Good afternoon, folks, and welcome to the last day of September.
THE BIG STORY TODAY
aiBank is now Bank NXT: EFG Holding’s commercial bank arm, aiBank, has announced today that it is rebranding to Bank NXT to embark on a new phase of “growth, digital innovation, and customer-centric solutions,” the bank said during a press conference today attended by Planning and International Cooperation Minister and Sovereign Fund of Egypt Chairperson Rania Al Mashat. The new corporate identity is part of a strategy that aims to triple the bank’s client base and increase the number of branches across the country to 50 by 2027, up from 36 branches currently.
Onwards and upwards: Bank NXT’s net income came in at EGP 901.6 mn in 1H 2024, nearly reaching the EGP 1.15 bn that the bank recorded for the whole calendar year of 2023, Bank NXT’s CEO and managing director Tamer Seif said at the press conference.
THE BIG STORY ABROAD
Fears of an incoming invasion grow as Israel launches on-the-ground incursions into southern Lebanon and continues bombing campaign: Following comments in recent days from senior Israeli officials alluding to a possible ground incursion, Israel has conducted several small-scale operations on the Lebanese side of the border. Hezbollah has reiterated that it is prepared to confront any Israeli ground invasion of Lebanon, with its deputy leader Naim Qassem saying in his first public address since the group’s leader was killed last week that “We will face any possibility and we are ready if the Israelis decide to enter by land and the resistance forces are ready for a ground engagement.”
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What needs to be done to reignite investor confidence? Even after the float of the EGP and steps towards ambitious reforms underway, investors remain cautious about the local market, so what else needs to be done? We spoke to Ahmed Issa, executive board member and deputy CEO of Banque Misr and former tourism minister, Helmy Ghazi, deputy CEO and head of global banking at HSBC Egypt, and Karim Awad, group CEO and chairman of the executive committee at EFG Holding to gain a clearer picture of Egypt’s economic trajectory.
Fresh oil and gas incentive package aims to boost foreign investment in the sector: The government is currently in talks with foreign partners over a new set of incentives for the oil and gas industry that aim to boost oil and gas production and reduce the growing gap between energy supply and demand.
Beltone’s VC arm is undergoing a significant expansion: Beltone Holding’s venture capital arm, Beltone Venture Capital has successfully completed its first direct international investment through a strategic investment in French e-bike rental company with a strong footprint in the Moroccan market VelyVelo.
☀️ TOMORROW’S WEATHER- The September cooldown is going strong, and the capital will be seeing a high of 31°C and a low of 22°C tomorrow, according to our favorite weather app.
Big Tech is after your brain data, but US lawmakers are trying to stop them getting their hands on it. Over the weekend, California Governor Gavin Newsom passed a law to protect the data gathered by wearable technology and certain apps from being sold to or misused by neurotechnology companies.
(Tap or click the headline above to read this story with all of the links to external sources.)
What is brain data? Who’s been gathering it? Forget MRIs, CT scans, or any other medical tool explicitly made to record your inner workings. Your brain data — information about what goes on in your head, including your thoughts, feelings, and intentions — is mineable, and not just by the smartwatch monitoring your body. While medical devices and institutions are under strict regulation not to share your data, Big Tech isn’t.
Meditation apps, feeling trackers, gratitude journals, apps that help you focus, or apps aimed to improve your mental health all observe and record that neural data. And that’s just the tip of the iceberg. Big Tech — namely Meta and Apple — are rolling out devices that will collect an obscene amount of brain data.
Scientists can already decode people’s thoughts and feelings.Researchers have analyzed brain activity and used it to reconstruct those thoughts visually, and others have used the technology to help a paralyzed woman speak and emote through an avatar on a screen. Perhaps that’s why more than 40k neuroscientists supported the passing of this law.
By extending the definition of “personal sensitive data” to include neural information, the California State Senate now protects this information under the California Consumer Privacy Act, alongside other biometric data. Silicon Valley companies are now required to offer you the option to control the amount of data being collected or opt out completely.
In 2021, a US Supreme Court decision passed a law to let student athletes monetize their name, image, or likeness (NIL) — previously, they were not allowed to accept sponsorship deals or to advertise products on social media. The Money Game, a six-part docuseries, captures the aftermath of this decision.
(Tap or click the headline above to read this story with all of the links to external sources.)
Critics believe that this law means that college sports are now driven by financial gain, instead of for the love of the game. This viewpoint resonates throughout the series, as multiple commentators reflect on the NIL decision, describing it as a “wild west” for college athletics. Coaches are also allowed to profit off their teams, sometimes even making up to USD 10 mn per year.
The athletes themselves disagree, obviously. Heisman Trophy-winning quarterback Jayden Daniels provided a reminder of the real-world implications of NIL saying “There’s people that come from nothing, so they gotta take care of their people back home.” Rising stars like gymnast Olivia Dunne and basketball player Angel Reese have since signed six and seven-figure deals, highlighting the life-changing opportunities that NIL gave them.
WHERE TO WATCH: You can watch The Money Game on Prime Video or watch the trailer on YouTube (runtime: 2:22).
Related
⚽ It’s a calm day in the European leagues, with only three matches ending this round of the English, Spanish, and Italian leagues to prepare for the return of Champions League on Tuesday and Wednesday:
Bournemouth vs. Southampton — Premier League (10pm).
