Good afternoon, folks, and happy Monday. The news cycle at home and abroad continues to be primarily led by macroeconomics and monetary policy, while everyone here in Om El Donia is keeping their eyes peeled for signs that our IMF agreement is signed, sealed, and delivered.
THE BIG STORY TODAY
Egypt’s non-oil private sector contracted in January for the 38th consecutive month as inflationary pressures continued to weigh down the headline figure, according to S&P Global’s PMI report (pdf). Egypt’s index dropped slightly to 48.1 last month from 48.5 in December. Firms’ output and new orders fell due to increased prices dampening client demand, with price pressures and geopolitical conflict also weighing down growth. While firms’ purchasing activity decreased, its trend moved closer to stabilization, as firms indicated stock levels were kept stable, and lead times only increased slightly.
Inflation continues to be a thorn in Egypt’s side: Inflationary pressures picked up in January, respondents noted, with input and output costs increasing to their highest levels in 12 months, on the back of increased purchasing costs. Prices of wood, iron, and fuel surged due to currency weakness and ongoing import problems leading firms to shift the greater share of their costs onto customers resulting in a sharp price increase.
THE BIG STORY ABROAD
The international business press is focused on monetary policy this afternoon: The US Federal Reserve could have room to cut interest rates within the next few months, the Financial Times says, as inflation is expected to cool to 2.2% this year and decelerate further to 2% in 2025, according to OECD projections. Meanwhile, although the UK is expected to have the highest inflation rate in the G7 (2.8% in 2024), the Bank of England could move ahead with monetary loosening in 3Q 2024, the OECD said.
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More predictions on our IMF package roll in: Goldman Sachs and Morgan Stanley both had things to say about our IMF package, hinting that we’re moving closer to an agreement.
Drugmakers will meet next week with the Egyptian Drug Authority (EDA) to request hiking their prices. Drugmakers want to increase prices by 30-50% in response to ongoing FX and raw materials shortages and higher shipping costs.
?️ TOMORROW’S WEATHER- Look out for a partly cloudy day with a high of 21°C and a low of 12°C, according to our favorite weather app.
Women took over the Grammy awards and performances last night. Taylor Swift made history as the first person ever to earn Album of the Year four times — Frank Sinatra, Stevie Wonder, and Paul Simon each have three. Siblings Billie Eilish and Finneas walked away Song of the Year for What Was I Made For? Victoria Monet was awarded Best New Artist, and Boygenius earned three awards, including Best Alternative Music Album, while one of their members, Phoebe Bridgers, took home a fourth — the most of any other artist— for her feature on Ghost in the Machine with SZA.
There were a few headlining moments: Joni Mitchell performed for the first time at the Grammys, almost a decade after an aneurysm left her unable to speak, with her 1968 song Both Sides Now. Tracy Chapman made a rare appearance to perform her hit Fast Car. Celine Dion, who has a hard time singing due to a neurological disease, also made a rare appearance to announce Album of the Year. Finally, Billy Joel performed his first new song in 17 years.
But the awards — as always — weren’t safe from criticism: The awards show has been called out numerous times over the years, with Will Smith and DJ Jazzy even boycotting in 1989 when the rap awards weren’t televised, according to CNN. This year, when Jay-Z took to the stage to accept the Dr. Dre Global Impact Award, he had some things to say. He acknowledged the progress that has been made but still thinks there’s a long way to go, using his wife Beyonce as an example — being the most awarded in Grammys history (winning a record 32 awards last year alone) but having never won the coveted Album of the Year. (New York Times | Washington Post | CNN | Associated Press)
Maybe it’s time to dust off that guitar you used to play: People who play musical instruments or otherwise incorporate musical practices into their lives — particularly playing the piano or singing in a choir — have better brain health when they’re older, according to a UK study published in the International Journal of Geriatric Psychiatry. Dementia researcher Anne Corbett claims that this is the result of using the brain’s agility and resilience effectively and improving memory and executive function.
Singing in a choir is similarly linked to improved cognitive function, probably because of the socialization that comes with being a part of a group, or in this case a choir, says The Guardian. Socialization can slow down symptoms of dementia by reducing the loss of cognitive function and memory, according to Dementia Care Central.
What this means: Older people, especially those with a higher risk of dementia, can be encouraged to stave off geriatric cognitive decline by integrating music into their lives, and ensuring they join social groups for better cognitive abilities. The findings can also feed into public health policies that advocate for more musical education.
The Artful Dodger moves on from the English streets of Oliver Twist to Down Under. In this Dickenson spin-off period piece, Dodge, the pickpocket from Oliver Twist, has transformed into a skilled surgeon in Australia, played by Thomas Brodie-Sangster (Love Actually and Game of Thrones, among others).
After being rescued from prison by a ship’s doctor, Dodge leads an honest life until a card game leaves him drowning in debt. To his dismay, Fagin (David Thewliss), presumed dead, resurfaces at his doorstep after surviving a failed hanging and subsequent deportation.
