Good afternoon, friends. It’s an eerily calm news day here at home so far, although we have a feeling it’s one of those days where we’ll see the pace pick up later on in the afternoon.
THE BIG STORY TODAY
The Central Bank of Egypt (CBE) has instructed all local banks to charge a minimum interest rate of 24% on secured loans in a bid to clamp down on carry trade following the issuance of new high-yield certificates of deposit (CDs) by the country’s two largest banks, Asharq Business reports, citing three banking sources. The new rule came into effect today.
Background: Banque Misr and the National Bank of Egypt last weekend introduced two 12-month CDs with record high yields: one with a single interest payment of 27% paid upon maturity, and another that offers monthly payouts at a reduced 23.5% annualized rate.
THE BIG STORY ABROAD
A Boeing 737 Max 9 from Alaska Airlines lost a fuselage panel after take-off on Friday and continues to dominate coverage in the international press this afternoon. Despite no loss of lives, the incident has renewed calls within the industry to extend the duration of in-flight voice recordings that are often used to retrieve vital flight data. US standards cap recording requirements at two hours, compared to 25 hours in Europe. Authorities were unable to retrieve the recordings from the Alaska Airlines flight because more than two hours had passed and the data was erased. Boeing shares fell nearly 8% in pre-market trading, while Spirit AeroSystems — which supplies Boeing’s fuselage for the jets — saw its shares drop 16%. (Reuters | Bloomberg | Financial Times)
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The government has a new and ambitious FX inflows target for 2030: The Madbouly government aims to ramp up its foreign exchange inflows to around USD 300 bn a year by 2030 — nearly triple the country’s current annual FX revenues — to boost the economy’s resilience.
Savers line up for high-yield CDs: Savers have put away some EGP 11 bn into the newly introduced high-yield certificates of deposit (CDs) during their first 24 hours of issuance on Friday.
Egypt’s current account deficit narrowed in 1Q FY 2023-2024thanks to an increase in Suez Canal and tourism revenues.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
☀️ TOMORROW’S WEATHER- Expect another sunny day tomorrow with a high of 21°C and a drop to a cooler 13°C in the evening, according to our favorite weather app.
2024 could be the year that passwords die as tech giants and startups alike push forward with passkeys — a technology that could make the need to remember or track dozens of passwords obsolete.
What are passkeys? They replace passwords with “authentication mechanisms built into your own devices,” the Verge writes. “That means you can use Face ID on your iPhone, Windows Hello on your PC, or the fingerprint sensor on your Android phone to authorize access to your websites, apps, and services.”
Why? They’re more secure — only a hashed version is saved by developers and they’re protection against phishing attacks: Your grandpa (or mom or dad or the guy in finance) can’t be tricked into clicking a bogus link because “the browser or OS handles verification” that the website is legit.
PC user? You’ve been gifted with a new button. Last Thursday, Microsoft announced that it will be adjusting the standard Windows keyboard for the first time since 1994 by adding a button designated to prompt their generative AI assistant, Copilot, within Windows 11, the company said.
What does the Copilot key do? Well, not much. It predictably opens up the generative AI assistant, which anyone with an up-to-date Windows PC with Copilot enabled can currently do by just pressing the Windows button + C, according to Ars Technica. Why? Because Microsoft really wants you to use Copilot. After all, they didn’t invest USD tens ofbns into AI for nothing. Right?
2024 is going to be the year of the AI PC. At least that’s what Microsoft’s Chief Marketing Officer Yusuf Mehdi says. According to the announcement, Copilot will be used to reinvent computer functionality, such as Bing search, Microsoft 365’s productivity tools, and other more vaguely phrased activities such as “getting things done.”
This change is striking a nerve with Microsoft users. Microsoft admitted that using their new keyboard will become mandatory to use their software, but didn’t specify when this would go into effect. Many also fear that the placement of this new key will interfere with their workflow either by hindering typing or nullifying years of shortcut memorization — cue in first-world problems’ cries of anguish.
