Good afternoon friends and happy almost-THURSDAY —we’re nearly there as the weekapproaches a close. Rounding out the day: Updates from the oil and gas industry, including fresh investments and more hopes of renewed LNG exports.
THE BIG STORY TODAY
Dana Gas to invest USD 43 mn here next year: Emirati firm Dana Gas plans to invest USD 43 mn in Egypt in 2024 as part of an “intensive” natural gas drilling program in its concessions in Egypt, CEO Richard Hall said following a meeting with Oil Minister Tarek El Molla, according to a ministry statement. Dana Gas plans to pour the investments into 11 development wells and three exploration wells, with an eye to increase production by some 30 mn cubic feet per day (cbf / d), Hall said.
Meanwhile, more signs we’re about to resume LNG exports: Egypt is reportedly planning to earmark 1 bn cbf / d of liquefied natural gas for exports as of January 2024, Al Arabiya reports, citing an Oil Ministry source it says has knowledge of the matter. LNG exports have been on hold since the first half of the year due to an unusually long summer heatwave, declining local production, and the war in Gaza.
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THE BIG STORY ABROAD
It’s a mixed bag in the international news outlets today. As the Israel-Hamas truce enters its final day, Qatar, Egypt, and the US continue to push for an extension. Israel welcomes the release of more hostages in exchange for an extended pause, but still stands firm on their goal to annihilate Hamas.Meanwhile, Saudi Arabia repeatedly offered Iran a boost in investments in their struggling economy if they stop egging on the Israel-Hamas war, reports Bloomberg. It’s unclear how seriously Iran is considering the proposal, but at the same time, Saudi is working with US Assistant Secretary of State Barbara Leaf, along with other Arab allies, to prevent Tehran from using Israel’s attack on Gaza to strengthen its resistance movement. (Bloomberg | Associated Press | Washington Post)
In other business news, the death of Charlie Munger, right-hand man of Warren Buffett, is stillin the headlines. Meanwhile, Trump’s former foreign advisor and Vice Chairman of IBM Gary Cohn, says the US economy is “back to normal,” for the first time in two decades. But, the market is likely getting ahead of expected interest rate cuts in the second half of next year, reports CNBC.
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Two M&A stories worth our attention: The first is e-Finance’s bid to acquire two digital payments firms as it works to up its presence in the retail market, while a grocer owned by Saudi conglomerate Savola is reportedly interested in acquiring stores from struggling Egyptian retailer Alfa.
?️ TOMORROW’S WEATHER- Dispersed clouds will be seen overhead as the temperature will peak at 25°C during the day and drops to a cold 15°C in the evening, tells us our favorite weather app.
JUST IN TIME FOR COP- The Biden administration has sold drilling rights in Wyoming on auction yesterday for USD 3.4 mn, the first in a series of similar sales the administration intends to make. This comes just days before world leaders are set to meet in Dubai for the UN’s COP28 climate summit, which Biden will not be attending himself, but is sending top US officials to attend in his stead.
This has garnered a hefty amount of criticism from environmentalists, reports Reuters, claiming that Biden “continues to support the expansion of fossil fuels.”
While Biden had pledged to tackle climate change by moving away from fossil fuels, even going so far as to make it a central focus of his campaign, the Washington Examiner marks this as the latest in a series of disappointments from the president’s administration.
Last year, Biden signed into law the Inflation Reduction Act, a legislation meant to combat climate change. Shortly after, he approved the ConocoPhillips’ Willow oil project in Alaska — a drilling expedition estimated to produce 576 mn barrels of oil over 30 years.
ON THE FLIP SIDE: Republican officials have criticized Biden’s measures to reduce future production, believing that it will weaken “America’s energy dominance” and compromise their ability to “lead on the global stage.” American Petroleum Institute President Mike Sommers believes that this reduces consumers’ access to affordable energy.
FYI-Mid-grade gas prices have reached USD 4.9 per gallon in some states, the equivalent of EGP 151.4.
ACROSS THE POND… King Charles III has vocally advocated for sustainable energy over the past six decades and he has continuously warned about the destructive processes of fossil fuels, and has championed initiatives striving for a greener future, earning himself the nickname “ Climate King.” He will be attending COP28 to deliver an address during the opening ceremony.
