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Letting go

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WHAT WE’RE TRACKING TONIGHT

A record-breaking January for remittances

Good afternoon, everyone. After a few busy days, it appears that the newscycle — at least on the home front — has taken a breather.

THE BIG STORY TODAY-

Remittances from Egyptians abroad continued their upward pace to kick off the year, rising by 83.2% y-o-y to USD 2.9 bn in January — the highest figure ever recorded during the month, according to data (pdf) from the Central Bank of Egypt. The numbers are similarly positive in the longer term, with the first seven months of the current fiscal year having seen an 81% y-o-y increase in remittances to some USD 20 bn — up from USD 11 bn during the same period last year.

That’s two y-o-y record breaking months in a row: Remittances back in December reached USD 3.2 bn, in what was another all-time high for the month.

THE BIG STORY ABROAD-

China puts forward terms that could open the door to trade talks with US: Beijing signals readiness to partake in trade talks with the US administration if a list of its conditions are met — these include the US “showing more respect” by toning down “disparaging” remarks made by members of the US cabinet, Bloomberg reports, citing an unnamed source. “China is looking for: respect, consistency and a point person,” Societe Generale SA Greater China Economist Michelle Lam said. Trade relations between the two sides have been under threat since US President Donald Trump slapped Chinese goods with a 145% tariff, which Beijing retaliated against.

MEANWHILE- Trade talks between the EU and US show little progress, Bloomberg reports, citing sources familiar with the discussions. Meetings that brought together EU officials and members of the Trump administration ended with EU Trade Chief Maros Sefcovic leaving “with little clarity on the US stance.” The bloc now expects the tariffs imposed on imports to the US to stay.

☀️ TOMORROW’S WEATHER- Temperatures are still on the up-and-up, with the weather tomorrow expected to be a cloudy 30°C in the capital, before dropping to a cool 15°C at night, according to our favorite weather app.

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FOR YOUR COMMUTE

Letting go is a soft skill

Managers who refuse to delegate aren’t just taking on Sisyphean tasks — they’re also harming their own leadership. A Gallup poll published in 2015 revealed that CEOs with strong delegation abilities submit more ambitious growth plans and show stronger growth rates. The kicker? Only 25% of polled leaders were good delegators. No similar studies have been conducted more recently, and while we’re optimistic these digits have climbed, delegation (or lack thereof) has remained a prevalent issue in corporate circles a decade later.

The culprits? Trust… Managers who have experienced poor work performance from their team in the past will doubt their competency in the future, but taking too much off your team’s plate may create a cycle of incompetence — giving your underlings less to do deprives them of experience they need to improve.

…time management… Not your team’s, yours. Many leaders will take on important or time-sensitive tasks to appease the schedule, which ties into the conviction that their work needs less revising — not unfounded, considering that many have a history of career success. But this belief overlooks the ROI of strengthening your team by spending time on assigning, explaining, helping, and critiquing their output.

…and a sense of purpose. As a team grows and a leader’s work becomes more managerial, many may feel that they are materially contributing less to their organization, losing the sense of self-worth they’ve attached to their work.

How to become a better delegator: Executive coach Jessica Wilen marks communication as the number one skill to develop. “Start by clearly defining the task, desired outcome, deadlines, and any specific resources needed,” she says, adding that incrementally giving your team members more difficult tasks helps build rapport.

Address your fears: What if you fiercely dislike the decisions being made by your newly autonomous team? What if you’re the one being held accountable for the team’s decisions? How do you avoid a fauxtonomy — when subordinates make decisions based on what they believe would best please their boss? The answer to all of these questions, according to the Harvard Business Review, is fostering a culture of experimentation. Failure should be met with constructive criticism; different approaches should be equally valued; successful employees should be spotlighted, even if it comes at the cost of your guidance going unrecognized.

Delegation isn’t a one-way street: Nobody understands how you can better delegate than your subordinates, and a distant boss can be just as discouraging as a micromanager. Building rapport with the team and encouraging feedback can create a culture of continuous improvement.

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Ears to the Ground

What they don’t teach you in Econ 101

? Market fundamentalism isn’t the only lens through which we can understand what’s happening in the global economy. The Pitchfork Economics podcast, hosted by venture capitalist Nick Hanauer, sets out to challenge what its host sees as outdated assumptions and power-serving logic of trickle-down economics, offering instead a progressive, policy-oriented take on how economies actually work.

Hanauer believes in middle-out economics — the premise that prosperity breeds from the middle class outwards. In other words, when workers are paid fairly, protected by sound policy, and recognized as the real drivers of the economy, they have both the means and the incentive to fuel robust, inclusive, and sustainable growth.

Each episode explores big, often provocative topics amongst the business community — from Wall Street’s war on workers to arguments against extreme wealth — and unpacks them through a mix of empirical analysis and lived experience. Hanauer and his team do a solid job of grounding abstract ideas in everyday consequences, with an emphasis on who benefits and who loses under current economic arrangements.

WHERE TO LISTEN- Pitchfork Economics is available on Apple Podcasts, Spotify, and the podcast’s website.

