Good afternoon, folks. What started out as a pretty wild week has now calmed as we get ready for a well-deserved weekend. So, let's kick off what is hopefully a much more chilled out end to the week.
THE BIG STORY TODAY
Wind and solar aren’t the only points of focus of the government’s energy strategy: The government has reportedly finished studies for two pumped storage hydropower projects with a combined capacity of 2 GW, Asharq Business reports, citing an anonymous government official. The projects — which could cost up to USD 2.5 bn — are planned for Luxor and Qena. The Electricity Ministry plans to offer these projects to investors in the near future, the source told the news outlet.
Déjà vu? The news follows reports from last week that the Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with private players. Among these projects, is another pumped storage hydropower project in Egypt’s mountainous Ataka region with a capacity of 2.4 GW.
THE BIG STORY ABROAD
In a pretty slow news day, the world's press are getting to know Kamala Harris' newly tapped running mate: Minnesota governor Tim Walz has been the subject of a flood of media attention since his candidacy was announced yesterday — and the potential VP has stood up well to the scrutiny. Here are some out-of-left-field facts we’ve compiled about the new would-be VP.
People love his midwestern dad vibes: Walz’s seeming ordinariness has endeared him to many, and his resume — which includes years spent as a high school teacher and American football coach — has further affirmed his “everyday Joe” energy.
He’s called into question JD Vance’s pheasant-shooting abilities: Walz, a former National Rifle Association darling who moved sharply to the left on guns in 2018, hunts pheasants and turkeys in his home state of Minnesota. He also clearly backs his abilities, telling CNN “I guarantee you he can’t shoot pheasants like I can” of Republican VP candidate JD Vance.
He’s been quiet on Gaza: While Walz has largely kept his head down on Gaza, his appointment over virulently pro-Israel Pennsylvania governor Josh Shapiro — another one of the final contenders for the VP position — is an indication that Harris may well plan to pivot from Biden’s destructive policy toward the ongoing Israeli offensive on the enclave.
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Foreign reserves continue their ascent: Net foreign reserves edged up by USD 105mn in July to just under USD 46.5 bn, surpassing the previous record high of USD 46.4 bn recorded in June.
GASC launches its largest ever wheat tender: State grain buyer GASC yesterday launched a tender for up to 3.8 mn tons of wheat for import over a seven-month period, marking its largest tender to date.
☀️ TOMORROW’S WEATHER- Mercury is peaking at a high 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 33-34°C and a low of 23-26°C
People want the Olympics to lose its fizz. Scientists and public health experts think that the Olympics should drop Coca-Cola as a sponsor, reports Wired. The soda giant is the Olympics’ oldest friend, sponsoring the event since back when the drink still had a certain white powder in its ingredients list.
It’s a huge sponsorship deal. The association with the Olympic brand name costs Coca-Cola around USD 20 mn every year. Regardless, these experts believe the partnership should come to a stop, but aren’t holding their breath for understanding from the International Olympic Committee. They reason that the fittest people on the planet should not be promoting products with proven negative impacts on public health.
What’s wrong with Cola? Experts have identified a direct link between sugary beverages and Type 2 diabetes, an affliction that affects around 462 mn people worldwide. The kicker? Another large sponsor of the games is Sanofi, a pharma company that actively researches diabetes — talk about mixed messages. According to Robert Lustig, a pediatric neuroendocrinologist, even though all sugary beverages are harmful, “Coca-Cola’s behavior is among the most egregious.”
The Centre for Science in the Public Interest (CSPI) is vocally campaigning against the beverage company, arguing that the partnership with Coca-Cola “is undermining [the Olympics’] noble vision to use sports to build a better world.” They are among the 66 organizations in the Kick Big Soda Out of Sport international campaign. “We’re really excited for consumers around the world and probably lawmakers who are seeing this to think about the unhealthy impacts of Coca-Cola on both human health and on our planet,” says Nancy Fink, the campaign manager at CSPI.
Banning an Olympic sponsor has happened before. Once upon a time, the Olympics were sponsored by tobacco companies. Cigarette ads were part of the games since the birth of the games in 1896 — a partnership that lasted almost a century. Campaigns created in the 1980s were successful in stopping these sponsorships, so there may be hope that sugary beverages are next in line.
Google has been hit with yet another antitrust ruling — A federal judge has decided that Google is engaged in illegal practices to suppress competition in web searches, the Washington Post reports. This is the second time within a year that Google has been labeled an illegal monopoly, with the previous ruling targeting its Android app store.
Google’s footprint is massive. The tech giant has a grip on 82% of the search market, and operates other ubiquitous products like Gmail, YouTube, and Google Maps. It’s also got Chrome — the most popular web browser, with a market share of 61.8% — under its belt, and Android OS, which powers over 3 bn phones.
