AI as teacher's assistants

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Beltone Venture Capital acquires 20% in ariika

Happy THURSDAY, ladies and gentlemen. It’s a calm-ish afternoon to wrap up the first week of the month, which we’re not exactly complaining about…

THE BIG STORY TODAY

BVC snaps up 20% of ariika in series A equity round: Beltone Venture Capital — Beltone Financial Holding’s recently-launched venture capital arm — has acquired a 20% stake in home and decor brand ariika in a EGP 31 mn transaction as part of a series A equity funding round, according to a press release (pdf).

COUNTDOWN- There are just 11 days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

You won’t want to miss this one: Join Karim Awad (CEO, EFG Holding), Hassan Allam (CEO, Hassan Allam Holding), Yasmine El Hini (country officer, IFC), Hazem Moussa (chairman, Contact Financial Holding), Tamer El Emary (group CEO, GB Capital), Hoda Kassem (Cairo global services center director, HSBC Egypt) and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to REQUEST AN INVITATION or view the FULL AGENDA.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

THE BIG STORY ABROAD

Different stories are leading the international business press:

KSA is mining for copper: Transforming the nation into a metal hub seems to also be on MbS’ plan to diversify the nation’s economy, which has seen the country invest in sports, gaming, and other industries. (Bloomberg)
Wall Street banks are “cautiously optimistic” that the stock market will reverse its current slump as surging bond yields dampen risk sentiment, with a potential rally in the cards through the end of the year. (CNBC)
China’s RMB reached a new low, falling to 7.3256 / USD 1 following a report that China’s exports have also fallen 8.8% y-o-y. (Financial Times)
Lloyd’s of London is negotiating ins. cover with the UN for Ukrainian grain shipments if a settlement in the Black Sea corridor can be reached. (Reuters)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

Gov’t imposes tight cap on fee rises for high-end int’l, private schools: Private and international schools that charge tuition fees of EGP 35k and above will not be allowed to hike fees by more than 6% for this academic year, down from the previous 7% cap.
We’re going to be importing more from the UAE: Abu Dhabi Exports Office (ADEX) is set to extend a USD 100 mn revolving loan to the National Bank of Egypt (NBE) to fund imports from the UAE.
Awlad Ragab is shutting down more of its branches: Supermarket chain Awlad Ragab is liquidating some EGP 850 mn worth of assets before the end of the year in an attempt to avoid default.

☀️ TOMORROW’S WEATHER- The mercury will be climbing higher to 42°C at its peak in the daytime and dropping to a cooler 25°C, according to our favorite weather app.

Is AI the new teacher’s assistant? Weight-loss drugs may hold the key to curbing substance abuse

Teachers have a lot of teaching to catch up on from the pandemic. AI can help: Some schools in the US are tapping into artificial intelligence by partnering with online tutoring platforms, such as Varsity Tutors, that use AI to serve students’ academic needs, according to the Connecticut Mirror. Since students missed out on regular, in-person classes when the pandemic hit, their adjustment to the school system, alongside their numeracy and literacy, have taken a blow. Seeing this, parents and school administrators have pressured teachers to fill in the gap, who are now turning to AI to help address these needs without pushing themselves to the point of burnout.

AI bridges the gap between a student's need and their tutor. The technology can assist in identifying struggling students, monitor progress, and tailor lesson plans accordingly. They can also work with pupils outside of school hours, answering their questions and reteaching concepts they may have missed. Moreover, AI tutoring can bridge educational inequities by providing equal access to high quality instruction, particularly for students from underserved communities or those facing socioeconomic challenges according to Antonio Salcito, the Chief Institution Business Officer of Varsity Tutors. Thus, leaving teachers to focus on mentorship, cultivating stronger relationships, and focusing on their behavioral and psychological readjustment to school.

North Korean hackers stole USD 200 mn in crypto this year to allegedly fund their nuclear weapons programs, CNBC reported. Cybercriminals affiliated with the Democratic People’s Republic of Korea (DPRK) found a way around the UN sanctions imposed on the nation since they tested their nuclear weapons in 2006. Through online scamming by phishing and infrastructure hacking they were able to acquire mns that can be used for their nuclear weapons or to support their regime, an intelligence analyst told CNBC.

The DPRK has stolen over USD 2bn in digital currency over the past 5 years, according to the same report by blockchain intelligence firm TRM Labs. And it seems the trend is on the rise. Last year was the worst in terms of hacking as USD 3.8 bn were snatched from crypto businesses, the article reports. This year, they nabbed over 20% of the digital currency embezzled worldwide between January 2023 and August alone, according to TRM Labs.

“Vanity drugs” Ozempic and Wegovy could potentially cure dementia and aid in substance abuse recovery, CNBC reported. After Danish pharma company Novo Nordisk published data showing reduced risk of heart failure among animals in successful preclinical trials, scientists are now testing whether semaglutide can also lower the risk of drug and ethanolic beverage consumption in humans. Semaglutide is a hormone that, when injected in the body, helps curb appetite by emulating the same effects on the brain as natural gut hormone GLP-1. Researchers speculate that, if food cravings can be curbed, perhaps so too can the desire for other substances.

Scientists are going even further with potential applications: Ozempic and Wegovy were initially designed for type 2 diabetes patients — but now scientists are exploring whether they can curb the formation of dementia-causing proteins in the brain: Amyloid and tau, a leading clinical researcher heading an Oxford University trial was quoted as saying. Another trial is testing whether the same drugs can help alleviate polycystic ovary syndrome (PCOS) in women, the article adds.

