Good afternoon, wonderful people, and welcome back. We hope you all had a restful long Eid El Fitr holiday, and are easing back into the flow of things.
THE BIG STORY TODAY
CBE raises limits on ATM and over-the-counter withdrawals: The Central Bank of Egypt (CBE) has raised the daily limit that individuals and companies can withdraw from their bank accounts both in-branch and via ATMs, it said in a circular (pdf) today.
The new limits: The daily limit on over-the-counter withdrawals has been set at EGP 250k for individuals and companies, up from EGP 150k. Meanwhile, the daily limit on ATM withdrawals now stands at EGP 30k, up from 20k. The previous limits had been in place since August 2022.
THE BIG STORY ABROAD
As was the case since we last wrote to you this morning, the international press is stillfocused squarely on the rising regional tension between Israel and Iran after Tehran launched a retaliatory missile and drone attack on Tel Aviv on Saturday. Westernleaders are pressing Israel to practice restraint to avoid triggering a full-blown armed conflict. (Bloomberg | Financial Times | CNBC)
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Inflation cools post float as traders price at a lower exchange rate: Egypt’s annual urban inflation cooled to 33.3% in March, down from 35.7% in February on the back of a softer increase in food prices as traders price at a lower exchange rate.
EU greenlights the first of our funds: The European Council has approved releasing EUR 1 bn in short-term financial assistance as the first tranche of a EUR 5 bn package of concessional loans to provide macro-financial assistance agreed to in March.
The Finance Ministry unveiled its draft budget for the coming fiscal year, which will see the government spend more money on education, healthcare, social protection, and food and fuel subsidies.
?️ TOMORROW’S WEATHER-Expect a slightly cloudy day in Cairo as the mercury reaches a high of 32°C and a low of 19°C, according to our favorite weather app.
Could AI replace musicians altogether? Over 200 artists, including Billie Eilish, Nicki Minaj, and Jon Bon Jovi, have expressed their concern and called for protection from the predatory use of AI, according to CNBC.
The group released a letterexplaining AI’s “enormous potential to advance human creativity,” and underlined the possibility for powerful companies that can apply AI features to their original works, which could possibly replace musicians completely. “We must protect against the predatory use of AI to steal professional artists’ voices and likenesses, violate creators’ rights, and destroy the music ecosystem,” the letter states.
The letter was aimed at large companies to pledge not to use AI-powered technologyto undermine artists and prevent them from earning fair compensation for their work. However, Michael Huppe, president and CEO of SoundExchange — a music tech organization that collects and distributes digital performance royalties, told CNBC Make It: “Unfortunately, if [streaming platforms and tech companies] feel they can do something without getting the proper licenses or without proper authorization, some of them will do it and some won’t.”
Well, what about copyright laws? AI-generated content merely mimics the artist’s voice; it technically does not directly copy lyrics or music. Therefore it does not directly defy copyright laws. However, Huppe expressed the need for these laws to be updated inorder to protect artists from irresponsible use of AI and stealing the artists’ sound for commercial profit. In response, Tennessee, the birthplace of country music, became the first state to pass legislation that will protect musicians from AI voice cloning, effective 1 July.
Ads will continue on Windows 11, too. Microsoft has explained that it’s begun testing the move that will make use of the Recommended section of the Start menu. What will the ads be? Apps from the Microsoft store, of course. This will replace the file recommendations that currently turn up in the same area, according to The Verge.
Much to our relief, this will only “appear only for Windows Insiders in the Beta Channel in the US and will not apply to commercial devices (devices managed by organizations),” says Microsoft in a blog post.
The company wants feedback on the changes, though. Although the feature will be enabled by default, users will be allowed to disable the feature from their device settings. This way, Microsoft can track how their users respond to the feature, and may even scrap the idea if they find that it is an unpopular addition.
The concept of advertising on Windows isn’t new to Microsoft. The company has been experimenting with ads for more than ten years. They tested ads inside the File Explorer of Windows 11 last year but ended up disabling the experiment in beta versions of Windows 11. The Windows 10 lock screen and Start menu already have promotional spots so it’s not surprising to see them on Windows 11.
Buckle up for a mind-bending journey that’s equal parts thrilling and confusing. Netflix’s ambitious adaptation of Cixin Liu’s acclaimed sci-fi novel 3 Body Problem, the first book in the Remembrance of Earth’s Past trilogy, poses (but doesn’t necessarily answer) questions about the future of humanity. Da Shi (Benedict Wong) shines as a bewildered physicist chasing a trail of strange phenomena, and Auggie Salazar (Eiza González) is a whip-smart astrophysicist who stumbles onto a secret society obsessed with the apocalypse.