Google’s monopolistic practices aren’t limited to web searches. The company has also been scrutinized for allegedly manipulating the market by acquiring rivals through anticompetitive mergers and pressuring publishers and advertisers to use its ad technology, earning them two lawsuits from the FTC.
They also can track your movements. Google’s CAPTCHA technology — designed to block bots — is actually tracking your behavior, from cursor movements to browsing history, across various websites.
Here’s where things get a bit wild. One possible change we might see following this ruling is a bunch of new search engines popping up. If Google has to share its search technology or data as a result of the injunction, we could end up with search engines tailored to different needs — think kid-friendly searches, or ones that prioritize privacy. Some rivals like DuckDuckGo and Bing have failed to take on Google, but opening its tech might open the doors for new players.
One of these players is our dear ol’ Apple. Right now, Google pays Apple a hefty sum to be the default search engine on all Apple devices through Safari — if this deal gets shaken up, Apple could potentially step up with its own search engine.
Things might go down, split, or even up. Ad prices might drop if more search engines join the mix, breaking Google’s hold over the ad market and potentially making things cheaper for us online. There’s also the possibility that Google could be split into smaller entities, meaning that Chrome, search, and Android will be their own separate companies. Plus, if Google’s services are divided, it might mean better privacy for users, since Google wouldn’t be pooling all our data in one place.
And let’s not forget about the Android app store. This ongoing case might lead to changes that will allow users to install apps from other sources onto their devices, opening up competitive pricing for digital purchases.
The gender-swapped reboot of the 1981 film Time Bandits is here. The beloved 1981 film has been rebooted into a new somewhat controversial series, bringing fresh faces and modern sensibilities to the tale of a young boy and his adventures with a group of time-traveling bandits. Notably, this new version sparked debate over its casting choices. Despite this challenge, the reboot aims to capture the whimsical spirit and imaginative storytelling that made the original a cult favorite.
Young Kevin Haddock (Kal-El Tuck) is an 11-year-old history enthusiast whose life takes an unexpected turn when he discovers a time portal in his wardrobe. This portal leads to various historical periods, each more exciting and dangerous than the last. Kevin teams up with a band of quirky time travelers led by Penelope (Lisa Kudrow), and includes Judy (Charlyne Yi), a mind reader, Alto (Tadhg Murphy), a master of disguise, Widgit (Roger Jean Nsengiyumva), a skilled map reader, and Bittelig (Rune Temte), a strongman.
The bandits are on the run from the Supreme Being (Taika Waititi), from whom they've stolen a valuable map that charts the time portals. As they journey through different eras, from ancient Troy to 19th-century China, they encounter historical figures and experience pivotal moments in history, all while trying to stay one step ahead of the Supreme Being and his nemesis, Wrongness (Jemaine Clement).
Throughout their adventures, Kevin's knowledge of history proves invaluable, helping the bandits navigate various challenges and altercations. The story is a blend of humor, historical references, and the timeless theme of a young boy's quest for adventure and self-discovery.
It perfectly balanced nostalgia with modern humor, making it a fun watch for both kids and adults. While the pacing could use some tightening, the engaging performances and clever historical jokes make it worth following through its time-traveling escapades.
WHERE TO WATCH- You can watch the rebooted cult classic on Apple TV+ or watch the trailer (runtime: 2:38).
Related
?Welcome to day 12 of the 2024 Paris Olympics.
The medal table at the Paris Olympics at time of publication:
USA (24 gold, 31 silver, 31 bronze — 86 total)
China (22 gold, 22 silver, 16 bronze — 60 total)
Australia (14 gold, 12 silver, 10 bronze — 36 total)
TODAY
DON’T MISS-
Handball — men’s quarterfinals: Denmark vs. Sweden (6:30pm), Norway vs. Slovenia (10:30pm).
Sailing: Mixed dinghy race (4:43pm).
Skateboarding: Men’s park final (6:30pm).
Athletics: Women’s pole vault final (7:15pm), men’s discus final (9:25pm), men’s 400m final (10:20pm), men’s 3k m steeplechase final (10:43pm).
Cycling: Men’s relay final (7:33pm), women’s relay final (8:28pm).
Synchronized swimming: Team acrobatic routines (8:30pm).
Table Tennis — Men’s doubles semifinals: Japan vs. Sweden (9:00pm).
Boxing: Men’s 63.5kg final (11:34pm), men’s final 80kg (11:51pm).
TEAM EGYPT:
Greco-Roman wrestling: Mohamed Gabr will be competing for the bronze medal in the men’s 97kg weight class at 7:15pm.
Synchronized swimming: Team technical routine (8:30pm).
TOMORROW
DON’T MISS-
Marathon swimming: Women’s 10km race (8:30am).
Sport climbing: Men’s speed climbing final (1:54pm).
Hockey: India vs. Spain for the bronze (3:00pm), Germany vs. Netherlands (8:00pm).
