Good afternoon, folks. As we settle into the workweek, the local business and economic news cycle shows few signs of slowing down.
THE BIG STORY TODAY
The Fund is expected to hopefully greenlight another USD 820 mn tranche later today: We’re waiting on updates this afternoon on the IMF Executive Board’s discussion on the third review of our USD 8 bn loan program, scheduled to take place today after being pushed back from its initial date of 10 July. The outcome of today’s talks is likely to provide a gauge of the IMF’s expectations of the depth and breadth of our structural reform program, and should give us a read on whether recent government moves to cut bread and fuel subsidies are up to the Fund’s expectations.
By the numbers: The greenlight from the board will see the IMF disburse USD 820 mn into state coffers and allow us to apply for an additional USD 1.2 bn in climate financing. Egypt and the IMF reached a staff-level agreement on the third review early last month.
THE BIG STORY ABROAD
In a relatively quiet afternoon in business news, Venezuelan President Nicolas Maduro’s re-election is getting a lot of digital ink in the international business papers: Venezuelan President Nicolas Maduro was declared the winner of Sunday’s presidential vote by the country’s electoral authority as the opposition rejected the results as fraudulent. The head of the National Electoral Council and close ally of Maduro, Elvis Amoroso, announced that the South American leader had secured 51% of the vote with 80% of ballots counted, landing him a third term in office. The main opposition grouping claims that its candidate, Edmundo González, had won with 70% of the votes. (Reuters | Financial Times | NY Times | Associated Press | BBC)
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MEG shareholders have 19 working days to respond to MENA Glass’ offer: Shareholders of EGX-listed bottle maker Middle East Glass (MEG) have until Thursday, 22 August to respond to parent company MENA Glass’ MTO for an additional 40.8% of the company.
FRA listing rules for SPACs: The Financial Regulatory Authority (FRA) has updated its rules governing the listing and delisting of special purpose acquisition companies (SPACs) on the Egyptian bourse.
Efforts to localize the auto industry get a push: The government wants to set up three factories with investments of USD 1.4 bn to produce parts and materials to support the country’s efforts to localize the auto industry.
☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 38°C before simmering to a moderate low of 27°C by night, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a warmer low of 25°C.
Gen Z is de-influencing themselves. TikTok’s latest trend? Underconsumption. The new movement has emerged as a response to the overload of high-end aspirational content on TikTok, says The New York Times. Tired of the endless stream of influencers flaunting luxury items and unattainable lifestyles, users are embracing a more practical, minimalist way of living, especially after the post-lockdown revenge spending craze.
The “underconsumption core” trend has caused a noticeable shift — instead of shopping hauls and unboxing videos, content creators are now promoting upcycling, and discouraging the purchase of single-use products. The primary drive behind the downswing, besides the un-relatability of influencers, is an awareness of economic hardships and one’s own financial capabilities.
Is it sustainable? Brett House, an economics professor at Columbia University, notes that “back-to-basics” trends come about every decade, especially following major economic downturns. The correct mindset, House believes, is to view the trend as one of “appropriate consumption rather than underconsumption.”
JPMorgan looks to AI to aid its research analysis. Last week, the investment company began a rollout of an in-house chatbot to take on the duties of a research analyst, reports the Financial Times. Employees at JPMorgan Chase’s wealth and management division now have access to an LLM Suite meant to offload some of their tasks. “Think of [it] as a research analyst that can offer information, solutions and advice on a topic,” said an internal memo signed by the department head Mary Erdoes.
Just a productivity tool… For now. The memo, sent to 50k employees who now have access to the tool, said that the “ChatGPT-like product” was meant to be used for “general purpose productivity,” and does not mention cost-cutting or employee replacement. However, in January, it was reported that the company quietly laid off 500 investment banking employees, a trend that has slowly continued into the year.
Can JPMorgan trust the algorithm? AI models have been caught “ hallucinating,” with ChatGPT 3.5 — which the LLM Suite is powered by — reporting incorrect information about federal court cases 69% of the time. Even Google’s attempts haven’t bypassed AI’s pink elephants. In May, Google’s AI Overview quickly started doling out nonsense, advising users to use glue to secure cheese onto their pizzas, and to consume “at least one small rock a day” for nutrition purposes.
