Good afternoon, friends, and welcome to this manic Monday. We have a busy issue with you packed with some COP28 and AI updates.
THE BIG STORY TODAY
Fresh funds for the LRT project from China: Chinese companies AviationIndustry Corporation of China (AVIC) and China Railway Major Bridge Engineering Group will provide the National Authority for Tunnels (NAT) with a USD 250 mn soft loan to finance the fourth phase of Cairo’s electric light rail train (LRT) project, Asharq Business reports, citing government officials it says are familiar with the matter. The two companies will round up the funds from international institutions and banks.
THE BIG STORY ABROAD
Taking over international headlines today is still the Israel-Hamas temporary ceasefire.Previously set to end tomorrow morning, there are efforts to extend the truce after Hamas released another batch of hostages yesterday. Both sides, as well as US President Joe Biden, seem open to the idea of an extension, if it means the exchange of more hostages and prisoners. Although Netanyahu — who welcomed a longer truce — said that after the pause Israel would still go about realizing their goals of “eliminating Hamas, ensuring that Gaza will not go back to being what it was,” Bloomberg notes. More on the story: Washington Post | Wall Street Journal
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
It’s business as usual for our tourism sector, despite the Gaza war: Tourists have continued to arrive in Egypt in greater numbers than last year since the war in Gaza started seven weeks ago, defying pessimistic outlooks that accompanied the conflict.
Hassan Abdalla gets another year as CBE governor: President Abdel Fattah El Sisi has reappointed Hassan Abdalla as the governor of the Central Bank of Egypt for a second one-year term as part of a wider board shuffle.
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US President Joe Biden is reportedly skipping out on COP28, the New YorkTimes reports, citing an unnamed White House official. The White House has not made an official announcement confirming whether he will attend or miss the summit, but top climate advisers John Kerry and John Podesta, are expected to be present.
War precedes climate action: Biden’s decision to forego this year’s iteration of the climate summit comes as “the war between Israel and Hamas had consumed the president in recent weeks and days,” the Gray Lady says. Despite prioritizing climate change on his domestic and international agendas, the president is dedicating his attention to the ongoing war between Russia and Ukraine, Kerry said, in addition to domestic priorities such as his upcoming re-election campaign.
Missing COP might not be the best move for the polls: Biden's decision not to attend may impact his popularity among young voters who see climate change as a crucial issue. Recent polls have shown Biden trailing behind his predecessor Donald Trump, particularly among younger and non-white voters, due to concerns about the economy and the conflict between Israel and Hamas.
After potentially foregoing USD 75 mn in advertising revenue over an “antisemitic” tweet, Elon Musk is in Israel to pour oil on troubled waters, with plans to meet with Israeli President Isaac Herzog and the families of hostages held by Hamas, according to Bloomberg. Several major brands, including Disney, Apple, and IBM have paused their marketing campaigns on X following his tweet.
He has more than just Israel to appease in this case: Musk got called out by US media watchdog MediaMatters because ads from these major brands were showing up alongside Musk’s tweets, suggesting that they could be associated with hate speech. Musk has threatened to file a “thermonuclear lawsuit” against MediaMatters, CNBC reported.
Musk also backtracked on using Starlink to help restore communications to Gaza: The b’naire reached an agreement “in principle” with Tel Aviv on Starlink, with the two sides agreeing that “Starlink satellite units can only be operated in Israel with the approval of the Israeli Ministry of Communications, including the Gaza Strip,” reports Reuters. Musk had proposed using the satellite network in Gaza to aid communications in the strip after Palestinian telecom networks began to falter as companies ran out of fuel required to operate electricity generators.
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Meta could be slammed with USD “hundreds of mns” in civil penalties as it faces a fresh lawsuit alleging violations of US federal children’s privacy law, reports the New York Times. US attorney generals from 33 states have filed a legal complaint against Meta after receiving over 1.1 mn reports of underage users on its Instagram platform since 2019, amounting to a breach of their privacy, according to the New York Times.
This isn’t the first we’re hearing of this: This is part of a larger lawsuit made by several states last month which accuses the company of unfairly targeting young people on Instagram and Facebook. Meta has previously faced allegations of privacy violations and paid a USD 5 bn settlement in 2019 to alter its data practices.
Eighteen countries, including the US and Britain, inked the first detailed international agreement on how to keep AI safe and “secure by design,” says Reuters. The 20-page document, although non-binding, outlines how these nations can monitor AI systems for abuse, and protect data from infiltrators.
It’s a good start in pushing for safety in a system that is notoriously under-regulated. The director of US Cybersecurity and Infrastructure Security Agency, Jen Easterly, called this the first time a stance was taken on security rather than “cool features and how quickly we can get them to market or how we can compete to drive down costs.”
There’s a worldwide movement by governments to address AI development, an industry they’re trailing behind as opposed to private entities who are on its heels.
Does it really make a difference? The agreement lacked any recommendations on appropriate usage of AI or how the data is fed to develop its models.Even in our own usage, we’re already seeing the consequences, such as biases coming through in chatbot outputs or racial discrimination through facial recognition due to a lack of regulation.
If Sam Altman’s ouster taught us anything, it’s that the industry doesn’t necessarily want to see unchecked growth for AI. Altman and OpenAI co-founder Greg Brockman were facing friction with the company’s board because the speed at which they were pushing for AI growth alarmed the board.
Godless is a Western series that even non-cowboy fans can enjoy. The show mixes several genres and focuses on Frank Griffin (Jeff Daniels) and his gang of outlaws out for revenge from Roy Goode, a former member of their crew.
