Good afternoon, friends. It’s shaping up to be another relatively busy afternoon as we race towards the weekend.
THE BIG STORY TODAY
EGX30 nosedived by 6.8% at today’s close amid heavy selloff from local investors. CIB was the best performer on the index for falling only by 1%. This came one day after a 3.8% increase saw the market achieve a historical high surpassing the 30,000 points level for the first time ever.
THE BIG STORY ABROAD
Leading the conversation in the international business press since this morning: A court has blocked a USD 55 bn pay package for Tesla CEO Elon Musk, striking down what was set to be the largest ever public market remuneration package, initially approved by Tesla in 2018. Shareholders took the matter to court after feeling misled about how involved Musk was in curating the plan and the extent of his influence on members of the board. (Wall Street Journal | Financial Times | The Verge | Bloomberg)
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IMF slashes our growth outlook: The IMF has downgraded its fiscal year 2023-2024 growth forecast for Egypt to 3.0% from October’s projection of 3.6% in its updated World Economic Outlook.
One of the region’s leading law firms is about to get a helping hand from AI: Our friends at Cairo-based arbitration firm Youssef + Partners (Y+P) has signed a strategic partnership with American legal profession-focussed generative AI startup Harvey to integrate the technology into the firm’s legal practices and client services.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
⛅ TOMORROW’S WEATHER- Expect a partly cloudy day with a high of 15°C and a low of 13°C, according to our favorite weather app.
One thing AI can’t replace (at least not yet)? Doctors’ intuition: Although AI is being developed to assist medical professionals synthesize information and medical data, it hasn’t been — and potentially cannot be — trained to be as effective as an experienced doctor’s intuition, which is built on years of knowledge and expertise, according to a study.
Years of experience dealing with the ill is the underlying source of this sixth sense that can often predict the outcome of a patient’s condition, explains National Geographic. This is especially in the case in fields like emergency medicine, and surgery, where intuition is a decisive factor in ‘predicting’ the result of an operation or assessing the survival of a patient.
We’re not saying we should toss out all our medical textbooks in favor of a gut feeling. Using a three-pronged approach of clinical data (provided by technology such as AI), the patients’ individual feelings about their illness, and a physician’s intuition would be the ideal method to ensure the best outcome for the patient.
SIGN OF THE TIMES- Teenage girls are shaping the contemporary English language:Shakespeare and Dickens may have been the linguistic maestros of yesteryear, but women are now responsible for up to 90% of linguistic changes, according to sociolinguist William Labov, who said that women tend to be linguistically ahead of men “ by a full generation.”
Women have historically been innovating — or, at the very least, quick to adopt — trendy lingo: Even Queen Elizabeth I was a linguistic rebel, introducing the word “does” to replace “doth,” a linguist at the University of Helsinki in Finland told National Geographic. With the advent of social media, new phrases and terms (think Swiftie, situationship, girl math, rizz, and all those other things you hear the youths saying) are being adopted a lot quicker. While language previously ran through 80-year transition periods, we’re now seeing our vernacular changing on a yearly basis, National Geographic says.
Why is it that women are verbal and linguistic pioneers? For starters, the majority of people are taught language by their mothers as primary caregivers. Women’s heightened social awareness and exposure to diverse language also makes them more likely to partake in linguistic innovation and advancement, according to language expert Gretchen McCulloch, which then allows that innovation to be passed along.
Sticking out is every teenager’s nightmare, and being 4 meters tall is difficult to hide. I’m A Virgo (watch trailer, runtime: 2:37) follows Cootie (Jharrel Jerome), a 19-year-old, 13-foot Black teenager being raised in secret by his aunt and uncle. He’s only seen the world through the TV screen and comic books, but his growing need for friendship (and fast food) finally forces him outside.
Cootie’s physical and social awkwardness, natural empathy, and naivety makes us as protective of him as his family. He’s obsessed with The Hero, a Batman- or Iron Man-esque b’naire, who he’s seen on TV and in comics. The Hero takes it upon himself to fly over Oakland and dole out justice, and pretty quickly, Cootie realizes that the only people he protects are the rich.
I’m A Virgo is much more than a coming-of-age story. Confronted with the reality of race relations and capitalism, Cootie’s innocence throws these topics into sharp relief — especially once he realizes that he’s seen as a threat. But at its core, I’m A Virgo is an absurdist comedy. It swings from lighthearted to dark comedy and back again quite deftly, making you engage with its themes without feeling preached to.
Our favorite thing about the show is the minimal CGI. The Marvel era has bombarded us with CGI effects, and it’s refreshing to see a showrunner, Boots Riley, rely on practical effects and forced perspective to make Cootie larger than life.
⚽ Africa sans Arabs: Morocco bid Afcon farewell last night after losing to South Africa 0-2, making it the last Arab country to be eliminated from the championship after Tunisia and Algeria were knocked out of the group stage, followed by Egypt and Mauritania’s exit during the Round of 16.
What the quarter finals are going to look like:
Nigeria vs Angola (2 February)
DRC vs Guinea (2 February)
Mali vs Côte d'Ivoire (3 February)
Cape Verde vs South Africa (3 February)
Over in Asia: The final matches of the Round of 16 put Iran against Syria at 6pm, while Bahrain vs. Japan ended with Japan coming out on top with a final score of 3-1.
Liverpool and Chelsea in the Premier League: Anfield Stadium will host a match between Liverpool (currently at the top of the league) against rival Chelsea (10th in the league) in gameweek 22 of the Premier League at 10:15pm. Earlier at 9:30pm, Manchester City’s face-off with Burnley kicks off at the same time as Tottenham vs Brentford.