Just yesterday, OpenAI’s demo of SearchGPT, meant to rival Google Search, malfunctioned at launch. Matteo Wong of The Atlantic reported that while searching for “music festivals in boone north carolina in august [sic],” the top suggestion contained incorrect dates. “AI can’t [even] properly copy-paste from a music festival’s website,” said Wong.
Charlie’s Angels, one more time. The 2019 reboot of Charlie's Angels has landed on Netflix. Directed by (and starring) Elizabeth Banks, this iteration once aimed to reinvigorate the beloved franchise, which has seen various adaptations since its original late-’70s TV run.
The film kicks off with a high-energy sequence in Rio de Janeiro, where Sabina Wilson (Kristen Stewart) unveils a disastrous date to be a thrilling undercover mission. Teaming up with Jane Kano (Ella Balinska), the two Angels dispatch a group of nefarious embezzlers with their signature blend of charm and combat prowess.
But where’s the signature third member? Fast forward a year — We now meet Elena Houghlin (Naomi Scott), a member of a research team that has developed a revolutionary — and dangerous — energy device. When her all-around-awful boss (Sam Claflin) reveals the lethal potential of the invention and his intention to sell it, Elena blows the whistle
Enter the Angels. The international spy network, now a sprawling operation with multiple Bosleys (portrayed by Djimon Hounsou, Patrick Stewart, and Elizabeth Banks), takes charge of protecting Elena and recovering the missing device.
It doesn’t quite escape the shadow of its predecessors. Charlie’s Angels have always been trope-heavy films, but this iteration doesn’t capture the charming kitsch associated with earlier iterations. For viewers craving a lighthearted, action-packed film with plenty of globe-trotting adventure and girl power, this reboot delivers.
WHERE TO WATCH- You can watch the film on Netflix or catch the trailer (runtime: 2:54).
Related
?Welcome to Day 3 of the 2024 Paris Olympics. Our very own Mohamed Elsayed earned us our first medal this year, adding a bronze under our belt after defeating Hungary’s Tibor Andrasfi in the Men’s Épée Individual.
The medal table now at the Paris Olympics:
China (5 golds, 9 total)
Japan (4 golds, 8 total)
South Korea (4 golds, 7 total)
TODAY
DON’T MISS-
Tennis: Clash of the titans between Rafael Nadal and Novak Djokovic in Round 2 of Men’s Singles (playing now).
⚽In the Nile League: Al Ahly is hosting Ceramica Cleopatra tonight at 9 pm, kicking off a postponed match from Round 19 of the Egyptian Premier League. The Red Devils top the leaderboard for the first time this tournament, with Pyramids hoping to close in. With three less matches under their belt, there’s hope yet that Al Ahly will be able to widen the gap.
Zamalek will be meeting Al Moqawloon Al Arab on the pitch at the same time, also for a postponed match from the same round. The White Knights are in fifth place with 49 points, while Al Moqawloon stand just shy of last place with 21 points.
Related
? EAT THIS TONIGHT-
Koshari gets glamorized at Ward: While this may possibly be the most expensive koshari you’ll ever have — the medium plate will set you back EGP 85, and the large EGP 110 — you can tell where the extra bills are going. The store’s design and packaging has spared no expense. The salsa and daqqa packets aren’t packets, but easy to use (and to reseal) tubes, and the ingredients are fresh.
We don’t need to tell you what to order at a koshari place. Usually. But Ward offers something we haven’t seen before — Koshari balls. This on-the-go appetizer is similar to arancini — fried minced beef with mixed cheese — but uses Egyptian flavors to complement the main dish. While the coveted crunch factor is there, the filling is quite dry. Luckily, it comes with sauce on the side.