While on the run from the group he betrayed, Roy hides out in a little mining town run entirely by women, called La Belle, N.M. and lives with a widower and outcast by the name of Alice Fletcher.
But Roy can’t hide forever. When word gets out in La Belle that Griffin is on his way, the residents join forces to defend their home. What follows is a lot of action that will keep you glued to the screen.
Even if you’re not typically a fan of an old western show or movie, this one is worth watching. Godless does well to create a well-rounded show: Scoring, dialogue, acting, and plot. The action scenes don’t linger for too long but still create an atmosphere of tension and suspense.
Episodes are long, which might make bingeability low, but you can get through the whole thing in one weekend. While it can be slow, it’s definitely not boring. The intrigue comes from the original storylines, which are not too outlandish, and the solid execution of it all.
The seven part mini-series is rated highly for good reason. The cast, led by Michelle Dockery and Jack O’Connell, delivers award-worthy performances.
Related
⚽ We have a few matches scheduled for today, although tomorrow will be a lot more exciting, with plenty going on in the Champions League.
Fulham hosts Wolverhampton at 10pm: This match comes at the end of gameweek 13 of the English Premier League.
Girona v Athletic Bilbao 10pm, as week 14 of LaLiga comes to a close.
Related
? EAT THIS TONIGHT-
7Black is a local burger restaurant that opened in Maadi not too long ago in Kitchinco, a cloud kitchen with seating still available on site. Their menu is decently sized, offering appetizers, burgers made of Wagyu and Angus beef, which explains why it may be more expensive than your normal burger.
If you don’t fancy a burger, you can try their selection of sandwiches, beverages, and deep fried Oreos for dessert. To try it, dine in at their Maadi branch or order through Lunchbox from within Maadi as well.
Save this for your cheat day so you can dig into their fried Old Bay Mac and Cheese Bites to start, covered in chives and sriracha mayo. To wash it all down we’d recommend their pink lemonade that’s both refreshing and will go down easily as you continue to eat.
Their classic cheeseburger and chicken fuego will impress. All of their burgers are mouthwatering, but their classic cheeseburger is the one we’d go back for. The others are a bit heavy on the sauce.
The chicken sandwiches also live up to the hype, with the Fuego being perfectly spiced and paired with coleslaw to tone down the heat. The Italiano is more of a standard chicken sandwich, topped with parmesan for those of you who prefer mild flavors.
Vegetarian option available: But, if meat isn’t your thing, they also have a vegetarian option called the Monk, which is made using wild chestnut mushrooms, and topped with shredded parmigiano reggiano, truffle aioli, micro cress, caramelized onions, and crisp dill pickles.
The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing this Wednesday, 29 November at 8pm at the Cairo Opera House, Zamalek. You can book your ticket from here.
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.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
Musician Omar Khairat will be performing two concerts at the Cairo Opera House. One will be held on Monday, 11 December and the other one on Tuesday, 12 December. Concerts will start at 8pm. Tickets are available here and 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.
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.
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.
Syrian-German band Shkoon is performing in Egypt for Gaza. The concert will be held at the Pyramids on Friday, 1 December. Part of the concert's proceeds will be donated to humanitarian aid dedicated to Gaza. Tickets are available here.
Wael Al Fashni x El Sawy Culturewheel. The Egyptian singer Wael All Fashni will be performing at El Sawy Culturewheel, Zamalek on Saturday, 2 December. Tickets are available here.
Celebrate Maria Callas’ birthday on Monday, 4 December, at the Cairo Opera in a joint event with the Greek Embassy. The event commemorates the 100th anniversary of the diva’s birthday with a concert conducted by Nayer Nagui, alongside performances by Greek and Egyptian sopranos. Click here for more information.
The Cairo Art Book Fair is in its second edition in the cultural city of Ghurnata in Heliopolis. The exhibition will display prints and books alongside a series of lectures and artistic discussions. The event will take place between 7-9 December.
In solidarity with Gaza, there will be an art exhibition held on Tuesday, 5 December in The Atrium in Arkan, Sheikh Zayed, between 5-10 pm where well-known artists and art collectors can donate some of their art to be sold and the proceeds of which will be donated to Gaza.
Related
? UNDER THE LAMPLIGHT-
What pushes someone to the extreme? Julia Ebner explores the answer to that question in Going Dark: The Secret Social Lives of Extremists. By day, she works at a counter-extremism think tank, but by night, she goes undercover to infiltrate extremist groups online.
In her down time, Ebner has five different identities that she created to join a dozen extremist groups with varying ideologies.
On her secret adventures, she goes from a Neo-Nazi Music Festival on the border between Germany and Poland, to getting relationship advice from “Trad Wives,” to channels that planned the Alt-Right, deadly Charlottesville rally.
This is not fiction: Ebner immerses herself to uncover how close fanatical ideology is to us. It’s easy to dismiss indoctrination, but as the Financial Times said, she does a great job exposing the sense of community that is common across extremist groups.
She also exposes how members can sometimes struggle with their identity within the groups, like when a white supremacist has their non-white ancestry exposed and still somehow justifies his ties to the ideology. Ebner’s unique hobby delivers a deep dive on the indoctrination of real people using her expertise as a researcher of extremism.
The EGX30 rose 2.4% at today’s close on turnover of EGP 4.8 bn (69.8% above the 90-day average). Foreign investors were net buyers. The index is up 77.5% YTD.
In the green: Orascom Development Egypt (+13.6%), GB Corp (+9.6%) and CIB (+8.1%).
In the red: Edita (-2.7%), Abu Qir Fertilizers (-2.4%) and Beltone Financial Holding (-1.9%).
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