Get EnterpriseAM daily

Available in your choice of English or Arabic

Breakthrough cancer treatment

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: PMI rises for the second consecutive month

Good afternoon, wonderful people. It’s another brisk day here at home, with the news cycle picking up steam ahead of the true onset of the summer season.

THE BIG STORY TODAY

Non-oil private sector contracts at softest pace in 15 months: The contraction in Egypt’s non-oil private sector slowed to its softest pace since February 2022 in May as inflationary pressures eased, according to S&P Global’s purchasing managers’ index (pdf). The country’s PMI rose to 47.8 in May from 47.3 in April, marking a second consecutive month of improvement but remaining below the 50.0 mark that separates growth from contraction.

THE BIG STORY ABROAD

Updates from the Russia-Ukraine war are leading the conversation in the international business press this afternoon: Russia says that it quashed a Ukrainian offensive in the Donetsk region and killed 250 Ukrainian soldiers, while Ukraine made conflicting claims, saying that it did not launch a “major offensive.” The story is getting front-page play in the Financial Times, Reuters, and CNBC.


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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.


☀️ TOMORROW’S WEATHER- Sunny skies are expected tomorrow with a high of 36°C before dropping down to a cooler 21°C, our favorite weather app tells us.

2

FOR YOUR COMMUTE

Breakthrough drug stops brain tumor recurrence + Is there a conflict between therapy and religious faith?

We have a scientific breakthrough in treating brain tumors: Vorasidenib, an experimental drug produced by Servier Pharma, has shown success in slowing down the regrowth of low-grade gliomas or brain tumors, according to the results of a study published in the New England Journal of Medicine this week. These growths are the hardest to reach as they are protected under the “blood-brain barrier,” a layer of tissue and vessels around the brain, making their recurrence after removal very likely, the Wall Street Journal says. However, the new treatment reduced the risk of the tumor from growing again or returning by 61%. The impact on quality of life was so significant that patients on the placebo were notified and given the experimental drug.

How does it work? The drug is able to bypass the blood-brain barrier to stop the protein that stimulates the tumor to grow, unlike other medications. The impact of this slowdown is that patients can avoid undertaking chemotherapy or radiation to reduce the cancer’s growth — a move that avoids suffering from memory loss, among other ailments due to the hard cancer treatments.


Therapists are wary of the sensitivity surrounding mental health and how it meshes with upholding religious faith, medical professionals wrote in the Washington Post. Some people, the medical professionals say, feel uncomfortable with seeking professional psychological help or other treatment for mental illnesses, and are concerned that resorting to these treatments could undermine their commitment to their faith. These individuals are also typically concerned that treatment is tantamount to a refusal to accept God’s will, or as weakness in the face of life’s inevitable challenges. This perception is known as spiritual bypassing, or “the use of religion or spirituality as a coping mechanism that contributes to the repression of unresolved personal and emotional problems, instead of assisting individuals to overcome them,” according to a study.

Several faiths actually have mandates for self-care: In Islam, for example, Prophet Muhammad is believed to have said “O servants of God, seek treatment. Verily, Allah did not send a disease but that He also sent its treatment or cure,” the article’s authors note. In that sense, seeking help is part of being proactive in caring for one’s body and mind — much like going to a dentist or general practitioner when suffering from a physical ailment.

The key, therapists say, is for patients to be in the driving seat — which means that therapy should be shaped around their religious beliefs, rather than allowing treatment to undermine or in any way threaten faith. Reluctant patients are often empowered to seek help when they realize faith and science are not only not mutually exclusive, but even complementary, they say.

3

ENTERPRISE RECOMMENDS

Maestro in Blue: Murder mystery on a Greek Island

? ON THE TUBE TONIGHT-
(all times CLT)

Maestro in Blue on Netflix is the visit to the Greek Islands that you didn’t know you craved. Despite it selling itself as a romantic series, the first episode opens with a very unsettling image that fades into the beautiful backdrop of the island of Paxos. We meet Kleila, daughter to Fanis, a businessman and candidate for mayor, who has a love-hate relationship with the island where she grew up and feels is uneventful. Enter Orestis, a music teacher who has been invited by Fanis to revive the music festival after the pandemic, which should make Fanis earn more points to become mayor. Kleila sees Orestis arrive in Paxos and immediately they are both attracted to each other, which suggests more than just an immediate infatuation. As the episodes unfold, we watch as each character shares their story on Paxos until a murder takes place that puts all the hidden truths into question and shows the ugliness that underlies this Greek paradise.

