Good afternoon and happy hump day. We’re inching past the midweek point and getting ready to slide into the weekend.
SIGN OF THE TIMES- The news cycle here at home has slowed significantly today, as all eyes remain fixed on the ongoing conflict in Gaza.
THE BIG STORY ABROAD
Updates on the Israeli-Palestinian war are continuing to lead the conversation in the international press:
Israel continues to ramp up their attacks on Gaza as the death toll rises to 5k in two weeks of airstrikes. (Reuters)
The US is preparing for mass evacuations of its citizens in the Middle East if war gets out of hand, citing the Americans living in Israel and Lebanon as their main cause of worry. (The Washington Post)
French President Emmanuel Macron is looking to rally an international coalition to push-back against Hamas, alongside warning Hezbollah not to fight on other fronts. He further added that Israel’s focus should be the release of all hostages, while allowing for aid to reach Gaza and give time for negotiations. (Bloomberg | Financial Times | Associated Press)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Could a third hostage release by Hamas help change the direction of Israel’s war against Gaza? That’s the suggestion that runs through Israeli and US media reports overnight after negotiations led by Egypt and Qatar saw Hamas release two hostages yesterday.
The Finance Ministry is looking to lure investors with tax incentives — and to make domestic businesses happy with policy stability — under a new, five-year tax policy framework now in the works. The first draft is complete and it could be finalized and ready for public review as early as next month.
EIPICO seeks local funding for a third pharma factory: EGX-listed Egyptian International Pharma Industries Company (EIPICO) is looking to borrow USD 70 mn in funding from Qatar National Bank (QNB) and Banque du Caire to fund the construction of its third factory.
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Thousands of individuals expressing support of Palestine online — including on LinkedIn — might find their details on anti-israel-employees.com, a website which emerged 10 days ago that is publicly sharing the names and employers with staff who expressed pro-Palestinian views, the New York Times reports. While Itai Liptz, a hedge fund manager and one of the brains behind the website, says that it was intended to expose individuals who support Hamas and make some feel “threatened,” the website flagged posts supporting Palestine or raising awareness about the humanitarian crisis in the ongoing siege. LinkedIn sent the website a cease-and-desist letter, which prompted the founders to move the website to an Israeli domain.
The site used scraping, an illegal practice, to glean the data. The company utilized “automated software” to extract over 17k profiles and posts from LinkedIn, a spokesman for the platform said. This practice directly violates LinkedIn’s usage policies. But Liptz denied these allegations and an Israeli lawyer insisted that the site would not get removed.
LinkedIn’s move is prompting wider discussion about how pro-Palestine online content is being handled: Meta has been under fire from many Facebook and Instagram users, who say their posts are being suppressed or deleted — known as a “shadow ban” — under claims of violating community guidelines. These users say that their posts actually don’t cross any lines, and that they are simply being punished for voicing support for Palestine. Meta initially claimed that a bug was causing this content to be hidden, and that it was working on fixing the bug.
Museum heists aren’t just on TV anymore. The British Museum has been at the center of a rather embarrassing scandal since news of 2k stolen artifacts broke back in August. Since 2020, Ittai Gradel, a Danish antiquities dealer profiled by The Wall Street Journal, has been trying to alert the museum to the hundreds of artifacts being sold on eBay. According to Gradel, whose reports were met with dismissal until August of this year, the thefts have been taking place for over two decades. The stolen items are valued at mns of GBP.
It started in 2013… An account under the name Sultan1966 was selling what was advertised as a 19th century glass gem for GBP 15, but Gradel recognized it as a Roman Medusa cameo from the second century. After consistent listings from Sultan1966 at dirt-cheap prices, Gradel started to become suspicious. Upon being asked the origin of his finds, Sultan1966 told Gradel that he had acquired them from his deceased grandfather’s junk shop.
… The chase began in earnest in 2020. Gradel came across an image on the British Museum’s website that showed an item that Sultan1966 had listed back in 2016, and came to the conclusion that there was a thief in the museum, presenting the museum with files of evidence. While the museum reluctantly admitted that 2k items were missing only two months ago, no one has yet been charged. The scandal has prompted several countries to renew long-running petitions requesting that the British Museum return all stolen colonial artifacts to their rightful owners. Among these petitions is the return of the Rosetta Stone to Egypt.
The Gen Z approach to fiscal responsibility: “Soft-saving,” or spending more and saving less. This new trend emerging from the tranches of today’s workforce approaching their 30s is another term focused on living well and saving less for the future, explains CNBC. This change prompted a drop in personal saving rates in the US to 3.9%, a drop of almost five percentage points, over the past decade. Soft-saving sees Gen Z spending on and investing in their hobbies and passions, such as entertainment.
What’s underpinning this brand of financial savviness? The drop in spending during the pandemic which led to splurging to make up for lost time, and, of course, inflation, which made it harder for people to save, were instrumental for this trend to grow. But there is a caveat: A US study found that the majority of workers don’t see themselves retiring, with many considering working past the age of 65, even though some Gen Z employees are signed up for a 401(k) account.
Old Dads is Netflix’s answer to PC-less films starring and directed by stand-up comedian Bill Burr. If you find yourself struggling to maneuver all of the inclusive, woke terms of our day and age, this film is for you. The film follows three friends, who are also fathers approaching their 50s and can’t quite come to terms with the younger generation that is steering the wheel in their modern world. Jack (Bill Burr) is the worst of them: He is loud, aggressive, and vocal about his non-acceptance of this new norm. But he faces problems — the company that he built with his three friends has a new, younger CEO who promises to disrupt the company, starting with firing anyone born before 1998. Along with Conner (Bobby Cannavale) and Mike (Bokeem Woodbine) they talk back to the woke, hyper-politically correct narrative, which often gets them in deep trouble and oftentimes shows how there needs to be a middle ground. However, word to the wise, the film does have old-school, non-PC insults and jokes that may have some reeling in disgust and others in stitches.
