Good afternoon, friends and happy Monday. It’s still a relatively slow news week so far, although there are early signs the newscycle is picking up.
THE BIG STORY TODAY
FX projections for the car import scheme rise to USD 2 bn: Registrations from the first two phases of the car-for-FX initiative are now expected to bring in some USD 2 bn in light of strong demand in the second phase, according to a Finance Ministry statement.
ICYMI- The expat car imports scheme has been extended for another three months from today until Monday, 29 April, according to a cabinet decision issued yesterday. The initiative allows expats to receive full rebates in EGP equivalent on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX.
INTERESTED? You can sign up for the initiative through the government’s app on Google Play and the App Store.
THE BIG STORY ABROAD
Iran seeking to distance itself from the drone attack on a US base in Jordan yesterday continues to dominate the international press. The White House says that Iran-backed militants killed three and wounded 25 US soldiers in the drone attack — but Iran’s Foreign Ministry spokesman calls any accusations of their involvement “baseless,” on account of the resistance groups not answering to the Islamic Republic. His comments come after Biden’s threat of retaliation, while several Republicans accused him of leaving US soldiers as “sitting ducks” waiting for attacks alongside rising oil prices in response to the attack. (Bloomberg | Financial Times | Reuters)
ON THE BUSINESS SIDE- China’s capital and property markets took another hit when a Hong Kong court ordered the liquidation of China Evergrande Group, with more than USD 300 bn in liabilities, after they failed to restructure following offshore debt defaults and more than two years in court. But it won’t be a smooth process considering the uncertainty of how Chinese courts will deal with a Hong Kong based ruling, and it taking up to a few years for the liquidator, Alvarez and Marsal, to take over all subsidiaries in China which falls under different jurisdictions from Hong Kong. (Reuters | Bloomberg)
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To hike, or not to hike: Analysts are split on what the Central Bank of Egypt (CBE) will do when the Monetary Policy Committee (MPC) meets this Thursday.
House passes bill protecting critical facilities, infrastructure: The House of Representatives gave final approval on Sunday to a draft law that cements the role of the armed forces in protecting critical facilities and infrastructure — power grids, gas pipelines, oil fields, railways, roads and bridges.
?️ TOMORROW’S WEATHER- Expect a partly cloudy day with a high of 16°C in the afternoon and a low of 10°C later in the evening, according to our favorite weather app.
Gen Z grew up with the internet, but they fall for online scams more than any other generation. People born between the late 1990s and early 2000s are more susceptible to online hackers and scammers, according to a report by the National Cybersecurity Alliance (NCA).
Even Boomers have a leg up on Gen Z: A survey by Deloitte revealed that Gen Z Americans were three times more likely to become a victim of an online scam than their boomer grandparents. The NCA also cites higher rates of phishing, identity theft, catfishing, and cyberbullying being reported by Gen Z. In 2017, victims of online scams below the age of 20 lost an estimated USD 8.2 mn, and in 2022 that number had risen to USD 210 mn.
It’s become a way of life, but online shopping can be a minefield of scams: Fake websites and e-commerce sites — which boomed during the pandemic, but stuck around regardless of health considerations — specifically target Gen Z through social media ads, providing scammers with a new avenue to target users.
Why hasn’t internet literacy translated to online security?Vox theorizes that it may simply be that Gen Z’s increased exposure to technology naturally raises their exposure to scamming risk. And while growing up using the internet gives them a sense of familiarity with the technology, cybersecurity education has not been common for school-aged children.
Bill Gates sits down and discusses climate change, philanthropy, and life in a 15-minute interview with Emirati entrepreneur Anas Bukhash. This brief and informative interview with Gates — whose name resounds with everything Microsoft and tech — touches on his diverse roles as a businessman, investor, family man, and philanthropist.
The conversation highlighted the common thread of problem-solving in Gates’ workat Microsoft and his philanthropic endeavors. He shared a transformative experience in addressing the prevalence of malaria, emphasizing the significant impact achieved through the Gates Foundation’s efforts in providing bed nets and vaccines to combat the disease in vulnerable communities.
