Good afternoon, all. The news flow is showing no sign of slowing down as we sit tight awaiting fresh tax incentives.
THE BIG STORY TODAY-
A fresh package of tax incentives awaits us: Prime Minister Moustafa Madbouly and Finance Minister Ahmed Kouchouk are currently holding a joint presser announcing a package of tax incentives.
What can we expect? The incentives are designed to “protect investors’ rights and support them as they grow and expand their investment, production, and development activities.” The incentives will pave the way for the issuance of the government’s long-awaited tax policy document, a senior government source told Enterprise earlier this week, adding that they will also provide a solution for tax delays and disputes and facilitate the inclusion of the informal economy.
THE BIG STORY ABROAD-
The Harris-Trump debate is still dominating the front pages: The foreign press is yet to shift its attention from the two presidential hopefuls going head to head last night. The debate saw a lot of finger pointing with the two sides repeatedly accusing each other of lying and clashing on the economy, January 6, abortion rights, Gaza, and migration. Each news outlet is out with its own take on the debate: Bloomberg | Financial Times | AP | BBC.
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Inflation picks up again after months of cooling: Annual urban inflation has accelerated 0.5 percentage points to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July.
Egypt’s largest gold mine is about to get a new owner: NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn.
Bisco Misr to welcome new majority shareholder: American cereal and snack maker Kellanova will sell its entire majority stake in Egypt’s largest biscuit company, Bisco Misr, to UAE-based business conglomerate Hayel Saeed Anam Group.
☀️TOMORROW’S WEATHER- The heatwave will be continuing into the rest of the week and through the weekend. We expect to see highs of 39°C in the capital tomorrow with a low of 26°C, according to our favorite weather app.
Perhaps the way to an employee’s success is through self direction. The concept of autonomous work has become increasingly common, and it involves bosses giving their employees freedom to take the lead of their own job.
Some 80% of Fortune 100 companies are demonstrating it through hackathons. Meta often runs events where employees are given time to work on whatever they want, and this was actually where some significant Facebook features — including the like button — originated. Hasbro, the US toymaker, has also been holding annual innovation days since 2014, resulting in around 50 successful products. Atlassian, known for Trello, plans these quarterly, and calls them “ShipIt days,” they usually produce hundreds of new ideas or improvements, according to FT.
Others are applying it to their day-to-day work. Bond, a London-based matchmaking agency, does not enforce office- or fixed hours on staff with the exception of a weekly catch-up meeting. Founder Charlotte Ball is all for it. “I was adamant Bond should foster a culture that empowered its staff and ensured they feel they are trusted to be responsible, rather than nannied,” she told FT. She loosely stays in touch and follows a strict one-strike rule in case anyone takes advantage of the flexibility. Autonomy should not be mistaken for a soft touch, she added.
What do the experts say? Business psychologist Dannielle Haig says that a sense of ownership promotes creativity within the employees. “People are naturally more motivated when they can approach tasks in their own way, set their own schedules and have input in company decisions.”
Beware the fine line. Leena Rinne, head of coaching at Skillsoft, warns of the difference between freedom and undermanaging. “[Staff] can only meet or exceed standards or goals when they have been clearly explained,” she told FT.
Incoming is an intense coming-of-age story that is heartfelt. Not. Directed by siblings Dave and John Chernin — creators of The Mick and longtime writers for It’s Always Sunny in Philadelphia — the film attempts to blend the raunchy chaos of high school comedies with the awkwardness of teenage growing pains.
The story follows Benj, a high school freshman, desperately trying to shed the theater-kid reputation. Benj (Mason Thames) has a hopeless crush on his sister’s best friend, Bailey (Isabella Ferreira), and his social circle is filled with outcasts, including Eddie (Ramon Reed), a highly cautious friend dealing with his mom’s new boyfriend, and Connor (Raphael Alejandro), whose looks earn him the nickname Fetus. Then there’s Koosh (Bardia Seiri), a rich kid hoping to apply lessons from rom-coms and raunchy comedies in his pursuit of girls.
The bulk of the film revolves around a wild house party thrown by Koosh’s sociopathic older brother. It’s the usual teen-movie debauchery, featuring everything from keg stands and bong hits to fights, streaking, and chaotic moments. Meanwhile, Benj tries to make his move on Bailey, though not without a few cringe-inducing stumbles.
The film spends a lot of time on shock value and gags, but falls short in delivering meaningful character moments or emotional depth. While the film does offer some tender scenes, especially with Benj showing he’s a genuinely good kid, they’re overshadowed by the relentless parade of toilet humor.
In the end it feels more like an over-the-top mess than a memorable teen comedy. If you're in it for pure raunch and absurdity, it might deliver. But for those seeking more heart, this one doesn't quite hit the mark.
WHERE TO WATCH- You can watch the film on Netflix or watch the trailer (runtime: 2:11).