This publication is proudly sponsored by

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Sports

Champions League quarterfinals + Capital Cup action

⚽ The Champions League quarterfinals are picking back up tonight at 9pm with two more second-leg matches.

Santiago Bernabéu Stadium will see Arsenal and Madrid go head to head once again — the Gunners secured a resounding 3-0 victory over the home team in the first leg. If luck favors them again, Arsenal may be in the running to hoist the Champions League cup for the first time in the club’s history. Los Blancos have experienced an unusually rough season of what is usually their favorite tournament, cutting it closer to elimination than victory more often this time than not. To qualify for the upcoming round, Madrid will need a clean four goal victory.

Bayern Munich will be treading the San Siro pitch tonight in a match against home team Inter Milan, who are armed with a close victory of 2-1 during the first leg thanks to a late goal by Davide Frattesi. Bayern will no doubt fight to make up the difference, but Inter has the home advantage up their sleeve.

The results of yesterday’s match: Both Barcelona and Paris Saint-Germain narrowly clinched their places in the semifinals in what can only be described as a comeback after both had previously lost to their rivals Borussia Dortmund and Aston Villa in the first leg matches. PSG will be facing the victor from the match between Real Madrid and Arsenal, while Barcelona waits to meet the team that comes out on top between Inter and Bayern Munich.


In the English Premier League: Newcastle and Crystal Palace will finally be going head to head tonight at 8:30pm in a postponed match from Round 29 of the tournament, which will mark the end of the current Round 32.


On the home front: The final round of the Egypt Capital Cup group stage will see two Group A matches at 4pm later today between Zamalek and Smouha, and El Gouna and Modern Sport. Group D will also see some action, with Ismaily and Al Ittihad, and Haras El Hodoud and Pyramids facing off at 7pm.

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OUT AND ABOUT

Skrew takes over the Boom Room

MARK YOUR CALENDAR-

? Have you hopped on the latest game night craze? Boom Room is hosting a night of strategy and competition as the Skrew Official Tournament kicks off on Friday, 2 May. Tickets are available on Ticketsmarche.

HAPPENING THIS WEEK-

Massar Egbari will hit the stage next Friday in Sheikh Zayed: The band is bringing their signature sound and fan favorites to Teatro Arkan on Friday, 18 April. The concert kicks off at 8pm, and tickets are available now on TicketsMarche.

Multidisciplinary artist Hossam Abou Elela’s More Than Just A Word exhibition at Nout Gallery in Zamalek. The exhibit will be open daily to the public until Wednesday, 30 April, from 12pm to 7pm. Entrance to the gallery is unpaid.

HAPPENING LATER-

Tamer Ashour on the ZED stage. Get ready to see Tamer Ashour on the bigstage at ZED Park in Sheikh Zayed City on Friday, 25 April starting at 8pm. Tickets are available on Tazkarti.

Society of Play + Al Zomra = Easter Breeze. Head to Uptown Cairo on Saturday, 26 April at 12pm to celebrate Easter with outdoor picnics, grill stations, egg painting, pottery, musical activities, and a golden egg hunt. You can reserve your spot on TicketsMarche.

The king of latin pop lands in Egypt. Grammy-winning global superstar Enrique Eglesias will be performing at Rixos Radamis, Sharm El Sheikh on Saturday, 3 May. Tickets to the concert are exclusive to guests at Rixos Radamis and Rixos Premium Seagate hotels and resorts.

Omar Khairat’s Grand Show is taking place on Friday, 9 May. Dress up in your finest formal wear and head to the Qubba Palace to experience the iconic composer’s unforgettable talent. Tickets are available on TicketsMarche.

Fans of smooth jazz have a rare chance to see Michael Bublé live on Monday, May 26 at the New Capital. The Grammy winner promises a landmark concert with his smooth, soulful voice and timeless hits for one special evening in Egypt. Tickets are now live on TicketsMarche.

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GO WITH THE FLOW

What the markets are doing on 16 April 2025

The EGX30 fell 0.5% at today’s close on turnover of EGP 3.4 bn (24.3% below the 90-day average). Regional investors were the sole net buyers. The index is up 4.3% YTD.

In the green: Sid Kerir Petrochemicals (+1.9%), Madinet Masr (+1.9%), and Eastern Company (+0.9%).

In the red: Ibnsina Pharma (-3.4%), GB Corp (-2.8%), and Rameda (-2.5%).


APRIL

6-30 April (Sunday-Wednesday): More Than Just A Word art exhibit at Nout Gallery in Zamalek.

8-30 April (Tuesday-Wednesday): Faces of the Margin art exhibition.

9-14 April (Wednesday-Monday): Ici la Palestine event at the French Institute of Egypt.

15 April (Tuesday): The Secret Debate Club at Rawabet Art Space.

18 April (Friday): Massar Egbari concert at Teatro Arkan.

25 April (Friday): Tamer Ashour concert at ZED Park, Sheikh Zayed.

MAY

2 May (Friday): Skrew Official Tournament at the Boom Room.

3 May (Saturday): Enrique Eglesias at the Rixos Radamis in Sharm El Sheikh.

9 April (Friday): The Grand Show: Omar Khairat at Qubba Palace.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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