Good afternoon, ladies and gentlemen, and happy Thursday. The weekend is finally around the corner, and we are as eager as you to begin to unwind after this hot business week.
THE BIG STORIES TODAY
#1- T-bill trading will be available through brokerage firms on EGX within 4 months, bourse head Ahmed El Sheikh told Asharq Business today. Currently t-bill investors can only buy them through a selected number of commercial banks.
#2- OneOrder raises USD 16 mn in a series A round: Tech-enabled F&B logistics platform OneOrder has closed a USD 16 mn in a series A round led by Delivery Hero Ventures and includes Africa-focused tech growth fund Norrsken22, Nclude, and A15, the startup said in a statement today (pdf). The funds will help OneOrder expand in Gulf countries in fall of 2024.
THE BIG STORY ABROAD
China has launched “large-scale military drills” in response to Taiwan’s recent election. Lai Ching-te, democratically elected leader of Taiwan was sworn into office just days ago, triggering Beijing to “punish” the island for separatist acts. Intimidation tactics employed by China include conducting mock strikes using armed fighter jets, destroyers, and missile speedboats. Chinese naval colonel Li Xi calls these acts of intimidation “strong punishment” for Taiwan’s efforts to assert their independence. (CNN | NYT | Reuters)
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Third review on the way? Representatives from the IMF are in town to conduct the third review of our USD 8 bn loan agreement.
Philip Morris snaps up minority stake in Eastern Company:US-based tobacco giant Philip Morris International has acquired an indirect 14.7% stake in state-owned cigarette maker Eastern Company.
Wataniya stake sale racks up seven bids: State-owned fuel retailer Wataniya has received seven international and local acquisition offers.
☀️ TOMORROW’S WEATHER- The scorching heat wave seems to be taking a short break, as we’re seeing a high of 34°C and a low of 21°C in Cairo tomorrow, according to our favorite weather app.
Apple products for everyone. Last week, ahead of Global Accessibility Awareness Day on May 16, Apple announced a host of accessibility features ready to launch later this year in iOS 18. This includes eye tracking, new music haptics, vocal shortcuts, and sensory conflict relief. VisionOS and Apple CarPlay will also be getting minor upgrades.
New features, who dis? Eye tracking uses AI to provide people with physical disabilities hands-free navigation on iOS and iPadOS. Apple reports that this feature will use the front-facing camera to track the user’s eye movements, powered by on-device machine learning without needing any hardware or accessory updates. This news comes hot on the heels of Apple’s agreement with OpenAI for ChatGPT to power the phone-maker’s AI features.
Reexperiencing music. Apple’s new music haptics option will utilize the phone’s Taptic Engine to produce “refined vibrations” in rhythm with music tracks, adding taps and textures to the audio, to make music accessible to people who are hearing impaired. This feature will initially only be available for tracks supported by Apple Music, but the company has said that app developers like Spotify will be able to integrate the feature through an API.
Siri is about to become a better listener, too. The AI assistant will now be listening for “atypical speech” to recognize the user’s speech patterns, which may assist people with conditions that affect speech, like cerebral palsy or ALS. This comes alongside vocal shortcuts that users can customize, designating a term or phrase that instructs Siri to complete a complex task.
Great news for those who travel poorly: Apple wants to help alleviate your motion sickness. If you feel nauseous and dizzy using your devices in a moving vehicle, Apple may have a solution. The feature will place animated dots along the edges of your screen, which mimic the motion of the vehicle to reduce sensory conflict.
The Winter Lake combines drama, thriller, and horror into an exceedingly grim hour and a half. The movie takes place in a secluded area in rural Ireland where it seems as though only the main characters exist.
Mother and son, father and daughter. These two dysfunctional households lead the eerie plot of the movie. Tom (Anson Boon) has recently moved to the area with his mother Elaine (Charlie Murphy), who looks young enough to be his sister and continuously blames Tom for their abrupt relocation. The fact that the reasons are never actually specified makes it all the more eerie. The pair later meet their neighbors, Ward (Michael McElhatton) and his daughter Holly (Emma Mackey), who are just as dysfunctional with an irrevocable fractured relationship.
Gore warning: The events unfold when Tom finds a bag containing the bones of a human baby by the lake. When he shares his discovery with Holly, she begins sharing dark hidden truths regarding her toxic relationship with her father, among other things, and the pair eventually set a plan into motion. Simultaneously, Elaine and Ward are also building their own intimate relationship but Ward’s actions lead Elaine into becoming increasingly suspicious.
⚽ The CAF champions return to the league: Zamalek will be facing off Modern Future at 7pm tonight to conclude gameweek 24 of the Egyptian Premier League. The White Knights, rallied by securing the African Confederation Cup, aim for victory to keep hopes of competing for the local title.
