Good afternoon, ladies and gentlemen, and happy hump day-equivalent. The weekend is getting closer as we have one less workday this week.
PSA- Banks are also in line for a long weekend: Like the rest of us, banks will be off this Thursday, 25 January in observance of Police Day and the 25 January revolution, according to a statement (pdf) by the Central Bank of Egypt. As is the case for the public and private sectors, banks will get back to work on Sunday, 28 January.
THE BIG STORY TODAY-
Standard Chartered receives license to establish foreign bank branch Egypt: The Central Bank of Egypt (CBE) has approved British multinational lender Standard Chartered’s request for a license to set up a branch in the country, according to a decision published in the Official Gazette today. The lender, which received its full banking license from the CBE in November 2022, was operating in the country as a representative office, a limited form of business establishment. The lender is the 37th bank registered(pdf) with the CBE in the country.
Remember: Finance Minister Mohamed Maait had announced last month that Standard Chartered Egypt would begin operations in early 2024 after a Planning Ministry statement had suggested the lender would start operating before the end of 2023.
THE BIG STORY ABROAD
Moves in the US primaries continue to lead the conversation in the international press this afternoon: Picking up where we left off this morning, Florida Governor Ron DeSantis dropping out of the race for the Republican Party’s presidential nomination just two days before the New Hampshire primary is still making the rounds. DeSantis decided to back former president Donald Trump’s bid for nomination, dealing a blow to Nikki Haley’s campaign. (Financial Times | Associated Press | Bloomberg)
ALSO GETTING INK- Israeli Prime Minister Benjamin Netanyahu refused the terms of an agreement with Hamas for a hostage release, despite public pressure, in exchange for a permanent ceasefire and the release of their militants from Israel. (Reuters | Bloomberg)
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** CATCH UP QUICKon the top stories from today’s EnterpriseAM:
President Abdel Fattah El Sisi's press conference with his Somali counterpart was the hot topic in the local press.
Another major bank imposes new FX withdrawal restrictions: State-run Banque Misr has changed its monthly ceiling on the amount credit card holders are able to withdraw abroad to the equivalent of EGP 3k-6k, depending on the card type.
Biden adviser to touchdown in Cairo to talk Gaza war: Top Biden Advisor Brett McGurk is expected to visit Egypt and Qatar this week to advance negotiations aimed at releasing hostages held by Hamas and to discuss the war in Gaza.
⛅TOMORROW’S WEATHER- Expect a mostly cloudy day tomorrow with a high of 19°C and a low of 13°C, according to our favorite app.
The youths don’t want to work for oil and gas:Undergraduates enrolling in US petroleum engineering courses have fallen to 3.9k in 2023 from over 7k in 2019, increasing industry execs’ concerns about populating the industry’s future workforce, the Financial Times says.
Why isn’t Gen Z interested?It’s a perception problem. Social media has raised environmental literacy dramatically during Gen Z’s lifetime, with a recent poll finding that 62%found a career in this field to be unappealing. Some 78% of the current global population believes that environmental sustainability is important, with the percentage going even higher among Gen Z and millennials.
Oil and gas giants have been trying to rehabilitate their image by throwing money at the problem. In 2022, ExxonMobil donated USD 16.4 mn to universities worldwide, and Chevron established a job readiness program in the US to attract workers. Shell and BP have since started offering scholarships and apprenticeship programs, and — controversially — turned to social media influencers to help greenwash their products.
…but execs may have trouble recruiting because of the priority gap. Executives have been banking on the industry’s salary ranges to lure people in when the current generation’s desires lie beyond the paycheck. Alongside a livable wage, Gen Z prioritizes a good work-life balance, job stability, and most importantly — and most overlooked — a job that aligns with their principles.
It’s more complicated than a youth-led backlash against fossil fuels. The industry’s volatile employment practices are to blame, says Martin Blunt, an industry expert at Imperial College London. The industry’s practice of hiring and firing during boom and bust periods is a permanent trend that puts off undergrads looking for a stable career.
Are we in the twilight of the oil and gas industry? Ken Pereira, managing director of Hibiscus Petroleum, an oil and gas producer currently exploiting dwindling oil reserves in the North Sea, seems to think so. The impact of the aging workforce due to lack of interest by Gen Z will reportedly hit the industry in a decade, he told the Financial Times.
Sometimes optimism can be dystopian.Hello Tomorrow is set in a retrofuturisticalternate universe where Jack Billings (Billy Crudup) is trying to sell timeshares on the moon. His traveling salesmen go door to door to lure customers in with a fictional rocket launch. When Myrtle Mayburn (Alison Pill) burns all her bridges for a chance to live on the moon, she becomes intent on destroying Jack when he doesn’t fulfill his promises.
