Origins of ? Cheetos

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: 14-storey building in Sidi Bishr collapses

Good afternoon, friends, and happy THURSDAY-equivalent. We come to you as the news cycle has officially checked out and everyone is rounding out the last few hours of this abridged work week.

It’s vacation time: The EGX has confirmed that it will be off from tomorrow, 27 June through Monday, 3 July to mark Eid El Adha and the 30 June revolution, following the lead of the public sector and banks. Meanwhile, the Labor Ministry has declared a slightly shorter six-day holiday for the private sector, running from 27 June through to Sunday, 2 July.

Enterprise will be taking a publication holiday, too: We’ll be back to our regularly scheduled programming of Enterprise Climate, Enterprise Logistics, EnterpriseAM, and EnterprisePM on Tuesday, 4 July at the appointed hour. The next Enterprise Weekend Edition will be in your inbox on Friday, 7 July. We hope you all have an enjoyable, restful holiday with friends and family.

THE BIG STORY TODAY

A 14-storey building in Alexandria’s Sidi Bishr has collapsed, with multiple people believed to be under the rubble, according to an Alexandria governorate statement. It remains unclear whether there are any confirmed casualties from the collapse.

THE BIG STORY ABROAD

Russia’s efforts to show a sense of solidarity and unity against the Wagner mutiny has been dominating the international press today. After the 24-hour mutiny that began on Friday, with nearly no consequences to the Wagner group and their commander, Russia’s prime minister has called for the people to stand behind their president and the army. Russian Minister of Defense Sergei Shoigu appeared inspecting Russian troops in an unknown location on Russian state TV, meanwhile, Prighozin’s whereabouts are unknown. BBC| Reuters| CNBC| Associated Press | Financial Times

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

OC sells Drymix to Saint-Gobain: Orascom Construction (OC) subsidiary United Holding Company has sold its 100%-owned cement subsidiary United Paints and Chemicals (Drymix) to French glass and building materials manufacturer Saint-Gobain in a transaction valued at EGP 785.3 mn.
Contact Financial Holding has issued EGP 1.86 bn in securitized bondsfor its consumer finance business.
Egyptian-Japanese consortium to build medical test equipment factory: Local firm UG Medical is partnering with a Japanese company to build a factory making equipment for medical lab tests.

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast to hear what went down: The Enterprise Podcast is back, and with it comes our new Forum series, where we bring you audio recordings of what was said on stage at our events.

We’re kickstarting the series with the Enterprise Exports and FDI Forum, which took place last May at the Four Seasons Nile Plaza, and where we explored how we can make Egypt an export powerhouse that is a magnet for FDI.

IN OUR FIRST EPISODE- We looked at the immediate need for businesses, and the country as a whole, to develop workable strategies on bolstering exports and FDI by looking at examples from around the world that have worked. We were joined on that panel by Yasmine Khamis, chair of the Orientals Group, and Yassir Zouaoui, partner at McKinsey, who flew in from the UAE to attend. The panel was co-moderated by our friend Helmy Ghazi, deputy CEO of HSBC Egypt.

Expect us to drop an episode every Sunday morning. You can listen to the Enterprise Podcast wherever you get your podcasts including: Apple Podcast | Spotify | Google Podcast | Anghami.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- We’re getting sunny skies tomorrow with temperatures rising to a rather warm 37°C before cooling to 24°C at night, our favorite weather app tells us.

With soaring inflation, gov’ts need to raise taxes or slash public spending + Cancer vaccines could be ubiquitous in the next few years

The future of economies hangs in the balance: The Bank for International Settlements — which performs banking services for central banks worldwide — is calling on governments to consider tax hikes or decreasing public spending in efforts to fight soaring inflation. “Consolidation would provide critical support in the inflation fight. It would also reduce the need for monetary policy to keep interest rates higher for longer, thereby reducing the risk of financial instability,” the bank said in its annual economic report (pdf). The bank also called on governments to remove the traditional separation between the monetary policy set by central banks and the financial policy set by governments. Fiscal policies need to focus on narrowing deficits, while monetary policies need to focus on bringing inflation back to target.

Cancer vaccines on the horizon? Scientific advancements have led to a turning point in cancer research, with scientists expecting that more inoculations to treat cancer will be available in five years, the Associated Pressreports. These vaccines aim to shrink tumors and prevent cancer recurrence that could be used to treat various types of cancer, including breast, lung cancer, melanoma, and pancreatic cancer. “We’re getting something to work. Now we need to get it to work better,” National Cancer Institute’s Director and Medical Oncologist James Gulley told AP.

Cancer vaccines teach your body to fight back: Cancer cells are very good at hiding from the body’s immune system. Cancer vaccines work by helping the immune system’s T-cells to recognize cancer cells, University of Washington Medicine’s Cancer Vaccine Institute and Oncologist Nora Disis told AP. They do this by introducing the body to cancer antigens, which are proteins or other molecules that are found on the surface of cancer cells. When the body’s immune system sees these cancer antigens, it learns to recognize and attack cancer cells, she added. Some new cancer vaccines use mRNA, which is a type of genetic material that can be used to teach the body’s immune system to recognize cancer cells.

