Good afternoon, ladies and gentlemen, and welcome to what has shaped up to be a relatively calm Wednesday here at home.
THE BIG STORY TODAY
European tourists incoming this winter: TUI’s bookings to Egypt will rise again after Christmas as tourists seek out “value winter sun” destinations, CEO Sebastian Ebel said as the company reported its annual results, Reuters reports. TUI had witnessed a “temporary slight slowing” in its Egypt bookings recently due to the conflict in Gaza, Ebel said.
Background: Egypt is hoping to attract 18 mn tourists in 2024, bringing in some USD 17.5 bn of revenues for the country, Tourism Minister Ahmed Issa said recently. Tourism revenues are on track to hit USD 14 bn in 2023, Issa said, rising 15% y-o-y.
THE BIG STORY ABROAD
We’re looking at another mixed bag of international headlines this afternoon. Putin is paying a visit to the UAE and Saudi Arabia, for the first time since invading Ukraine, to discuss Russia’s role in OPEC in light of the alliance’s agreement last week to bolster prices by cutting production (Reuters | Bloomberg). Argentina’s president-elect, Javier Milei, aka El Loco, is having a friendly exchange with Beijing in a move that contradicts his earlier intentions to cut off ties to China, reports the Wall Street Journal.
ON THE BUSINESS SIDE- US consumers are financing their spending via credit cards with crazy interest rates, an economist told CNBC, so we can expect a major pullback in consumption heading into the new year. Experts disagree on whether or not this will trigger a recession, though. Also, economists polled by the Financial Times agree that the US central bank will hold off on cutting interest rates until at least July 2024, much later than Wall Street is betting on.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Three years and counting:Economic headwinds buffeting Egypt’s non-oil private sector continued in November as inflationary pressures weighed on demand and sent business confidence to record lows, according to S&P Global’s purchasing managers’ index.
As Actis reportedly readies wind farm bid, the SFE has brought in an advisor: The Sovereign Fund of Egypt (SFE) has appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms.
The Cairo Art Fair is opening its doors on Friday 8 December at TAM Gallery at District 5. The exhibition will be showcasing over 130 artists in the largest collection of contemporary Egyptian art to date with 1.5k artworks.
The event will launch this weekend and will be open to the public from 12pm to 10pm.The artworks will stay on display until Wednesday 24 January. Find out more by clicking here.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
?️ TOMORROW’S WEATHER- Expect the mercury to rise to 23°C at its peak during the day and drop to a cool 15°C in the evening, according to our favorite weather app.
Planning to work in the UK? You might need to jump through some more hoops: Migrating to or getting a job in the UK will be more challenging in the future as it is putting stricter visa measures to get the net legal migration figures down, UK Home Secretary James Cleverly said in a statement. Cleverly’s plan aims tobring the “biggest reduction in net migration,” which currently stands at some 300k per year, down from 745k in 2022, according to figures released last month.
IN CONTEXT- Immigration played a significant role in the UK’s decision to leave the EU in 2016. Opinion polls indicated that leave voters strongly supported ending unrestricted movement and granting Westminster the authority to determine who is entering the country for employment.
However, the public mood has shifted, and legal immigration remains a hot political topic among the British as before, says The Washington Post.
THE TAKEAWAYS-
#1- Higher income + salary requirements:Cleverly’s plan includes increasing the minimum salary threshold to GBP 38.7k to be eligible to obtain a visa, which would pressure employers to steer far from considering the overseas labor pool. For context, the mean average salary in the UK is somewhere around GBP 33k per year.
#2- More restrictions on dependents: Care workers will no longer be allowed to bring dependents with them to the UK starting next April. This restriction follows separate regulations enacted earlier this year barring international students from bringing dependents to the UK, unless they are enrolled in postgraduate studies.
#3- Equal pay. Employers can’t pay overseas workers less than their British counterparts in sectors that are experiencing labor shortages. Additionally, the salary threshold of a spousal visa will be raised.
#4- Citizens + residents are going to have a harder time bringing their partners to the UK, as the new rules now stipulate a minimum annual income of GBP 38.7k, up from GBP 18.6k previously, before their overseas partner can come and live with them, says BBC.
The world’s largest iceberg broke off from Antarctica and is making its way towards the Southern Ocean, CNBC reports.Scientists say that A23a — which is three times the size of New York City — has drifted off Antarctica for the first time in 35 years since 1986. Experts at COP28 warn that this is part of an increasing trend of icebergs carving off of shelves and that can potentially threaten to increase sea levels due to the ongoing climate crises.