Athletics: Women’s high jump final (9:00pm), men’s javelin throw final (9:25pm), men’s 200m final (9:30pm), women’s 400m hurdles final (10:25pm), men’s 110m hurdles final (10:45pm).
TEAM EGYPT:
Taekwondo: Ahmed Nassar in the 68kg weight class (10:00am).
Rhythmic Gymnastics: Alia Saleh in the women’s individual (11:00am).
Modern pentathlon: Ahmed El Gendy and Mohamed Shaaban in the men’s individual fencing (12:00pm), Malak Ismail and Salma Ayman in women’s individual fencing (3:30pm).
Freestyle wrestling: Gamal Abdelnasser in the 57kg weight class (12:30pm).
Cycling track: Youssef Zaki in the men’s omnium race (6:00pm).
Football: Egypt vs. Morocco for the bronze (6:00pm).
⚽ The final of the Egyptian League Cup between Tala’ea El Geish and Ceramica Cleopatra will be kicking off at 9:00pm.
Related
? EAT THIS TONIGHT-
Skrimp Shack brings a creative twist to seafood. Whether you prefer your seafood in a sandwich, on some pasta, in a taco, or just on its own, this place has an option for everyone.
So many options to choose from. Starting off strong with the appetizers, the coconut shrimp offered a combination of flavors that we didn’t know we were missing. The breading on the fried shrimps was marinated with coconut and a luscious combination of spices that we loved.
A surf and turf moment. The skrimp burger is essentially a hefty angus beef burger topped with — of course — grilled shrimp. The burger patty itself was already delicious, but the shrimp just took it to a whole other level.
But the star of the show was the fried shrimp tacos. That same delicious fried shrimp was topped with lettuce, pesto mayonnaise, mozzarella, and sweet chili.
Where: Skrimp Shack has three branches in Cairo, so hopefully there’s one that's close to everyone: Park Mall, Madinaty, Mall of Egypt.
Do they deliver? If you don’t feel like making a drive over to one of the branches, you’re in luck, because they do deliver. Order through Talabat, Elmenus, or their website.
Related
? OUT AND ABOUT- (all times CLT)
Dogs Day Out: Beach edition. Eastwind is hosting another of their iconic DogsDay Out where anyone can come and spend a fun day with their fluffy friend, surrounded by like-minded pet owners. The event will take place on Friday, 16 August at Playa Beach and the theme is pirates, so dress accordingly… that goes for the four legged friends too.
Let’s get sweet. If you’re looking for something new to try, The Cooking School ’s Pastry TartMaking course might be it. Learn how to make these treats today starting at 4pm at Midtown Mall. Check out more of their upcoming courses here.
Another tribute night from CJC is dedicated to the Beatles.Glass Onion and WSH will be making their debut at CJC performing their homage to the iconic British band tomorrow at 10pm. Find the details here.
Wael Kfoury returns to Egypt with a concert at Porto Golf in the North Coast on Friday, August 9, at 11pm. Get your tickets here.
Shababco is going to the coast this summer for their first bazaar at D-bay on Friday, 9 August. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners. Enjoy live performances throughout the day from both well-known and up-and-coming local artists. Tickets are out now.
NEW ALAMEIN FESTIVAL-
Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August at 10pm. Get your tickets here.
Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival from Thursday, 8 August till Saturday, 10 August. Get 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.
The iconic Cairokee will be performing at the festival on Friday, 23 August. Find your tickets to the band’s show here.
HAPPENING LATER-
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 for the lowest price guarantee.
Related
? UNDER THE LAMPLIGHT-
In Family Family by Laurie Frankel, India Allwood means well, but bites off more than she can chew. Once an unpopular teenager, India grows up to be a Broadway and TV celebrity. Her latest project is a movie on adoption, but — being an adoptive mother herself — she’s sick and tired of the tragic narrative. So, she shares her distaste with the media about the movie but is then dragged into a frenzy.
Laurie, without meaning to, ends up the center of debate, accusations, and protests. The aftermath is so huge, her ten year old twins reach out to family for help, but there is more to India’s story than it seems, and the situation threatens to bring every gory detail to light.
Is family blood, love, or the people you choose to be around? The book investigates what that means, and will make you evaluate what it means to you. Even though the protagonist is put in a difficult spot, Frankel highlights the beauty of adoption and hope for a better future.
WHERE TO FIND IT- Family Family is available on Amazon.
The EGX30 rose 1.5% at today’s close on turnover of EGP 4.0 bn (11.3% above the 90-day average). Local investors were net buyers. The index is up 15.0% YTD.
In the green: Ezz Steel (+11.8%), Elsewedy Electric (+5.1%), and Talaat Moustafa Group (+4.0%).
In the red: Cleopatra Hospitals (-2.5%), Oriental Weavers (-0.8%), and Abu Qir Fertilizers (-0.7%).
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