Good afternoon readers, and happy Thursday. We are glad that there is some slightly positive news to share on the local front.
THE BIG STORY TODAY
CBE to loosen restrictions on credit card use abroad: The CBE will allow credit card users access to their usual FX transaction limits without having to submit proof of travel prior to their trips, following complaints about the difficulties of reaching and communicating with banks before traveling, the CBE said in a statement this morning.
…and here comes the caveat: Customers will still have to provide proof that the card was used abroad within 90 days of returning to Egypt, or they would risk being banned from using or receiving credit cards in the future. Proving travel can be done either through arrival and departure stamps on passports or by sending proof of continued residency abroad if the trip exceeds those 90 days. In addition, customers will still need to notify their banks’ customer service departments before they travel.
THE BIG STORY ABROAD
The overnight raid on Gaza is dominating the conversation in the western news.The raid claimed 77 livesas Israeli Prime Minister Benjamin Netanyahu stated that he will not share more details about the time or approach used in the ground invasion of Gaza. (Reuters | Financial Times | Bloomberg | Wall Street Journal | CNBC)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
☀️ TOMORROW’S WEATHER- Looks like sunny weather with the mercury reaching a high of 30°C during the day and dropping to a cooler 24°C in the evening, according to our favorite weather app.
YouTube’s AI success may be Alphabet’s saving grace.Alphabet, YouTube and Google’s parent company, have been experimenting with AI models, which should be launched later this year, through the video platform to help advertisers and creators generate relevant content, according to YouTube’s blog. This is the result of PaLM 2, their generative AI large language model, which comes up with human-like responses to queries and commands.
Advertisers and YouTube creators can expect to find video ideas on topics that are relevant to users — down to the title and descriptions for each video — to ensure successful viewership. Other AI-powered features would include the ability to remix videos and create ones in multiple languages.
Despite AI being a big hit with advertisers, investors are still skeptical. Alphabet showed heavy spending on AI infrastructure, sparking concerns regarding ROIs during their third quarter earnings meeting on Tuesday, reports CNBC. Philipp Schindler, Alphabet’s Chief Business Officer, stated that AI is expected to help advertisers find “their ideal audience for the lowest possible price,” backing up this assumption with early tests on YouTube, which showed 54% more reach at 42% of the usual cost, and that 80% of advertisers are using one of the AI-powered search features…
…but, investors weren’t sold on YouTube’s ad success being a reliable KPI for the success of its AI experiments—and Alphabet’s executives’ vague responses to investors’ concerns added more fuel to the fire. Their worries? Alphabet spent USD 8 bn in Q3, some of which went to AI tech that costs a king’s ransom because of the data sets that have to be integrated into it. Not only that, they feel that it is too soon for Google to jump on to the AI wagon as the technology still hasn’t reached fruition. Particularly since the Search Generative Experience (SGE), an experiment launched in August by Google, which offers a rehearsal of what conducting a search using generative AI would look like, is yet to be rolled out, despite being positively received in trials.
Is the display of human remains in museums ethical? The Museum of Natural History isn’t so sure, tells us Bloomberg. The bones of our ancestors have always had a story to tell, and to tell them in an environment where history is preserved on display didn't seem so bad. But the vast collection of thousands of ancestral bodies tell a darker story — of looted graves, violated burial sites, and viewing ancient persons as objects. Accordingly, the New York museum has decided to remove all human remains from public display.
The bones were collected as a part of the colonial project: The museum holds the remains of 12k individuals, including Indigenous and enslaved people of African origin whose bodies were obtained by eugenicists to “prove” European racial superiority. Sean Decatur, president of the museum, empathizes that none of these individuals could have imagined that their final resting place would be in a collection. “In most of these cases,” he said, “ there was [a power imbalance] between those who were collecting [the remains] and those who were collected.”
This isn’t a new sentiment. Groups across the world have been petitioning for human remains and stolen artifacts to be returned to their relevant communities for decades. In fact, many countries have pressed the issue further after the British Museum finally admitted that over 2k artifacts were stolen from their establishment. A US law passed in 1990 paved the way for Native American tribes to recover ancestral remains from museums, and Decatur believes that 2.2k remains at the Museum of Natural History can be claimed by their tribes. Chris Patrello, curator of anthropology at the museum, asserted that they have a responsibility to do more than acknowledge the harm caused by practices that treated people and cultures as objects of scientific study.
How would the world react if 2% of the population suddenly disappeared?TheLeftovers is a post-apocalyptic drama from the minds behind Lost exploring the societal changes and existential horror that would take place in the wake of such an explicable event. Three years later, in the small town of Mapleton, the still-grieving locals are still struggling to accept The Departure. At the center of it is chief of police Kevin Garvey Jr (Justin Theroux), plagued by nightmares, trying to navigate the constant chaos afflicting the town. From a growing chain-smoking cult who refuse to speak, packs of dogs who snapped when they witnessed their owners disappear, and grief that manifests in terrifying ways, The Leftovers is an unpredictable rollercoaster that is hard to put into words.