Policymakers at COP28 are working to reach agreements that would keep the world on track with 2015 targets to limit global warming to 1.5°C, as exceeding this threshold can trigger tipping points that could have catastrophic consequences. A study published in the journal Science revealed that there are 16 tipping points, including the collapse of the West Antarctic ice sheet, that may be reached if global warming surpasses 1.5°C. FYI- The world has already warmed by 1.1°C.
Not enough ice was naturally formed this year. Antarctic sea ice reached its highest point after the winter months in late September, according to The World Meteorological Organization (WMO). Initial data showed that this extent was considerably less than 17 mn sq km; which fell short by a mn sq km compared to the previous record low from 2022, which was an area larger than Egypt. This decline is due to the warmer global temperatures — surprise, surprise.
“The poles will determine the fate of humanity,” declared Gail Whiteman, professor of sustainability at the University of Exeter, as quoted in CNBC at COP28. She highlights that there should be a stern focus on the well being of the poles, as once the ice starts to break away, the consequences of climate change will become more dire and force us to act faster.
An amateur Gen Z sleuth and talented hacker join forces in A Murder at the End ofthe World. The miniseries is a mystery show where the hacker (Darby Hart) and eight guests are invited by a b’naire to a retreat in a remote location.
Tragedy strikes when one of the guests is found dead. Darby (Emma Corrin, who played the young Princess Diana in The Crown), using her diverse skill set, sets out to try to prove that it was a murder before anyone can stop her, and before anyone else winds up dead.
There are at least two storylines going on at all times, so no single mystery is overanalyzed. Because of the weaving of plotlines, everything we see is intentional, whether it’s the characters’ names or something going on in the background. You just need to have some patience to see it all out.
Creators Brit Marling and Zal Batmanglij, also behind the OA, don’t limit themselves to one genre, even while portraying this elaborate mystery. Watch out though, the series’ slow pace is a point of contention, but if you like to befriend a series, this might be a good option.
You can catch the show on Disney+. New episodes are still coming out weekly, with the finale being released on 19 December.
Related
⚽ Man U vs Chelsea tonight at 10:15pm: This match is considered one of the most important matches of gameweek 15 of the Premier League.
Liverpool will host Sheffield United tonight at 9:30pm: Liverpool wants to narrow the gap with Arsenal as it is in the lead after the gap grew yesterday by five points after the Gunners’ victory over Luton. Meanwhile, Aston Villa hosts Manchester City in a key play between fourth and third places, which are only one point apart.
Other scheduled matches in gameweek 15:
Fulham vs Nottingham Forest (9:30pm)
Crystal Palace vs Bournemouth (9:30pm)
Brighton vs Brentford (9:30pm)
Be part of the action and join the Enterprise Fantasy Football Premier League by clicking this linkor entering the code abd0f7.
European league matches scheduled for today:
Stuttgart vs Dortmund (Bundesliga, 9:45pm)
Marseille vs Lyon (League 1, 10pm)
Fiorentina vs Parma (Serie A, 10pm)
Al Mokawloon will be facing El Dakhleya tonight at 7pm in gameweek 8 of the Egyptian Premier League (Nile League).\
Related
?EAT THIS TONIGHT-
Sui will bring authentic French patisserie to your taste buds. Created by a French baker from Lyon and a pharmacist turned baker and artist, the bakery is a true labor of love.
Located in Maadi, it’s a cozy spot for a quick bite, or dessert and coffee. They also bring their tasty treats to your doorstep in Maadi, if you don’t feel like heading out to get it yourself.
Their menu offers a few options for whatever you’re craving. Everything is categorized asfollows: Patisserie, bakery, viennoiserie, savory, grab & go, and drinks.
Their sandwiches will satisfy. We fancied a lunch order so we tried the chicken, gruyere, and mushroom baguette and the turkey cheese croissant — both did not disappoint. We found all the flavors to be well-balanced and satisfying and would definitely order again.
You eat with your eyes first: Each of their pastries delivers on presentation and flavor, but be warned, they’re on the sweeter side. We tried the meringue lemon basil tart, which doesn’t actually have basil in it beyond the garnish, and it was great if you’re a fan of a citrus-y dessert. But, the true standout was the saint honoré, which we can honestly say is one of the best sweet treats we’ve tried in a while. Some honorable mentions are the kouign amann or the cinnamon bun.
Related
? OUT AND ABOUT- (all times CLT)
ART-
The Cairo Art Book Fair is happening 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.
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 sold out.
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.
CHRISTMAS EVENTS-
Get into the Christmas spirit with these festive events all around the capital.