SPEAKING OF KING CHARLES- K-Pop band BLACKPINK was honored by the king with Member of the Order of the British Empire (MBE) medalsmedals in recognition of their role as COP26 Advocates for the United Nations climate summit in Glasgow in 2021, Buckingham Palace said in a statement.
Why? Part of their appointment as COP26 Advocates by the UK Government in 2021 involved the band releasing videos aimed at educating young people about climate change, Reuters notes. And they succeeded at being able to increase young people’s engagement with the Summit. They have also been appointed as global Ambassadors for the United Nations Sustainable Development Goals.
His Royal Majesty likes K-culture. Aside from praising South Korean technological progress, King Charles gave a nod to their “artistic creativity” citing their series Squid Game as an example.
LITTER-PICKING WORLD CUP? Britain has won the first-ever litter international competition held in Tokyo. The inaugural SpoGomi (‘spo’ for sport and ‘gomi’ for trash) World Cup was held in Tokyo this week, with teams from around the world gathering to collect garbage with the aim to raise awareness about environmental protection and reducing plastic waste in the ocean, according to Reuters.
The UK team, The North Will Rise Again, beat the Japanese team by earning 9,046.1 points and collecting 83.7 kg of rubbish. Morocco was the only country representing our neck of the woods.
The total amount picked up was 3.9k kg of garbage by 21 participating teams. This may be one spec in comparison to the 8.3 bn tns of waste thrown into our oceans from the 1950s, but getting people excited about litter-picking will do more good than harm.
Landscape with Invisible Hand is about love in the midst of an alien invasion. In this absurd sci-fi comedy based on the novel by MT Anderson, narrates a world where aliens are our new overlords bringing with them technology that renders most human jobs obsolete — sounds harrowingly familiar? But, as humans do, they begin to hustle to be able to earn their living.
Live feed to pay the bills. When two teenagers realize the aliens’ fascination with human love, they cook up a plan to livestream their romance to help support their families, dubbed “Courtship Romance.”
What adds to the absurdity is how similar their world is to ours. Whether it’s teens vlogging on YouTube or for their alien overlords, there seems to be a pandering to capitalist overseers.
The film is a satire providing a heavy handed commentary on our economic system. By keeping it funny, though, it avoids feeling overdone when dealing with such heavy themes. It might stray from developing the connections between the characters, but that’s not what it’s trying to do anyway.
It’s no surprise how hilarious the movie is when cast members include Tiffany Haddish, who you might’ve seen in Girls Trip and William Jacksonwho was arguably the best part of The Good Place. The depiction of the slimy Alien lifeform also triggers a few chuckles.
The film clearly isn’t taking itself too seriously, and isn’t trying to confuse you with vague subplots, which makes it a great, feel-good watch with friends and family.
⚽ Zamalek v Modern Future: Zamalek will be hosted by Modern Future in round seven of the Egyptian Premier League (Nile League), at 7pm tonight.
The White Knights will play the match with only eight points from six matches, placing them in 11th place, while Future collected 12 points, setting them in third place.
OVER TO THE CHAMPIONS’ LEAGUE:
Group A: Bayern Munich hosts Copenhagen at 10pm. Meanwhile, Manchester United will visit Galatasaray at 7:45pm. Bayern (12 points) has already ensured its qualification to the next round, while all possibilities are still open for Copenhagen, who are currently second with four points. Galatasaray is third, also with four points and Manchester United is last with three points.
Group B: Sevilla faces PSV Eindhoven at 7:45pm, and at 10pm Arsenal plays Lens.
For Arsenal, currently at nine points, a draw is enough to ensure qualification before the final round, while the chances of PSV Eindhoven and Lens are still equal with five points each, while Sevilla is in last place with two points and little hope to qualify.
Group C: The Real Madrid v Napoli match kicks off at 10pm but won’t make much of a difference to the Royal Club, which is currently at 12 points and has secured its qualification to round 16 in the last bout of matches.
Meanwhile Napoli, currently at seven points, will try to get any gains from the match before the final round.
If you have enough screens you should also try to catch Sporting Braga (3 points) playing Union Berlin (1 point) at 10pm, too.
