Good afternoon, friends, and a happy Wednesday to you all.
THE BIG STORY TODAY
Inflation nudges higher in September: Annual headline urban inflation ticked up 0.2 percentage points from the month before to 26.4% in September, according to data from state statistics agency Capmas. The slight acceleration marks the second consecutive rise in a row, but still places the rate of inflation a whole 11.6 percentage points below the record 38.0% recorded in the same period last year.
Driving the uptick were energy costs, coming in at 4.4 percentage points higher than the month before on an annual basis. Behind the increase was a 50% rise in the cost of subsidized butane gas and electricity price hikes during the month, in addition to fuel price hikes of up to 15% that came into effect in late July.
THE BIG STORY ABROAD
It’s a pretty US-centric newsday in the international press, with coverage of Hurricane Milton approaching Florida temporarily pushing aside coverage of Israel’s war on Gaza and now also Lebanon as the day’s main story.
Category 5 Hurricane Milton is set to make landfall near Tampa Bay, Florida late Wednesday or Thursday morning, sending Floridians still reeling from the devastation of Hurricane Helene two weeks prior scrambling to move to higher ground or prepare their homes for the storm’s onslaught. The storm is expected to be one of the most destructive hurricanes to ever hit Florida’s Gulf Coast, with meteorologists projecting a storm surge of 3 m to much of the area.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Tax facilities, investment incentives announcement within hours: The Madbouly government will announce a fresh package of tax facilities and investment incentives later today.
The Smart Villages Development and Management Company is planning to list 30-35% of its shares on the EGX in an IPO earmarked for 1H 2025).
Adenia Partners sets up shop in Egypt: Mauritius-based private equity firm Adenia Partners has expanded into Egypt, setting up its first local office.
☀️ TOMORROW’S WEATHER- Temperatures are seeing a dip, with the mercury expected to reach a high of 33°C and a low of 22°C in the capital tomorrow, according to our favorite weather app.
Google, define monopoly. Now that Google’s parent company Alphabet has lost theantitrust lawsuit filed against it by the US Department of Justice and legally named a monopolist, DOJ lawyers are proposing solutions to restore competition in the search engine market, according to The Verge. This includes forcing the tech giant to sell Chrome, Android, or Google Play.
(Tap or click the headline above to read this story with all of the links to external sources.)
Why? The search giant is making it impossible for rivals to compete. The amount of spending it takes to become a default option on platforms — including Apple, which cost USD 22 bn according to the lawsuit — is allowing the company to keep control of search distribution. “Google’s monopoly-funded revenue share payments disincentivize its partners from diverting queries to Google’s rivals,” the lawyers wrote.
Marketing for the enemy. The filing also included a requirement for Google to provide awareness campaigns that would give users the ability to choose a search engine based on their needs.
Google’s response: The company released a blog post saying that the filing framework “goes well beyond the legal scope of the court’s decision about search distribution contracts.” It also expressed that preventing the use of Chrome or Android “would break [the products]” since other companies would not be eager to invest in keeping them free and accessible for users the way Google has.
Dusting off their acting skills, two Hollywood icons team up for an action comedy. For better or worse, Wolfs proves that star power reigns over interestings plots with big names — George Clooney and Brad Pitt — who glide through the story with the kind of effortless charm that only decades in the spotlight can bring.
(Tap or click the headline above to read this story with all of the links to external sources.)
The story follows two professional "fixers" — Nick (Pitt) and Jack (Clooney) — who find themselves at odds after being hired for the same job. One is called in by a powerful New York politician to discreetly resolve a scandal following a botched affair at a luxury hotel, and the other by the mysterious hotel owner to cover the exact same tracks to protect the hotel’s reputation.
As the two men, both used to working solo, trade jabs and question each other’s capabilities, the situation grows more complicated, involving stolen drugs, a clueless college student, and a violent gang. Over the course of a chaotic night, they’re forced to team up despite their differences, all while coming to terms with their place in a world that’s starting to move on without them — almost a parallel to their reality in the entertainment industry, you might say.
If you’re looking for sharp dialogue or a fast-paced thriller, this might not be what you’re after. The film is light on tension, and the plot feels familiar, with none of the snappy, quotable lines of its genre predecessors. However, if you’re here for classic Clooney-Pitt chemistry, you’ll find plenty to enjoy. Their dynamic carries the film, offering a laid back, entertaining watch.
WHERE TO WATCH- You can watch the film on Apple TV+ and find the trailer on YouTube (runtime: 2:40).