That commitment to philanthropy came from his upbringing, withGates crediting his philanthropic values to his mother who had a history of community service. He recalls his parents’ encouragement to give back once he made his business thrive.
He also delved into the role as grandfather, particularly what he feels he gains by observing his granddaughter’s learning experiences and unique perspective on the world. The b’naire discusses his view that he’s a perpetual student of life with a passion for continuous learning, appreciating the accessibility of online education, and finding joy in being taught various subjects.
WHERE TO WATCH IT- You can watch the interview on YouTube.
Related
⚽ The show must go on even after the Pharaohs were sent home packing:Afcon’s knockout stage continues with Cape Verde and Mauritania tonight at 7pm, followed by host Côte d’Ivoire facing off against Senegal, the defending champion, at 10pm.
The Democratic Republic of Congo eliminated Egypt from the tournament yesterday after a rather disappointing showing led to a penalty shootout. DRC’s victory yesterday sets them up for a meeting at the quarter-finals with Guinea, who recently knocked out Equatorial Guinea with a 1-0 victory.
Over in the Asian Cup: Qatar will be facing Palestine at 6pm tonight, while Jordan beat Iraq 3-2. Tajikistan eliminated the UAE by coming out on top 5-3 in the penalties, leaving Tajikistan to face Jordan in the quarter final.
Catch these key matches in the major European leagues today:
Getafe vs Granada (La Liga, 10pm)
Salernitana vs Roma (Serie A, 9:45pm)
Related
? EAT THIS TONIGHT-
Parabowls offers icy Brazilian treats and smoothies in several locations around Cairo. They serve the insta-famous Acai but they serve seven different flavors: Mango, matcha, coconut, mixed berries, normal acai, tres frutas, and dragon fruit. You have the option to make your own bowl or opt for an option from their menu.
We went for the original acai base and decorated it with some seasonal fruit like strawberry and banana and we added a drizzle of almond butter.
They have a variety of toppings ranging from seasonal and exotic fruits, dried fruits, nuts, seeds, granola, shavings, and even chocolates.
We also tried one of their smoothies, the Berry Flow, which almost tasted like the blended version of our Acai but a bit sour with added apple juice and minus the almond butter, but we favored the actual Acai.
It’s better than the supposed competition because the Acai is more held together than liquid but it's on the pricey end and there's no indoor seating. Still you only have a two-minute window before it starts melting to a soup-like consistency.
It’s perfect for a quick treat after the gym or if you have an uncontrollable sweet tooth without the crazy calories – but if you’re a couch potato, lucky for you, they have a delivery option that brings it straight to your doorstep.
Related
? OUT AND ABOUT- (all times CLT)
FOOD-
Indulge your Mexican cravings at Cairo Jazz Club 610’s Taco Tuesday tomorrow from 7pm. Gather your work buddies or friends and enjoy a night of unlimited tacos and cool drinks. For reservations message their Facebook page.
Catch the cheese fondue brunch at Villa Belle Epoque.This takes place every Monday and Wednesdayuntil 28 February from 2-6pm. The meal is reservation only. Click here to find out how to book your spot.
SPORTS-
Watch the African Cup on the big screen: Mivida is hosting The Stadium, screening Afcon matches. The Lake District is within arm’s reach in case you need to fuel up before or after the matches. More of a doer? The Stadium is also hosting sports activities you can partake in. You can book your tickets through Ticketsmarche.
ART-
Motion Art Gallery’s posthumous exhibition for artist Mahmoud Moussa is a must-visit. The artist’s iconic sculptures are on display in the gallery in Zamalek, everyday except Fridays until 5 February. That’s sooner than you think, so head on over tomorrow or mark it down.
Picasso Art Gallery has opened its doors to solo exhibitionist Hicham Rahma. Each of his paintings will exhibit “mixed tales with rich folkloric elements” with “magical strangeness and astonishing interaction.” This exhibition opens from 11am to 9pm, except for Sundays, until Friday, 2 February. Click here for more information.
