Good afternoon, friends. It's a calmer day for business news in Egypt as we inch closer to closing out this busy week.
THE BIG STORY TODAY-
Gas cylinders just got more expensive: The government has hiked the prices of butane gas cylinders as part of efforts to rationalize subsidies for fuel, according to a decision published in the Official Gazette. The price of 12.5 kg household cylinders has gone up 50% to EGP 150, while the price of 25 kg cylinders for commercial use has increased 33.3% to EGP 200.
What’s next? The government plans to completely lift subsidies off gas cylinders by the end of 2025, one government source told Enterprise.
THE BIG STORY ABROAD
The foreign press remains focused on uncovering the details of Israel’s pager blasts in Lebanon, with Reuters reporting that the pagers were from Taiwan-based Gold Apollo, but that they were manufactured by a different firm called BAC — one that is based in Hungary, and has a license to use Gold Apollo’s brand, the publication reported, citing a statement from Gold Apollo. Hezbollah has vowed to retaliate against Israel’s pager operation.
ICYMI: Pagers belonging to Hezbollah members began exploding in Lebanon yesterday, injuring more than 2.7k and killing nine people — including a child. It is still not fully clear how Israel conducted the attack, but a senior Lebanese security source and another source told Reuters that Israel’s Mossad spy agency was able to plant explosives inside pagers imported by Hezbollah months before the attack. (Bloomberg | Reuters | Financial Times | Associated Press | New York Times)
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New hotels from Jaz: Travco subsidiary Jaz Hotel Group plans to set up six new hotels, scheduled to open their doors next year, under a USD 215 mn investment plan.
Raya Holding’s Aman Consumer Finance issued EGP 1.29 bn in securitized bonds. The issuance is part of a wider EGP 5 bn, three-year securitization program that kicked off in February 2023.
☀️ TOMORROW’S WEATHER- Temperatures are hiking back up tomorrow with a high of 36°C in the capital and a low of 27°C, according to our favorite weather app.
Instagram is making strides in child safety measures — whether they like it or not. As of this week, the social media app will automatically set accounts belonging to users under the age of 18 to private mode — meaning only followers can see their posts, and anyone wanting to follow them will have to ask for permission. Teens under 16 will need parental consent to make their accounts public. This is part of Instagram’s new Teen Accounts initiative, aiming to place more age-appropriate boundaries to protect young users.
(Tap or click the headline above to read this story with all of the links to external sources.)
That’s not all. Teens will have to say goodbye to late night scrolling and hello healthy sleep habits — notifications for underage users will now be turned off between 10pm to 7am. Parents will also get some extra supervision tools to help monitor who their teens have messaged and what content they’re into — all without scrolling through actual chats.
Instagram and social media giants are facing mounting pressure from lawmakers and parents to impose these new rules: Whilst lawmakers eye new legislation to regulate child safety on social media platforms due to teens’ exposure to online bullying and uncensored inappropriate content.
As these new features roll out, there's still one age-old problem: Teens who lie about their age to sidestep all these rules. Instagram is still working on tech to block these loopholes.
Spooky season is around the corner, but Deliverance might’ve expedited it. While it’s billed as an exorcism thriller, the film delves into a less traditional realm, focusing on the struggle between personal demons and supernatural forces.
(Tap or click the headline above to read this story with all of the links to external sources.)
Set in 2011 Pittsburgh, the film introduces Ebony Jackson (Andra Day), a struggling mother trying to balance her chaotic life. With her husband away fighting in Iraq and financial troubles mounting, Ebony’s life becomes even more strained when she moves in with her ailing mother, Alberta (Glenn Close). The family's tension is palpable, exacerbated by Ebony’s alcoholism and her volatile interactions with her children and social services.
The story takes a turn when disturbing occurrences begin in their new home. A putrid, ominous basement becomes the epicenter of unsettling events as little Andre (Anthony B. Jenkins) starts acting out, claiming to speak with an imaginary friend. Strange dreams, uncharacteristic incidents at school, and a mysterious woman spying on them all add to the mounting dread. As Ebony’s life spirals out of control, the story introduces Reverend Bernice (Aunjanue Ellis-Taylor), who might provide the deliverance the family desperately needs.
It sometimes falls victim to predictable exorcism clichés. The blacked-over eyes, bodily fluids, and thunderstorm-induced terror undermine the strong character work and emotional depth established earlier. The first half of the film offers rich drama, but the latter part may feel too familiar for seasoned horror fans. It’s still a great watch if you enjoy strong performances and are willing to overlook some genre clichés.
WHERE TO WATCH- You can watch the film on Netflix or watch the trailer (runtime:1:34).
