Caught red-handed

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: E-Finance, EFG Holding, and Macro Pharma announce results as earnings season is in full swing

Good afternoon, wonderful people, and happy almost-THURSDAY. The news cycle here at home remains led primarily by financial results from blue-chips.

THE BIG STORY TODAY

Earnings season is in full swing, with E-Finance, EFG Holding, and Macro Pharma among those releasing results today:

E-Finance reported EGP 429.0 mn in net income in 3Q 2023, rising 111.5% y-o-y, with revenues for the quarter rising 52.3% y-o-y to EGP 1.03 bn, according to its earnings release (pdf).

EFG Holding’s earnings went up on solid performance in investment and commercial bank arms: EFG Holding’s net income after tax and minority interest rose 24% y-o-y to EGP 395 mn in 3Q 2023, driven mainly by gains from its investment bank, EFG Hermes, and its commercial bank arm, aiBank, according to a press release (pdf). Revenues during the quarter climbed 27% y-o-y to EGP 3 bn.

Macro Pharma reported EGP 98.10 mn in net income in 9M 2023, dipping 24.2% y-o-y, according to the company’s earnings release (pdf). Its topline came in at EGP 589.5 mn, rising 13% y-o-y, which the company attributed to “improved pricing” that offset the impact of lower sales volumes.

THE BIG STORY ABROAD

MUCH HASN’T CHANGED SINCE THIS MORNING- Israel’s siege of Al Shifa hospital, the largest in Gaza, continues to lead the conversation in the international press after Israeli troops entered the hospital in what they described as a “precise and targeted operation” against Hamas. Israel and the US maintain that Hamas is using hospitals to conduct their operations and hide top brass — claims that doctors at Al Shifa vehemently deny. (Financial Times | Bloomberg | Associated Press | Washington Post | Wall Street Journal)

OVER AT THE KREMLIN- Putin is keeping an eye on the Asia-Pacific Economic Cooperation (APEC) summit today as talks between Chinese President Xi Jinping and US President Joe Biden are taking place. Given their alliance with China, Russia isn’t very keen on any agreements between their ally and the US. Russian news agencies are making sure to dim down the meeting by stressing the differences between the two, rather than mentioning the summit or Xi-Biden talks, according to CNBC.

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

First a trickle, then a flood: Gas imports from Israel are set to increase to 650 mn cubic feet per day by Thursday and reach pre-war levels of 800 mn cubic feet per day towards the beginning of next week.
EGX-listed real estate player Palm Hills Development (PHD) will break ground on a new EGP 65 bn residential and commercial complex in Sixth of October City in June 2024.
Big Qatari investments incoming? Qatar will invest USD 1.5 bn into industrial projects in Egypt in 2024, a senior figure at the Egyptian Trade Ministry, Yahya Al Wathiq Billah.

?️ TOMORROW’S WEATHER- Look for a high of 27°C during the daytime before the mercury drops to 19°C in the evening, according to our favorite weather app.

Russia has been getting its chips from a French microchip manufacturer + Ozempic is another factor attacking our wider waistlines

A rare glimpse into the Russian tech war machine: In a major crackdown on networks used by Moscow’s intelligence services, Russian businessman Maxim Ermakov was recently sanctioned by the UK (pdf) and the US for involvement in procuring Western technology for Russia’s use. Ermakov, who worked for Istok — a tech company that makes electronic warfare systems for the Russian military — had been buying microchips from Marc Rocchi, director-general of a French microchip manufacturer called Ommic, to get them into Russia, reports the Financial Times.

After Moscow invaded Ukraine, electronic warfare became essential. With drones and surveillance equipment littering the battlefield, specialist microchips, like the ones Ermakov was sourcing from Ommic, became vital to the Russian defense.

But, with European export controls getting in the way, regulations preventing the export of technology with both civilian and military applications, and local production being too expensive, Russia had to turn to smuggling, Chris Miller, Tufts professor and author of Chip War: The Fight For The World’s Most Critical Technology, told the Financial Times.

Russia’s smuggling operations are nothing new. It became clear in the 1940s that the Soviet Union was falling behind their western counterparts in microchip production. Then, hundreds of intelligence officers, under a division called “Line X,” were sent around the world to find ways to acquire parts and technology, says the same article.

Ermakov’s network is still active despite being brought to light, according to the Financial Times. The covert operations had extensive presence in Ireland, France, Dubai, Germany, Singapore, China, Turkey, Greece, and Serbia, dating back decades.

