Climate changing ales

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Moody’s downgrades five of our banks’ long-term deposit ratings

Good afternoon folks. What started out as a not-so-good news day is looking more and more like a full not-so-good week.

THE BIG STORY TODAY

Five of our banks just got another Moody’s downgrade: Moody’s has downgraded the long-term deposit ratings of five Egyptian banks, following its downgrade of the country’s sovereign credit rating. The National Bank of Egypt, Banque Misr, Banque du Caire, and CIB, are now rated Caa1, down one notch from B3, while Bank of Alexandria has been downgraded one notch to B3 from B2. The agency’s outlook on the banks’ deposit ratings was changed from negative to stable. The five banks’ long-term deposit ratings were also downgraded in February of this year.

THE BIG STORY ABROAD

The Israeli-Palestinian war continues to dominate the news waves:

US Secretary of State Antony Blinken is due to arrive in Tel Aviv tomorrow to discuss, among other things,providing a humanitarian corridor in Egypt for Palestinian civilians escaping the conflict. (CNBC)
Israel shot rockets into Southern Lebanon after Hezbollah launched its own rockets from Lebanon earlier today in response to an Israeli-led raid on Monday that killed three Hezbollah militants. (Bloomberg | Washington Post | Reuters)

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

The economy will slow more than expected next year: The IMF has downgraded its 2024 Egypt growth outlook to 3.6% from its previous 4.1% forecast in July.
Inflation hit a fresh all-time high in September as the impact of the foreign-currency shortage and a series of devaluations continued to stoke price pressures. Consumer prices in urban areas accelerated to 38% y-o-y from 37.4% in August, making September the fourth consecutive month of record highs.
On day five of the conflict in Gaza: Israel is continuing to flatten neighborhoods in Gaza and appears to be prepping a ground invasion ; regional diplomatic initiatives aren’t yet bearing any fruit; and Chevron cut gas flows through the EMG pipeline (though there is an alternative).

?️ TOMORROW’S WEATHER- The mercury will rise to a peak of 30°C in the day and drop to a cooler 23°C in the night, according to our favorite weather app.

Musk is ruffling EU feathers — again + Climate change is hitting beer

What happens when war erupts and social media platforms don’t have proper content moderation tools in place? In X’s case, you face fines and a 24-hour window to respond to an official inquiry into the spread of misinformation. In a change to its public interest policy announced yesterday, the platform formerly known as Twitter said it will not be filtering content that would otherwise be “difficult to see” in a quickly developing situation such as the ongoing violence between Israel and Palestine. Later in the evening, European Commissioner for Internal Market Thierry Breton issued a warning to Musk that X’s new policy is in violation of the EU’s Digital Services Act, which requires platforms with more than 45 mn users to monitor and take down illegal content and to also share their procedures in doing so. If X fails to comply with the regulations, it could face fines of up to 6% of its annual revenues, CNBC notes.

Then, there’s the Meta route: After getting slammed with a series of regulatory accusations since the 2016 US presidential elections, Meta-owned platforms Facebook, Instagram, and Threads have shared less newsy content, a step that has prompted confusion for users who relied on Facebook or X, for their real-time news. Furthermore, pushing them out of the realm of the global community as a result of their focus on sharing entertaining content as it competes with TikTok for some spotlight, Bloomberg says.

The biggest struggle coming out of climate change: Beer just isn’t the same. A warming planet is already altering the taste and quality of beer unless farmers adapt to rising temperatures and protect their yields, The Guardian reports, citing a study warning of the impacts of climate change on the world’s third-most popular drink. According to the study, climate change is affecting the quantity and quality of hops, a main ingredient in most beer, meaning that even if the taste change is imperceptible, it’s likely that consumers will notice prices go up as hops are impacted.

By the numbers: Scientists see hop yields in growing regions in Europe are on track to decline by 4-18% by 2050 unless farmers begin implementing adaptation methods to the higher temperatures. The content of alpha acids in the hops, which give the popular drink its special taste and smell, will plunge by 20% to 31% by mid-century.

Just a buzzkill: The climate crisis is expected to have a heavy toll on the beer-brewing industry in central Europe which is a keystone of its culture, The Guardian notes. The population in the Czech Republic is the world’s top beer drinkers, according to data from Japanese beer company Kirin. Germany’s Oktoberfest welcomes 6 mn beer drinkers from all over the world annually.q

Fair Play: Can a career and relationship co-exist?

