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Cleaning the Seine

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: PM gave presser to address the rolling power outages. PLUS: Banque Misr, NBE increase credit card limits, decease FX markup fees

Good afternoon, friends, and happy hump day. We hope that it hasn’t blacked out where you are as the rolling power outages continue in Om El Donia.

THE BIG STORIES TODAY

#1- Madbouly addresses the extended blackouts: Prime Minister Mostafa Madbouly held a presser today to apologize to the people for the extended duration of the power cuts and to address the reasons behind it and the government’s plans for the rest of the summer. Here are the main takeaways from the presser:

  • Yesterday’s extended cuts came as a result of a gas field in a “neighboring country” being offline for a 12-hour period, Madbouly said, without specifying the country.
  • Power cuts to stop by the third week of July: There will no longer be any rolling blackouts by the third week of next month until the end of the summer to alleviate the effect on citizens amid soaring temperatures.
  • However, the power cuts will return after the end of the summer until the end of the year as previously announced.
  • The 3-hour power cuts will continue until the end of the week, before returning to two hours a day at the beginning of next week.
  • Gov’t to spend USD 1 bn on fuel imports for power plants: Madbouly also announced a USD 1 bn plan to import fuel for power plants till the end of the year, in addition to USD 180 mn to import 300 tons of mazut next week.
  • All shops will close by 10pm at the latest starting next month, with the exception of supermarkets and pharmacies — which will be allowed to stay open until 1:00 AM.

On a related note- Abu Qir Fertilizers halts production due to gas supply cuts: High temperatures, increasing electricity consumption prices and cuts to the regional gas supply have led Abu Qir Fertilizers to cease natural gas supplies to its plants “until improvement in the operating conditions of the network,” the company said in an EGX disclosure (pdf). Abu Qir operates three plants, all of which have halted activities.


#2- Banque Misr and NBE increase credit card limits, lower FX markup fees: Banque Misr and the National Bank of Egypt (NBE) are raising credit card limits by 50% and lowering their FX markup fees to 5% from 10%, Banque Misr and Federation of Egyptian Banks Chairman Mohamed El Etreby told CNBC Arabia. The new limits bring Banque Misr’s spending cap on its highest category of cards to the FX equivalent of EGP 300k while it rises to the FX equivalent of EGP 240k at NBE.

ICYMI: The Commercial International Bank (CIB) announced yesterday that it would be loweringits FX markup fees and increasing spending limits, with the bank’s FX fee halving to 5% and monthly purchases abroad capped at the equivalent of EGP 100k-300k, up from EGP 75k-200k.

THE BIG STORY ABROAD

It’s a mixed bag on the front pages of the foreign press this afternoon: Several outlets are covering the soon-to-be-free Wikileaks founder Julian Assange, who has agreed to plead guilty to one criminal count of conspiring to obtain and disclose classified US national defense documents, writes Reuters. Assange’s plea is part of a settlement that will allow him to return to Australia, after 14 years in the UK, seven of which were spent living in the Ecuadorian embassy to avoid extradition charges to Sweden.

Disruption is the status quo for supply chains: With Yemen’s Houthis still attacking Red Sea vessels, rocketing freight transport prices, drought in the Panama Canal and strike threats from workers, disruption appears to be the norm for global supply chains, writes the NYT, with the effects likely to hit inflation rates and election campaigns.

Microsoft faces antitrust violation: Microsoft is under the Financial Times’ microscope, after the world’s most valuable company was charged with anti-competitive behavior by the European Commission on Tuesday, for giving its Teams app “undue advantage” by bundling the app with its Office suite.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

☀️ TOMORROW’S WEATHER- The heatwave continues tomorrow with a high of 39°C and a low of 25°C in Cairo, according to our favorite weather app.

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FOR YOUR COMMUTE

Ahead of the Summer Olympics, Paris gives the Seine a USD 1.5 bn makeover

The Seine’s Olympic comeback: A gigantic clean-up mission of the Seine River — setting France back no less than USD 1.5 bn — has just taken place in Paris ahead of this summer’s Olympic Games, where the opening ceremony and three swimming events are expected to take place on the waters. National Geographic has taken a deep dive into the ins and outs of the plan.