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⚽The European Championships are continuing today, with the start of the third round of the UEFA Europa League group stage.
Below are the matches to watch:
Marseille v AEK Athens (7:45pm)
Olympiacos v West Ham (7:45pm)
Liverpool v Toulouse (10pm)
Roma v Slavia Prague (10pm)
Brighton v Ajax (10pm)
Waiting on the line-up of finalists for the African Super League semi-finals: Tunisian Esperance hosts Congolese Mazembe at 6pm in the second leg of the quarter-finals of the African Super League. Esperance needs to win by two goals or more to advance to the next round, after losing in the first leg of the quarter-finals by a clean goal. At 9pm, Enyimba (Nigeria) will host Wydad (Morocco), after the first leg ended with Wydad winning by a goal. The two winners will meet in the semi-finals.
The fifth round of the Egyptian League begins tomorrow…Pyramids, the league leaders, will meet third-placed El Masry at 4 pm, while Enppi will host Zamalek at 7pm.
… and will continue on Saturday:
Pharco v El Gouna (4pm)
Al-Ittihad v Al Mokawloon (7pm)
Zed v Smouha (7pm)
El Clásico is around the corner: The Spanish League clash between Barcelona and Real Madrid begins at 4:15pm next Saturday, as part of the 11th round of La Liga.
Real Madrid enters the match at the top of the standings, with 25 points, one point ahead of its traditional rival in third place. The team aspires to achieve the three points to move further ahead and break up the tie with Girona. Meanwhile, the hopes in Barcelona are to overcome the absences that struck the team as they search for ways to take the lead.
The weekend is not complete without the fun of the English Premier League:
Crystal Palace v Tottenham (9pm Friday)
Chelsea v Brentford (1:30 pm Saturday)
Arsenal v Sheffield United (4pm Saturday)
Bournemouth v Burnley (4pm Saturday)
Wolverhampton v Newcastle (6:30pm Saturday)
Don’t miss the fun in the Enterprise Fantasy Premier League. You can still subscribe by clicking on this link or entering this code abd0f7.
The most important matches of the major European leagues on the weekend:
Juventus v Verona (Serie A, 8:45pm Saturday)
Bayern Munich v Darmstadt (Bundesliga, 3:30pm, Saturday)
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🎤 OUT AND ABOUT- (all times CLT)
ForeverIs Now Exhibition is back again in its third edition at the Pyramids. The exhibition is kicking off today and will continue until 18 November. The working hours start from 9am until 4pm. You can book your ticket from here or upon arrival.
Music enthusiasts, this one’s for you: The annual Cairo International Jazz Festival is happening at AUC’s Tahrir campus starting today until Friday, 3 November. For more information contact them on their page.
Pass by the second edition of the Cairo Vintage Souq at The Greek Campus tomorrow, where you will find a wealth of old treasures, from vintage appliances and tech, home decor, clothes, books, and accessories.
Looking for adventure? Why not get into the spooky spirit with some Night Hiking at Wadi Degla? The Egyptian Wild Animals Service (EWAS) is offering you the chance to discover the beauty of the valley under the stars tomorrow.
DJs Kygo, Tiësto, Kungs, and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.
Wrap up the Halloween season with Lazuli x Cairo Jazz Club’s ‘All Hallows’ CostumeParty on Tuesday, 31 October, where Lazuli’s signature club music will be matched with Young Nada’s spooky visuals to create a high-octane sensory experience.
The Downtown Contemporary Arts Festival (D-Caf) has kicked off and will continue until Sunday, 5 November. The festival is taking place in several places and art centers in the downtown area. You can check the events and buy the tickets through D-CAF’s website.
The Russian Tchaikovsky Symphony Orchestra is coming to Egypt for the first time, with three concerts scheduled in Cairo and Alexandria. The Cairo concerts are scheduled for Sunday and Monday, 5 and 6 November at the Cairo Opera House in Zamalek, while the Alexandria concert will follow on Tuesday, 7 November at Sayed Darwish Theater. You can book your tickets for the concerts from here, here and here.
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👂 EARS TO THE GROUND-
A passion for all things horror led comedian Dan Cummins to create Scared to Death, a podcast designed to give you the creepy crawlies.Drawing from allegedly real-life stories, sometimes submitted by their listeners, Cummins deftly narrates spine-chilling tales that cover demonic possession, poltergeists, shadow people, etc. The podcast has cultivated a loyal following since its beginning in 2019, and we think Cummins’ strong storytelling skills are the biggest reason. In addition to narrating the story, Cummins voices his own thoughts throughout, many of them mirroring our own, and uses his expertise as a comedian to relieve some of the tension from the story. It is an immersive experience for horror lovers everywhere, so if you’re a die-hard enthusiast or just prefer the odd fright, you can find Scared to Death on almost every streaming platform, including Spotify and Apple Podcasts.
