Good afternoon, folks, and happy almost-THURSDAY. We’re racing towards the end of the week and the extended Eid Al Adha vacation, which will see the country take all of next week off.
THE BIG STORY TODAY
Introducing the EGX33: The EGX has launched Egypt’s maiden shariah-compliant index — dubbed the EGX33 — today after getting the regulatory greenlight, according to a statement (pdf). The index includes 33 companies, representing 16 sectors.
The criteria: The index features companies listed on the EGX100, have a Shariah supervisory board, and meet the liquidity requirements.
THE BIG STORY ABROAD
EU slaps fresh tariffs to curb China’s EV industry dominance: The European Commission issued a decision today to impose import tariffs of up to 38% on EVs imported from China, saying that an investigation found the Chinese government has been intentionally undercutting European competitors by subsidizing EV production in China. Starting 4 July, any EVs from automakers BYD, Geely, and SAIC will face provisional taxes ranging between 17.4-38.1%, depending on the carmaker, and other Chinese automakers’ tariffs will start from 21%. European EV manufacturers opposed the decision, believing that higher tariffs would result in higher prices, fewer customers, and a counter strike from China. Chinese EVs currently account for 19% of the European market. (NYT | Reuters | CNBC)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Egypt is set to welcome its first Tribute Portfolio hotels, after SODIC signed an agreement with the brand owner Marriott International to build two hotels in Sheikh Zayed and the North Coast.
That’s a wrap on Qalaa’s debt buyback program: Qalaa Holdings’ USD 28 mn debt buyback program attracted EGP 1.7 bn (USD 35.9 mn) in subscription orders from shareholders in its second and final phase, which took place on 9 June.
Fertile ground for investment: The Egyptian Mineral Resources Authority (EMRA), East Gas Company and IMEX International have signed a shareholders agreement to establish a company for upgrading phosphate ores — one of the key components used to make chemical fertilizers.
☀️ TOMORROW’S WEATHER- The mercury is on the rise again, with a high of 42°C that will dip to a low of 29°C, according to our favorite weather app.
Petcare? There’s an AI for that now, too: From smart collars to robotic companions, the global pet industry is starting to churn out artificial intelligence (AI) solutions for pet owners to take better care of their fur babies, according to the Washington Post. These new technologies and gadgets offer a great measure of convenience, with additional benefits such as providing insights into animal health and behavior.
Health and wellness are the leading use of AI in pet tech: Fitbit-like collars can be equipped with various sensors that monitor everything from biometrics to activity levels to monitor animal health. There are now products such as PetPace, a collar that provides real-time data and insights, allowing for proactive healthcare and nipping potential health issues in the bud. Other developing tech includes health apps like TTcare, which offers instant health analysis based on photos of your pet’s different body parts, or Snappoo, which can take a picture of your dog’s feces and also offer health analysis.
Monitoring tech + cameras have taken strides: Pet cameras, like those from Petcube, are pet-sitting sidekicks for those long days at the office. With features ranging from two-way audio to treat dispensers and laser toys, these cameras are almost a pet-savvy personal assistant at your beck and call.
On the more experimental end of the spectrum: Talking to (and understanding) your pets: There’s an app for cats called MeowTalk, where each meow is translated to a phrase such as “I am hungry” or “I am in pain.” For all dog parents, a similar platform, Zoolingua, is in the works; it currently decodes dog language and plans to decode other animal languages, too.
Even with petcare, the concern remains that the robots will replace us: There are concerns about the nature of human-animal relationships and the consequences of relying on technology, the Washington Post notes. “We might capture data that could serve a useful endeavor, but it may actually make us less likely to meet each other’s social and emotional needs,” Philip Tedeschi, co-director of the Institute for Animal Sentience and Protection said. “I can guarantee that your dog would rather play with you than a robot,” he adds.
American Conspiracy: The Octopus Murders is a true-crime documentary following the story of investigative journalist Danny Casolaro, whose mysterious death in 1991 was labeled a suicide, but sparked suspicions. Casolaro had been pursuing a groundbreaking story that revealed the conspiracy of an organization involved in the theft of espionage tech, mysterious murders, money laundering, drugs, the White House during former president Ronald Reagan’s era, and even the Iran-Contra controversy — which he aptly names “the Octopus.”
