Good afternoon friends. Picking up where we left off this morning, there’s not much to report as far as the local business news cycle is concerned, as the presidential election remains the central focus.
THE BIG STORY TODAY
It’s day two of voting in the presidential elections:Voters nationwide are casting their ballots for one of four presidential hopefuls: Incumbent President Abdel Fattah El Sisi, Al Wafd Party’s Abdel Sanad Yamama, the Egyptian Social Democratic Party’s Farid Zahran, and the Republican People Party’s Hazem Omar.
Want to get out and vote? Find your nearest polling station by entering your national ID number on the National Elections Authority website. You can also text your national ID number to 5151 or call the same number to find your polling station and receive your voting number. Voting is open from 9am through 9pm, today and tomorrow.
THE BIG STORY ABROAD
Interest rate chatter kept the international business press busy this afternoon: Global central banks (US Federal Reserve, European Central Bank, and the Bank of England) are trying to settle investor expectations for lower interest rates as they seek evidence of weakening labor markets first, says the Financial Times. Investors speculated that policymakers will ease up on monetary policy and lower borrowing costs earlier than predicted in the new year amidst falling inflation and after what Bloomberg called the “most aggressive interest-rate hiking cycle in four decades.” But recent Fed figures are causing some investors to backtrack on their calls, pushing their expectations of a rate cut to May from March. Meanwhile, with bond yields plummeting and the Federal Reserve’s tightening cycle coming to an end, investors are buying up as many stocks, bonds, crypto, and gold as they can, according to the Wall Street Journal.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Do business in FX? You won’t be able to settle your VAT dues in EGP, after all: All businesses pricing goods and services in foreign currency will now have to settle their VAT dues in FX after the Finance Ministry scrapped a rule that would have allowed them to pay in EGP.
State-owned National Investment Bank (NIB) wants to sell its 10% stake in the EGX-listed cement producer Misr Cement Qena to a private-sector investor.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
?️ TOMORROW’S WEATHER- The mercury is expected to rise to a high of 21°C and drop to a cooler 14°C in the evening, tells us our favorite weather app.
#StrikeForGaza: The Palestinian National and Islamic Forces called for a one-day global strike today, in solidarity with Gaza in a movement that “stands against the open genocide in Gaza, the ethnic cleansing and the colonial settlement in the West Bank,” reports the Palestine Chronicle. The objective of the strike is to put pressure on governments to push for a ceasefire and stop supporting Israel’s war on Gaza, as well as draw global attention to what is happening in the besieged strip.
“No business as usual”: The strike calls for a full-day halt of normal day-to-day life, including staying home from work and school, as well as any carrying out any monetary transactions (whether online, by card, or with bank notes). Some have also suggested that the strike should include deactivating Meta-affiliated accounts (Facebook and Instagram) and instead posting on X using the hashtag #StrikeforGaza.
There are a few countries in our neighborhood that are going with it:Here in Egypt, anecdotal evidence points to a small handful of businesses (including Osana in Maadi) shutting down for the day in honor of the strike. In Lebanon, all government offices and public institutions have shut down, says CNN.Jordan is also joining the movement, with stores and streets of Amman left empty this morning. The Jordanian UNRWA chapter closed their facilities as well, and several labor unions, private companies, and schools have followed suit.
Effective Accelerationism (e/acc) is rising and causing a divide in the AI scene: e/acc (pronounced “e-ack”) — a movement that advocates and wants to speed up the progress for unrestricted technology — is taking hold within the AI space, with proponents arguing for open-sourcing AI software and resisting corporate control, reports the New York Times. Members of the movement reject concerns about the safety and regulation of AI, instead they believe that the benefits of advancing technology outweigh any risk.
E/acc emerged as a response to the Effective Altruism movement, which promotes a data-driven approach to philanthropy and expresses concerns about the dangers of uncontrolled AI. The Effective Altruism movement postulates that uncontrolled AI could potentially replace humanity with AI — a prospect with which the e/acc movement has no problems.
It’s not a binary setup of opinions, with several different camps and sub-movements on the rise, including bio/acc and d/acc, pushing the AI scene towards what the NYT describes as an “era of tribalism.”
The e/acc movement has gained significant backing from influential figures such as OpenAI co-founder Sam Altman, and Marc Andreessen, a b’naireinvestor known for his techno-optimistic views who expressed his support for the movement's rejection of concepts like existential risk, sustainability, and ESG criteria.
French AI startup Mistral AI successfully raised EUR 385 mn in funding, putting the seven-month-old company in pole position to rivalUS tech giant OpenAI, according to Bloomberg. Mistral will use this investment to finance the development of its open-source software development, the company said in a statement cited by the business information service.
About the company: Mistral AI specializes in open-source software that powers chatbots and other generative AI tools. Powered by Timothée Lacroix, Arthur Mensch, and Guillaume Lample. Lacroix and Lample previously worked as researchers in Meta’s AI lab in Paris and Mensch worked as a researcher for Google’s DeepMind AI lab, The New York Times says.The company announced plans to conduct extensive testing of its infrastructure, intending to make it widely available in early 2024.
