Good afternoon, ladies and gentlemen, and happy Monday. As was the case this morning, the news cycle appears to be catching its breath (besides the ongoing war).
THE BIG STORY TODAY
The Finance Ministry has completed its first draft of the government’s tax policy document, which it expects to finalize and publish next month, a ministry official told Enterprise. The document — which is currently undergoing legal review before being put up for national dialogue — outlines the ministry’s plans for tax reform and will remain unchanged for five years.
THE BIG STORY ABROAD
The Israel-Palestine war’s domination of the news cycle is getting punctuated by updates from Chevron this afternoon.Israel continued to pound the Gaza enclave with more airstrikes, even as ground troops were taking on Hamas militants on the ground. Israeli airstrikes also hit targets in southern Lebanon while Israeli troops attacked Palestinians in the occupied West Bank yesterday. Lassoing in the overspill, US President Joe Biden has been communicating with his western counterparts, namely from Canada, France, Germany, Italy and the UK to coordinate navigating the situation in the region. (Reuters | Bloomberg)
Meanwhile, Chevron is buying Hess Corporation in a USD 53 bn all-stock transaction, giving Chevron another piece of the US energy industry. Aside from creating a more resilient oil and gas economy through this purchase, they intend to get more involved in the US shale business. (Financial Times | Reuters | Wall Street Journal)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
CEOs are running out the door: C-suite executives in US companies are resigning in record-breaking numbers, with 2023 alone seeing 1.4k chief executives leave their jobs, according to an executive coaching firm cited by Bloomberg. That’s a 50% y-o-y increase, breaking the record by a margin of several hundred resignations since the firm began tracking them 21 years ago. NGOs and tech companies saw the most turnover, with 350 and 140 CEOs exiting the boardroom, respectively.
Pandemic burnout is real. We’re still seeing the effects of pandemic burnout, according to subject matter experts speaking to Bloomberg, who say that responding to covid-19 was a uniquely stressful experience for those in charge. Only 22% of the CEO exodus is attributed to retirement, and 17% of those who resigned stepped into other C-suite roles, leaving 61% unaccounted for. And with two months left until the end of the year, more could be throwing in the towel.
Is this a harbinger of recession or a sign of stability? Alexander Kirss, a senior principal in HR at consulting firm Garter Inc. states that historically, CEO turnover is low during times of uncertainty. However, he notes that the constant economic shifts has companies gearing up for big changes and looking for new leaders, perhaps to have a steady hand on the wheel once things are less certain. The trend may inspire even more turnover as companies watch their competitors pass the baton and start considering restructures of their own, he says.
Adult ADHD diagnosis may lead to dementia in the future: In a study of 100k people, researchers found that an adult ADHD diagnosis could lead to dementia as opposed to people who don’t have ADHD, according to The Guardian. A solid link between ADHD to dementia is yet to be made to discover what might trigger the connection, or whether ADHD medication can lower the risk of getting dementia. Nevertheless, the research conducted in 2020 has proven that individuals above 57.7 years of age, and diagnosed with ADHD as adults, are 2.77 times more likely to develop dementia as they age. What is missing from the study are children: Roxana O Carare of the University of Southampton stressed that there is still much more research needed to determine if there is a cause and effect relationship between younger ADHD diagnoses and dementia later in life.
Uber is taking the ride-share experience to new heights in Cappadocia, Turkey.Starting today, and for USD 159 per ride, Uber is now offering hot air balloon rides over the UNESCO-listed site through its app. Reservations need to be made 12 hours in advance of departure using the Uber Reserve option and will be available starting today until 19 November as it’s the peak season for hot air balloons.
Turkey represents a key growth arena for Uber and one of the fastest-growing markets.The number of trips booked on the app increased more than 50% since last year and currently has more than 30k taxi drivers working across nine cities, and the highest concentration lies in Istanbul.Turkey’s hot-air balloons come alongside India’s tuk-tuks, Mykonos offering seasonal boats and flights that can be booked to roam the British Isles. These moves come in line with the company’s aim to work on expanding its services beyond conventional taxis and rail-hailing services and getting more involved in the lucrative tourism industry, Bloomberg notes. The hot air balloon services plan aligns with Uber’s broader vision of launching new travel options in international markets outside the US, Uber CEO Dara Khosrowshahi explained.