The eight-episode series captures the sprawling and sometimes chaotic nature of the source material. We follow multiple storylines that jump between continents and timelines. The time jumps and narrative leaps can be a little disorienting, but if you followed the likes of the German series Dark, you’ll have no trouble keeping up with 3 Body Problem. Fans of the trilogy were quick to point out the differences brought on by the condensation of the plot, but overall, the adaptation was sound.
3 Body Problem isn’t afraid of getting geeky. There are some heady dives into metaphysics that may make your head spin, but the show isn’t all equations and wormholes. It also discusses the human condition with surprising delicacy, exploring themes of cooperation, survival, and sheer terror in the face of an unknown cosmic threat.
⚽The postponed clasico: Zamalek and Al Ahly will play the postponed Egyptian Premier League clasico from gameweek 10 tonight at 7pm.
Both teams currently stand in the middle of the league ranking with a number of postponed matches to play. Al Ahly is currently in ninth place with 21 points from ten matches. Zamalek, the home team, is currently in twelfth place with 18 points from 12 matches. Meanwhile, Pyramids leads the league with 29 points from 14 matches.
But before the Zamalek and Al Ahly match, Al Mokawloon will host Pyramids at 4pm for another postponed match from gameweek 10.
Over to the English Premier League: Chelsea will host Everton for the final match of gameweek 33 of the league at 9pm.
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?EAT THIS TONIGHT-
Calzoneee’s twist on this staple probably won’t sit well with Italians — but did satisfy our hunger. This restaurant, nestled inside a gas station (stay with us) away from the public eye in New Cairo, offers a twist on the folded pizza — the calzone.
Their selection of calzones are far from authentic, and are instead more of a global melting pot, bringinga fusion of international flavors like Egyptian, Mexican, Indian, Asian, Levantine, American, and European.
We tried three: The curry, pesto, and steak calzones.Each of them were served piping hot, they had a crunchy pastry, and were filled to the brim, so expect it to be a messy experience.
The steak and curry were a hit. The steak was thinly sliced, juicy, and tender — as it should be — and served with the skinny fries and entrecote sauce which was an ideal accompaniment. As for the curry calzone, it was creamier and milder than expected, but the juicy chicken made it a great choice. The pesto was not up to par — the sauce had a creamy tangy flavor which was more creamy and less pesto and the chicken was a bit on the drier side.
If you’re a New Cairo resident they deliver through Talabatbut unfortunately not further, which means you’ll have to make the trip. If you don’t fancy taking advantage of their indoor and outdoor seating you can opt to eat in your car.
PRO TIP- There’s also an all-day breakfast calzone menu.
Related
? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Mark your calendars for AUC’s CultureFest. This event — held at AUC Tahrir from Wednesday, 17 April to Monday, 22 April — is a celebration of the Cairene spirit. Panel discussions about Cairo’s history, people, and evolving culture will kick off the festival, and will be accompanied by live music, a book bazaar, a local market, and art exhibitions. Register for the event here.
German electronic music group Keinemusikare performing at the Giza Pyramids for the first timeon Friday, 19 April at 7pm. Tickets are selling out fast and are in their seventh wave, get them now on Ticketsmarche.
Gamers, buckle up for Egypt’s biggest gaming festival:Insomnia is back at the InternationalExhibitions Center from Thursday, 25 April to Saturday, 27 April, making it an immersive weekend of quests, level-ups, and never ending clicking game experiences. Get your tickets here.
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? UNDER THE LAMPLIGHT-
In Lisa Jewell’s None of This Is True, a woman’s life becomes true crime content without her even knowing. A famous podcaster named Alix Summers keeps running into Josie Fair, a woman who shares a suspicious number of things in common. After some convincing, Josie and Alix start working on a podcast series together, and Josie begins to share her story. But Josie’s involvement in Alix’s life spans far beyond the show, finding ways to infiltrate Alix’s personal world, until one day, she disappears.
Josie may be gone, but she left a lot of chaos behind. But before Josie disappeared she spilled many unsettling (albeit unconfirmed) details about her tragic life, which make Alix want to help this woman escape from the events that harmed her. This throws Alix into a whirlwind she never signed up for, putting her and her family in danger.
You’ll have a constant feeling that something’s just not right. Jewell could give a master class in building suspense and sending shivers down your spine. The mystery thriller has sinister undertones throughout and Josie’s character will have you on edge. There’s never a dull moment in this book, making it seriously bingeable.
The EGX30 closed with a 3.9% gain in the first session after Eid break on turnover of EGP 4.8 bn (5.2% below the 90-day average). Local investors were net buyers. The index is up 19.0% YTD.
In the green: Qalaa Holdings (+19.6%), E-finance (+11.8%), and Elsewedy Electric (+7.1%).
In the red: Orascom Construction (-0.7%), Eastern Company (-0.6%), and Juhayna (-0.3%).
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