BOOKS-
The Cairo International Book Fair opens its doors today, and will be running until Tuesday, 6 February. The event is open to the general public from 10am to 8pm, except Thursday and Friday, when their doors will close at 9pm. The fair is taking place at the Egypt International Exhibitions Center in the Fifth Settlement, New Cairo.
MUSIC-
Warm up your vocal cords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday through to 27 February for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here.
Don’t miss the Egyptian Mawlawi Sufi group, AlMawlaweya AlMasreya, singing and Sufi chanting on the Theatro stage in Arkan this Thursday, 1 February. Doors will open at 7:30pm and the event will begin at 8pm. Click here to book your tickets.
The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi on Friday, 9 February, giving you plenty of time to grab a ticket. The Voices of Hope concert will start promptly at 9pm.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan, on Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
PHOTOGRAPHY-
The Fujifilm festival starts next Thursday, 1 February, and runs until Sunday, 4 February. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning and check out the GFX 100 ii Studio on-site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.
LATER-
SHOPPING-
Cairo Vintage Souq is back with more old finds for you to scavenge. Bring your thrifting skills to Al Ismaelia venue in Downtown Cairo from 12pm till 9pm on Saturday, 3 February to get the best retro and vintage finds. For more information go to their instagram page.
MUSIC-
End the month on the dance floor at Cairo Jazz Club’s Wednesday Night Live event on Wednesday, 31 January from 9pm. The night will have Riffs sha’bi tunes, El Waili with his top hits, and Donia Wael for soothing wrap up. Message their Facebook page for reservations.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights starting Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
Hamza Namira will be dropping his album at a concert hosted by ZED park on Friday, 9 February at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end of winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
THEATER-
Ebni is back at Rawabet Art Space. The play is an adaptation of God of Carnage by Yasmina Reza and it demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance on Friday, 9, Tuesday, 13, and Wednesday, 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a phone-free, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
SPORTS-
The Cairo Half Marathon is taking place in just over a month: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are available until 27 February, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
DANCE-
Get your salsa groove on at Cairo Jazz Club 610’s Salsa night with Soul Motion Studio on Monday, 5 February. Just send them a message on Facebook to reserve your spot.
James McBride’s The Heaven & Earth Grocery Store is a murder mystery set within a vibrant community in Pottstown, Pennsylvania. The story begins in 1972 when an unidentified skeleton is discovered in a well, leading authorities to suspect the only remaining Jewish man in town when it once was mostly populated by Jews.
The novel takes readers back to the 1920s and 1930s, exploring the diverse neighborhood of Chicken Hill where Jewish, Black, and immigrant residents live. The book gives an in-depth look into the lives of the characters and how they’re all connected, particularly the Jewish couple Moshe Ludlow and his wife Chona, who run the local theater and grocery store together.
Things escalate when the couple is asked to help hide an orphaned deaf black childnamed Dodo. The story can be seen as similar to The Book Thief or the real story of Anne Frank — but that’s when the narrative begins to unfold — where all the characters and their backgrounds weave together highlighting the complexities of their relationships and the wider impact of racial and class divisions in society.
While the narrative may initially seem slow, the attention to detail and character development creates a captivating web of connections, where it was hailed ‘ the best book ’ to have been read and a ‘ tender and humane work ’. The book ultimately explores themes of the power of love and inclusivity and captures the changing America which emphasizes the importance of action in the face of adversity.
The EGX30 rose 2.1% at today’s close on turnover of EGP 7.1 bn (117.4% above the 90-day average). Foreign investors were net buyers. The index is up 17.4% YTD.
In the green: CIB (+8.5%), B Investments (+7.7%) and Abu Qir Fertilizers (+7.1%).
In the red: Alexandria Containers and Cargo Handling (-5.1%), Ezz Steel (-4.5%), and Credit Agricole (-3.8%).
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