The aim is to make the river swimmable once more: Since medieval times, the Seine has been a dumping ground for human and industrial waste, and the ensuing pollution and traffic have prevented Parisians from taking to the waters for over a century. Now, Mayor Anne Hidalgo plans to take a dip to prove it’s safe, even though recent tests still show some bacterial concerns.

Efforts to clean it began in the 1990s, and there are some signs of success: Tidy-up efforts from the Greater Paris Sanitation Authority have brought back 36 fish species from nearly none in the 1970s. Improved water quality now supports diverse aquatic life — even kingfishers are nesting by the river again.

Modern engineering feats to keep the Seine safe: Paris has built a giant stormwater tank near Austerlitz to prevent sewage overflows into the Seine during heavy rains. This engineering marvel is key to maintaining the river’s newfound cleanliness and ensuring it’s safe for Olympic swimmers.

Did someone say sharks in the Seine? Netflix’s recent release, Under Paris, which tells the tale of mutant sharks in the Seine, may be a purely fictional account, though Nat Geo explains that the brochet (pike) is a real-life inhabitant of the river today. A predator with 700 teeth, Sandrine Armirail, director of the Maison de la Pêche et de la Nature, an environmental education center, has dubbed it the “shark of the river.”

If that hasn’t swayed you… Public swimming spots will open by 2025 for locals and visitors to cool off and enjoy the river, authorities have said.

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ENTERPRISE RECOMMENDS

Re-watch The Hours for an evening of Hollywood at its best

? ON THE TUBE TONIGHT-
(all times CLT)

The Hours is now an oldie but goodie that deserves a rewatch. If you’re born in the 90’s you may have missed this film that is based on Michael Cunningham's Pulitzer Prize-winning novel. The narrative Interweaves the stories of three women across different periods bridging parallels between them all.

Set in three different eras, the film follows Virginia Woolf (Nicole Kidman) as she writes her groundbreaking novel Mrs. Dalloway, Laura Brown (Julianne Moore) as she struggles with depression in 1950s Los Angeles, and Clarissa Vaughan (Meryl Streep) as she navigates contemporary New York City.

Kidman delivers a mesmerizing performance as Woolf, capturing the author’s inner turmoil and creative brilliance with nuance and depth. Through Woolf’s narrative, the film explores the complexities of mental illness and the challenges faced by women in the early twentieth century.

Moore shines as Laura Brown, a housewife grappling with feelings of discontentment and the societal pressures of domesticity. Her poignant and heart-wrenching portrayal offers a compelling glimpse into the suffocating expectations placed upon women in the post-war era.

Streep brings warmth and gravitas to the role of Clarissa Vaughan, a modern-day New Yorker whose life mirrors that of Woolf’s character in Mrs. Dalloway. Streep’s performance is nuanced and deeply affecting, capturing the character’s inner conflicts and longing for meaning amidst the hustle and bustle of urban life.

WHERE TO WATCH- You can watch the film on Netflix or catch the trailer (watch trailer, runtime2:39)

A big night in Euro 2024 to decide the fate of Group C and Group D teams:

  • France vs Poland (Group D, 7pm)
  • Netherlands vs Austria (Group D, 7pm)
  • Denmark vs Serbia (Group C, 10pm)
  • England vs Slovenia (Group C, 10pm)

It’s anyone’s game at Group C: England currently leads the table with four points followed by Denmark and Slovenia who have two points each, while Serbia at the bottom with one point.

A nail-biting show at Group D: Netherlands at the top with four points followed by France with the same points, while Austria with three points still hopes to secure the first place, and pointless Poland still has the chance to get a ticket to the round of 16.

And across the pond at Copa America, Argentina is going head to head with Chile at 4am in the second round of group stage, which kicks off with Peru’s game against Canada at 1am.

Happened overnight: Brazil failed to secure the victory in a goalless draw against Costa Rica in matchday 1 at Group D, leaving Colombia which beat Paraguay 2-1, in the lead.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Catch EgyptianProject in CJC 610 tomorrow night. Doors open at 8pm and the performance begins at 10pm. Contact CJC on their Facebook page to reserve your tickets.

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.

Layali Misr x Hamaki: Superstar Mohamed Hamaki will be in concert at the New Cairo Arena on 28 June. Book a ticket, table, or lounge here.