‘Tis the season of the family body-swap film. In TheFamily Switch we see a modern family trying to celebrate Christmas despite drifting apart due to their different dynamics, schedules, and, well, life, which results in constant disputes and bickering.
…but that’s before meeting a fortune teller at a Christmas market, where she takes a photo of them, magically causing all four members of the family to swap bodies and give each a glimpse of their individual lives.
This is not a new scenario for Jennifer Garner, who plays the mother of three, Jess Walker. Garner had a similar run-in with the whole switching bodies, from teen to adult, in the now cult classic 13 going on 30. But for the rest of the cast this is all new territory: Emma Myers (CC), who played Enid in Wednesday is Garner’s daughter, Ed Helms (Bill Walker), who’s known for his appearance in the Hangover Trilogy, plays Garner’s onscreen husband, along with many more familiar faces.
Yes, the show’s storyline is predictable and overdone a mn times, but it’s a lighthearted family watch that can be entertaining with the younger ones this holiday season and maybe shine a light on different perspectives of family dynamics — teaching the lesson of sacrifices and appreciation of achievements…yada, yada, you get the rest.
⚽The best in Africa: The lucky teams that were selected in the CAF Awards for 2023 will be announced today in a ceremony that begins at 8pm.
You can watch it on BeIN Open channels and On Time Sports, in addition to the Confederation of African Football channel on YouTube.
Egyptian hopefuls:The shortlists announced by CAF include some Egyptian players and other foreign players playing in the Egyptian League:
Best African Player: Mohamed Salah, Liverpool forward; competing with Achraf Hakimi (Morocco), Paris Saint-Germain defender, and Victor Osimhen (Nigeria), Napoli striker.
Best goalkeeper: Mohamed El-Shenawy, Al Ahly goalkeeper; competing with Andre Onana (Cameroon), Manchester United goalkeeper, and Yassine Bounou (Morocco), Al-Hilal Saudi goalkeeper.
Best club: Al Ahly competes with Wydad (Morocco) and Mamelodi Sundowns (South Africa).
The best player in the continent: Percy Tau (South Africa), Al Ahly striker; competes with Feston Mayele (Democratic Congo), Pyramids striker, and Peter Shalulile (Namibia), Sundowns striker
Süss (German for ‘sweet’) is located in Leven Square Mall, NewCairo, and Melanite Mall, Sixth of October. The menu is mainly inspired by French desserts and it features croissants, pancakes, cookie doughs, iced crepes, waffles, and San Sebastian cheesecakes…
… without using sugar. Yes, blasphemous, we hear you, but the desserts do taste like the real deal. The secret is that they use stevia instead of regular sugar.
We loved two picks from the sugar-free San Sebastian collection, such as the Pistachio Protein and the one with mixed berries. The cheesecake usually comes with a small serving of the sauce so you have the liberty to top up your slice. Their other cakes are fluffy and the ingredients are fresh.
The creme brulee crepe made our tummies happy. The restaurant is generous with their creme brulee as you’ll find it on rolled crepe and inside it as well. The crepe dough was decorated with some mixed berries, which made the entire combination much sweeter than anticipated.
Süss offers a pleasant ambiance, featuring both indoor and outdoor seating options. It is a good setting for a visit during the winter mornings or afternoons.
NOTE- They also deliver to locations nearby their venues.
Related
? OUT AND ABOUT- (all times CLT)
ART-
Meet the virtual Tutankhamun: The Grand Egyptian Museum is hosting an interactive Tutankhamun exhibition, in partnership with the Spanish Madrid Artes Digitales Foundation. The exhibition kicked off and will continue until Saturday, 16 December. You can book your tour from here.
Musician Omar Khairat will be performing two concerts at the Cairo Opera House. One will be held today and the other tomorrow. Concerts will start at 8pm. Tickets are sold out.
Warm up your vocal chords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here. Keep in mind that the entry fee is accompanied by an EGP 50 minimum order per person.
Celebrate one of the all-time greats at yet another event at ROOM Art Space and Cafe in Garden City. The venue’s doors will open at 7:30 on Saturday, 16 December, giving you a half hour to settle in before the Fairouz Tribute Night begins. The music will be provided by the Michael Onsy Ensemble band, and Batoul El Abd will be delivering the golden vocals. Tickets are priced at EGP 200, and don’t include the price of the mandatory one-order minimum per person.
Get ready for the season with the Cairo Opera House which will be hosting a series of events celebrating Christmas and New Year’s Eve:
The Cairo Symphony Orchestra will host a Christmas concert on Saturday, 23 December at 8pm. You can book your ticket from here.
For Disney fans: The Disney Classics concert will be held at the Opera’s Main Hall on Monday, 25 December. The concert will start at 8pm. Tickets are available here.