Who really stands to gain from the war against obesity? Interest in Ozempic, a Type 2 diabetes medication, skyrocketed earlier this year when its weight loss side-effects made it into the public consciousness. In 3Q 2023, manufacturer Novo Nordisk saw sales of Ozempic hit USD 3.48 bn, rising 56% y-o-y, according to its financials (pdf).

Demand for the drug has increased 300% since 2020, according to Time. Its use as a weight loss aid has escalated to the point that it has recently gone into shortage, with Type 2 diabetes patients struggling to find their life-saving drug. No measures have been put in place to prioritize consumers who need the drug to treat medical ailments.

The Ozempic obsession is a throwback to the diet culture of the 2000s, which surfaced as a cumulative effect of a century of diet fads and an obsession with thinness. Shows like The Biggest Loser and weight loss corporations like Weight Watchers made extra weight and obesity not just a medical concern, but a social one…

… which led to discrimination. In fact, research on the correlation between weight and health has repeatedly shown that half of those with obesity are metabolically healthy and not at elevated risk for heart disease or death. Instead, the bulk of the harm overweight people experience come from stigma enforced at doctor’s offices, the workplace, and social settings.

Weight bias is backed up by enough evidence that lawmakers in the US are drafting a billto prohibit discrimination against people based on weight. Women, of course, bear the brunt of it. A report published in 2011 revealed that heavier women earn less than thinner counterparts and receive less frequent raises and promotions.

Men don’t face similar weight bias in the workplace, with some studies even showing that white men who are seen as overweight earn more.

Doctors are unsure whether the Ozempic craze is beneficial in the long run, but it’s not difficult to imagine where drug manufacturers whose market capitalization has reached nearly USD 447 bn stand on the issue.

Ferry is a Dutch show mixing mafia and comedy

? ON THE TUBE TONIGHT-
(all times CLT)

Ferryis an eight episode Dutch series that’s a sequel to the 2021 film of the same name and prequel to the 2019 series, Undercover.

It revolves around Ferry Bouman, who tries to infiltrate the drug-dealing world in Brabantand his rise to the kingpin we saw in Undercover. But first, he has to take down the other big name in the business.

It is definitely reminiscent of Breaking Bad, so if you are a fan you’ll enjoy this show. Frank Lammers does a great job playing Ferry, adding layers to the character that was one of the most intriguing and deserving of a backstory in Undercover.

The combination of comedy with a nostalgic gangster plot feels like home for mob-genre enthusiasts. If you’re drawn to drug-related crime dramas and are curious about the Dutch underground scene, you should add Ferry to your list.

It won’t make you think too hard, instead of playing Friends of Seinfeld again, you can easily binge on this one.

PRO TIP- We recommend turning on subtitles rather than watching it dubbed so nothing is lost in translation.

You can watch the film on Netflix.

Three Diner is a food truck owned by an iconic chef Mohamed Salah, known for his culinary expertise in cooking meat. The truck is located at the Drive By Waterway, New Cairo. The menu features mainly chicken and meat sandwiches, along with an assortment of dip-ins, mac’n’cheese, and munchies.

The meat sandwiches are special, especially the killer short ribs sandwich. It consists of slow-cooked ribs with a signature glaze on a layer of creamy mashed potatoes and is usually served with coleslaw.

NOTE- The killer short ribs sandwich is the most expensive in comparison to its peers.

SPECIAL MENTION- The Big Boy sandwich includes a mix of homemade sausages and thinly sliced steak, with a layer of American cheese, onions, and tomatoes added.

The philly cheese sandwich is offered in both chicken and steak versions. Both of them taste good, but we liked the chicken more. This one included a grilled chicken filet mixed with caramelized onions, green bell peppers, and fresh mushrooms — what makes the sandwich special is the cheese sauce.

Their loaded fries can be considered a shared appetizer section or a main course. There are four kinds of loaded fries including the Cuban, chicken, steak, and cheese only. We recommend the Cuban one as it is different from the normal loaded fries, the fries topping includes a nice blend of spinach, melted cheese, and fresh mushrooms.

YOU CAN ORDER IT AT HOME- If you can’t make your way over there and live in the vicinity you can always ask for them to be delivered through elmenus. Also, make sure that you ask for their local coke alternative when they offer it.

What does freedom mean to Egypt? Explore the multifaceted interpretations of the concept of freedom with Unbound Harmony: Freedom in Three Voices at The Arts-Mart Gallery. The group exhibition will explore the depth and beauty of artistic expression. You can catch the exhibition Saturday-Thursday of every week until 30 November.

The exhibition Forever Is Now is ending this Saturday. The event is at the Pyramids and is open from 9am until 4pm daily until Saturday, 18 November. Book your ticket here or buy one on arrival.