Over in La Liga: Barcelona hosts Osasuna for a match postponed from the 20th week of the Spanish league at 8pm, while Atlético Madrid plays Rayo Vallecano at 10pm.
Egyptian League Cup quarter-final matches:
El Gaish vs El Gouna (4:30pm)
Al Ittihad vs Enppi (7:30pm)
Related
? EAT THIS TONIGHT-
What’s better than cheesecake? Cheesecake that comes all the way to your doorstep. Basque has just one thing on their menu: San Sebastian cheesecake. The size you get it in depends on how much you want to share with others, and our prediction is that you won’t want to share too much.
In case you feel generous this holiday season, it comes in 12 cm, 20 cm, and 24 cm. The small feeds one person, the medium can accommodate 4-6 people, and the largest size is enough for 8-10. The prices for each are EGP 150, EGP 450, and EGP 600.
It’s not burnt, it’s supposed to look like that. San Sebastian cheesecake comes with a signature dark top that may look like it spent too long in the oven, but that color is just caramelized goodness. San Sebastian cheesecake (sometimes called burnt Basque) is a crustless, supremely creamy, and decadent dessert.
Basque brings it all the way to your doorstep wherever you are in Cairo — same day too if you happen to live in New Cairo. If you don’t, you’ll have to place your order 1-2 days in advance for delivery, but you can pick it up from New Cairo on the same day if you’re in a rush.
The cheesecake is amazing on its own, but if you like an extra coating of sweetness, you can pick between caramel, chocolate, and pistachio sauces for EGP 70, EGP 120, EGP 150.
Related
? OUT AND ABOUT- (all times CLT)
FOOD-
Catch the cheese fondue brunch at Villa Belle Epoque until 6pm tonight.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.
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.
ART-
Motion Art Gallery’s posthumous exhibition for artist Mahmoud Moussa is a must-visit. The artist’s iconic sculptures are on display in the gallery in Zamalek, every day except Fridays until 5 February. That’s sooner than you think, so head on over tomorrow or mark it down.
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 until this Friday, 2 February. Click here for more information.
Go to Bibliothek’s Art Gallery to attend Inside the Corner Pink House, an exhibition and book launch by visual artist Reem AlJeally. The artwork and illustrated book depict the ongoing war in Khartoum, blending nostalgic memories of life, events, and childhood as the artist adjusts to a new life abroad. The exhibition opened to the public on Saturday, 27 January, and will continue until next Tuesday, 6 February from 10am to 10pm.
BOOKS-
The Cairo International Book Fair doors are open and will be running until Tuesday, 6 February. The event is open to the general public from 10am to 8pm, except Thursday and Friday, when their doors will close at 9pm. The fair is taking place at the Egypt International Exhibitions Center in the Fifth Settlement, New Cairo.
MUSIC-
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.
Don’t miss the Egyptian Mawlawi Sufi group, AlMawlaweya AlMasreya, singing and Sufi chanting on the Theatro stage in Arkan tomorrow, 1 February. Doors will open at 7:30pm and the event will begin at 8pm. Click here to book your tickets.
The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi on Friday, 9 February, giving you plenty of time to grab a ticket. The Voices of Hope concert will start promptly at 9pm.
Don't miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageat Family Park.The event will take place on Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time this year. El Hadaba’s first 2024 performance is taking place in Manara Arena on Friday, 16 February. Grab your tickets while you can.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan, on Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
PHOTOGRAPHY-
The Fujifilm festival starts this Thursday, 1 February, and runs until 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.
LATER-
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 this 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 tonight at 9pm. The night will have Riffs sha’bi tunes, El Waili with his top hits, and Donia Wael for a soothing wrap-up. Message their Facebook page for reservations.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights starting Wednesday, 21 February, and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
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.
THEATER-
Ebni is back at Rawabet Art Space. The play is an adaptation of God of Carnage by Yasmina Reza and it demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance on Friday, 9, Tuesday, 13, and Wednesday, 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a phone-free, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
SPORTS-
The Cairo Half Marathon is taking place in just over a month: 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.
DANCE-
Get your salsa groove on at Cairo Jazz Club 610’s Salsa night with Soul Motion Studio on Monday, 5 February. Just send them a message on Facebook to reserve your spot.
Identity theft takes a new page out of Dead in Long Beach, California. Venetia Blackburn takes a twisted turn in a story of a sibling’s loss who’s actions have severe consequences.
Sounds a bit much? It gets better: The grieving process takes an unethical turn when Coral, the protagonist, starts impersonating her deceased brother, Jay — after she finds him dead by suicide — through texts and calls in a misguided attempt to shield his nearest and dearest from the painful truth. But Coral doesn't see an issue and continues her daily routine, going to work and pursuing her life as a science fiction graphic novel author.
The novel is narrated in the first-person plural by her science fiction characters, the story introduces entities called “machine librarians” from the future tasked with studying humans after a catastrophic event. They serve as Coral's support, exploring her memories and staging flashbacks that delve into Coral and Jay’s childhood past.
Although the identities, personalities, and narratives intertwine a lot, it’s a poignant look at how different people cope with grief as it looks at the aftermath of Jay’s death without questioning why Coral behaves the way she does. The book has dark humor that makes it a “freshly devastating exploration of loss,” the New York Times says.
The EGX30 fell 6.8% at today’s close on turnover of EGP 8.4 bn (148.2% above the 90-day average). Foreign investors were net buyers. The index is up 13.6% YTD.
In the red: Oriental Weavers (-15.9%), Talaat Moustafa Group (-15.3%) and Credit Agricole (-14.3%).