That’s not all there is to the restaurant. Other Egyptian classics you can indulge in are their Alexandrian liver plates — or order the liver pasta, if you’re feeling adventurous —, besara, and beid midahrag. Rice pudding is the ole reliable for dessert, but they also offer helw ward, a pudding topped with caramel sauce.
Not feeling the menu? You can find more western dishes to munch on, like jalapeño poppers, garlic bread, and pasta bolognese.
WHERE TO FIND THEM- This restaurant has popped up in two locations around C-Town: Madinaty and Arabella Plaza, and is available on Talabat for New Cairo residents. You can also call their number on their page.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Take listening to cruisin’ and groovin’ up a notch at Cairo Jazz Club’s Taxi El Sahra night with Anis B2B Bakir on Wednesday, 31 July from 9pm. For reservations, message them on their Facebook page.
You can still catch Ahmed Helmy on stage in Memo. If you missed the Egyptian comedy icon’s first few shows of his original play, he will be performing once again on Thursday, 1 August (tickets) and Friday, 2 August (tickets) at the Grand Nile Tower.
For the love of poetry. Don't miss the Live Podcast evening with poet Mostafa Ibrahim and host Zahra Ramy at Rawabet Art Space in Downtown, on Friday, 2 August at 9pm. Book your spot here.
Ma Yatloboho Al Mostame3oonin Sahel: Esseily and Ahmed Saad will perform at Cairo Jazz Club Seashore in Ras Al-Hikma, on Friday, 2 August, followed by Disco Misr and DJ Anis. The event will begin at 9pm. Grab tickets here.
Superstar Mohamed Ramadan will perform a concert at Porto Golf in the North Coast on Friday, 2 August at 10pm. Grab tickets here before they sell out.
Sukun is taking wellness to new heights with their CosmicFestival at Solare, Ras El Hikma this Friday, 2 August. The festival has an itinerary of good-for-the-soul activities like yoga, sound healing, breathwork, art, dance, and more — you can even bring the kids for some seaside fun too. Get your invite here.
NEW ALAMEIN FESTIVAL-
Ramy Gamal will also be gracing the North Coast for the festival on Friday, 2 August at 10pm. Grab your tickets here.
TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a live broadcasting of the show “4 Sherif Street” at the New Alamein Festival on Saturday, 10 August. The show will start at 10pm, get your tickets here.
HAPPENING LATER-
Start of your week with a laugh at Rawabet Art Spaces Comedy Night with Comedy Kiosk. The event will take place on Sunday, 4 August at 8pm. Get your tickets here.
Love is back in the air at Rawabet Art Space. The Egyptian adaptation of the musical I'llLove You as You Are... If You Change has returned, where it explores the intricacies of love and relationships in a light-hearted and enjoyable way. Snag a ticket here.
Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing, so sign up now through this link before prices rise.
Related
? UNDER THE LAMPLIGHT-
Story of rekindling friendship over time in Goldenseal. Lacey and Edith, now both in their seventies, reunite after 44 years of no contact. The story starts off with Edith's return to Los Angeles after several decades, rediscovering the charm of the city leading her to an old luxury hotel nestled in downtown LA.
Within the confines of the hotel is Lacey, once the daughter of its proprietor and now a reclusive resident, who becomes shocked by Edith’s return, bubbling up dormant tensions and unresolved emotions.
While we get insights into Lacey's innermost thoughts, Edith's perspective is shrouded in secrecy. At the heart of their conflict is Cal, Lacey's late husband, whose presence looms large over their shared history. We slowly piece together Lacey's enigmatic past, including her upbringing in Prague, her family's immigration to New York, the pivotal moment when her and Edith’s paths first crossed at a summer camp, and the mystery of what ruptured their close friendship.
The EGX30 fell 0.6% at today’s close on turnover of EGP 3.4 bn (11.4% below the 90-day average). Local investors were net buyers. The index is up 15.9% YTD.
In the green: Telecom Egypt (+2.1%), Abu Qir Fertilizers (+1.0%), and Sidpec (+1.0%).
In the red: E-finance (-2.7%), Talaat Moustafa Group (-2.6%), and Qalaa Holdings (-2.6%).
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