Good afternoon, ladies and gentlemen, and happy almost-Thursday. We have some updates on our PMI figures that arrived earlier during the business day.
THE BIG STORY TODAY
Egypt’s non-oil sector activity declined at a slower pace in March: Egypt’s purchasing manager index (PMI) figure — which tracks the country’s non-oil business sector — rose slightly to 47.6 in March,up from 47.1 in February, according to S&P Global’s Egypt PMI (pdf). This indicates a “softer but still-solid deterioration,” due to persistent currency challenges and pressure stemming from disruption in the Red Sea.
Monetary policy shifts could sound relief: Recent measures to combat Egypt’s currency crisis — including the raising of interest rates, and the floating of the EGP — may bring some relief to price pressures and could begin to “reverse the damage,” commented David Owen, Senior Economist at S&P Global Market Intelligence.
We’re seeing signs of hope already: Input cost and output price inflation rates slowed to three-month lows thanks to improved currency exchange market conditions.
Want a deeper dive? We’ll have the full run-down of how Egypt’s non-oil business sector performed in March, in tomorrow’s AM edition.
THE BIG STORY ABROAD-
Taiwan hit by its biggest earthquake in a quarter century: A 7.4 magnitude earthquake struck Taiwan this morning, killing at least nine people and injuring 934. The earthquake, which was the strongest Taiwan has seen in at least 25 years, tore down dozens of buildings and caused landslides, with aftershocks felt in parts of the Chinese mainland. (Reuters | Washington Post | Bloomberg | Associated Press | NY Times)
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El Sisi begins his third term with big promises: President Abdel Fattah El Sisi announced the key features and objectives for Egypt’s national strategy on several domestic and external issues during a seven-point speech yesterday, after being sworn in for his third term at the House of Representatives in the new administrative capital. We gave a breakdown of his objectives and background in this morning’s edition.
Elsewedy inches closer to building its industrial park in New October: Elsewedy Industrial Development is expected to break ground on its industrial zone in New 6 October City upon receiving a 2.5 mn-sqm plot from the New Urban Communities Authority within two to three weeks.
Tourist arrivals were up 4%y-o-y in 1Q 2024 to 3.7 mn, but arrivals to Sharm ElSheikh were down 20% y-o-y in the same period.
☀️ TOMORROW’S WEATHER- A sunny day with a high of 33°C and a low of 16°C, according to our favorite weather app.
Japan may become The Nation of Satos. Unless the government permits married couples to separate their surnames, then it is likely that in 500 years the entire population will have the surname Sato, according to The Guardian.
A studyled by Professor Hiroshi Yoshida from Tohoku University’s Research Center for Aged Economy and Society highlighted that Sato is currently the most common name in Japan, according to The Mainichi, it accounts for 1.5% of the total population. Through further calculations, he found that the commonality of the name increased 1.0083 times from 2022 to 2023. Assuming that this rate remains constant, 50% will share the name by the year 2446 and the entire population will share the same name by 2531.
“If everyone becomes Sato, we may have to be addressed by our first names or by numbers. I don’t think we can call that a good world to live in.”Yoshida explained to The Mainichi.
The hope for diverse surnames lies within the surname separation law. In Japan, couples who are to be married are required to choose which of their surnames they would like to share and keep. If this law were to be removed, a couple could choose not to share a surname and proceed with different surnames. In this case, the diversity of surnames present in Japan would rise.
However, members of the Japanese population are not all for the separation of surnames. In a survey conducted within the study, 39.3% of single people (aged 20-59) explained that if given the choice, they would still share their spouse’s surname. With that in mind, Professor Yoshida concluded that if the law were to change, then by 2531 only 7.96% of the population will have the surname Sato.
Class Act, or the story of relentless ambition. The French Netflix show follows the larger-than-life career of Bernard Tapie, a jack of all trades, and master of some. The French businessman, who rose to prominence from a humble background, initially made a career for himself and began amassing his fortune in the late 1970s and 80s by acquiring bankrupt companies. Eventually, he came to own a majority stake in Adidas, as well as French football club Olympique de Marseille. But the businessman also wore many other hats: He was, over the years, also an actor, singer, and politician through his two terms as urban affairs minister. Tapie’s life was pervaded with controversy as he was involved in high-level legal battles — including with the state-owned Crédit Lyonnais bank over the valuation of Adidas. Tapie was also sentenced to jail over corruption allegations.
A controversial show: Laurent Lafitte brings the late character back to life with a likable performance that captures the complex nature of Tapie. He successfully captures the determination and stubbornness as well as the visionary nature of Bernard Tapie who passed away in 2021. Yet, despite this hommage, of sorts, and generally positive reception by the audience, the Tapie family is not quite enthusiastic about the portrayal of their patriarch. Bernard’s widow, Dominique resolutely rejected the entire premise saying that she not only dreads the miniseries but also “[deplores] it,” the Guardian reports. It is reported that Bernard himself also did not approve of the show which, he said before passing, was made without his consent.
WHERE TO WATCH IT- The seven episodes of the show are available for streaming on Netflix.
