Good afternoon, friends, and welcome back to the grind after a long weekend. We hope you had a restful break.
THE BIG STORY TODAY-
Act Financial is kicking off its IPO procedures tomorrow in an event held alongside IPO manager Zilla Capital, the investment management firm said in an announcement seen by Enterprise.
Remember: The company is offering some 32% of the company’s shares following a capital increase, with the subscription period for retail investors set to take place between 9-23 July, while institutional investors will get a chance to subscribe between 9-18 July.
The company has set the final IPO price at EGP 2.90 per share, it said in a statement (pdf). Financial Advice Corporate Transactions (FACT) — the independent financial advisor to the transaction — set the fair value price at EGP 3.63 per share, down from the EGP 4.54 previously set as the fair value price, the statement read.
THE BIG STORY ABROAD
French centrist and left-wing parties may band together to stop Le Pen’s rise to power. President Emmanuel Macron’s centrist Renaissance party and the left-wing New Popular Front are considering narrowing down their candidate pools to stifle far-right competition led by Marine Le Pen. The first round of voting wrapped up yesterday, showing Le Pen’s National Rally leading with 33.2%, followed by the New Popular Front and Renaissance parties with 28% and 20.8%. The final round of voting will take place on Sunday, 7 July. (Bloomberg)
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We’re getting EUR 1 bn from the EU before the end of the year: Egypt and the EU inked an agreement that will disperse EUR 1 bn in macro-financial assistance during the second half of 2024 — the first of two packages of concessional loans that will total some EUR 5 bn.
Egypt’s net foreign assets recorded their first surplus in over two years, as the second and final tranche of the USD 35 bn Ras El Hekma agreement brought in some USD 14 bn of fresh inflows — USD 6 bn of which the central bank poured into the nation’s banking sector.
☀️ TOMORROW’S WEATHER- Another hot day with a high of 37°C and a low of 24°C in Cairo according to our favorite weather app.
When it comes to streaming, YouTube is king. And not just on your phone or your laptop, but on your TV screen too. A Nielsen report showed that the 20 year old platform made up 9.7% of all TV viewership in May, the largest share ever recorded for a streaming service.
People watch over 1 bn hours of YouTube per day, said YouTube CEO Neal Mohan earlier this year. In the US alone, Over 150 mn people use their TVs to contribute to the astronomical number of hours people are spending on the streaming platform, Variety reports. These numbers are reflected in YouTube’s ad revenue, which clocked in at USD 31.5 bn in 2023, up 8% from the preceding year.
Friend or foe? Media executives at Netflix and Disney haven’t made up their minds about whether or not YouTube is an enemy or an ally, Media analyst Rich Greenfield told CNBC. The user content-led platform may not directly compete with professional media companies, but as viewers increasingly turn to creator content, the more of a threat it becomes to the entertainment industry.
Disney believes that the throne belongs to them. Nielsen reported Disney’s claims that they represent 11.4% of TV viewership if you add both cable and streaming services, and if you include Disney-owned Hulu and ESPN. The company has historically used YouTube to promote their own platforms, posting single episodes from Disney+ and Hulu series to draw in viewers who aren’t already subscribed to their streaming services.
The reality is that the entertainment industry only fuels YouTube’s popularity. Fans of media on streaming services like Netflix and Disney+ will flock to YouTube to consume supplemental content generated by other users, viewing discussions and critiques being created in response to TV shows and movies, as well as reviews of subsequent parks, rides, and merch. While Disney loses sleep over losing viewers to YouTube, Netflix chooses to believe that the platform caters to a different consumer need.
Hacks brings powerful female comedy to the television screens. Deborah Vance (Jean Smart), a legendary Las Vegas comedian begins to lose her show dates in Sin City because audiences no longer find her relevant — a criticism that she finds impossible to accept. Pushed by her agent, Ava Daniels (Hanna Einbinder) is forced on her as a comedic writer to create material that will keep her relatable and retain her presence on the Las Vegas stages.
Vance cannot tolerate Daniels. Stuck in her box of principles and ways, old-school Vance struggles to come to terms with Daniels. On the other hand, the young writer is trying to reclaim her fame after a tweet excommunicated her from the famous Los Angeles crowd and from any future work in Tinsel Town.
Their collaboration makes for a hilarious watch. When Vance begins to accept Daniel’s input the material becomes a success and Vance begins to warm to Daniels, but not with hilarity ensuing in the process. Expect strange car drives, really scandalous jokes, and two great women trying to make it big in an industry that focuses on male comedy.
You can catch the series on OSN+ and watch the trailer here.
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⚽ The top matches of round of 16 Euro 2024 championship: The French national team will face its Belgian counterpart in Düsseldorf at 7pm tonight in the round of 16 matches in the UEFA European Championship. Les Bleus qualified by finishing second in Group D with 5 points, while the Belgian team collected only 4 points to take the second spot in Group E.
The second match will have Portugal and Slovenia kicking off at 10pm as part of the same round of the UEFA European Championship. Portugal has reached the knockout stages after topping their group with 6 points, while Slovenia qualified as one of the best third-placed teams.