Gameweek 25 of the Egyptian Premier League will follow tomorrow, with only two matches at 7pm: Enppi vs. Ceramica Cleopatra, and Pharco vs. Smouha. As for Saturday, El Dakhleya will be playing against Al Mokawloon at 6 pm.
Al Ahly are making their way towards the African title: The Red Devils will host Tunisian side Esperance at 8pm on Saturday, 1 June at Cairo Stadium for the second leg of the CAF Champions League final. The first leg ended in a goalless draw, meaning that any victory for Ahly will secure their twelfth title. However, any draw with goals will hand Esperance their fifth championship in history.
Manchester rivals in the FA Cup final: Wembley Stadium will host a Manchester Derby between United and City at 5pm on Saturday to determine the FA Cup champion. The Red Devils reached the final after a penalty shootout game over Coventry City, while the Citizens defeated Chelsea 1-0. This is the second consecutive year the two teams face each other in the competition, with Manchester City having claimed last year’s title with a 2-1 victory.
Coupe de la Ligue final: Lyon will be going head to head with Paris Saint-Germain at 10pm on Saturday in the French Cup final. Lyon reached the final for the first time since 2012 after a 3-0 match over second-division Valenciennes and aims to add a sixth title to their trophy cabinet. Meanwhile, PSG, the historic champion of the competition, advanced to the final by eliminating Rennes with a 1-0 victory and is seeking to secure their 15th title in history.
Leverkusen lost the treble but still have their sights set on the cup: The Olympic Stadium in Berlin opens its doors to host the German Cup final match between Kaiserslautern and Bayer Leverkusen at 9 pm on Saturday. Leverkusen enters the match disappointed after losing the Europa League final yesterday and missing the chance to achieve a historic treble (Bundesliga, Europa League, and the Cup) in addition to tasting defeat for the first time this season. Meanwhile, Kaiserslautern, who finished their season near the relegation zone in the second division, aims to secure their third cup title.
Highlights of the major European League matches:
Girona vs Granada (La Liga, 10pm Friday)
Real Sociedad vs Atletico Madrid (La Liga, 5:15pm Saturday)
Real Madrid vs Real Betis (La Liga, 10pm Saturday)
Milan vs Salernitana (Serie A, 9:45pm Saturday)
Juventus vs Monza (Serie A, 7pm Saturday)
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Can’t sleep? Neither can Rawabet Art Space with Kenoma Theatre Company’s Insomnia opening tonight and showing until Saturday, 25 May. Written and directed by Moustafa Khalil and adapted in Arabic by Ahmed El Shamaa, this comedy-horror play explores the struggles of an individual battling sleeplessness. Get your tickets here.
You have until tomorrow to be part of the future of design at The Design Show in CairoInternational Conventions Center. Attracting over 20k industry professionals, architects, interior designers, furniture manufacturers, and design solution providers alike will converge to unveil their latest innovations. Register your interest to visit here.
Is nighttime running on your bucket list? The TriFactory and Palm Hills Developments are bringing you The Glow Run tomorrow for a 5k run through the landscapes of 6 October golf course with UV lights and neon signs to guide you — with a special guest DJ making an appearance at the start and finish line. Register here to get in on the fun.
The Flower Exhibition opened its doors on 19 May in the Agricultural Museum in Dokki and will continue for a month. 200 companies and more will be presenting a wide array of plants and flowers. They will be accepting visitors daily from 9am to 9pm.
Zawya’s Cairo Cinema Days is back: Zawya’s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. All through July 31, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco, Sudan, and Egypt. You can find more information on this month’s film selection here.
HAPPENING LATER-
Fusing Lebanese and Egyptian music, Disco Beirut will be performing at CJC with tunes from the '70s to the '00s all night long on Wednesday, 29 May. For reservations message their Facebook page.
Shababco is celebrating its third birthday with a bazaar on Friday, 31 May at ZED Park.This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Stay tuned to their Instagram for when their tickets drop.
Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka on Thursday, 30 May at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)
Brazilian DJ/Producer Mochakk will be performing at Saqqara Pyramids on Thursday, 30 May. This performance is part of his world tour, calling on different cities to perform including New York and Dubai. Get your tickets here.
For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club on Friday, 31 May. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.
Take your seat as the curtains pull away for The Greek National Opera Βallet at the CairoOpera House on Thursday, 6 June and Friday, 7 June. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for first night and second night.
Related
? EARS TO THE GROUND-
Unlock your full career potential with WorkLife. If you're looking to master the simpler aspects of your job and elevate yourself to an expert in your field, WorkLife with Adam Grant is essential. Hosted by, well, Adam Grant, a psychology professor at the Wharton School of the University of Pennsylvania, he offers profound insights and practical advice to help you thrive in your career.