We’re kicking off the season to be jolly with the City of the Lights Christmas Bazaar at Galleria40. The market launched last weekend, but if you missed it, don’t fret. It’ll be up and running next weekend, too.
Bookworms, assemble: AUC’s Christmas Book Fair is running everyday until next Saturday, 9 December. All books are getting a 20% markdown, and the El Kousha Theatre Troupe for Puppets will be performing for the kids on Saturday.
Next weekend is jam-packed with Christmas celebrations. Also taking place on Saturday 9 December is Cairo Jazz Club 610’s Xmas Bazaar collab with Alkemia. 20+ local vendors, live music, good food, gluhwein, and a kid’s area is available to you from 12pm to 8pm.
Want to sit back and enjoy some Christmasy tunes? Arkan Plaza has you covered. TheirChristmas Show, put together by Gaby Bishara, will bring you the smooth sounds of Louis Armstrong and Ol’ Blue Eyes himself in a blend of your favorite jazz tunes and classic Christmas tracks. Free up your Friday on 22 December to head on over.
The classic Christmas staple The Nutcracker Ballet will be performed at the Cairo Opera House by the Cairo Opera Ballet Company everyday starting 26 December up until the 30th.
FILM-
Zawya cinema will be screening five movies for the late director Ali Badrakhan until Tuesday, 26 December. You can know more about the schedule from here.
Eins Christmas Bazaar is bringing you some handmade goodies, kicking off this past Friday and continuing until Sunday, 1 January, 2024. The bazaar is being held at the Gallery, in Maadi.
THEATER-
Relive the good old days with the ACT Theater Group. The group is reintroducing tales of Goha’s (mis)adventures into circulation, alongside other folktales of yore. Adults can bask in nostalgia, and younger ones can connect with their cultural heritage. Register for the shows on 15 and 16 December here.
As a response to Palestinian-based ASHTAR Theater’s global call for solidarity with Gaza, Orient Productions is hosting The Gaza Monologues on Friday, 8 December at 8pm in Cinema Radio.The event will feature readings on stage, by heavy hitters Sayed Ragab, Salwa Mohamed Ali, Nanda Mohammad, Yosra El Lozy, Mohamed Hatem, Rakeen Saad and Ahmed Malek, with musical accompaniment performed by Mohamed Sami. All proceeds will be sent to the Mersal Foundation for aid in Gaza. Get your tickets here.
EVENTS-
A pop-up market is, well, popping up today in Zamalek. Organized by ThatReallyCoolStudio, the ReallyCoolPopUp bazaar will be donating some proceeds to Palestine.
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.
The monthly Cairo Flea Market is putting up their Christmas decorations next Saturday, at the Zamalek Fish Garden as per usual.
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.
Related
? UNDER THE LAMPLIGHT-
Is it time to pack our bags and head for Mars? Many are looking to the stars for a fresh start, but Kelly and Zach Weinersmith don’t think we should give up on Earth just yet. A City on Mars is a funny, engaging, and gentle reality check for anyone ready to board the next rocket out.
The Weinersmiths devote most of the book to answering practical questions to colonizing Mars: They explain how an orbital colony can be built, why prime real estate on Mars is in barren lava tubes, and how living in company towns when management controls the workforce’s access to food, water, light, and air may not be the best situation.
The arguments for space colonization can be split into two categories: Doing it to escape extinction, and doing it because it’s cool that we can. The Weinersmiths admit they started this book with the intention of writing a “sociological road map” to off-world living in the near future. As they dived deeper into their research, the more they realized that space sucks, actually.
Oxygen isn’t the only thing we’d have to live without. The soil on Mars is full of toxic chemicals, and the thin atmosphere whips up planet-wide dust storms that take weeks to settle. And those are the good places. But in the face of extinction, we don’t have a choice. Right? Wrong.
Life on Earth is hard. But the solution, as shocking as it sounds, may not be relocating to a planet without food, water, or air. As planets go, the Weinersmiths argue, Earth is a pretty good one.
This book will make you grateful for this green and blue rock we live on, which is a good thing, because if their science is right, we won’t be leaving any time soon.
The EGX30 fell 1.7% at today’s close on turnover of EGP 5.3 bn (72.7% above the 90-day average). Foreign investors were net buyers. The index is up 69.2% YTD.
In the green: Ezz Steel (+2.7%), Palm Hills Development (+2.3%) and Madinet Masr (+1.8%).
In the red: Alex Container and Cargo Handling (-5.6%), Abu Qir Fertilizers (-5.5%) and Sidi Kerir Petrochemicals (-5.4%).
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