Palestine’s ethnography is on display at the Netherlands-Flemish Institute in Cairo starting from Sunday, 19 November from 7-8pm. Sary Zananiri’s Unsilencing Palestine photo exhibition gives a rare view of modernity in Palestine. If you miss the opening, don’t fret — you can visit the exhibition whenever you like, but by appointment.

Listen to some authentic oud atA3dat Saad El Oud. The musician Saad Al Oud and his band will be performing on Tuesday, 21 November at Room Art Space and Cafe, New Cairo. The concert will start at 9pm and you can book your tickets here.

Catch a rendition of Tawfiq al-Hakim’s Bank of Anxiety this week. It follows two friends who establish a private bank that uses anxiety as the currency. The play runs at the Falaki Theater at AUC’s Tahrir campus until next Sunday. No charge for admission, but you’ll need to show a photo ID at the door.

The Christmas Charity Bazaar will bring the warmth of the holiday season on Friday, 1 December, at All Saints’ Cathedral, Zamalek. The bazaar runs from 10:30am until 4pm. Proceeds will benefit a variety of charities here in Egypt.

Get in tune with your body at the Graham for Dancers workshop with Rafael Molina from November 17-19 at the Cairo Contemporary Dance Center. But hurry as registration ends today, click here for more information.

Unleash your inner artist at the Self-portrait workshop hosted by Dawar Arts every Saturday between 18 and 25 November. Click here for more information.

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.

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.

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.

The Woman from Tantoura: A Novel from Palestine is an Arabic historical fiction novel written by notable Egyptian writer and academic Radwa Ashour, and translated by Kay Heikkinen. Ashour focuses on a real village in Palestine, Tantoura, located on the coast south of Haifa, that witnessed a deadly massacre by Zionist troops in 1948, the year of the Nakba.

It is a deeply moving tale of courage, loss, and survival. The book offers a profound exploration of the Palestinian Nakba and the experiences of those living in the diaspora.

The story unfolds through the eyes of Ruqayya, a 70-year-old woman from Tantoura. The narrative follows the different stages in her life starting from the age of 12 until her 70s.

Ruqayya had a long path of displacement between Syria to Lebanon, and eventually to the Gulf. Throughout the events, Ruqayya stayed resilient and determined as she built a new life whenever she fell, raised children, adopted a child, and welcomed grandchildren later.

Ashour’s writing style is exceptional, as she truly captured the resilience and strength of the Palestinian woman, vividly portraying her indomitable spirit and her unyielding love and connection to their homeland.

Although the characters in the book are fictional, except for some political and historical figures, Ashour incorporates real cities and historical events, including the documented massacres of Tantoura and the Sabra and Shatila refugee camps.

You can buy your hard copy from AUC Bookstoresand on Kindle from Amazon.

What the markets are doing on 15 November, 2023

The EGX30 rose 1.0% at today’s close on turnover of EGP 3.4 bn (29.9% above the 90-day average). Local investors were net buyers. The index is up 65.4% YTD.

In the green:Palm Hills Development (+5.7%), Alexandria Containers and Cargo Handling (+5.1%) and E-Finance (+5.0%).

In the red: Telecom Egypt (-2.9%), Eastern Company (-2.0%) and Ezz Steel (-1.9%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

26 October-18 November: Forever Is Now Exhibition, Pyramids of Giza.

17-19 November (Friday-Sunday): Graham for Dancers workshop, Cairo Contemporary Dance Center.

6-18 November (Monday- Saturday): The Ibero-American Film Week, Zawya cinema, Downtown.

14-15 November (Tuesday-Wednesday): Destination Africa Expo at Royal Maxim Palace Kempinski.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): ELFIT Sports and Fitness Games at New Capital Sports City.

18-25 November (Saturdays): Self-portrait workshop, Dawar Arts.

19 November (Sunday): Unsilencing Palestine photo exhibition at the Netherlands-Flemish Institute in Cairo.

21 November (Tuesday): A3det Saad El Oud concert, Room Art Space and Cafe, New Cairo.

23 November (Thursday): Saad ElOud Concert at Arkan Plaza.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

26 November (Sunday): Souad Massi concert at Tap East.

DECEMBER

1 December (Friday): Cairo Fun Festival by Bike Zone Egypt in Heliopolis.

1 December (Friday): The Christmas Charity Bazaar, All Saints’ Cathedral, Zamalek.

1 December (Friday): Skhoonband concert, Pyramids, Giza.

4 December (Monday): Maria Callas 100th birthday celebration, Cairo Opera House.

5 December (Tuesday): Art exhibition in solidarity with Gaza, the Atrium in Arkan, Sheikh Zayed.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution Day.

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

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