Good afternoon, folks, and happy almost-Thursday. We are excited for the weekend coming around the corner for a chance to escape the heat.
THE BIG STORY TODAY
Fertilizer companies halt production amid gas supply disruptions: Pressure fluctuations in the natural gas pipeline network have forced several companies in the fertilizer and petrochemical sector to suspend production until the gas flow stabilizes. Sidi Kerir Petrochemicals (Sidpec), Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Egyptian Chemical Industries (Kima), and EgyFert were among the companies impacted, the EGX-listed companies said in separate disclosures to the bourse today.
ICYMI: The Oil Ministry reportedly reduced the natural gas supplies to energy-intensive fertilizer companies by 20-30% earlier this week. The cut supplies were set to be redirected to feed power plants during a time of heightened demand.
Gov’t to ramp up LNG shipments to address the supply gap: The government plans to import between 15-18 shipments of LNG to cover the electricity needs of the industrial sector and households, a government source told Enterprise without providing a timeframe for the shipments’ arrival.
THE BIG STORY ABROAD
Indian Prime Minister Modi’s victory at the polls is a net loss for his party. Early projections of the election results put Narendra Modi far ahead of the competition, expecting the PM to serve for a third five-year term. But poll results had a different story to tell, showing the PM’s Hindu-nationalist, right-wing party losing their supermajority for the first time in a decade. Instead of the 400 parliament seats Modi expected to secure, the party only kept 240 — 32 seats shy of a parliamentary majority. Opposition parties occupy 235 seats, and an ally for Modi secured 52. Political commentators in India are breathing a sigh of relief, hoping that this “[prick] in the bubble of Modi’s authority” will halt the party’s unchecked domination. (CNN | Reuters)
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FX reserves blow past pre-pandemic levels: Net foreign reserves increased by a little over USD 5 bn in May, up from USD 41.1 bn in April, and hitting a record USD 46.1 bn.
Anyone above 60 needs to reconsider their summer plans. With temperatures set to exceed last year’s scorching summer, individuals in their golden years need to watch out for dehydration and heat stroke since they could struggle with weather that might be too hot for their bodies to handle, Time reports.
It’s going to be a trend thanks to a growing older population and climate change. Longer life expectancies mean that 21% of the global population will be 60 or more by 2050 (that’s 2.1 bn people), reports the World Health Organization.
246 mn people above 69 will be living in <37.5° climes — that’s 23% of the world’s population, in comparison to 14% today — reveals the study conducted by Giacomo Falchetta, a scientist at the Euro-Mediterranean Center on Climate Change in Italy.
The factors driving heat exposure for older adults are different between regions. Falchetta and his team found that in temperate regions like North America and Europe, rising global temperatures will be the main factor. Meanwhile, in warmer areas like Asia and Africa, population growth and longer lifespans will play a bigger role.
What can be done? If the areas with older populations vulnerable to heat-related health issues are identified, then governments would be able to redirect healthcare resources and infrastructure, like power grids to handle air conditioning electricity demand, cooling centers, and additional urban green spaces, Falchetta suggests.
Everyone needs to be on board to mitigate this issue. “We hope to engage public-health planners, national economic planners, and international organizations such as the World Health Organization and the U.N. Development Programme to provide a sense for what we expect the needs of an aging population will be in a warmer world,” says Falchetta.
A story of resistance and power in The Man With the Iron Heart. Directed by Cédric Jimenez, the film is a gripping war drama that tells the story of one of the most audacious and pivotal events of World War II: The assassination of SS officer Reinhard Heydrich, the main architect of the so-called Final Solution. Based on the novel HHhH by Laurent Binet, the film weaves together two narratives: The cold, calculating rise of Heydrich within the Nazi hierarchy and the courageous efforts of the Czechoslovak resistance fighters who planned his assassination.
Reinhard Heydrich (Jason Clarke) is a disgraced naval officer who finds redemption and power through the Nazi Party, largely influenced by his wife, Lina (Rosamund Pike). As Heydrich rises through the ranks, he becomes a key architect of the Holocaust, earning the nickname ‘ The Butcher of Prague.’ His ruthless efficiency and dedication to the Nazi cause make him one of the most feared men in Europe.
Then there was the resistance. Parallel to Heydric’s rise, there’s Jozef Gabčík (Jack Reynor) and Jan Kubiš (Jack O’Connell), two young Czechoslovak soldiers who are part of the resistance. Trained by the British Special Operations Executive (SOE), they are chosen for Operation Anthropoid, a mission to assassinate Heydrich in Prague. We see the two young men go through intense preparation and personal and moral struggles knowing the risks involved and the potential repercussions for their homeland.
As both narratives merge, tensions rise: The film cleverly details the assassination plot, leading to the fateful day on May 27, 1942. While its intense attention to historical detail may slow the pace at times, the film’s ability to capture the tension and moral complexities of its characters makes it a worthwhile watch.