Related
⚽ Another day, another exciting Champions League night featuring six strong matches. At 10pm tonight, Man City will face off against Inter Milan, and PSG will go head to head with Girona in their European tournament debut. Here are the rest of the first round matches we’re keeping an eye on:
Bologna vs Shakhtar (7:45pm)
Sparta Prague vs Salzburg (7:45pm)
Brugge vs Dortmund (10pm)
Celtic vs Slovan Bratislava (10pm)
As for the EFL Cup: Brighton will host Wolverhampton at 9:45pm, and Coventry City will host Tottenham at 10pm as part of the tournament’s round of 32.
Related
? EAT THIS TONIGHT-
Check out Nunatelli for a novel cookie experience. Fresh, soft, and perfectly crumbly — and 3D — these cookies melt in your mouth with every bite. Nunatelli is all about luxury and flavor, offering delightful freshly baked and filled cookies.
The order: The toffee cookie quickly became a crowd favorite — the filling is rich, caramelized, and sweet without being cloying. The Nutella-filled cookie didn’t disappoint either. The spread we all know and love is a classic choice, and the soft cookie provides a comforting contrast to the rich hazelnut spread.
The savory ones didn’t quite hit the mark. Both the Kiri pastrami and mixed cheese cookies were a bit too salty for our taste, and seemed to lack the balance that could have made them stand out. But that won’t stop us from trying the zaatar and olive oil cookie or the blue cheese walnut next time.
The price tag might hurt your (wallet’s) feelings. The cookies are priced on the steeper side, with a mixed box of 16 bite-sized cookies costing around EGP 600. This may not be your go-to cookie on a daily basis, but if you’re shelling out for a special treat, Nunatelli is a great candidate.
WHERE TO GET IT- You can place your order through their website 24 hours in advance, but denizens of Sheikh Zayed or 6th of October can even enjoy same-day delivery.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
It’s Cairo Vintage Souq’s birthday and they’re back with more old finds for you to thrift. Bring your thrifting skills to Cinema Radio in Downtown Cairo from 2pm till 10pm this Saturday, 21 September to get the best retro and vintage finds. For more information go to their Instagram page.
Get ready for a vrooming celebration with Owls Bikers Automotive Festival on Thursday, 20 September at El Leila El Kebira in El Sheikh Zayed. The event showcases an impressive lineup of motorcycles, sports cars, and supercars from all over Egypt, along with a vibrant bazaar and family-friendly entertainment. Get your tickets here.
HAPPENING LATER-
Egyptian band Massar Egbari are taking the CJC 610stage alongside Egyptian singer and songwriter Maii Waleed on Wednesday, 25 September from 10pm. Reserve your spot by messaging their Facebook page.
The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday, 28 September starting at 9am. Book your spot here.
Go on a run in Egypt’s historic city at the Luxor Half Marathon. TriFactory’s annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.
Registration is 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. Sign up here.
Swan Lake x Opera: For classic lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake, performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days: October 2, 3, and 4 at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night here.
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? UNDER THE LAMPLIGHT-
In Adelle Waldman’s post-1945 American novel Help Wanted, anxiety about social mobility and attaining the American Dream prevailed. However, in the 21st century, young writers portray a landscape dominated by defeatism and satire, reflecting a society where social pressures seem insurmountable. The novel captures this contemporary ethos, offering a piercing examination of the struggles faced by low-wage workers in an unforgiving economic climate.
Set in a town ravaged by the closure of its IBM factory, Waldman meticulously details the lives of workers mobilizing for change — fighting economic pressures, canceled food stamps to crippling student loan repayments — painting a vivid picture of the economic trap that ensnares them. Despite their efforts to navigate the system, they find themselves caught in a cycle of poverty and exploitation. Waldman's narrative unfolds as a superb comedy of manners, revealing the intricate dynamics of power and survival in contemporary America.
Through its cutting humor and searing critique, it transcends its setting to offer a broader commentary on the global economic landscape. With its blend of satire and empathy, Waldman's novel serves as both a scathing indictment of the American economic system and a poignant portrayal of human resilience in the face of adversity.
WHERE TO FIND IT- You can find this book on Amazon.
The EGX30 rose 0.6% at today’s close on turnover of EGP 2.9 bn (25.3% below the 90-day average). International investors were the sole net sellers. The index is up 21.9% YTD.
In the green: Ezz Steel (+9.1%), EFG Holding (+3.2%), and Beltone Holding (+2.2%).
In the red: Palm Hills Development (-2%), Egyptian Kuwaiti Holding- EGP (-1.2%), and Madinet Masr (-1.2%).
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