It wouldn’t be the first time Microsoft has imposed hardware requirements on major PC manufacturers. The Windows key was introduced in 1994 and is now standard across PC keyboards naturally rather than by requirement. Microsoft’s upcoming Copilot key directive will essentially force PC owners to upgrade their devices once Microsoft imposes this requirement in one of their software updates.
El Conde (The Count) is a fresh take on the typical vampire story. In it, Augusto Pinochet, the Chilean dictator who was guilty of multiple atrocities and human rights abuses, is a 250-year-old vampire. In this narrative, he finally gets sick of the immortal life and wants to rest after bringing shame and scandal to his family. But, when an accountant enters the scene to handle his “ill-gotten money,” his plans are set up to change.
The plot avoids the standard bloodsucking storyline and is more satirical in its approach to vampire lore. The clear comparison of Pinochet and those in power to monsters, in a literal sense, makes it unique. The movie takes a bit to get going, but the dialogue and absurdity do not get stale — it is funny and entertaining. One drawback is how chatty it is, however, and the film could have benefited from more direction and perhaps a shorter run time.
Dark humor, or does it go too far? The film is focused on the Pinochet regime and could hit a sore spot as it might make light of an abusive leader. Taking such a lighthearted approach to reflect a time of so much corruption and injustice was a risky move but the film can also be interpreted as a satirical commentary on pain, suffering, and politics.
⚽ European championships will temporarily slow down with only one match scheduled between Wigan Athletic and Manchester United at 10:15pm in round 3 of the English Football Association Cup.
The third iteration of the Egyptian Professional Football Club’s Association kicks off today with the following matches:
Baladiyat Al Mahalla vs Smouha (3pm)
El Dakhleya vs Ismaily (3pm)
Modern Future vs Al Ittihad (5pm)
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? EAT THIS TONIGHT-
Joining a long list of Italian restaurants in Cairo, Pattini makes its entrancein three venues — Mivida, District 5, and in the North Coast in Marassi. The fusion of unusual ingredients with staple dishes makes this restaurant different from its Italian peers in Om El Donia.
We started with the Eggplant Parmigiana. Resembling a vegetarian moussaka, the vegetables were covered with a melted slab of cheese that would make the lactose-intolerant stomach weep. This hearty appetizer was crunchy and juicy — the fried eggplant and the accompanying tomato sauce played off each other nicely. For the cheese, we would’ve liked it a bit more melted as it eventually got rubbery.
Moving on to mains we picked the Seafood Bufalina and the Oyster Porcini Fillet. The fish offered nothing different to a portion of seafood pasta, but the additional bufala cheese elevated the flavor. The oyster porcini filet was delicious, but Pattini didn’t get the wellness level quite right, as we asked for it to be cooked to medium rare and it was cooked to medium. The portions will also leave you wanting a bit more, so we suggest that you order an appetizer or side dish with your main courses. Before we forget, select the pepper sauce with your steak rather than the mushroom sauce — you’re welcome.
They have a seven-course meal experiencethat is only available in District 5 on weekdays and needs to be pre-booked. We took a sneak peek at their socials for more details and what we discovered was that it is cooked “By Perry”, their MasterChef and owner. The dishes cooked are off the menu, but we did discern that there was a pistachio pasta and lemon crème brûlée served that whet our appetites and is prompting a second visit soon.
NOTE- We also prefer dining in the District 5 branch, which is less crowded and spacious than the Mivida branch.
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? OUT AND ABOUT- (all times CLT)
FILM-
For fans of Egyptian film nostalgia:watch the screening of Egyptian short film Ahl El Fan at Qahrawyastudio which reminisces on the golden age of Egyptian cinema and the unforgettable cinematic masterpieces that were produced. The screening will be followed by a Q&A session with Hassan El Geretly, founder of the Wersha Theatre Troupe and actor in the film. The film will be showcased for one day only this Thursday, 11 January from 8pm. Get your tickets here.
The Panorama Film Festival is back. Zawya’s collaboration with the European Union in Egypt and EUNIC Egypt is running from Thursday, 11 January to Saturday, 20 January. Instead of only showing at Zawya, the films will be screened in Cima Arkan and Point90 as well. You can find the schedule as well as other important information here.