Space migration, robot servers, and black-and-white TVs. Watching classic 1950s cars float down the streets and Rosie from The Jetsons-esque servers at diners is almost nostalgic — a picture-perfect realization of the future the early 1900s would’ve envisioned. Perhaps that’s why despite having mastered space travel and jetpacks, color television and WiFi don’t exist. That’s just not what people saw when they saw the future.
There’s no explanation of where exactly our histories diverge. No wars averted, no assassinations prevented. In fact, it seems like nothing particularly bad has ever happened on their Earth. The world is a childlike fantasy, and that may be why Jack and Co’s duplicitousness seems especially offensive.
Hello Tomorrow may lack momentum at certain points, but the deep relatability of people grabbing onto any reason to hope for a better life makes it difficult to look away. It’s not just the naïve customers buying fictional trips to the moon, it’s Jack wanting to reunite his family and Eddie (Hank Azaria) recklessly gambling in hopes of a big payout. It seems that everyone has fallen for the elusive dream of a better future.
WHERE TO WATCH- Hello Tomorrow is streaming on AppleTV+.
Related
⚽ The Pharaohs’ last chance: Egypt will face Cape Verde at 10pm tonight in the Afcon’s third round. The Pharaohs are in second place with two points while Cape Verde leads the group with six points, followed by Ghana and Mozambique with one point each. Egypt has to bag a victory to secure its spot in the Round of 16.
In the same round of Group A, Côte d'Ivoire will play Equatorial Guinea, and Guinea-Bissau will play Nigeria at 7pm.
A heated face-off in the Italian Super Cup final: Napoli and Inter Milan are going for the trophy at 9pm in Al Awwal Park Stadium in Riyadh. Napoli secured a clean 3-0 victory against Fiorentina in the semi-final while Inter Milan beat Lazio with the same score. The Partenopei enter the match with hopes of saving their season where they’ve fallen behind the competition in the league, while the Nerazzurri, the reigning champions, are looking for the 8th title in their history.
In the rest of the European leagues:
Brighton vs Wolverhampton (Premier League, 9:45pm)
Atlético Madrid vs Granada (La Liga, 10pm)
Related
? EAT THIS TONIGHT-
Impress friends and family with a box of Fôudesserts when you visit. Lawyer-turned baker, Chef Farah El Charkawy (whom we spoke with for our Founder of the Week column last year) brings you well-crafted and niche French desserts with her online pastry boutique. All the items on the menu are made with passion and artistry that show through the presentation and flavor — and will invite a well-deserved ‘oh-la-la’ when consumed.
Bursting with flavor: The chocolates are presented artistically and garnished with thought. We tried their signature creations: Two tarts, one cake, and the Crinch Crunch chocolate collection. Our favorite selection of tarts was the Tarte Banoffee, featuring a soft base tarte with a delightful blend of Tahitian vanilla, salted caramel, and caramelized bananas as a filling. If you like a dessert with prominent fruit infusion, this is the one to go for.
Another standout creation is The Charm, whichisn’t a common dessert. The entremet is dominated by the flavor of sesame along withsweet and creamy notes of Tonka and salted caramel, added to a rounded base of a crunchy almond cake. If you want to go for a zesty option, Tarte au Citron Meringuée is a good choice including a combination of fresh citrus notes pairing lime, lemon, and lemon verbena with a nutty sweet pastry dough.
The Crinch Crunch Collection — a set of six colorful minibars — is a chocolate feast with flavors including pistachio, hazelnut, and peanut crunch. Each one is coated with a different type of chocolate and filled with salted caramel, sea salt sprinkles, and different types of nuts. All are coated with edible shiny powder. The hazelnut crunch is an Enterprise favorite, which includes milk chocolate, salted caramel, and caramelized hazelnuts.
PRO TIP- Orders are made through the website and they are delivered the next day. Also, the brand provides catering services for special events.
Related
? OUT AND ABOUT- (all times CLT)
TONIGHT-
SPORTS-
Watch the African Cup on the big screen: Mivida is hosting The Stadium, screening Afcon matches. The Lake District is within arm’s reach in case you need to fuel up before or after the matches. More of a doer? The Stadium is also hosting sports activities you can partake in. You can book your tickets through Ticketsmarche.
For those on the other side of C-Town, The Tap West is also hosting their own screening of tonight’s Egypt vs Cape Verde match.
FILM-
KinoCairo is screening the second film in their WHAT IS CINEMA? series tonight at Cinema Mounira at the French Institute in Egypt. Doors close at 7pm, so don’t be late. No ticket purchases or booking required.
THIS WEEK-
BOOKS-
The Cairo International Book Fair is starting this Wednesday, 24 January and runs until Tuesday, 6 February. The event will be open to the general public starting from 25 January from 10am to 2pm, except Friday and Saturday, when their doors will close at 9pm. The fair will be held at the Egypt International Exhibitions Center in the Fifth Settlement, New Cairo.