? ON THE TUBE TONIGHT-
(all times CLT)

From the Duchess of Hastings to hedge fund analyst: Phoebe Dynevor is back with Fair Play. The new Netflix film is a thriller rife with tension as competition and ambition take a life of their own. Emily (Bridgerton’s Dynevor) and Luke (Alden Ehrenreich) are in love — but they are also coworkers. Because their relationship is against company policy, they keep it under wraps even as they take a step forward in their life together and become engaged. And all is well — the secrecy adding excitement to their personal lives — until their love is complicated when their careers meet a crossroads. As she unexpectedly becomes Luke’s superior overnight, Emily must contend with her fiancé’s poorly disguised jealousy and insecurity. As she takes on her much coveted new position in the boys’ club, everything slowly changes and the young couple must contend with unprecedented pressures that threaten their union.

Zamalek, it’s time to go Holm. You’ve probably already heard of Holm Café or even seen its mini art gallery and day-bed on TikTok, but in the era of paid food influencers, it’s difficult to trust online praise. Luckily, Holm deserves the hype. If you’re looking for a relaxed atmosphere with a health-conscious menu, Holm might just be your new spot — if you can find a seat. This tiny alcove has an extensive menu of sandwiches, salads, and breakfast items that are perfect for an early day out, and delicious smoothies that you can grab on the go. Of course, no café would be complete without coffee. The Holmies roast their own beans, and sell them too if you like the blend enough to take home. Their Protein Combo makes the perfect fuel for long Zamalek walks, and their pastries (made fresh, the downside of which means that you may not find your favorite every day) are great accompaniments to their coffee if you just want a place to read quietly or have a deep work session.

Cosmic Scholar: The Life and Times of Harry Smith . Not all biographies were created equal: Some are tedious and uninspiring. Few are capable of accomplishing the unique feat of igniting our imaginations by capturing the essence of their subjects: John Szwed’s latest work succeeds in doing just that. By inviting us into the eccentric and captivating world of “filmmaker, folklorist, mystic” and anthropologist Harry Everett Smith, we are transported to the esoteric realm of a creative mastermind who is credited with leaving an indelible mark on the American art scene. The bearded polymath’s contributions, including the “Anthology of American Folk Music,” is said to have inspired countless artists, including Bob Dylan. But beyond his immense knowledge, impossibly enormous book and music collection, Harry Smith was a perpetual misfit, an “insufferable and destructive eccentric.” Through his singular skills as a biographer and music scholar, John Szwed gives a beautiful, nuanced homage to an American icon.

What the markets are doing on 11 October, 2023

MARKET NEWS-

Orascom Construction will be paying dividends of EGP 8.5 per share on the company’s 2022 earnings, it said in a filing to the EGX (pdf). Payouts will be made on 31 October.

MARKET ROUNDUP-

The EGX30 fell 0.4% at today’s close on turnover of EGP 2.1 bn (3.3% below the 90-day average). Regional investors were net buyers. The index is up 34.6% YTD.

In the green: Ezz Steel (+8.7%), B Investments Holding (+8.0%) and Mopco (+3.9%).

In the red: Alexandria Mineral Oils Company (-3.7%), Belton Financial Holding (-3.1%) and Orascom Development Egypt (-2.5%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

12-16 October (Thursday- Monday): Cairo Opera Ballet Company Cinderella at Cairo Opera House.

12 October (Thursday): Disco Misr performing at El Malahy.

4-18 October (Wednesdays): Japanese tea-making workshop at AUC New Cairo Campus.

7-21 October (Saturday-Tuesday): Illustration workshop with Keem The Kid at Cocoon Cultural Center.

8-14 October (Sunday-Saturday): Turathna Exhibition, Egypt International Exhibitions Center, New Cairo.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

13 October (Friday): The Garden Market at Merryland Park.

13 October (Friday): Oktoberfest at the Swiss Club.

14 October (Saturday): Bound Fest at Golf and Dog Park.

15-20 October (Sunday - Friday): Displaying a collection of GIFF’s films at Zayawa Cinema, Downtown, Cairo.

18 October (Wednesday): Ruby and Ahmed Saad at Misr University.

26 October - 3 November (Thursday-Friday): The 15th Annual Cairo International Jazz Festival at AUC’s Tahrir campus.

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

28-5 October-November(Saturday-Sunday):NEWGIZA Sports Club’s Premier Padel Event in Africa.

NOVEMBER

10 November (Friday): Tamer Ashour’s concert, Zed Park Sheikh Zayed.

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

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

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution day.

APRIL

6 April (Saturday): Coptic Easter.

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).

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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