The plot unfolds with Fagin urging Dodge to return to a life of crime. While Dodge strives to conceal his past, Fagin tries to sway him back into a criminal life, and Dodge attempts to keep his history hidden.
The surgeon-focused show is filled with intense and graphic moments, meaning limbs are amputated, and human insides are on full display. Some scenes could be categorized as a rom-com, but the show overall is not for the faint of heart but amusing for the gore-loving audience.
WHERE TO WATCH IT- You can watch The Artful Dodger on Disney+.
Related
⚽ Man City and Brentford are closing off gameweek 23 of the Premier League tonightat 10pm, with big hopes riding on the match after Liverpool lost to Arsenal 1-3 yesterday.
These are the major European league matches we’re tracking today:
Rayo Vallecano vs Sevilla (10pm, La Liga)
Roma vs Cagliari (9:45pm, Serie A)
Related
? EAT THIS TONIGHT-
The vibrant cuisine of the Caribbean has arrived in Om El Donia. Take a break from your usual fast food cuisines and explore the spices of Jamaica at Jay’s Jamaican Jerk — nestled in a commercial kitchen space Kitchinco in Maadi. The menu is short but sweet with only four options and some extras to add to your meal, although the aromas in the restaurant were more than enough.
We decided to try the Braised Oxtail and Jerk Chicken meal. Served in a lunchbox,each order included coconut rice, house salad, and jerk BBQ sauce — but the oxtail had extra butter beans.
We started with the Jerk Chicken meal. The crusty seven-spiced skin had a satisfying crunch that was followed by a juicy bite of the tender meat, although the coconut rice was a bit too sweet. We also went with the house salad as a side which resembled a Mexican bean salad.
The buttery braised oxtail fell off the bone —that’s when we knew we’re in for a journey of flavors. Again the rice was a sufficient side — but we could do with the meat only.
If we were to pick favorites it would have to be the Jerk Chicken. We would suggest ordering the Jerk Chicken box, not the meal, to enjoy the chicken only. But if you’ve got to have your meat then the oxtail is the obvious choice.
They don’t deliver outside Maadi, but we think it’s worth the trip. For those of you lucky enough to live in the Republic of Maadi, you can order from Talabat and elmenus.
Related
? OUT AND ABOUT- (all times CLT)
TODAY-
ART-
Motion Art Gallery’s posthumous exhibition for artist Mahmoud Moussa is ending today.This must-visit exhibition presents the artist’s iconic sculptures on display in the gallery in Zamalek.
DANCE-
Learn some salsa or show off your moves at Cairo Jazz Club 610’s Salsa night with Soul Motion Studio this evening at 8pm. Just send them a message on Facebook to reserve your spot.
THIS WEEK-
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-
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 is open to the public until tomorrow from 10am to 10pm.
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 starting this Friday, 9, Tuesday, 13, and Wednesday, 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.
Head to The Tap West for It’s Not Unusual, a two-day showcase of live performances, good food, and drinks hosted by ACT Theatre Group. The event runs this Friday and Saturday, 9-10 February and starts at 7pm. Send The Tap West or ACT a message to reserve.
The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi this Friday, 9 February, so hurry and grab a ticket. The Voices of Hope concert will start promptly at 9pm.
Hamza Namira will be dropping his album at a concert hosted by ZED park this 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.
Egyptian independent artist and multi-instrumentalist ASH will be performing at Le LacDu Caire this Friday, 9 February. Hosted by CRCL, the event will start at 1pm and doors will close at 4pm. Get your tickets here.
STAND UP-
Looking for a laugh?Sahra Toxic has you covered at Cairo Jazz Club 610 tomorrow at 9pm. You can reserve your tickets by messaging them on Facebook.
LATER-
MUSIC-
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 in Egypt this year. El Hadaba’s concert 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.
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.
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-
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 still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Join a run for Gaza on Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
The narrator, Khaled Abd Al Hady, moves to Edinburgh to pursue his studies in literature at 17. There, he meets a fellow Libyan student, Mustafa Al Tony, who encourages him to attend an anti-Gaddafi protest in front of the Libyan Embassy — but things take a turn when an open firearm injures them both and pushes them to isolate themselves from their families, in fear of government retaliation. The third of their group, Hosam, is a writer whose story was behind the death of a newsreader on BBC Arabic World Service.
The shootings and deaths in the story are historically accurate — making the story more poignant. Many news outlets agree that the book is somewhat Matar’s biography of his move to the UK in 1979 calling it “ a great novel of exile.”
The EGX30 rose 0.3% at today’s close on turnover of EGP 6.6 bn (88% above the 90-day average). Egyptian investors were net buyers. The index is up 11.1% YTD.
In the green: Egypt Kuwait Holding (+12.8%), Talaat Moustafa Group (+10.3%) and Orascom Development Egypt (+7.1%).
In the red: CIB (-4.0%), Juhayna (-3.8%) and Mopco (-2.3%).
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