But there are limitations. Firstly, there is the issue of affordability as the drugs are expensive. Also, as demand is on the rise for a number of different needs — diabetes and obesity being the frontrunners — availability is also problematic. From a medical standpoint, there is additional concern about the potential side effects of the medication — including the risk of depression and self-harm — as it impacts the reward system and its regulation within the brain.

Visually captivating World War II drama

? ON THE TUBE TONIGHT-
(all times CLT)

Filip is a gripping war drama that seamlessly transports viewers back to the tumultuous era of World War II. The Polish film is based on an autobiographical novel of the same name written by Polish author Leopold Tyrmand. The protagonist is Filip (Eryk Kulm), a Polish Jew who runs for his life escaping the horrors of the Warsaw ghetto. A raid on a premier night in the cabaret where he worked seals his fate: His fiancée and his relatives are killed, leaving Filip as the sole survivor. To survive and exact his revenge, he goes to the center of Nazism: Germany, where he pretends to be a French waiter to work in a luxurious hotel in Frankfurt. His weapon against the Nazi regime? Romance. He engages in multiple fleeting flirtations to seduce German women and then discard them, seeking to inflict emotional pain on those who support the Nazi regime. The film is visually captivating as it authentically captures the meticulous details of the historical era of the 1940s including the clothes, the sets, the decor, the streets and the buildings. It also contrasts the luxury of the hotels to the harsh reality of the Second World War.

In the women’s championship: The US’ Coco Gauff and Czechia’s Karolina Muchova will be hitting the court at 2am. The US’ Madison Keys — who beat the Czech Republic’s Marketa Vondrousova last night 6-1, 6-4 — will play against Belarus’ Aryna Sabalenka — who, coincidentally, walked away from her match with China’s Qinwen Zheng last night with the same 6-1, 6-4 final score — at 3:15am.

Over in the men’s: Spaniard and world no.1 Carlos Alcaraz Garfia will play against Russia’s Daniil Medvedev, while Serbia’s Novak Djokovic will play against the US’ Ben Shelton. Both matches are scheduled for tomorrow, although the exact times remain undetermined. Garfia beat Germany’s Alexander Zverev yesterday with a resounding final score of 6-3, 6-2, 6-4, while Medvedev came out on top in his match against Russian compatriot Andrey Rublev with a 6-4, 6-3, 6-4 final score.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

Jim Gaffigan’s Barely Alive Tour will be The Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.

True crime meets royal history in Dana Schwartz’s Noble Blood . Schwartz, a journalist, screenwriter, and author, created this historical podcast to explore the real stories of some of history’s royalty and their dark secrets, tyrants and tragedies alike. This might be the perfect podcast for lovers of the past and true crime. Thorough and detailed research goes into the podcast, helping Schwartz connect the dots and offer theories of what events transpired to lead to the tragedies her episodes discuss. It isn’t a simple presentation of facts and evidence — Schwartz weaves a compelling narrative, flexing her storytelling abilities, and keeping listeners engaged with a good story. In one of her most recent episodes, Schwartz uncovers the likely truth behind the death of Amy Robsart, wife of Queen Elizabeth I’s suspected lover. Listeners will be immediately engrossed in the harrowing, exciting, and absolutely scandalous Schwartz uncovers about royalty from all over the world.

Women belong in the kitchen? In Lessons in Chemistry , one woman turned this antiquated edict on its head. Written by Bonnie Garmus and published last year, this fictional novel offers a refreshing take on the obstacles women faced in the workplace in the 1960s. From skepticism about her abilities and skills to other forms of casual sexism, Elizabeth Zott has nearly seen it all in the lab where she works as a chemist. While the discrimination doesn’t end there, it does put an end to her career. But the determined Zott is not to sit by and lament her fate. Instead, she uses her hard-earned knowledge to succeed elsewhere: And what better place than a cooking show to showcase her passion for chemistry as molecules and particles come together to create an explosion of flavors? This book is an enjoyable read that perfectly encapsulates humor and intelligence, leading a Guardian review to dub the novel a “rare beast.”

What the markets are doing on 7 September, 2023

The EGX30 rose 0.8% at today’s close on turnover of EGP 1.83 bn (13.7% below the 90-day average). Regional investors were net buyers. The index is up 32.7% YTD.

In the green: Telecom Egypt (+4.0%), Fawry (+2.7%) and Eastern Company (+2.6%).

In the red: Ezz Steel (-1.9%), Orascom Development Egypt (-1.4%) and Alexandria Containers and Cargo Handling (-1.2%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

7 September (Thursday): Omar Khairat concert, Citadel Festival for Music and Singing, Citadel Salah El Din, Cairo.

7-9 September (Thursday-Saturday): Animatex4th Edition at AUC Tahrir Cultural Center.

9 September (Saturday): The Elite Stand Up Comedy show at The Marquee, Cairo Festival City.

14-17 September (Thursday-Sunday): Medfest Cinematic Film Forum at AUC Tahrir Cultural Center.

21-23 September (Thursday-Saturday): L’Etape Egypt by Tour de France, Sharm El Sheikh.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

.

Sections

About

Privacy & Support

Get EnterpriseAM daily