The victors of the first match are scheduled to face the victors of the second match in the quarterfinals.
A few clashes are expected in the Copa América: The Group C teams in Copa América will play their third and final round of the group stage, which will determine the qualifiers for the quarterfinals and those leaving the tournament. Team USA is currently in second place with three points, and will be going up against the leaders, Uruguay, who have six points, at 4am. At the same time, Bolivia, in last place with no points, will play against Panama, who are in third place with three points.
At home, Al Ahly will be playing against El Gaish at 7pm tonight after a postponed match from gameweek 13.
Also at 7pm tonight: Al Masry vs El Gouna.
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? EAT THIS TONIGHT-
A crispy contender: Dodz Fried Chicken is rapidly making a name for itself as a fantastic alternative to a well-known fried chicken giant. Located in four convenient and bustling areas of town, this fried chicken shop offers a fresh take on classic comfort food, drawing in locals and visitors alike with its mouth-watering offerings.
Dodz menu is straightforward yet diverse, focusing on delivering high-quality fried chicken with a variety of delicious sides and options — the tastiness of the chicken lies in the secret blend of spices.
We had to nab the crispy classics: Crispy on the outside and juicy on the inside, Dodz signature fried chicken is available in both regular and spicy varieties. The seasoning is flavorful without being overwhelming, offering a perfect balance that appeals to a wide range of tastes.
If you’re more of an off-the-bone type, these tender strips of chicken are a hit with both kids and adults. Served with a choice of dipping sauces, including tangy barbecue, creamy ranch, spicy buffalo, and their special Dodz sauce.
They have a blueberry burger. Yes, you read that right. So, if you’re not much of a chicken lover, you can try out this most unusual burger or their regular cheeseburger.
Helmy on stage: The comedic genius Ahmed Helmy will be performing in his interactive play Mimo at the Grand Nile Tower Hotel in Cairo on July 4, 5, 11 and 12 starting from 9 pm. Get your tickets here.
Salsa Night at CJC610 is for the dance aficionados and amateurs. It’s at 9pm tonight and don’t worry, you don’t need to be an expert at dancing to attend the event. Salsa night is presented by Slow Motion Studio. To reserve, contact CJC 610 through their Facebook page.
Don’t miss the latest production of one of the most famous romantic tragedy ballets:Giselle the Ballet. Accompanied by the Cairo Opera Ballet and the Cairo Symphony Orchestra, the show will take place today and tomorrow at the Grand Theater of the Cairo Opera House at 8:30 pm. (Tickets for tonight | Tickets for tomorrow)
Go for a friends and family day out at the Adeer Plaza Festival. This event will have carnival games, arts and crafts, colorful parades, and stilt walkers. The festival will take place on Saturday 6 July from 4pm to 12am at Adeer Plaza, Waslet Dahshour in Sheikh Zayed. Register here.
Affichat w Aflam for the cinema aficionados. This exhibition showcases a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017. Showing in three editions, with the first ending on Thursday, 11 July, it will display pieces from the 1930s to 1970s. The exhibition is open from 10am to 10pm at Bibliothek.
Experience a mesmerizing performance in ‘Nawah’ or ‘Fertile Presence’ on the Rawabet stage. The performance fuses movement and sound to highlight the interconnectedness of agriculture, fertility and motherhood. The performance will be on Saturday, 5 July and will start from 8pm. Get your tickets here.
HAPPENING LATER-
Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Click here for the tickets.
20 years of Masar Egbari: The band is celebrating its 20th anniversary with a concert at Al Sawy Culturewheel, Nile University branch in Sheikh Zayed, on Thursday, July 18, at 8pm. Click here to get your tickets.
Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets)
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? UNDER THE LAMPLIGHT-
In The Villa by Rachel Hawkins, estranged friends are back together but an old crime might rip them apart once more. Emily and Chess were best friends for their whole lives until adulthood got in the way. They decide to attempt to rekindle their friendship by going on a trip together to Italy and staying in a villa with a complicated past. In that villa, a rockstar and his group dealt with their own crazy events in 1974, one of which ended in murder.
Emily gets a little too nosy. One of the guests from that turbulent time wrote one of the greatest horror books of all time, and Emily uses it to discover that there was more to the story than a rock and roll trip gone wrong. But, it seems that this investigation is coming in between her and Chess, and it looks like another crime is brewing.
Alternating timelines: The book goes back and forth between the best friends, and the rockstar and his entourage who lead completely different lives. But something’s not right in both of them, and Emily will get to the bottom of it.
It’s a slow-burn thriller that will deliver suspense and a variety of types of characters. Unfortunately, they’re not always likable but that’s what moves the plot along. It’s also not the most suspenseful book, relying more on the drama than the thriller, which can make it a lighter read than something full of twists and turns.
The EGX30 rose 0.7% at today’s close on turnover of EGP 3.4 bn (22.7% below the 90-day average). International investors were the sole net sellers. The index is up 12.4% YTD.
In the green: GB Corp (+9.9%), Palm Hills Development (+5.2%), and Juhayna (+4.7%).
In the red: AMOC (-2.1%), EFG Holding (-1.6%), and Delta Sugar (-0.9%).