Group D: Inter and Real Sociedad secured their qualification with ten points each, so they go into their matches today with calmer nerves. Inter will host Benfica — in last place with no points — while Sociedad hosts Salzburg, currently at three points. Both matches will be starting at 10pm.
Related
? EAT THIS TONIGHT-
Macanhas a dish for whatever you’re craving. Whether you’re there for breakfast, lunch, or dinner, you’ll be met with a wide menu. You can try it for yourself in the comfort of your own home by ordering on elmenus or talabat, or dining in at either River Walk New Cairo, or Tivoli Dome Heliopolis.
Leave room for more, despite how tempting it might be to dig into the bread basket they serve with every breakfast. We’d recommend you try the English breakfast, which delivers on taste, portion, variety, and pricing. You’ll also get an option of fresh orange juice or coffee to wash it all down.
For meals later in the day, there’s no stand out dish, but everything is filling and as presented on the menu.
Big portions at good value for money. Customers tend to go for the cordon bleu, but no matter what you order you’ll get a huge plate at reasonable prices, typically EGP 75-150. You can save this for those days when you want something reliable and with a lot of options.
Not in the mood for a heavy meal?No problem. Macan also offers coffee and dessert so you can unwind or catch up with a friend.
PRO TIP- They’re outside seating is especially pleasant right now with the weather starting to cool down and their tables are comfortably spaced apart so that you feel comfortable digging in or lounging around.
Related
? OUT AND ABOUT- (all times CLT)
The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing tonight at 8pm at the Cairo Opera House, Zamalek. You can book your ticket 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.
Eins Christmas Bazaar is bringing you some handmade goodies, itwill kick off on Friday, 1 December and will continue until Sunday, 1 January, 2024. The bazaar will be held at the Gallery, in Maadi.
Zawya cinema will be screening five movies for the late director Ali Badrakhan starting from Saturday, 2 December until Tuesday, 26 December. You can know more about the schedule from 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.
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 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.
Award-winning Egyptian author Ashraf El-Ashmawi will be hosting a book signing event for his latest novel Maximum Speed Zero at Bibliothek Egypt on Saturday, 9 December at 5:30pm. The novel follows the journey of an Egyptian family who experience peculiar occurrences and encounter different individuals that influence their destinies.
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.
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.
CEO of Future Energy Corporation, Sherife Abdelmessih, will be hosting a book signing event for his latest book Super Vision. The event will be held on Wednesday, 13 December at Bibliothek Egypt.
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.
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.
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.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
Related
? UNDER THE LAMPLIGHT-
There is no shortage of Elon Musk controversies, but perhaps the most prominent one is his acquisition of Twitter, now X. Ben Mezrich’s Breaking Twitter takes readers on a deep dive on what the author calls the most controversial corporate takeover in history, centering Musk’s “break stuff and see what happens” persona.
The battle between Musk and the company that once represented shared global conversation is darkly comedic, and Merzich paints it as such, while providing a complete story from all angles. His retelling is based on dozens of interviews and thousands of pages of documents.
Mezrich asks a new question: Did Musk break Twitter or did Twitter break Musk? The mercurial b’naire was forced to see the buyout through for the price of USD 44 bn in commitment to a pot joke. Before the purchase, Musk was named Person of the Year by Time Magazine, which called him a man-god. A book written and published by renowned biographer Walter Isaacson after Musk’s acquisition calls him a man-child.
Breaking Twitter is a wild and compelling read, much like Musk himself, but it may not be rooted in reality, also like Musk. The author admitted to injecting elements of satire to dramatize events, and even based certain details on his own speculation.
One thing is for sure… what was once a rockstar-boy-genius who took credit for Tesla and SpaceX quickly disintegrated to a mercurial 52-year-old internet troll plagued with chronically juvenile humor. What makes a better story than an Icarian drama?
The EGX30 fell 1.4% at today’s close on turnover of EGP 5.5 bn (89.5% above the 90-day average). Local investors were net sellers. The index is up 69.6% YTD.
In the green: GB Corp (+8.1%), Amoc (+3.4%) and Eastern Company (+2.5%).
In the red: Belton Financial Holding (-5.1%), Orascom Construction (-5.0%) and Palm Hills Development (-5.0%).
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