has renewed its USD 4 bn deposit with the Central Bank of Egypt as Egypt continues to face an FX shortage and ahead of an anticipated devaluation later this year or early next year, reports Asharq Business, citing anonymous government officials. The two-tranche deposit will now expire next year, with the first tranche maturing in April and the second in September.

Reserves are creeping upwards: FX reserves have increased every month since September 2022 after Russia’s invasion of Ukraine last year triggered heavy capital outflows that saw Egypt bleed some USD 8 bn from reserves of USD 41 bn on the eve of the war.

Gulf funds account for most of Egypt’s foreign reserves: Saudi Arabia, the UAE, Qatar, Kuwait and Libya have deposited some USD 30 bn at the central bank, accounting for 85.5% of Egypt’s current USD 35.1 bn stockpile.

#2- Construction of Sokhna logistics zone to begin this month: DP World will break ground on its USD 80 mn logistics zone at Sokhna Port this month, the Emirati port operator said in a statement (pdf).

Remember: DP World in August 2022 inked an agreement with the Suez Canal Economic Zone’s (SCZone) Main Development Company (MDC) to build the USD 80 mn logistics zone at Sokhna Port.

The company has so far deployed USD 1.3 bn in the country’s logistics sector, CEO and Chairman Sultan Ahmed bin Sulayem said. The amount was channeled into building a multi-purpose terminal at the Ain Sokhna seaport. The company will continue to pour investments into the logistics zone as well as other logistics services that seek to bolster maritime trade in the country, the statement reads. The company in November 2021 said it would invest USD 25-35 mn in Ain Sokhna seaport over the next 2-3 years.

THE BIG STORY ABROAD

The war on Gaza continues to dominate the international press this afternoon following Israel’s continued attacks on civilian hospitals. Thousands of people seeking refuge fled Gaza’s largest hospital, Al Shifa, during these attacks.

Hundreds of patients remain trapped inside at risk of dying due to a lack of fuel and medical resources, reports Reuters. The siege and cut-off power caused 32 patients, including three newborns, to perish. Israel claims to be providing safe corridors for civilians but Palestinian health officials say that the compound is surrounded by heavy gunfire preventing any escape.

Hezbollah also continued to fire missiles near the border with Israel, while the latter continued their assaults on Gaza, according to Bloomberg .

Meanwhile, the Pentagon announced a new round of airstrikes on Iranian facilities in Syria, says the Washington Post . Officials say the facilities were linked to dozens of attacks on US troops by Iran’s Islamic Revolutionary Guard Corps (IRGC) and affiliated groups. US Defense Secretary Lloyd Austin stressed that this was a move “to make clear that the United States will defend itself, its personnel, and its interests.”

Things are taking a surprising turn in the UK, too, where former prime minister David Cameron was just made foreignminister as part of a cabinet shuffle. Current PM Rishi Sunak fired interior minister Suella Braverman, replacing her with James Cleverly, who had been serving as foreign minister.

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

Volkswagen is onboard with our efforts to localize our auto industry: The Madbouly government and German carmaker Volkswagen will conduct feasibility studies for the establishment of the planned East Port Said Automotive Zone (EPAZ) under an agreement inked between the two sides yesterday.
Israel is crippling Gaza’s healthcare system:More hospitals in the besieged Gaza City went dark yesterday as fuel supplies ran out and the Israeli military intensified its assault.
Fresh funds are on their way: The Finance Ministry has secured a USD 500 mn syndicated loan from Deutsche Bank and Bahrain’s Arab Banking Corporation (Bank ABC) to support education and healthcare spending.

?️ TOMORROW’S WEATHER- Expect the mercury to rise to a high of 26°C in the daytime and drop to a cooler 22°C in the evening, tells us our favorite weather app.

Humane releases the smartphone’s successor: The AI Pin + Does the wellness industry actually help?