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⚽ The international break came to an end yesterday, and now we patiently await the return of Europe's top leagues during the weekend.
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? EAT THIS TONIGHT-
In the heart of Downtown Cairo, Sameh is redefining the humble fino sandwich with a flair that’s capturing the locals' taste buds. Traditionally, fino was a lunchbox staple, often filled with white cheese, sliced cucumbers, or the occasional chicken pane (when you’re lucky). But Sameh is challenging the traditional fillings with a creative menu.
The concept is as bold as it is exciting: There’s a create your own sandwich from a wide array of ingredients. Once you craft your own sandwich, Sameh will feature it on the menu and name it after you.
Many celebrities have graced his menu with their savory mix: You havethe Mourad Makram, named after the OG foodie of Egypt, with roast beef, fries, cheddar and kiri cheese, and there’s Sedky’s egg sandwich (named after Sedky Sakhr before his acting fame) — filled with eggs, tomatoes and kiri, homey and a staple. If you’re feeling hefty in indulging there's also Aly Kandil’s smoked sausages, cheddar cheese and mayonnaise — different but tasty.
For the adventurous who love the sweet and savory mix, the Am Ramadan blends honey, Kiri cheese, roumy cheese, and eshta — an unexpected combo that proved a modern classic.
For those with an unbridled sweet tooth, their menu features inventive options like Sasa el Helw, filled with Nutella, Lotus, and qeshta, promising a sugar crash like no other. You can also opt for the Mabsoota — honey, Loacker biscuits, Nutella, and Lotus — adding a little crunch to that sweetness overload.
He even delivers: Sameh is available on both El Menus and Talabat but to Dokki and Downtown and areas around it only — meaning you may have to make the trip downtown.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
The Racines art exhibition is open. Head to Art Corner Gallery in Zamalek to witness a showcase of Iman Khattab’s art. The exhibition will run until Wednesday, 18 September.
Listen to people’s stories and tell your own at this interactive comedy show.Ain Gamal will take to the stage at the 6th edition MedFest EG. Enjoy the unique blend of comedy this Friday, 13 September at Ewart Hall in AUC Tahrir Square. Grab your tickets here.
Idreesi is back with another powerful performance. He’s once again about to perform the electro-pop and synth-pop sounds that have defined his career while fusing Arabic melodies and poetry. Book tickets for tomorrow's show here before it sells out.
Mark your calendars for the 100 Years of Singing Concert with Ali El Haggar: The singer’s performance will honor the late Baligh Hamdi. The show will take place at Cairo Opera House’s mail hall on Friday, 13 September at 8:30pm. Secure your seat here.
HAPPENING LATER-
The fourth edition of Forever is Now is approaching. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will start on Thursday, 24 October and continue till Saturday, 16 November.
Music that captures the soul. Witness Fouad & Mounib as they display different human emotion through their Piano and Violin duet. The show will take place on Thursday, 26 September at Theatro Arkan, and will begin at 8pm. Get your tickets here.
For the love of medieval art. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition will open at the Gypsum Gallery next Tuesday, 17 September from 7-9pm and will continue till Saturday, 30 October.
The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday 28 September starting at 9am. Book your spot here.
Got the moves? The 16th edition of Cairo International Jazz Festival will take place from Thursday, October 31 to Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Schedule is yet to be announced.
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? UNDER THE LAMPLIGHT-
Percival Everett's James reimagines Twain's staple novel. James offers a multifaceted exploration of The Adventures of Huckleberry Finn, examining code-switching, a contemplation on the artificiality of racial identity, in a celebration of the written word.
Jim is a complex character who serves as the focal point of the story. Jim is depicted as a narrator, devoted father and husband, and an enslaved man residing in Missouri prior to the Civil War. He has a keen ability to cater to the desires of white people, adopting a sophisticated dialect in Twain's portrayal. Despite his apparent illiteracy, Jim is revealed to be the very author of the book itself, adding layers of irony to his interactions.
Throughout the narrative, Jim's journey intertwines with that of a young white boynamed Huckleberry Finn, cue the applause. Huck's character contrasts with Jim, displaying a desire for adventure mixed with a seemingly forced innocence.Their dynamic unfolds against a backdrop of social commentary, as Everett delves into contemporary issues through historical settings.
The book challenges conventional perceptions of race, identity, and guilt, offering a thought-provoking exploration of societal constructs. Many news outlets agree that it is “ a masterpiece ” and “ tells a familiar story from a fresh perspective.”
The EGX30 rose 1.3% at today’s close on turnover of EGP 3.6 bn (8.3% below the 90-day average). Local investors were the sole net sellers. The index is up 22.5% YTD.
In the green: Egypt Kuwait Holding - USD (+8.8%), Fawry (+5.4%), and Emaar Misr (+5.0%).
In the red: AMOC (-2.1%), GB Corp (-1.5%), and Sidi Kerir Petrochemicals (-1.3%).
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