Good afternoon, friends. It’s another calm day for business news in Egypt as we inch closer to the weekend.
THE BIG STORY TODAY-
Egypt’s first SPAC: Impact investor Catalyst Partners will set up the country’s first SPAC, dubbed Catalyst Partners Middle East, after receiving the greenlight from the Financial Regulatory Authority (FRA), according to a statement. The SPAC will have a month to apply to list on the EGX as per FRA regulations.
THE BIG STORY ABROAD-
Hezbollah launches missile attack on Tel Aviv: The Israeli military said it intercepted a ballistic missile fired by Hezbollah targeting Mossad headquarters in Tel Aviv earlier today. No damage or casualties were reported. The attack comes in response to Israeli attacks on Lebanon that killed around 600 people this week. (Bloomberg | Reuters | New York Times | FInancial Times)
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Elsewedy Electric lines up another big-ticket project abroad: Elsewedy Electric is teaming up with Siemens to develop a USD 800 mn power plant in the Red Sea city of Rabigh in Saudi Arabia.
New and familiar faces appointed to the reconstituted Specialized Council for Economic Development: Among those appointed by President Abdel Fattah El Sisi to the Specialized Council for Economic Development is former Finance Minister Youssef Boutros-Ghali.
☀️ TOMORROW’S WEATHER- The temperature is still maintaining its much-welcomed cool, with tomorrow seeing highs of 33°C and lows of 23°C in the capital, according to our favorite weather app.
TikTok is tuning out the music streaming war, but they’re still playing the hits: TikTok is officially throwing in the towel on TikTok Music, a music streaming service that they hoped would rival Spotify and Apple music, reported Business Insider. After a yearlong struggle, parent company ByteDance is slated to shut down TikTok Music on 28 November.
(Tap or click the headline above to read this story with all of the links to external sources.)
TikTok has proved a strong force in the music industry, with new songs going viral on the platform, and older songs getting a second wind, sometimes reliving their chart-topping glory days. This made the development of an app dedicated solely to music discovery a logical next step, but unfortunately, that’s not how the internet works.
But the music app couldn't manage to crack the top charts in most countries where it launched. The app was first launched for testing in Indonesia and Brazil, where ByteDance had already seen success with Resso, a similar app. But the app barely grazed the leaderboard, ranking at 28 in Indonesia, and 71 in Brazil on each country’s App Store.
This might still be a win for ByteDance. TikTok Music might be dead, but the platform will be using its influence to partner with other streaming services like Spotify, Amazon Music, or Apple Music to drive up consumption. The company will be developing its Add to Music App feature, which will allow users to save a track they enjoyed on TikTok to their preferred music streaming service directly from the video they’re watching.
The messenger app announced a major change in its privacy terms yesterday, saying that they will be cooperating with law enforcement entities to provide the identifying information of users who violate their rules. CEO Pavel Durov, who was arrested in France last month for passively allowing “a wide range of crimes due to a lack of moderators on Telegram,” posted that the platform would share the IP addresses and phone numbers of users who violate their rules “in response to valid legal requests” made from relevant authorities.
Their popular feature, Telegram Search, will also be seeing an operational overhaul. Telegram moderators have already started scouring the platform — which Durov insists “is meant for finding friends and discovering news, not for promoting illegal goods” — to remove any material they found “problematic.” The CEO hopes that these safeguards will “discourage criminals,” who have no doubt benefited from Telegram’s history of refusing to cooperate with legal authorities.
Telegram has faced years of backlash for the availability of illegal and inappropriate content on the platform. Some channels, which were publicly available through Telegram Search, were affiliated with terrorists, used to help organize anti-immigrant riots in the UK, and spread harmful and intentional misinformation. Durov is currently facing up to 10 years in prison and a EUR 500k fine on allegations of the existence of drug trafficking, money laundering, and other criminal activities on Telegram.
Daisy Jones & The Six is a dramatic portrayal of a 1970s band that flamed out spectacularly — inspired by Fleetwood Mac. Adapted from Taylor Jenkins Reid’s bestselling novel, the series is a joyride through the highs and lows of rock stardom.
(Tap or click the headline above to read this story with all of the links to external sources.)
The show kicks off with a documentary-style narrative about The Six through interviews conducted two decades after their final performance. We’re introduced to the endearingly (and sometimes not so endearingly) stubborn protagonists: Daisy Jones (Riley Keough) and Billy Dunne (Sam Claflin), mirroring the personalities and dynamic of Stevie Nicks and Lindsey Buckingham. The ensemble delivers performances full of ambition, vulnerability, and some really good music.
We’re downloading the OST. Tracks like Look at Us Now and Let Me Down Easy highlight the show's commitment to good music. The episodes give us insight into the creative, and sometimes frustrating, process of creating an album, especially as part of a band.
WHERE TO WATCH- You can watch the show on Amazon Prime or find the trailer on YouTube (runtime: 2:41).
Related
⚽ WillThe Blaugranas maintain its position on the leaderboard? Barcelona will be going up against Getafe tonight at 10pm in La Liga’s matchday 7. The Catalan side currently sits atop the table, just one point ahead of Real Madrid. Barca hopes to hold onto the slim lead with a victory tonight as Los Blancos have bounced back into the race for the title.