Director Marwan Hamed will be joining Mahmoud Saad in an interview live on stage at the Falaki Theatre in Tahrir on Saturday, 13 January. Mohamed Mohsen will be providing some additional entertainment for the audience with the performance of some Arabic ballads to the tune of Maestro Aziz Al Masry. Keep in mind that this is a no-phone experience, and you will be asked to leave your devices with security. You can book tickets here.
ART-
Get ready, aspiring photographers: The Fujifilm festival starts on Thursday, 1 February, and ends on Sunday, 4 February. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning and check out the GFX 100 ii Studio on-site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.
Practice your knitting and needling skills at a crochet workshop at the Monalisa ArtStudio. This three-hour course will teach you all the crooks and crannies from basic stitching shapes to making scarfs. The course will be taking place every Saturday and Wednesday until Wednesday, 28 February from 1-4pm. Check out their Facebook page for more information.
MUSIC-
Leil at Sawy: Leil Band will be performing a concert tonight at El Sawy Culturewheel in Zamalek at 8pm. Grab your tickets here.
Warm up your vocal cords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday through to 27 February for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here.
If you missed last month’s Mazaher concert, don’t fret. The Zar band is performing two back-to-back concerts this Wednesday at Makan, the Egyptian Center for Culture and Arts downtown. The first concert will start at 8pm, and the second will follow at 9:45pm.
Soothe your ears with the sound of harmonious music at the Harp classic concert with Manal Mohei Eldin on the string quartet playing pieces by Mozart and Boïeldieu. The performance will also feature Huda Abde Elazim on the flute as the guest of honor. This is a one-day concert at Cairo Opera House’s small theater on Sunday, 21 January from 8pm. Reserve your seats here.
The Cairo Opera House is reserving its Main Hall for a Rageh Daoud homage concert on Sunday, 21 January. The concert will be conducted under the tutelage of Maestro Ahmed Farag, and will kick off at 8pm. Before you book your tickets, note that there is a strict black-tie dress code for the night. Gentlemen, that means a full suit, tie included.
SPORTS-
The Cairo Half Marathon is taking place in a few months: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering the same distances as The TriFactory. Tickets are available until 27 February, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Related
? UNDER THE LAMPLIGHT-
The Lost Cause shows us the future of climate change. Set 30 years from now in the US, the book follows a future generation of Americans living with the consequences of climate change in a society where everything is being done to cope with the effects.
There’s chaos everywhere. Natural disasters, rising sea levels, and clean-energy projects that are trying to beat the clock. Facing the harms of these effects has become a skill that mns have had to pick up because they had no other choice — unlike today.
Despite the obvious damage, some refuse to embrace this reality. The elderly won’t give in to the notion of a crumbling world and will not assimilate to new ways of life. They keep driving their cars and living their lives believing that climate change is just a scam.
Survival vs Love: How will these groups fare in a time when collective effort is needed?These Americans must now learn how to move forward together even if their loved ones stand on the opposite side of the issue.
It’s more political than narrative. The author, Cory Docotrow, doesn’t linger on the actual science of the climate catastrophe and instead frames his writing as more of a commentary on authoritarianism and the right wing. So, while advertised as sci-fi, it’s not exactly that. Instead, it is narrated through the eyes of a climate justice advocate and a 19-year-old trying to come to grips with it all.
The plot carries the text. There’s a lot of potential, and we wish the author would’ve dug deep into more of the events in the novel but the concept is interesting enough. It can be depressing at times but only because it’s so poignant. The political stances mirror what is happening in the US right now so if you’re looking for more fiction or you’re not interested in US politics, this may not be the ideal read for you.
The EGX30 was flat at today’s close on turnover of EGP 2.98 bn (11% above the 90-day average). Foreign investors were net sellers. The index is up 1.8% YTD.
In the green: Palm Hills Development (+5.1%), Madinet Masr (+4.1%) and EFG Holding (+2.1%).
In the red: Juhayna (-1.8%), TMG Holding (-1.4%) and Beltone Financial Holding (-1.4%).
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