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⚽ No matches today, folks, but the international matches kick off tomorrow.
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? EAT THIS TONIGHT-
Pick up (or curate) a delicious hot meal with your groceries. Alongside their regular commodities, Fresh Food Market offers an impressive variety of hot meals. Their shoppers have the unique opportunity to create any hot meal with any ingredient sold in the supermarket. Whether you’re hankering for sushi, pizza, or steak, they make it all.
If you're in the mood for something light and quick, start by making your way to the bakery section to pick your choice of freshly baked bread, then to the dairy section to build the rest of your sandwich. The go-tos are the classic turkey and cheddar, zesty grilled chicken with pesto, and roast beef with mayo.
For those seeking something heartier, pasta is the way to go. With an extensive selection of pasta types and sauces, you can customize a dish that satisfies any of your cravings. We picked out the ingredients for a creamy fettuccine alfredo, with added grilled chicken and mushrooms.
If steak is what you’re after, the butcher section allows you to select your cut personally. We chose a ribeye and asked for a side of creamy mashed potatoes. The chef will expertly season and cook the cut the way you ask for it.
PRO TIP: While the menu presents a variety of options, it’s best to converse with the waitstaff — they’re great at suggesting delicious items that may not be listed.
Go on a run in Egypt’s historic city at the Luxor Half Marathon. Cairo Runners’ annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register through Cairo Runners’ website.
Calling all plant parents. The autumn edition of the International Flower Expo will begin on Thursday, 10 October at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.
The Bahgaga band sings Shokoko:Bahgaga will perform a special tribute to Shokoko’s classic songs at Theatro Arkan on Thursday, 10 October. Get your tickets through Ticketsmarche.
Layali Misr with Angham: Singer Angham will be performing live as part of the Layali Misr event at the Grand Egyptian Museum on Friday, 11 October from 10pm. Tickets are available on Tazkarti.
The celebration of music continues at the Arab Music Festival, which kicks off on Friday, 11 October. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through Tazkarti.
Registration is still open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. You can sign up on Ticketsmarche.
HAPPENING LATER-
Got the moves? The 16th edition of Cairo International Jazz Festival will take place from Thursday, October 31 to Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Tickets available on Ticketsmarche.
The largest collection of prints in the country.Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery will be open from Friday, 18 October till Monday, 18 November in Garden City.
The fourth edition of Forever is Now is approaching. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will start on Thursday, 24 October and continue till Saturday, 16 November.
Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East, so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.
Prepare for the sixth edition of The Marakez Pyramids Half Marathon, organized by the TriFactory. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: Ticket prices will increase in a week, so get in line for early bird registration on the marathon’s website.
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? UNDER THE LAMPLIGHT-
Oz’s most misunderstood villain gets her story told: Gregory Maguire’s novel Wicked — the inspo behind the broadway musical debuting on the silver screen next month — reimagines the world of L. Frank Baum’s The Wonderful Wizard of Oz’ s Wicked Witch of the West, Elphaba through a darker, more mature lens.
Long before Dorothy crash-landed her house in Oz, a little girl named Elphaba was born into a harsh, divided world. Unlike others, Elphaba is born with emerald-green skin, making her an instant outcast. As she grows up, she proves to be sharp-witted and fiercely independent, but she struggles with her identity in a land ruled by superstition, fear, and political unrest. When she arrives at Shiz University, Elphaba finds herself among the most promising young citizens of Oz.
However, her life takes a darker turn when she learns of the Wizard’s brutal oppression of Animals — smart creatures with voices and minds. Determined to fight against injustice, Elphaba risks everything, including her one chance at love, to combat the Wizard’s tyranny. As the years pass, her rebellious spirit earns her the title of the Wicked Witch of the West, a label she learns to embrace in a world that has turned its back on her.
It makes you rethink what it means to be wicked. In a world filled with political corruption and social injustice, Wicked remains relevant and a must-read for anyone looking to revisit the Land of Oz in an entirely new way.
The EGX30 rose 1.1% at today’s close on turnover of EGP 4.1 bn (0.1% below the 90-day average). International investors were the sole net sellers. The index is up 25.2% YTD.
In the green: Cleopatra Hospitals (+7.7%), Elsewedy Electric (+4.8%), and Telecom Egypt (+3.6%).
In the red: Credit Agricole (-1.4%), Juhayna (-1.3%), and CIB (-1.2%).
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