The Europa League is back tonight, with a new look — similar to the Champions League: You can check out all the details via Enterprise Explains here. In the first round of matches, Man United will be going head to head with Twente at 10pm, while Real Sociedad will be kicking off a match against Nice at the same time.
Other key matches tonight, all airing at 10pm:
Dynamo Kyiv vs. Lazio.
Galatasaray vs. PAOK.
Midtjylland vs. Hoffenheim.
On the English fields of the Carabao Cup, Arsenal will be facing Bolton at 9:45 pm while Liverpool plays West Ham in what's seen as the most-anticipated match of this round.
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? EAT THIS TONIGHT-
Veginn is a beacon of plant-based cuisine. This online eatery is a destination for anyone looking for inventive and satisfying vegan dishes, whether they’re seasoned vegans and curious foodies.
Kick things off with their standout burger, with a hearty and soy-free, plant-based patty. For extra healthy points, you could choose a side of sautéed veggies, but we’re going for those crispy seasoned potato wedges.
Looking to carbo-load? Try the pesto pasta. But pesto’s already vegan, you might say. Veginn adds mushrooms and vegan chicken to the dish, rounding out the fresh pesto with some earthy flavors.
For something with a bit of a kick, try the spicy meatballs: These tofu meatballs are packed with flavor and come with a serving of black rice. The chili adds a nice, spicy punch without taking over the dish, making it a delicious and exciting option for those who love a little heat.
WHERE TO FIND THEM- You can have Veginn delivered with a press of a button on Talabat or their online portal — if you live in Maadi or New Cairo.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
A playdate for adults? Society of Play is hosting the Back to Cairo Playdate tonight at BeFit New Cairo. The event will take place from 7pm to 10pm, giving adults the chance to unleash their inner children through playing and dancing. Book your spot through the link in their Instagram bio.
Warm up those vocal chords. Join this Singing Masterclass with world-renowned opera singer, Farrah El Dibany on Friday September 27 at AUC Tahrir. The class will include breathing and singing exercises, vocal techniques for any musical style and insights on studying abroad and building a global career in music for both beginners and experienced singers. Book your spot on Ticketsmarche.
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 on Ticketsmarche.
The famous Canadian-French band Ghostly Kisses are getting ready to perform two shows at Cairo Jazz Club as part of their latest album’s tour. This will take place at CJC 610 in Sheikh Zayed on Saturday and Sunday, 28-29 September. Grab tickets from Ticketsmarche.
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 through Ticketsmarche.
HAPPENING LATER-
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 here.
MENA’s first and only design-film festival is back:Film My Design festival is back for its third edition — under the theme Designing Our Lives for a Better Future —, taking place from Thursday, 3 October to Saturday, 12 October at Zawya Cinema. The festival features film screenings, masterclasses, a motion design exhibition, VR immersive experiences, and much more. Buy your tickets from Collard Tickets.
Relive the magic of Amy Winehouse withThe Amy Winehouse Band. This isn’t just a tribute band, it’s Winehouse’s actual original band keeping her spirit and legacy alive. Witness the era defining music at The Theater in Somabay on Saturday 5 October. Grab your tickets from Tazkarti.
Sammy Obeid at CJC. The Lebanese-Palestinian-Syrian-Italian-American stand up comedian is bringing his jokes to Cairo. The show will take place on Saturday, October 19 starting at 9:00 PM at Cairo Jazz Club. Book your spot through Sammy Obeid’s website.
Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.
Related
? UNDER THE LAMPLIGHT-
At the heart of My Beloved Life lies Jadunath Kunwar, an ordinary man born to peasant parents in Bihar,India. We go through Jadu's journey from his humble beginnings to his student days at Patna College, his involvement in political activism, and his eventual career as a history professor. Throughout his life, Jadu encounters a diverse array of individuals, including both famous figures like Tenzing Norgay and J.P. Narayan, as well as anonymous characters who shape his experiences.
Parallel to Jadu's story, the novel also delves into the life of his daughter, Jugnu, who is a journalist based in the US state of Atlanta. Jugnu's narrative provides a more introspective perspective, particularly as she grapples with personal challenges such as a failed marriage and her relationship with Motley, a Black American man whom she fears her father may not accept.
The overarching narrative is punctuated by significant historical events, including the mid-70s state of emergency imposed by Indira Gandhi, the demolition of the mosque at Ayodhya, and the rise of Narendra Modi. These events serve as backdrop against which the characters' lives unfold, highlighting the broader socio-political context of their experiences.Even the impact of the COVID-19 pandemic is brought into play, straining the relationship between Jadu and Jugnu, who find themselves separated by continents during the lockdowns.
The EGX30 rose 1.2% at today’s close on turnover of EGP 4.7 bn (18.1% above the 90-day average). Regional investors were the sole net buyers. The index is up 25.5% YTD.
In the green: Elsewedy Electric (+8.6%), Emaar Misr (+6.2%), and GB Corp (+3.5%).
In the red: Alexandria Containers and Cargo Handling (-0.6%), Cleopatra Hospitals (-0.3%), and Eastern Company (-0.2%).
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