Related
⚽ Egyptian Premier League is back tonight after the international break with three matches:
Ismaily vs Smouha (10pm)
Ceramica Cleopatra vs Zed (10pm)
El Gouna vs Al Mohawloon (10pm)
Arsenal set their eyes on reclaiming the English Premier League top spot — even if temporary — when they host Luton Town at 8:30 pm tonight. With only eight games to the finish line, clinching the game is crucial for the Gunners’ title aspirations following the frustrating goalless draw on Sunday against Manchester City.
Man City in third place have a tough game against Aston Villa tonight at 9:15 pm. The Citizens have to secure the victory to close the three-point gap temporarily on leaders Liverpool. On the other hand, the four-point difference between the match sides may tempt the fourth-placed Villans to snatch the game to become closer to the title race.
Also in the Premier League tonight, Brentford will play against Brighton at 8:30 pm.
The invincible Bayer Leverkusen will go head to head against Dusseldorf in the German Cup semi-final tonight at 8:45 pm.
Related
?EAT THIS TONIGHT-
Fornalia has been quietly making waves this Ramadan, but we don’t believe in gatekeeping. The Zamalek artisan bakery is known for its consistently delicious goods and their amazing bread. A couple of their Ramadan offerings can’t be found anywhere else, and the rest do right by the desserts.
Beeline for the Cronafa. This creation wraps Fornalia’s buttery croissant in a crunchy kunafa shell. The Cronafa is stuffed with a creamy and generous helping of cream, and the side serving of honey makes it easy to sweeten the dessert to your own taste. It’s an easy favorite and guaranteed to wow your guests or hosts. A platter of this dessert contains nine of these babies.
The kunafa creations don’t stop there. There are three more kunafa platters to choose from, all with very different flavor profiles. The most Ramadan-y is the kunafa caramel dates. The two layers of konafa are kept together by a creamy caramel mousse and topped with sliced dates and cream to balance the sweetness.
A close second was the kunafa halva. A delicious mixture of halva and cream is housed between the two kunafa layers, which are topped with halawa floss and ground pistachio. And of course there’s a chocolate version. The kunafa fudge boasts a layer of fudgy chocolate cake between the kunafa, with a generous spread of chocolate and hazelnuts on top.
WHERE TO GET IT- You can order these desserts from Fornalia’s website or from their brick-and-mortar bakery in Zamalek.
Related
? OUT AND ABOUT- (all times CLT)
TONIGHT-
Get in the Ramadan spirit with Fi El Leila El Kebira performed by Fabrica at Theatro Arkan tonight at 9pm. The musical performance is based on the beloved puppet masterpiece by Salah Jahin and Sayed Mekawy. Don’t miss out on all your favorite characters who are brought to life on stage through song. Grab your tickets here.
Witness some of the last remaining Zar practitioners in Egypt. Join the Mazaher ensemble tonight at Makan for a night of traditional spiritual poly-rhythmic drumming and vocals practiced from Upper Egypt. Note that taking photos and/or videos is prohibited during the performance.
THIS WEEKEND-
Bibliothek is bringing back the cultural salon. On Friday, 5 April, Bibliothek will host El Warsha band as part of an evening that will contain songs, stories, and sketches. Experience Sufi ballads, Chekov’s parables, and music from the roaring 20s. More details can be found here.
Round off Ramadan with Iftar at Wadi Degla. VAMOS is hosting a light hike ahead of Maghrib before settling down for Iftar with a view of the valley at sunset. Huddle around the campfire and enjoy some post-Iftar tea prepared on charcoal under the stars on Friday, 5 April. The EGP 500 price tag includes the meal and the entrance ticket to the protectorate. Bring your own plates, cups, and utensils, but don’t worry about the TP. The campsite has four spic and span bathrooms.
Vibe at a Mevlevi Night this weekend. The group will perform their signature ballads and traditional dances at Royal Park Mall starting at 9:30pm on Friday, 5 April. Booking details can be found on the events page. Tickets range from EGP 250 to EGP 2.5k.
Related
? UNDER THE LAMPLIGHT-
Get a peek into the life of a Rental Person Who Does Nothing. For starters this isn't a novel but a memoir of Shoji Morimoto — it's also not your typical autobiography either. Instead, he responds to questions from an anonymous interviewer, delving into his professional persona as well as his personal life.
His unique service involves hanging out with clients, mainly listening to them rather than engaging in conversation.You get a glimpse into the requests Morimoto receives and accepts from his clients, through his X account which range from mundane to peculiar. For instance, one client simply wants Morimoto to tell them their pet is cute, while another seeks solace in sharing a hamburger after losing their job multiple times.
He also shares anecdotes about his family and his own struggles with employment and societal pressures in Japan. Morimoto’s resistance to what he calls “BS jobs” aligns with his desire for people to lead stress-free lives, without the pressure of constant reciprocity and societal expectations. Despite not actively doing anything, Morimoto quickly gained attention from media outlets worldwide, inspiring a TV series.
You can get your copy of Morimoto’s memoir from Amazon.
The EGX30 was almost flat at today’s close on turnover of EGP 2.2 bn (56.1% below the 90-day average). Regional investors were net sellers. The index is up 12.2% YTD.
In the green: Elsewedy Electric (+6.4%), Orascom Development Egypt (+3.7%) and Sidi Kerir Petrochemicals (+2.2%).
In the red: Mopco (-4.9%), Abu Dhabi Islamic Bank (-3.7%) and Eastern Company (-3.4%).
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