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💡 UNDER THE LAMPLIGHT-
In The Diary of a CEO: The 33 Laws of Business and Life author Steven Bartlett targets entrepreneurs as he imparts his formula for management success.This book takes the reader beyond business strategy and can be easily slated as a timeless recipe to success from the entrepreneur and podcaster. Bartlett walks us through major lessons such as the need to follow an unorthodox approach to power and to do away with the traditional meaning of victory. He also draws on his failures and successes, his experience on the entrepreneurial path, and his podcast interviews to glean the secret sauce of climbing the corporate ladder. This is a solid book to share with new leaders and entrepreneurs from someone who has taken the job of CEO as his own subject of research.
The EGX30 rose 0.6% at today’s close on turnover of EGP 5.1 bn (122.5% above the 90-day average). Foreign investors were net buyers. The index is up 59.4% YTD.
In the green: TMG Holding (+9.3%), Heliopolis Housing (+6.1%) and Palm Hills Development (+5.6%).
In the red: Mopco (-6.0%), Abu Qir Fertilizers (-4.4%) and Oriental Weavers (-4.1%).
We do not like seeing ads, and the 290 mn people worldwide who use ad blockers think so, too — despite what Mark Zuckerberg, CEO of Meta, thinks. Even Marc Pritchard, Chief Brand Officer at Procter & Gamble — the world’s biggest advertiser — agrees that consumers will take any chance to skip online ads, according to Forbes. But when the digital ad industry is worth USD 627 bn, who cares what people think?
We are seeing more ads today than any other human beings in history. A study conducted in the 1970s revealed that, on average, an individual would see between 500-1.5k ads a day. Today, we see at least 10k. 80% of Google’s revenue is generated from the ads you see next to search results. Meta owes over 90% of the bns they make to ads, as do Amazon, Apple, Youtube, and even Microsoft. Over the past year, people have noticed that ads are becoming more widespread, and more annoying. The bad news? It’s about to get worse.
Why will we be seeing more ads? There are a few reasons: The first being an increase in privacy. Data privacy laws entered a new era in 2023, making it harder to collect user data and create targeted ads. To get ahead of the curve and avoid fines for violating these laws, big companies have been locking their platforms down — you may notice these changes in things like your iPhone asking if you’d permit an app to track your phone usage. Saying no (the appropriate response) cuts off the flow of data, which means cutting off the flow of money to companies that rely on ads. While untargeted ads may still pop up, they don’t generate as much money. So the solution is ad loading — showing the user more ads to compensate for the loss of a revenue stream.
Another big reason is the changing economic landscape. The US government has raisedinterest rates from near zero to over 5.25% over 19 months to try and control inflation. This makes it harder and less financially-sound for US-based companies to take out loans, drying up a lot of the runway that tech companies have been exploiting. Up until now, Silicon Valley has operated on the model of selling goods and services to consumers for less than they actually cost, with the end goal of crushing competitors and jacking up prices once they monopolize the market. As the economy tightens, investors and venture capitalists are being more cautious, and more insistent on evidence of return on investment. How do you magically reveal a new revenue stream to keep investors happy? Yes, you guessed it: Adverts.
Creating a premium fee for a better experience is an incentive to make things worse. To justify subscriptions and encourage users to sign up, these platforms may intentionally make their services worse to force your hand. This is called calculated misery, and it’s been in practice for decades. You can thank air travel for this. How do you make more money on flights when everyone on the plane will be arriving at the same place anyway? You make it horrible. By making lower-priced seats more uncomfortable and the whole experience more unpleasant, frequent flyers will be compelled to pay more for a more enjoyable experience.
First, everything that used to be at no cost is taken away. In 2014, a study revealed that today’s biggest economy plane seats are tighter than the smallest economy plane seats offered in the 1990s. Time Magazine expects it will get worse. And the same will happen on social media. Just like you’re allowed less baggage per flight, paying more for extra suitcases, and having to pay to choose your seat, you now have to pay to watch a video on Youtube sans ads. Netflix has recently followed suit. Elon Musk was teasing the possibility of the same perk on X, when it was still Twitter. And how is this calculated? By not making things irritating enough to leave, but keeping it irritating enough that you consider paying a fee for a better experience.
“If you don’t like it, just leave.” When every airline is pretty much offering the same experience, you have no alternative. Cough up more money or be miserable. And sure, social media is easier to opt out of than refusing to fly to another country ever again, but the infrastructure of social media and its integration into the fabric of our lives makes it difficult. If you delete all your social media accounts right now and decide to stop using streaming services, you are effectively opting out of communicating with your friends and family, and making it impossible for yourself to participate in popular culture. Is it possible? Yes. Is it practical? Not so much.
It doesn’t have to be this way, but it’ll get much worse before it gets better. Believe it or not, our saving grace might be bad UX. Terrible user experience may create a gap in the market. Because we hate ads so much, if a competitor pops up that promises not to plague our feed with them, essentially offering a premium service without the price tag or the calculated misery, people will flock there. Some competing tech companies might go out of business, which means less pressure on the remaining survivors to turn a net income, and less incentive to use ads… unless corporate greed gets in the way. But we choose to be optimistic. It may get better in the future, but in the meantime, we have a lot of ads to look forward to.
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