Some Russian depositary receipt holders might not have access to their stocks:Germany’s Deutsche Bank has informed its clients that it cannot ensure them full access to their Russian stocks, owning to a “shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion,” Reuters reports, citing a note from the bank. Moscow decided to allow investors to swap a portion of their DRs into local stock in a bid to recover their money, which was carried out without the bank’s “involvement or oversight,” rendering it unable to reconcile the company shares with the DRs, it said in the circular.

Stranded assets weighing on investors in Russia: Western sanctions and Russian retaliatory policies have left investors struggling with stranded assets on both sides. Even though the allowed share swap was meant as a hedging method for investors to protect their assets, they should anticipate significantly lower net proceeds from share sales compared to the current market price, D as Russia's Government Commission for Control over Foreign Investments require selling such shares “at a disc. of at least 50% from their appraised market value,” the Deutsche Bank note reads. Moscow demanding a 10% contribution to the federal budget, coupled with temporary control of assets, and seizing Russian subsidiaries belonging to two European energy firms, are all among the Russian countermeasures set to curb foreign influence on companies that criticize Russia’s economic and political agenda.

The origin story of Flamin’ Hot Cheetos

? ON THE TUBE TONIGHT-
(all times CLT)

Now we know who to thank for Flamin’ Hot Cheetos. The movie, which is available on Disney+, is inspired by the true story of Richard Montañez, whose USD-mn idea hit him as he watched, from his post as a janitor, scores of his colleagues get laid off from the Frito Lay factory. The business was not doing well but Montañez knew just what to do to save the day: Inspired by his Mexican roots and culinary tradition, the janitor invented a new snack that his community (and, eventually, the world) would enjoy: A super spicy chip — if we can call it that — that “burns good.” The movie is all at once endearing, inspiring, and fun for us who are curious about figuring out how iconic features of pop culture came to be.

This Wednesday the Egyptian Olympic football team will face Mali in the second round of the U-23 AfCON at 8:30pm. The Pharaohs — which are defending champions — are walking into Wednesday’s match with one point from their draw with Niger earlier this week. Meanwhile, Mali has three points from their victory over Gabon.

At 9:30pm on Thursday, Al Ahly will be hosted by National Bank as a part of the 32nd gameweek of the Egyptian Premier League.

On Saturday, the Egyptian Olympic football team will conclude its competition in the group stageby facing Gabon at 11pm.

Finally, Sunday will see Al Ahly hosted on Future’s pitch in the 24th gameweek of the Egyptian Premier League starting at 8:30pm.

It’s not new by any means, butDesoky and Sodaconsistently serves up some of the most innovative twists on the traditional Egyptian fetir that we know of. Aside from the usual flavors, try the Crispy Chicken Ranch Fetir — it may sound unusual but the flavor is a treat for your taste buds as the crispy chicken topped with a mix of both buffalo and ranch sauce makes this traditional dish a complete experience. If you prefer a more home-cooked meal, check out their main course selection, which has options such as fatta, chicken shakriya with freekeh, and roasted chicken with molokheya. They also offer pans, which look similar to conventional macaroni and bechamel, but have different toppings such as oriental sausages.

Banana Yoshimoto’s Kitchenis a short page-turner that explores death, grief, and the healing powers of good company. Mikage — an orphaned and kitchen-loving college kid — goes into seclusion after the passing of her grandmother; however, her solitude doesn’t last long as her acquaintance Yoichi and his mother Eriko take her in. Yoshimoto’s novella has an intimate tone that touches readers as she describes the paralyzing feelings of loneliness, little moments that bring characters closer together, and the strength of family (through the symbolism of kitchens). We recommend this book to fans of Haruki Murakami and magical realism, but anyone who wants a short and heart-wrenching read will enjoy Kitchen.

What the markets are doing on 26 June, 2023

The EGX30 rose 2.2% at today’s close on turnover of EGP 1.53 bn. Foreign investors were net buyers. The index is up 21.0% YTD.

In the green: Palm Hills Development (+5.0%), Madinet Masr (+4.7%) and Abu Dhabi Islamic Bank (+4.6%).

In the red: Mopco (-2.7%), Edita (-1.4%) and Orascom Construction (-0.5%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

29 June (Saturday): Black Theama’s Eid concert, El-Sawy Culturewheel, El-Zamalek, Cairo.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

1 July (Saturday): Aziz Marak’s Concert, Elsawy Cultural Wheel, El Zamalek, Cairo.

5 July (Wednesday): Hals concert, Rawabet Art Space, Qasr El-Nil, Cairo.

7 July (Friday): Medhat Saleh with the masters, Cairo Opera House, El-Zamalek, Cairo.

18 July (Tuesday): Islamic New Year.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

27 July (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

28 July (Friday): Route Tech Summit 2023, Greek Campus, Tahrir, Cairo.

29 July (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit at 9:30am at Cairo Festival City.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): El Gouna Film Festival (GFF).

NOVEMBER

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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