Taking wearable tech to a whole new level: Humane, a startup founded by two ex-Apple employees hoping to design “ Good Ai ”, launched their anticipated AI Pin (watch, runtime: 10:34) last Thursday night.

It’s not a companion device: The AI Pin — worn like a brooch — is a standalone piece of technology that comes as the natural successor to the smartphone. It knows what tools to access to best address your queries, meaning that you have the internet on speed dial.

The pin’s primary job is to get rid of bad UX — all bad UX. Apps? Gone. Your homescreen? Gone. Your screen? Gone.

Founders Imran Chaudhri and Bethany Bongiorno believe in technology that improves the human experience. They describe their innovation as one “born from good intentions,” aiming to reshape the role of technology in our lives as less invasive and more human-centered, a la Mark Weiser.

Move aside, Siri: Hello Cosmos: The AI Pin’s operating system can help you draft and send messages, give you the highlights from your busy inbox, and take pictures and videos through the pin’s camera, all using vocal instructions and simple touches and taps. It can also act as a foreign language interpreter, and even help you track your macros.

Previous reports that it runs on ChatGPT are inaccurate — the chatbot is just one of the device’s resources.

What about my data? Humane claims to be a privacy-first company. The device does not employ “wake words,” and only activates using physical user engagement, addressing concerns that it may be listening all the time, as is the case with other devices.

The pin’s Trust Light indicates whenever any of the device’s sensors are active, keeping you and those around you feeling safe. “Transparency as a value isn’t radical,” says the company site. If tampered with, the pin will shut down immediately, only resuming operation after direct professional service from Humane.

Yes, the future is finally here — and it only costs USD 699. The “complete system,” which includes the device, two battery boosters, a charge pad, a charge case, and a cable and adapter, comes at the price of USD 699. Too good to be true? It is.

You also need to be subscribed to Humane, which should set you back an additional USD 24 per month. This comes with a dedicated cell phone number for your pin, unlimited minutes, messages, and data, cloud storage, and full access to the company’s growing suite of AI-powered tools.

Sold? The pin is available to order starting 16 November, and will begin shipping out early 2024.

Does the wellness industry deliver? With USD 5.6 tn in value, the wellness machine that is thrusting yoga, meditation, herbal remedies, and powerfoods in our faces and on our feeds daily seems to be falling short on its promise, The Guardian writes, citing researchers and journalists.

Whether it be through social media, magazines, TV shows and movies, we are constantly being bombarded with messaging pushing “wellness language” that focuses on themes such as how to “be fit and happy,” “hacks” for wellness, and “choosing” to be happy, Colleen Derkatch, a professor of Rhetoric at Toronto Metropolitan University, tells The Guardian.

… making it a bit much for one’s mental health. The constant self-monitoring, apps, and advice feels overwhelming and diminishes our quality of life, and health, instead of enhancing it.

FACTS- Lack of access to education, pollution, safety, and a supportive community are the main determinants for a lack of unwellness and poor health. Not as much of a determinant: Whether you meditate in the morning or have herbal tea, according to a study cited in The Guardian. These facts aren’t typically embedded in the wellness industry.

Wellness can often be used to camouflage larger issues. Rather than address real problems, such as a partner that does not help at home, or a job that expects around-the-clock availability, the wellness industry suggests that you can overcome the stress related to the problem through yoga, exercise, or a non-inflammatory diet, says Rina Raphael, journalist and author of The Gospel of Wellness.

While wellness is important for many, health outcomes do not fulfill industry promises,especially with Americans who have a lower life expectancy and higher rates of mental illness globally making them “ the most stressed in the world.”

So, can wellness be achieved? Yes, but “through having conditions where we can flourish,” says Derkatch. She adds that these include features like proper medical care, fair working conditions, and access to nutritious food.

…also, a rethink about what one, individually, feels wellness is, not what is dictated on a bottle, advertisement, or a TikTok video.