Medhat Saleh x Maestro Amro Selim in the large hall at the Opera. The musical performance will be on Saturday, 29 June starting at 8:30pm. Click here to get your tickets.

90’s nostalgia is back with Flashback at CJC 610 with Bubblegum Kollectiv and DJ Andy Cheikho on Friday, 28 June. Get in touch with CJC 610 on their website to get your tickets.

Amr Diab takes the stage at Sol Beach in Marassi, North Coast. The concert also features DJ Adam Port on Saturday, 29 June starting from 9pm. Get your tickets here.

Enjoy a musical performance by Bahara along with Hawas and Meshwar at CJC on Saturday, 29 June. Doors will open from 8pm and the show begins at 10pm. To reserve, contact CJC via Facebook.

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.

HAPPENING LATER-

Salsa Night at CJC610 is for the dance aficionados and amateurs. Don’t miss the night on Monday, 1 July at 9pm and don’t worry, you don’t need to be an expert at dancing to attend the event. Salsa night is presented by Slow Motion Studio. To reserve, contact CJC 610 through their Facebook page.

Experience a mesmerizing performance in ‘Nawah’ or ‘Fertile Presence’ on the Rawabet stage. The performance fuses movement and sound to highlight the interconnectedness of agriculture, fertility and motherhood. The performance will be on Saturday, 5 July and will start from 8pm. Get your tickets here.

Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Click here for the tickets.

? EARS TO THE GROUND-

If you’re a fan of delving into deep, thought-provoking discussions, then Micro-Digressions: A Philosophy Podcast is a must-listen. Hosted by Spencer Case, this podcast takes listeners on philosophical excursions into a wide array of interesting and often controversial topics.

From death to guns, political beliefs, and religion, Micro-Digressions fearlessly tackles some of the most contentious issues of our time. It’s one of those podcasts that are able to challenge conventional wisdom and spark introspection.

Episodes typically run for about an hour and a half on average, but don’t let the length deter you. Thanks to the captivating nature of the discussions, time seems to fly by.

One standout episode that left a lasting impression is Death and Immortality (ThinkingAbout Death Part 2). While the topic of death may seem dark and somber, Case injects elements of dark humor into the conversation, creating a thought-provoking yet surprisingly lighthearted exploration of mortality. This episode, like many others in the series, prompts listeners to ponder existential questions and contemplate the nature of life and death.

WHERE TO LISTEN- You can listen to this podcast on Apple Podcasts, Spotify, YouTube, and Deezer.

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GO WITH THE FLOW

What the markets are doing on 25 June 2024

The EGX30 rose 1.3% at today’s close on turnover of EGP 3.5 bn (21.4% below the 90-day average). Regional investors were net sellers. The index is up 9.5% YTD.

In the green: GB Corp (+15.8%), Ezz Steel (+6.3%), and Orascom Construction (+5.6%).

In the red: Egypt Kuwait Holding-USD (-2.9%), Juhayna (-1.1%), and Sidi Kerir Petrochemicals (-1.0%).

This publication is proudly sponsored by

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Founder of the Week

Meet our Founder of the Week: Founder and Managing Partner of Foda and Associates

OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Hesham Foda (LinkedIn), Founder and Managing Partner of Foda & Associates.

My name is Hesham Foda and I am the founder and Managing Partner of Foda & Associates. I received my LLB in Law from Cairo University.

I want to transform the traditional perception of lawyers. I grew up wanting to be a lawyer but coming from a non-legal family was always challenging. I believed that one day I would have my own law firm, but I imagined doing so when I was much older. Back in the day, lawyers were unapproachable, gray-haired, and spoke with complexity: It was difficult to get your point across to them. I wanted to change all that but felt that I could only do so when I was older.

A controversial media client changed all that. After working for more than a decade in law firms and being in-house corporate legal counsel for companies like Eli Lilly & Company, Unilever, and Novartis, a case for a client who was a very controversial media figure at the time motivated me to open my firm sooner. It was a ground-breaking success that I owe to the many greats I worked with on that epic journey and after it was done I felt the time was right.

Foda & Associates was founded on my dining table in 2016. We started as a corporate law firm with a strong intellectual property and media portfolio. Now, we have expanded to become a full-service law firm for both companies and individuals or families.