Who doesn’t love a courtroom drama? The Burial got us all nostalgic about the 90s and rooting for the underdog. Personal injury attorney Willie E. Gary (Jamie Foxx) agrees to represent funeral home owner Jeremiah O’Keefe (Tommy Lee Jones) in his quest for justice against a USD multi-bn corporation. As O’Keefe, the ultimate patriarch, tries to salvage his business to secure his children’s and grandchildren’s future, his unlikely alliance with Gary becomes personal. Think of this as an Erin Brockovich type of movie — in the sense that we did not expect to get excited about a pretty dry legal battle. What this movie lacks in-depth compared to the Julia Roberts hit movie, however, it makes up for in humor. It is also interspersed with endless racial references that gently nod towards a complicated history of the South embodied in the state of Mississippi where the real story from which the movie is inspired once took place.
Related
⚽ Three points separate Tottenham from leading the Premier League: Fulham play hosts Tottenham at 10pm today, which culminates round 9 of the English Premier League.
The Spurs are looking for a chance at victory, hoping to lead the Premier League table, as it presently occupies fourth place with 20 points, one point behind Man City and Arsenal in first and second place, respectively.
This round of the major European leagues is about to end: Today’s most notable matches include:
Fiorentina v Empoli (Serie A, 9:45 pm)
Valencia v Cádiz (La Liga, 10 pm)
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? EAT THIS TONIGHT-
Cio Trattoria reminds us of Little Italy: You can probably smell the thyme and wood-fired oven as you make your way over to this quaint restaurant tucked away in the corners of Korba. The atmosphere in the venue is warm, hospitable, offering an intimate, cozy ambiance — very suitable for a date. Each dish selected was freshly prepared, in fact, it is completed in front of you. For the brave and the purist, the diverse menu promises traditional Italian classics alongside unique, innovative creations, ensuring there was something to satisfy every palate. One show-stopper was the Salsiccia pizza, which was layered with thick slices of Italian sausages and cheesy mozzarella, paired with a crunchy crust that continues to be fluffy on the inside. From the main courses, we opted for the Fettuccine Bolognese and Alfredo. Even though the pasta had an unfamiliar eggy texture, it paired nicely with the rich sauces — as well as the seasoning and herbs that added a fresh dimension. Pro-tip: The restaurant is small, so there might be a slight wait to sit.
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? OUT AND ABOUT- (all times CLT)
Don’t forget to get the gang together tomorrow for The Tap East’s weekly Game Night, where you can compete against others at foosball and play arcade games to your heart’s content. Reach out to The Tap East to reserve your spot.
Get together for Gaza. The Tap East is also hosting a fundraiser in solidarity with Gaza tomorrow, 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.
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? UNDER THE LAMPLIGHT-
Corruption and betrayal grow in the true crime novel Bad City. In this non-fiction novel, American journalist Paul Pringle walks us through the betrayal and corruption stemming from one the biggest institutions in the state, the University of Southern California. The novel combines the atmosphere of power-welding in Los Angeles, and the examination of what appeared to be a drug abuse case that would yielded shocking results that forced USC to finally speak, despite its culture of silence. Pringle and his team of reporters uncovered two major scandals at the University of Southern California, involving professors and knotted with cover-ups and twists. Anticipate a deep dive into a series of crimes and secrets that become unraveled outside of the newsroom where Pringle invites the reader to experience the behind-the-scenes of a real-life investigative journalism story, which casts a shadow on the city of angels.
The EGX30 rose 2.0% at today’s close on turnover of EGP 4.63 bn (107.2% above the 90-day average). International investors were net buyers. The index is up 54.6% YTD.
In the green: Mopco (+20.0%), Alexandria Mineral Oils Company (+8.3%) and Abu Qir Fertilizers (+7.7%).
In the red: Oriental Weavers (-2.0%), Eastern Company (-1.8%) and CIB (-1.6%).
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