Grant is known for his engaging TED Talks on what makes someone an original thinker,and his book Originals, where he explores the traits of original thinkers and provides actionable steps for cultivating originality. In this podcast, however, he brings his expertise to the audio format, exploring how to love and excel in your career.
He covers a wide range of topics, from How to trust people you don’t like to Networking forpeople who hate networking. Grant leads discussions on these subjects, often featuring expert opinions and research. Each episode breaks down complex psychological concepts into understandable and practical advice, offering listeners specific action points to implement in their professional lives.
The podcast is about more than just surviving your job. It's about thriving and finding fulfillment in your career. The blend of research-based insights and practical tips makes this podcast a must-listen for anyone aiming to improve their professional life.
The EGX30 fell 0.1% at today’s close on turnover of EGP 5.3 bn (8.5% above the 90-day average). Regional investors were net sellers. The index is up 9.3% YTD.
In the green: Eastern Company (+5.3%), Madinet Masr (+4.8%) and EFG Holding (+3.3%).
In the red: Mopco (-7.1%), Qalaa Holdings (-2.5%) and Orascom Development (-2.4%).
No one wants to admit to using AI at work. In early May, Microsoft and LinkedIn released their joint Work Trend Index Annual Report, which revealed that 52% of those who use AI for work-related tasks are reluctant to admit to doing so. While AI is a valuable tool that can boost efficiency at work, 53% of employees worry that using it makes them seem replaceable.
Almost everyone is using AI. Using AI has doubled over the past six months, and from Baby Boomers to Gen Z, the workforce is making the most of the new tool. 73% of employees aged 58 and up were polled to be using AI tools not provided by their organization, as did 85% of surveyed employees aged 18-28. Employees aged in between these demographics polled at a rate of 77%.
Burnout may be to blame for the increasing use of AI. Of the 31k people in the labor market surveyed for this report, 68% admitted to struggling with their workloads, suggesting that the amount of work being asked of employees across the board is increasing faster than they can keep up. The report reveals that the increased meetings and after-hours work we saw as a consequence of the pandemic are still at the same level despite mandated returns to the office. This new workflow is seeing employees spend 60% of their workday in meetings or responding to emails and chats, and only 40% on fulfilling tasks.
Working smarter, not harder.Neuroscientist Michael Platt believes that these findings are an accurate reflection of how our brain balances mental functions. When we’re forced to switch back and forth between menial tasks and creative processes, we simply don’t function as effectively. Offloading routine tasks like writing emails, data entry, and scheduling onto AI gives workers the proper mental bandwidth for creativity and innovation, says Platt.
Gung-ho? Gung-No. As companies start to integrate AI at work, having it write job descriptions, marketing copy, and corporate emails, Forbes warns that we shouldn’t trust in it blindly. They recount an example of a company using an AI-generated employee handbook that missed key policies ensuring the safety of employees at the workplace, which resulted in a legal s***show. Another used AI to write a severance agreement, the wording of which sabotaged their negotiations and resulted in them paying a higher settlement.
Why isn’t AI being used on a corporate level? Companies simply don’t know what to do with it. At this point, AI being integrated into the business place is inevitable. While most company leaders agree that this is where the future is headed, they also agree that the path to regulated company-wide use instead of on an individual basis is unclear. The reliance on and lack of quantitative ROI on AI use is also slowing down decision-makers. While 79% believe that AI-use is imperative to staying competitive in the market, 59% don’t know how to quantify the productivity gains that come on the back of the technology.
Job insecurity is going up: Silicon Valley has seen more than 300k workers lose their jobs in the wake of AI in 2023 and 2024, and another 300 mn are expected to be affected. Despite this, 55% of business leaders worry about finding enough qualified employees to fill the needed roles in the year ahead, the figure rising to 60% and higher in fields like cybersecurity, engineering, and creative design. On the flip side, almost half of all workers are concerned that they will lose their jobs to AI, and are considering a career change to a more secure occupation.
AI is the employee of the year…but not for the reasons you think. Workers with technical AI talent have been hired at an increase of 323% over the past eight years, and now recruitment is looking for workers with non-technical AI skills — that is, a good understanding of how to use generative AI tools. In fact, 66% of recruiters won’t consider applicants without AI skills, with 71% of those saying they’d prefer a less experienced candidate with better AI skills than vice versa.
Executives want you to be good at using AI. But aren’t doing much about it. Almost half of all the US executives polled agree with the importance of AI, but almost half are not taking any action to invest in AI tools or products for their employees’ use. Only 39% of global employees using AI at work are doing so at the instruction of their employees or have had formal training from their company, and only a quarter of all polled companies are planning on offering genAI training in the near future.
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