Devil’s Advocate: A Kuwaiti series for courtroom drama fans

? ON THE TUBE TONIGHT-
(all times CLT)

Devil’s Advocateis a Kuwaiti courtroom thriller that’s just seven episodes long. Channeling Gone Girl, it tells the story of Bader Khalid (Ali Kakuli), a football player who tragically discovers his wife has been murdered.

A skilled attorney, Loulwa (Haya Abdulsalam), assumes the task of defending Bader after he has been branded as the key murder suspect. During her pursuit for the truth her investigations reveal substance abuse, domestic abuse, and honor killings.

Egyptian-born Essam Abdel Hamid is on the director’s chair, after previously directing projects such as The Washing Machine and the Arabic version of Suits.

But the series does have its shortcomings. Certain characters feel underdeveloped or fit into stereotypical molds, including a corrupt police chief, a ruthless prosecutor, a biased judge, and a greedy media mogul.

It does, occasionally, rely on clichés and genre tropes, such as courtroom drama, police corruption, media manipulation, and hidden agendas. Think of it as a Lincoln Lawyer, but set in modern day Kuwait.

WHERE TO WATCH- You can catch the series on Netflix.

Dine for Palestine is an exclusive dinner event with Chef Dina Hosny hosted by ThatReally Cool Studio this Thursday, 16 November, that will offer genuine Palestinian food on a large, family-sized table to give a delicious communal experience. To find out more about signing up, click here.

Ibero-American Film Week has kicked off and will continue until this Saturday, 18 November. Catch a different film every day at 6:30pm at Zawya cinema, Downtown. Catch the full lineup of titles here. Entrance is on a first-come, first-served basis.

The exhibition Forever Is Now is back again at the Pyramids, open 9am until 4pm daily through 18 November. Book your ticket here or buy one on arrival.

Catch a rendition of Tawfiq al-Hakim’s Bank of Anxiety this week. It follows two friends who establish a private bank that uses anxiety as the currency. The play is runs at the Falaki Theater at AUC’s Tahrir campus from this Wednesday until next Sunday. No charge for admission, but you’ll need to show a photo ID.

Catch a Christmas Charity Bazaar to bring on the warmth of the holiday season on Saturday, 1 December, at All Saints’ Cathedral, Zamalek. The bazaar runs from 10:30am until 4pm. Proceeds will benefit a variety of charities here in Egypt.

What the markets are doing on 13 November. 2023

MARKET NEWS-

Edita is paying out dividends of EGP 299.7 mn at EGP 0.43 per share on its 2022 earnings, the snackmaker said in an EGX disclosure (pdf). The dividend will be distributed on 30 November, as per the general assembly’s approval (pdf) on 5 November. The company’s net income more than doubled in 2022 to EGP 959.4 mn.

MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 3.4 bn (32.4% above the 90-day average). Foreign investors were net buyers. The index is up 64.1% YTD.

In the green: Telecom Egypt (+12.4%), Eastern Company (+7.3%) and Alexandria Containers and Goods (+2.4%).

In the red: Mopco (-3.9%), Abu Qir Fertilizers (-3.2%) and Heliopolis Housing (-2.9%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

26 October-18 November: Forever Is Now Exhibition, Pyramids of Giza.

6-18 November (Monday- Saturday): The Ibero-American Film Week, Zawya cinema, Downtown.

13 November (Monday): Taste of Books seminar, Institut français d'Egypte, Mounira.

14-15 November (Tuesday-Wednesday): Destination Africa Expo at Royal Maxim Palace Kempinski.

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

16 November (Thursday): ELFIT Sports and Fitness Games at New Capital Sports City.

23 November (Thursday): Saad ElOud Concert at Arkan Plaza.

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

26 November (Sunday): Souad Massi concert at Tap East.

DECEMBER

1 December (Friday): Cairo Fun Festival by Bike Zone Egypt in Heliopolis.

1 December (Friday): The Christmas Charity Bazaar, All Saints’ Cathedral, Zamalek.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution Day.

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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