The European football season is over, and local competitions are also drawing to a close: Today in the 30th Gameweek of the Egyptian Premier League, Zamalek plays against Al Ittihad Al Sakandary at 8pm. The White Knights (50 points) are still trying to catch up with third place Future FC (54 points) and second place Pyramids (61 points) to secure a qualifying spot for African championships, while Al Ittihad is hoping to land a victory tonight that would bring it closer to the top four.

? Tunisia’s Ons Jabeur is moving on to the quarter finals of the French Open, after defeating the US’ Bernarda Pera 6-3, 6-1 in the fourth round earlier today. Spain’s Sara Sorribes Tormo and Brazil’s Beatriz Haddad Maia are in a nail-biter, with Sorribes Tormo taking the first set after a tiebreak, only for Haddad Maia to stage a comeback and take the second set 6-3. The third set is currently neck-in-neck.

In the men’s singles, Chile’s Nicolas Jarry and Norway’s Casper Ruud are currently battling it out, with Ruud taking the first set following a tiebreak. Denmark’s Holger Rune and Argentina’s Francisco Cerúndolo are about to hit the court in a match scheduled to begin at 3:40pm. Argentine Tomás Martín Etcheverry is facing off against Japan’s Yoshihito Nishioko at 6:05pm, while Germany’s Alexander Zverev and Bulgaria’s Grigor Dimitrov will play at 9:15pm tonight.

? EAT THIS TONIGHT-

Bake My Day lands in New Cairo: Dutch restaurant Bake My Day is an aesthetically pleasing restaurant that recently opened in Egypt, bringing a range of delicious baked goods to their new spot. We thought we were walking into a breakfast / brunch spot that specializes in baked goods, but were pleasantly surprised by the range the restaurant provides, with everything from breakfast through to dinner. The croque madame was hefty and cheesy, with a perfectly cooked egg on top — everything we could possibly ask for in the sandwich. We also enjoyed the croissant with benedict, and the serving size made us feel better about how much we were paying for it. To round out the meal, we went for the San Sebastian cheesecake and lemon cake, both of which were obviously fresh and hit the spot. We also had our eyes on the Tropical Pull Me Up, but were too stuffed at that point — although a neighboring table seemed to be enjoying it. The restaurant is located in New Cairo’s Zia Mall.

? OUT AND ABOUT-
(all times CLT)

We’re closing in on the last few days of Zawya Cinema’s Cairo Cinema Days: The festival showcases the latest films from the Arab region, with this year’s edition including 16 documentaries and feature films from Egypt, Tunisia, Sudan, Morocco, Iraq, Palestine, Algeria, and Lebanon. Film screenings are ongoing through 10 June — you can check out the schedule and find more details here.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Your next half marathon is coming up this weekend: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Hiba Tawaji is back with her first concert in Cairo after three years: The Lebanese singing sensation will be performing in the Cairo Opera house on Friday, 16 June starting from 8:30pm to celebrate the release of her new album, Ba’d Seneen. The performance will be conducted by Maestro Ahmed Aweida and under the supervision of Oussama El-Rahbani. Click here to reserve your tickets.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization on Wednesday, 21 June to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here

? UNDER THE LAMPLIGHT-

Motherhood under a new light: Rachel Yoder’s debut novel, NightB*tch, dives into all things womanhood and motherhood but in a more unhinged manner than most. The novel follows a stay-at-home mother, who abandoned her career in the arts to take care of his train-obsessed little one, her life slowly transforms from an art-filled, unpredictable concussion to a deadly routine of park visits, snack times, and bedtime stories until her transformation starts. Her teeth become sharper, her skin becomes harrier, her sense of smell stronger than ever, her urge to kill the housecat takes over and the story unfolds. “Yoder’s peculiar wit infuses new life into the cold, furry flesh of the monstrous femme,” the Guardian wrote.

This publication is proudly sponsored by

4

GO WITH THE FLOW

What the markets are doing on 5 June, 2023

MARKET ROUNDUP-

The EGX30 fell 0.6% at today’s close on turnover of EGP 3.05 bn. Foreign investors were net sellers. The index is up 18.8% YTD.

In the green: Rameda (+4.3%), EFG Holding (+2.7%) and Mopco (+2.5%).

In the red: Ibnsina Pharma (-4.0%), Abu Qir Fertilizers (-3.5%) and Edita (-3.2%).


MAY

17 May-10 June (Wednesday-Saturday): Cairo Cinema Days at Zawya Cinema, Downtown Cairo.

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

1-10 June (Thursday-Saturday): Cairo Food Week.

9 June (Friday): TriFactory Madinaty Half Marathon.

10 June (Saturday): Thanaweya Amma examinations begin.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

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 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Now Playing
Now Playing
00:00
00:00