Being someone’s lawyer is a very personal choice, the client has to trust you and feel that you represent them — which was lacking in the market and was rarely found outside corporate law firms. Most executives who work with these law firms felt that they wanted that same level of representation on their personal matters. Also, people who inherited a family lawyer their long-departed parents hired felt that they needed someone relatable who understands them, lawyers who can think out of the box, proposing solutions and following them through to fruition. That is what truly sets us apart.

Being plagiarized was one sign of success. When I received an email to review a contract sent by opposing counsel from a much bigger law firm I found my initials on the author name of the file — it was a contract I had written years before. So when your work is good enough to be stolen, then you’re clearly ahead of others.

It will be very interesting to see how we can pair AI with what we offer and still retain this personal human connection. I see my business growing consistently to a size where we can take on more clients and serve them alongside our existing ones. Once again, what our clients appreciate is that we act as ‘consiglieres,’ rather than just paper pushers. Even with today’s technologies, we do not strive to be scalable as what we offer is very bespoke and made to fit. AI may be a component, it does help greatly in document production but can AI detect corruption? Is it familiar with all the intricacies of the Egyptian legal system? My firm looks forward to seeing how we can work with the new technology to make us serve our clients better.

Economic challenges haven’t hit us as hard. Having a small headcount made us thrive recently and raise salaries without hurting the bottom line. The recent economic challenges also brought in more business as economic trouble is directly proportional to business growth for lawyers.

Lawyers should be hired to consult on an issue before it reaches the courtroom. If hiring lawyers and litigating in Egypt is as expensive as the West, opponents would be more willing to sit down, negotiate, and settle issues amicably. This change would mean society would manage its disputes more efficiently rather than throw them in an overcrowded court system for the next five or ten years for the next generation to pick up.

The sense of purpose is the most rewarding aspect of my business. Winning a case or settling a dispute for someone who has been suffering at the hands of bereavement or a slow judicial process is the biggest reward.

Managing your client’s expectations is the toughest part of this job. Our client’s only reference to lawyers are TV and movies, which picture them as Supermen or — even worse — Harvey Specters. This does us a lot of injustice and gives our clients very high expectations that are far removed from reality. Lawyers need a lot of patience in getting their clients’ interests from A to B. Good lawyers know how to transfer that patience to their clients as well.

Work-life balance is one big juggle. You have to plan leisure travel, nights out, family commitments, and children pick-ups between calls, hearing prep, and court appearances. No amount of boundaries or planning can prevent a client from ruining your evening plans because they just got arrested, or even worse, were victims of a crime — and it happens more often than one imagines.

I am currently reading Live and Let Die by Ian Fleming. The detail he goes into describing the exotic locales, the action, and the background of the characters reinvigorates the imagination far better than seeing it in 4K. Fleming is a very talented writer and the James Bond films have reduced the universe he created to kitschy pop culture.

If I hadn’t founded my firm I would be cooking in the kitchen. For most of my day, tremendous mental effort is exerted. At the end of that, you want to do something less mental and more sensual. The flavors, sounds, and scents of the kitchen can be very rewarding and therapeutic…and you usually end up with really good food.

My advice for entrepreneurs is not to be too hard on yourself. Hard work is the best investment that comes back with compounded rewards over time. For young lawyers: Gain experience and be patient, the right time will present itself to you clearly. Nobody builds a reputation in a day, but it can be destroyed in an hour — so select your clients wisely, as their reputation will be inextricably bound to yours.


JUNE

25 June (Tuesday): English Book Club discussion at Bibliothek.

26 June (Wednesday): Ali El Haggar concert at ElSawy Culturewheel.

27 June (Thursday): Cyberx Egypt Summit & Awards 2024 at Grand Nile Tower.

27-29 June (Thursday-Saturday): Fabrica's I Love You, You're Perfect, Now Change musical at Rawabet Art Space.

28 June (Friday): Mohamed Hamaki’s concert at the New Cairo Arena.

30 June (Sunday): June 30 Revolution Day (TBC).

30 June-15 August (Sunday-Thursday): Summer Day Camps at Gems International School.

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

16-17 July (Sunday-Monday): Cairo Consultants Forum 2024 at Royal Maxim Palace Kempinski.

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

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