Don’t miss the Nutcracker ballet shows. The performances will be presented by the Cairo Opera Ballet, along with the Cairo Opera Orchestra. The first show will be held on Tuesday, 26 December, and will continue until Thursday, 30 December. Tickets are available here.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
CHRISTMAS EVENTS-
Get into the Christmas spirit with these festive events all around the capital.
Want to sit back and enjoy some Christmasy tunes? Arkan Plaza has you covered. TheirChristmas Show, put together by Gaby Bishara, will bring you the smooth sounds of Louis Armstrong and Ol’ Blue Eyes himself in a blend of your favorite jazz tunes and classic Christmas tracks. Clear your schedule on Friday, 22 December to head on over.
Kazoku is hosting a Christmas Dinner in celebration of this festive season on Christmas Day. Head on over at 9pm and enjoy the great food we’ve come to expect. Mira Cassisseya will be performing throughout the evening. Interested? You can find more information in the link provided above.
Looking for something a bit more intimate? Villa Belle Époque cordially invites you to dinner on Christmas Eve. Live entertainment and a five course dinner… What more could you ask Santa for? Don’t forget to reserve ahead of time.
The classic Christmas staple The Nutcracker Ballet will be performed at the Cairo Opera House by the Cairo Opera Ballet Company everyday starting 26 December up until the 30th.
FILM-
Zawya cinema will be screening five movies for the late director Ali Badrakhan until Tuesday, 26 December. You can know more about the schedule from here.
Eins Christmas Bazaar is bringing you some handmade goodies, kicking off this past Friday and continuing until Sunday, 1 January, 2024. The bazaar is being held at the Gallery, in Maadi.
THEATER-
Relive the good old days with the ACT Theater Group. The group is reintroducing tales of Goha’s (mis)adventures into circulation, alongside other folktales of yore. Adults can bask in nostalgia, and younger ones can connect with their cultural heritage. Register for the shows on Friday, 15 and Saturday, 16 December here.
Investigation, or Tahqeeq, is bringing interactive theater to its audience. Help the writer and characters solve a mystery that is revealed on the day of the performance. This unscripted, improvised performance will be playing in Rawabet on Thursday, 14 December and Friday, 15 December, starting at 8pm. Get your tickets through TicketsMarche.
EVENTS-
Future Energy Corporation CEO Sherife Abdelmessih will be hosting a book signing event for his latest book Super Vision. The event will be held on Wednesday, 13 December at Bibliothek Egypt.
SPORTS-
The Cairo Half Marathon is taking place in a few months: Mark your calendars for Friday, 1 March and start stretching. Cairo Runners is bringing back a fan favorite, offering the same distances as The TriFactory. 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.
After Japan’s surrender to the Allies, there was a question of how to move on from the years of destruction of which there was a long list of documented events worthy of a trial: Pearl Harbor, atrocities against the Chinese, the Philippines, and Korea, and the abuse of prisoners.
Bass saw this not only as an opportunity for justice, but that it could also set a precedent for the prosecution of war crimes. It’s clear what the Allies would argue in the legal proceedings, but what the book shares is the Japanese’ strong stance on waging war to liberate Asia from Western Imperialism.
Lasting more than two years, the trial, presented to judges from China, India, the Philippines, Australia, US, and Europe, brought inevitable divisions across Asia and contributed to a series of historical events. Bass takes readers on a breakdown of how these elaborate trials sparked the tensions that led to China’s descent into civil war, India’s independence, and many more.
Now more than ever, accountability and punishment for committing atrocities is a necessary discussion. Bass makes sure to highlight the need for real efficacy of international law in his impressively comprehensive book using thorough and extensive research. He delivers his historical analysis in a manner that is, refreshingly, not dull.
All angles are considered. The author makes sure to identify just how far international law still has to go before becoming a norm. But, most interestingly, he emphasizes how the winners of war are never tried, despite whatever atrocities they commit themselves. The Americans were never tried for their interventions in Vietnam, Cambodia, Iraq, and Afghanistan, for instance.
“Only a lost war is a crime,” laments Indian judge Radhabinod Pal. And with how international law operates at present, he is quite correct. Curtis LeMay himself, who should have earned a spot on the stand for his aerial destruction of 67 Japanese cities, was never prosecuted — let alone tried. Aware of his privilege, LeMay admits, “Fortunately, we were on the winning side.”
We think this book is a must-read. If you are passionate about justice, history, or even just enjoyed seeing the hearings play out in Oppenheimer, this is one worth picking up.
The EGX30 was unchanged at today’s close on turnover of EGP 3.7 bn (18.9% above the 90-day average). Local investors were net sellers. The index is up 65.7% YTD.
In the green: Fawry (+3.1%), Heliopolis Housing (+3.0%) and CIRA Education (+2.7%).
In the red: Elsewedy Electric (-3.8%), Orascom Development Egypt (-3.7%) and Oriental Weavers (-3.7%).
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