Villarreal vs. Las Palmas — La Liga (10pm).
Parma vs. Cagliari — Serie A (9:45pm).
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? EAT THIS TONIGHT-
Maine has been on the menu for years, but the go-to for delicious seafood buns now offers so much more. With a successful summer in Sahel and their strategic location at The Drive, Maine has quickly made a name for itself. Here’s what to get if you’re not feeling seafood.
Maine’s reputation for having consistently great smash burgers isn’t an exaggeration. Instead of just the basic patty, cheese, tomato, and lettuce combo we see everywhere, Maine also offers some inventive options. We couldn’t resist trying the PB&J burger. The rich, flavorful beef patty is topped with salted peanut butter, sour strawberry jam, sautéed onions, lettuce, tomatoes, and pickles. The combination sounds unconventional, but the flavors complement each other beautifully.
Not in the mood for beef either? Try the berry bird. Part of their recently added fried chicken menu, this sandwich has quickly become very popular. The crunchy chicken is topped with sweet berry mayonnaise, smoked duck bacon, and cheese. The combination of flavors was unique and perfectly balanced, making it a must-try.
Drink your dessert. To satiate your sweet tooth, order the birthday cake shake. This vanilla milkshake isn’t as elaborate as the other options, but maybe that’s what you need after a big meal. A whole slice of cake loaf is placed into the shake, and as it falls apart, you get delicious parts of it in your sips. And we love the sprinkles.
WHERE TO GET IT- Maine is available through Talabat for New Cairo residents, and through calling the number in their Instagram bio for Maadi and New Cairo.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Maybe you want some childhood magic… take a step back into your childhood self at Room Art Space NC’s Disney tribute night tomorrow — where they’ll bring all the tunes and hits to stage. Grab your tickets through easykash.
For fans of Lege-cy, don't miss his live performance at Boom Room on Wednesday, 2 October. Get your tickets from Ticketsmarche.
Swan Lake x Opera: For classical lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days — October 2, 3, and 4 — at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night from Tazkarti.
MENA’s first and only design-film festival is back:Film My Design festival is back for its third edition — under the theme Designing Our Lives for a Better Future —, taking place from Thursday, 3 October to Saturday, 12 October at Zawya Cinema. The festival features film screenings, masterclasses, a motion design exhibition, VR immersive experiences, and much more. Buy your tickets from Collard Tickets.
Calling all cinema aficionados, Affichat w Aflam is getting an extension. The exhibition will continue to showcase a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017 until 6 October. The exhibition is open from 10am to 10pm at Bibliothek.
HAPPENING LATER-
Attend a book signing for Hatem S. Badr’s translated version of Taha Hussein's The Curlew’s Call. The event will take place at Bibliothek Egypt Tuesday, 8 October.
Bibliothek is als hosting another book signing for Riccardo Mancuso’s book Nos Se'eedi wi Nos Khawaga — an exploration of both the origins of Italian cuisine and Egyptians who have Italian origins.The event will take place on Saturday, 12 October.
Kunafa Comedy Nightwill be making their debut at Boom Room on Tuesday, 8 October. The show’s lineup features Hala Marzouk, Ezzat Essam, Mahmoud Kunafa, Mona Kamel, Mahmoud Hassan, Ahmed Emad, and Mark Fanos. Tickets are available through Ticketsmarche.
The celebration of music continues at the Arab Music Festival, which kicks off on Friday, 11 October. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through Tazkarti.
Registration is still open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. You can sign up on Ticketsmarche.
Go on a run in Egypt’s historic city at the Luxor Half Marathon. Cairo Runners’ annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.
Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.
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? UNDER THE LAMPLIGHT-
Step into the meta-mystery genre with Kate Atkinson’s Death at the Sign of the Rook. This book invites readers into a tangled narrative that both honors and playfully subverts classic murder mysteries, offering a balance of humor, heart, and intrigue.
The invitation to the Burton Makepeace House murder mystery weekend suggests a weekend of solving a fictional murder, but, of course, it’s clear from the start that a real crime is lurking just beneath the surface.
Brodie, tasked with finding a stolen painting, soon finds himself entangled in the chaos, aided by Detective Constable Reggie Chase. The exploration of these characters, their motivations, and their secrets creates a rich tapestry that keeps the reader engaged… and thrown off the scent. Brodie, now in his 60s, remains a complex protagonist, grappling with the weight of his past, while navigating the absurdities of modern life.
As the story progresses, the plot becomes increasingly intricate, but Atkinson never loses sight of her characters or their arcs. The resolutions, while cleverly crafted, embrace the genre’s tropes, allowing for a satisfying reveal as everything clicks into place.
The EGX30 rose 0.4% at today’s close on turnover of EGP 5 bn (26% above the 90-day average). Foreign investors were the sole net sellers. The index is up 26.9% YTD.
In the green: Emaar Misr (+5.3%), Elsewedy Electric (+5.1%), and TMG Holding (+2.6%).
In the red: Cleopatra Hospital Company (-2.0%), Egyptian Kuwaiti Holding -EGP (-1.9%), and Juhayna Food Industries (-1.7%).