The narrative revolves around the Inslaw Case, a claim of governmental theft and international intrigue around the software PROMIS. Casolaro’s investigation uncovers startling revelations, including claims from political figures like William Barr and Janet Reno. PROMIS was used internationally, with allegations of a back door allowing US monitoring, which raised international relations concerns.
Another journalist guides the audience through the findings. Christian Hansen follows in Casolaro’s footsteps and begins to uncover the truth that Casolaro’s death stopped. The cautionary tale of journalistic obsession and the dive into dark corners of society is both intriguing and an eye-opener.
Purple B is a new health haven that redefines gourmet wellness: If you’re a fan of all things healthy and fresh and enjoy going out in your athleisure, then this new joint will hit the spot. It is currently open in New Cairo, Gouna, and Masaya in Sidi Abdel Rahman and offers healthy bowls, sandwiches, smoothies and a good lineup of coffee.
Healthy food and unusual combinations: From acai to Purple B’s signature shredded duck sandwich, their items are standouts and refreshing. The acai — topped with strawberries, bananas, and almond butter — felt like the best choice to make in this sweltering weather, and we weren’t let down. The fruit pudding was, in equal measure, refreshing and filling.
Their bowls are big — but the sandwiches are on the slimmer side. It’s safe to say that just one sandwich is unlikely to satiate, so we recommend having the Sous Vide chicken sandwich along with their shredded duck toastie. Keep the portion size in mind to make the right meal choice before a workout or after a long day at work.
Purple B only offers delivery through Talabat to New Cairo residents for the time being, but the ambiance of the place is worth the trip.
Related
? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Join Villa Belle Epoque’s first summer BBQ tonight. Expect live oriental performances, poolside BBQ stations, and a buffet overflowing with tasty options for you to eat. To send in your RSVP call their number.
ARTicaria is coming to Room Art Space tonight at 8pm. The night will include a variety show with music and comedy sketches by four performers, Ezz Shahwan, Gilan Alaa, Bakri Khaled, and Amgad Elsharkawy. Get your tickets here.
Save some energy for a concert before Eid featuring Muslim, Omar Kamal, 3enba at CairoStadium, this Friday, 14 June. Get your tickets here.
If you’re more inclined to fusing Arab and Western tunes, make your way to CJC 610. This Friday, 14 June, LA-based DJ/Producer Habibeats and Bubblegum Kollectiv will be playing all the mixed modern tunes. For reservations message their Facebook page.
HAPPENING LATER-
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)
The violin and piano duo Fouad and Mounib are set to perform at the Roman Theatre in Sharm El Sheikh for the first time — on Tuesday, 18 June at 10pm. Get your tickets here.
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.
Giselle will be presented by the Cairo Opera Ballet Company and the Cairo Symphony Orchestra. This ballet performance is a story of romance and tragedy and will take place at the Grand Theatre of the Cairo Opera House over two days: Thursday, 27 and Friday, 28 June. Get your tickets here for Thursday and Friday.
Related
? UNDER THE LAMPLIGHT-
A Children’s Bible by Lydia Millet is a cautionary tale. The story follows a group of children forced to go on vacation with their families despite their dislike for their parents. During their getaway, a major storm hits their homes, the aftermath of which can only be described as apocalyptic.
A vendetta against the adults. The children judge their parents’ hedonistic ways and actions, which brought the planet to ruin. While the parents run away from the reality of the situation, the younger generation embraces nature around them, made obvious by their means of dealing with the consequences of climate change.
The themes may seem familiar. The plot is set against a backdrop of biblical metaphors and stories. What begins as a young generation vs old generation story unravels into a tale of epic proportions, with the product that is a cross between dystopian realities, Where the Wild Things are -esque youthful exploration, and climate armageddon.
The use of the first person plural brings it all together. The children all speak in a collective voice which really sets the tone for the generational divide. The youngsters also refuse to identify their parents to each other, refusing to associate with their neglectful guardians. Instead, they explore the world and the brewing natural disasters independently, but, at the same time, act as a tight knit community — all facing the same fate.
The EGX30 rose 0.2% at today’s close on turnover of EGP 1.98 bn (57% below the 90-day average). Foreign investors were net sellers. The index is up 5.0% YTD.
In the green: Delta Sugar (+3.5%), Orascom Construction (+3.4%) and Beltone Holding (+3.3%).
In the red: Eastern Company (-3.7%), Palm Hills Developments (-1.9%) and EFG Holding (-1.4%).