MUSIC-
Brooklyn Babies are bringing Lana del Rey to Cairo. The tribute band will perform at El SawyCulturewheel on Thursday, 25 January from 7-9pm. Click here to book your tickets.
Warm up your vocal cords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday through to 27 February for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here.
FOOD-
Why go to Dubai Village when the Walk of Cairo has a day of street foods. This one-day street food and tasting event, happening this Friday, 26 January, will bring together artisanal, farm and comfort food from all of the best bites around. There will also be activities and entertainment for the kiddos — all you have to do is bring yourself.
If you missed the cheese fondue brunch at Villa Belle Epoque you can plan to be there todayor on Wednesday.This takes place every Monday and Wednesdayuntil 28 February from 2-6pm. The meal is reservation only. Click here to find out how to book your spot.
Indulge your Mexican cravings at Cairo Jazz Club’s Taco Tuesdaynext Tuesday, 30 January from 7pm. Gather your work buddies or friends and enjoy a night of unlimited tacos and cool drinks. For reservations message their Facebook page.
ART-
Picasso Art Gallery has opened its doors to solo exhibitionist Hicham Rahma. Each of his paintings will exhibit “mixed tales with rich folkloric elements” with “magical strangeness and astonishing interaction.” This exhibition opens from 11am to 9pm, except for Sundays, until Friday, 2 February. Click here for more information.
Eastsiders, this is your last chance to visit the Cairo Art Fair. The exhibition will be closing its doors in District 5’s TAM.Gallery this Wednesday, 24 January. So head over to get one last shot at viewing artworks from 150 of Egypt’s most prominent contemporary artists. If you’re moved by a particular piece, you can cop it on your way out.
If you’re a Westie, you can find the Cairo Art Fair at TAM.Gallery West.
Another must-visit: Motion Art Gallery’s posthumous exhibition for artist Mahmoud Moussa. The artist’s iconic sculptures are on display in the gallery in Zamalek, everyday except Fridays until 5 February. That’s sooner than you think, so mark it down.
LATER-
PHOTOGRAPHY-
Only a few more weeks untilThe Fujifilm festival starts on Thursday, 1 February, and ends on Sunday, 4 February. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning and check out the GFX 100 ii Studio on-site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.
SHOPPING-
Cairo Vintage Souq is back with more old finds for you to scavenge. Bring your thrifting skills to Al Ismaelia venue in Downtown Cairo from 12pm till 9pm on Saturday, 3 February to get the best retro and vintage finds. For more information go to their instagram page.
MUSIC-
End the month on the dance floor at Cairo Jazz Club’s Wednesday Night Live event next Wednesday, 31 January from 9pm. The night will have Riffs sha’bi tunes, El Waili with his top hits, and Donia Wael for soothing wrap up. Message their Facebook page for reservations.
Hamza Namira will be dropping his album at a concert hosted by ZED park on Friday, 9 February at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end of winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
SPORTS-
The Cairo Half Marathon is taking place in less than two months: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are available until 27 February, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
“Hello, my name is Thomas Thwaites, and I have made a toaster.” So, The Toaster Project begins with a spoiler. The author documents his journey to build a toaster from scratch. Not “buy the parts and put them together” scratch, but “make the parts from scratch” scratch.
Thwaites mines and sources steel, plastic, mica, copper, nickel, and everything else that makes up one of the most common household appliances. He crafts all 404 components, and as the first line reveals, builds a toaster — not very well, but technically a functioning one.
Thwaites’ nine-month journey is inspired by Douglas Adams’ The Hitchhiker’s Guide tothe Galaxy,wherein the protagonist realizes that, “Left to his own devices, he couldn’t build a toaster. He could just about make a sandwich, and that’s it.” After finding himself stranded on a planet with limited technological sophistication, and hoping to impress its residents, realizes that all his knowledge is dependent on preexisting tech.
Most interesting isn’t the final result of this experiment but the lesson learned. Building the toaster cost Thwaites 250x the cost of the cheapest commercial toaster available and involved over 3.2 km of travel, but the complexity of what we thought was a simple appliance forces us to reflect on the real cost of cheap consumer culture at the expense of the environment.
The EGX30 rose 1.2% at today’s close on turnover of EGP 8.5 bn (175.1% above the 90-day average). Foreign investors were net buyers. The index is up 12.7% YTD.
In the green: Mopco (+10.1%), Beltone Holding (+6.8%) and Talaat Moustafa Group (+4.4%).
In the red: B Investments (-3.7%), Ezz Steel (-3.2%) and Alexandria Containers and Cargo Handling (-2.6%).
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