Related
⚽ Al Ahly has its eyes on the AFL semis: Al Ahly plays host to Tanzania’s Simba in the second leg of the African Football League’s quarter final round at 5pm today, after the teams had ended the first leg with a 2-2 tie. Later at 8pm, South Africa’s Mamelodi Sundowns and Angola’s Petro de Luanda face off in a match that seems comfortable for the Sundowns, which came out on top in the first leg with a 2-0 victory.
The UEFA Champions League anthem will be playing across European fields tonight, as matchday 3 kicks off with a handful of exciting matches:
Galatasaray v Bayern Munich (7:45pm)
Inter v Salzburg (7:45pm)
Sevilla v Arsenal (10pm)
Union Berlin v Napoli (10pm)
Braga v Real Madrid (10pm)
Manchester United v Copenhagen (10pm)
Lens v PSV (10pm)
Benfica v Real Sociedad (10pm)
Related
? OUT AND ABOUT- (all times CLT)
The Tap East is hosting a fundraiser in solidarity with Gaza tonight, where Carousel will be performing live. All ticket proceeds from Voices for Freedom will be donated to Gaza Live Aid.
Lab coats and goggles on for Kidzania’s Halloween Adults immersive party with Lab of Horrors on Thursday, 26 October from 6-11pm. Tickets are not on sale yet but stay tuned for more information on their Facebook page.
Music enthusiasts, this one’s for you: The annual Cairo International Jazz Festival is happening at AUC’s Tahrir campus from Thursday, 26 October to Friday, 3 November. For more information contact them on their page.
You can head on over to ROOM Art Space and Cafe at Garden City for an ABBA Costume Party. ROOM are kicking off Spooky Season on Thursday, 26 October with a trip back to the 70s to relive ABBA’s greatest hits. 70s costumes are required. Don’t forget to grab a ticket.
We’ve got you covered this Halloween:Cairo Jazz Club is hosting a Haunted Mansionnight of eeriness and hit tunes on Friday, 27 October. Costumes are mandatory and you can reserve your spot on their Facebook page.
Pass by the second edition of the Cairo Vintage Souq at The Greek Campus on Friday, 27 October where you will find a wealth of old treasures, from vintage appliances and tech, home decor, clothes, books, and accessories.
Looking for adventure? Why not get into the spooky spirit with some Night Hiking at Wadi Degla? The Egyptian Wild Animals Service (EWAS) is offering you the chance to discover the beauty of the valley under the stars on Friday, 27 October.
DJs Kygo, Tiësto, Kungs, and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.
Wrap up the Halloween season with Lazuli x Cairo Jazz Club’s ‘All Hallows’ Costume Party on Tuesday, 31 October, where Lazuli’s signature club music will be matched with Young Nada’s spooky visuals to create a high-octane sensory experience.
The Downtown Contemporary Arts Festival (D-Caf) has kicked off and will continue until Sunday, 5 November. The festival is taking place in several places and art centers in the downtown area. You can check the events and buy the tickets through D-CAF’s website.
The Russian Tchaikovsky Symphony Orchestra is coming to Egypt for the first time, with three concerts scheduled in Cairo and Alexandria. The Cairo concerts are scheduled for Sunday and Monday, 5 and 6 November at the Cairo Opera House in Zamalek, while the Alexandria concert will follow on Tuesday, 7 November at Sayed Darwish Theater. You can book your tickets for the concerts from here, here and here.
Don’t miss Tamer Ashour at Sheikh Zayed’s Zed Park on Friday, 10 November at 8pm. Tickets are available on TicketsMarche.
Russell Peters is coming to Egypt for the second time: He will be performing on Saturday, 11 November at the Marquee Theatre, Cairo Festival City (CFC). The show will start at 8pm.
The Masr El Gedida Carnival is back and will take place in Merryland Park on Saturday, 25 November at 10am.
Related
? UNDER THE LAMPLIGHT-
I, Human is another insightful book by Tomas Chamorro-Premuzic, in which the business psychology professor focuses on “AI, Automation, and the Quest to Reclaim What Makes Us Unique.” Rather than succumbing to the zero-sum game that polarizes views on the new technology in one of two camps, Chamorro-Premuzic is opting for a third approach. While Luddites and skeptics reject AI as a devastating development, and “tech-utopians” exaggerate its merits, the author brings forth a more nuanced reading of this nascent revolutionary force. His perspective zeroes in on how artificial intelligence is impacting people’s lives and altering “the way we work as well as other areas of life, such as relationships, well-being, and consumption.“ Through eight brief chapters that hit the nail on the head, the author gives us a sober exposé of a world permeated by AI and how we can cope with the changes ahead.
The EGX30 fell 0.9% at today’s close on turnover of EGP 4.7 bn (108.9% above the 90-day average). Local investors were net sellers. The index is up 53.3% YTD.
In the green: TMG Holding (+13.6%), Alexandria Mineral Oils Company (+5.8%) and ADIB (+4.5%).
In the red: Eastern Company (-11.0%), Mopco (-4.6%) and Alexandria Containers and Goods (-3.7%).
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