⚽ Third round of Africa qualifiers for the 2026 World Cup kicks off tonight:
Sierra Leone vs Djibouti (Group 1, 7pm)
Togo vs South Sudan (Group 2, 7pm)
Namibia vs Liberia (Group 8, 7pm)
Tunis vs Equatorial Guinea (Group 8, 10pm)
Central African Republic vs Chad (Group 9, 7pm)
Over in Europe we have a bunch of friendlies in preparation of Euro 2024:
Denmark vs Sweden (8pm)
Belgium vs Montenegro (9:30pm)
France vs Luxembourg (10pm)
Spain vs Andorra (10:30pm)
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?EAT THIS TONIGHT-
Crispers Fried Chicken is here to compete in the fried chicken scene. Three indicators of a good fried chicken: Crispy, golden-brown exterior and a perfect crunch complementing the juicy, tender meat inside. Whether enjoyed as part of a bucket, sandwich, or wrap, the consistency in their taste and quality has kept us coming back.
But we did take a dip into their other menu options. Contenders include the Fries Chicken, Wings, and The Original Wrap. Also, don’t miss their waffle fries — paired with hot honey sauce it takes you somewhere else.
The buffalo wings could have packed more flavor, they didn’t really have that much of a kick, which can be on account of our high tolerance for heat. Don’t eat them with your work suit, though — the wings were not separated into two, which made it a messy eating experience. The original wrap, which included chicken strips, original sauce, tomato, and lettuce felt like a snack — and they tend to add more of the fresh vegetable than necessary.
NOTE: They do deliver through their number on Instagram, but only to areas close to their branches in Nasr City and New Cairo.
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? OUT AND ABOUT- (all times CLT)
Step into the past with the MisrIskindireyaExhibition. Starting tonight and ending on Monday, June 10, the exhibition will showcase the vibrant yet fleeting essence of Alexandria during the 1970s and 80s. The exhibition will start at 6:30pm tomorrow at Radio Theatre in Downtown Cairo and then will be open daily from 11am to 9pm.
Experience the first-ever 4x4 Snow Rally in the Middle East and Africa at Ski Egypt, Mall of Egypt. Prepare to witness over ten teams race in the snow, conquering challenging obstacles on their quest to be crowned the Rally Snow Champion. The race will take place on Saturday, 8 June at 4pm. Grab your tickets here.
Take your seat as the curtains pull away for The Greek National Opera Βallet at the CairoOpera House tomorrow and Friday, 7 June. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for first night and second night.
The Italian Cultural Institute in Cairo’s Italian Cinema in Cairo film festival has begun. It's a 10-day affair, showcasing Italian films. The screenings started last week and will continue until Sunday, 9 June. They’re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema and the Italian Cultural Institute, and you can check out their schedules here and here.
El Galsa: Healing Is Not Linear is a play that will make you feel all the emotions. It navigates through a therapy session and discusses challenges, childhood, hopes, and dreams. It is quite a comfort show with moments of comedy and emotional moments. Catch the play at Rawabet Art Space from tomorrow to Saturday, 8 June.
Cairo Flea Market is back this weekendat the Aquarium Grotto Garden in Zamalek on Saturday, 8 June. The market, which includes local products and antiques, will begin at 11am to 10pm.
The Comedy Bunker’s line-up at AlMalahy is sure to leave you in stitches. Mohamed Moula, Alaa ElSheikh, and Mohamed Helmy will be taking to the stage on Saturday, 8 June at 8pm. Get your tickets here to secure your seats.
Ahmed Helmy returns to the stage with his play Memo at Grand Nile Tower Hotel in Cairo, after the success of the show in Saudi Arabia. The show will be on Sunday, 16 June at 9pm. Get your tickets here.
In celebration of Eid Al Adha, Tamer Hosny will hold a concert at Zed East in New Cairo, on Monday, June 17th. The show starts at 8:30pm. (tickets)
Don't miss the comedic musical journey I Love You, You’re Perfect, Now Change at Rawabet Art Space from Thursday, 27 June to Saturday, 29 June. Explore the ups and downs of love and relationships through humorous scenes and heartwarming songs that will have you laughing and nodding along. Secure your tickets for June 27, June 28, and June 29.
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? UNDER THE LAMPLIGHT-
The Fetishist is a posthumous publication that came to us after Katherine Min passed away and her daughter Kayla Min Andrews brings her mother's work to publication, providing insight into the complex experience of being objectified.
Alma Soon Ja Lee, the protagonist, encounters her first ‘rice king’ as a 13-year-old. The Korean-American cello prodigy marks the beginning of a journey filled with the allure of Asian fetishization and the painful cost of self-erasure. Alma’s relationship with Daniel Karmody, an Irish American violinist and the titular fetishist, unravels over five years, leaving both estranged and at their lowest points two decades later.
The book unfolds Alma’s struggle with multiple sclerosis and Daniel’s washed-up existence. The novel takes an unexpected turn with the introduction of Kyoko Tokugawa, a Japanese-American punk seeking vengeance for her mother’s suicide at Daniel’s hands. Through Kyoko’s fiery quest for justice, Min navigates the tangled roots of racism and desire.
The EGX30 fell 1.3% at today’s close on turnover of EGP 3.6 bn (25.2% below the 90-day average). Local investors were net sellers. The index is up 7.0% YTD.
In the green: Palm Hills Development (+1.8%), E-finance (+0.7%), and Edita (+0.1%).
In the red: Abu Qir Fertilizers (-4.9%), Sidi Kerir Petrochemicals (-4.8%), and Egypt Kuwait Holding (-3.7%).