Good afternoon friends and happy Thursday. We have a smattering of privatization updates as our news cycle winds down over the weekend.
THE BIG STORY TODAY
It’s a wrap on the Eastern stake sale: The Chemical Industries Holding Company (CIHC) closed the sale of a 30% stake in its subsidiary, state-owned tobacco manufacturer Eastern Company, in a EGP 16.4 bn transaction on the EGX today, according to a bourse news bulletin (pdf). The sale saw CIHC offloading some 669 mn shares to UAE-based Global Investment Holding.
Remember: The government in August revealed that Eastern was added to the list of companies geared for privatization via stake sales to strategic investors, the EGX, or a mix of both.
The company valuation is less than what we had anticipated: The sale values the company at some EGP 54.7 bn, according to our math. CIHC had planned to divest 30% of the company for EGP 19.3 bn, cabinet said in September. That would have valued Eastern at EGP 64.5 bn.
THE BIG STORY ABROAD
Results of the first talks between Chinese President Xi Jinping and US President Joe Biden in a year took over the international press this afternoon. Not much was expected, due to brewing conflict over trade, Taiwan, and human rights, says Bloomberg, but the pair managed to emerge from their four-hour meeting with a few small victories. Agreements covered how to address the fentanyl crisis and restoration of military communications that were severed by China last year in protest of Nancy Pelosi’s visit to Taiwan. (The Financial Times | Associated Press | The Wall Street Journal)
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.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Brussels is putting together a major financial assistance package for Egypt: The EU plans to marshal bns of EUR of investment for Egypt and potentially provide debt relief in some form as the bloc tries to help stabilize the economy and curb migration across the Mediterranean in the wake of the conflict in Gaza.
There are signs of unrest in our local tobacco industry: The Egyptian Competition Authority (ECA) has received a complaint from tobacco distributors JTI-Nakhla and Al Mansour International Distribution Company.
Egypt’s unemployment rate inched up to 7.1% in 3Q2023, a 0.1 percentage point increase from the previous quarter, according to data released yesterday by state statistics agency Capmas. Unemployment was down 0.3 percentage points compared with the same period last year.
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Legendary French singer Édith Piaf passed away 60 years ago — but AI will make it possible for her to narrate her upcoming biopic. Warner Music Group has partnered with Piaf’s estate to use the technology to reproduce the French songstress’ voice by training it through “hundreds of Piaf’s voice clips and images — some of which are over 80 years old,” Variety reports. The release date of the film has yet to be announced.
The film intends to use Piaf’s voice to her own struggle and rise to fame, capturing her life between Paris and New York from the 1920s to the 1960s, when she passed away. The project is based on an original idea by director Julie Veille, and is written by Veille herself and Gilles Marliac. They want to make this film to share her remarkable and to allow them to share moments that they claim were never told.
Her voice won’t be the only thing in there: The film will include actual archival footage, stage performances, personal footage, and TV interviews woven in.
The plan comes after SAG-AFTRA settled with studios that they must get permission from a deceased actor’s estate, or with SAG-AFTRA, if no family or representatives can be found, before they use their likeness.
It all looks kosher, so far: The Animation Guild, which represents professionals in the animation industry, acknowledged that the film seems to comply with the recently established SAG-AFTRA regulations, which require obtaining permission from an approved representative of Piaf to employ a “digital replica” of the artist, CNBC reports.
This isn’t new: Andy Warhol’s voice was recently used for The Andy Warhol Diaries on Netflix, using Resemble, an AI software program. Scarlett Johansson recently filed a lawsuit against Lisa AI, an app that used her voice without her consent.
Appeasing others may be a noble trait, but it can have detrimental effects on your mental health, causing burnout, and in some cases, undervaluing individual needs and feelings, the Washington Post explained. While it isn’t a diagnosable “condition” in the same way that many mental health issues are, chronic people-pleasing is a common issue that many individuals struggle with.
Signs that you’re overdoing it with the people-pleasing: Constant apologies, even when no error was committed; the unwarranted sense of responsibility for the emotions of those around you; agreeing with others’ preferences and opinions, even when you don’t want to avoid conflicts; and feeling that your needs and emotions are unimportant are some of the most common signals.
Why do people put themselves in the people-pleaser zone? Sociotrophy or social approval is one of the main factors. Also, the compulsion to please others can also be a consequence of “relational trauma” which refers to the trauma experienced within close relationships, particularly with parents or caregivers.
Can you fix it? Incorporating self-care activities into your daily routine, which can bring peace and comfort, is a starting point, WaPo suggests. Knock on the doors of your loved ones in case you need support is also advised, or seek a therapist. Also, practice saying no, particularly in situations where you feel secure doing so.
It’s time to bid farewell to Netflix’s crown jewel. The Crown is debuting its sixth and final season in two parts — Part One is available on Netflix as of this morning, and Part Two will drop on 14 December.
IN CASE YOU DIDN’T KNOW- The Crown is a critically acclaimed historical drama that follows the personal and political lives of the British monarchy starting from the reign of Queen Elizabeth II (played by Claire Foy, Olivia Coleman, and Imelda Staunton in succession to portray the queen at different life stages).
Reviews of the first part of the final season indicate a love it or hate it situation. British media aligned with the monarchy seem to hate the show’s shift of focus on Princess Diana (Emma Corrin, and now Elizabeth Debicki) since her introduction in the fourth season — the highest rated of the show.
Others across the Atlantic believe this development finally added a sympathetic character to the series. While the show attempts to humanize the monarchs, the royals are (sometimes admittedly) out of touch, and ultimately difficult — even undeserving — recipients of our sympathy. Middle Eastern mothers everywhere will undoubtedly agree.
So far, season six is a eulogy to Diana’s egalitarian efforts after her separation from the monarchy. It opens with a tense scene and harbinger of Diana’s fate — sounds of a crash. It then quickly goes back in time eight weeks to the events leading up to Diana’s death. Despite knowing the conclusion, we couldn’t help but hold our breath at every turn.
The royals are, in the first half of this season, living in Diana’s shadow — a brilliant juxtaposition as the prior seasons portray Diana trying to free herself from living in the crown’s.
The royal family has denied involvement in the production of the show or the material it uses, and have often expressed disapproval of their portrayal. They have, however, interfered with its shooting, trying to hinder its filming whenever possible.
⚽ The road to the US 2026 begins today: The Pharaohs will kick off their first match against Djibouti as a part of the 2026 World Cup qualifiers that will take place in the US, Mexico, and Canada today. The match will be in Group A, starting at 6pm.
An exceptional World Cup: It will be the first to include 48 teams instead of 32, giving the African continent the chance to have nine qualified teams to join the games instead of five, which has usually been the case.
How does it work? The African qualifiers consist of nine groups, each containing six teams. Each will compete in a home-and-away system, and the top team from each group will be qualified directly to the World Cup, while the best four second-place teams will compete in the global playoff.
Stay on top of the game, and learn more about the group divisions and match schedules by visiting the Confederation of African Football’s website here.
The most important confrontations in the UEFA Euro 2024 qualifiers during the weekend:
Cyprus v Spain (7pm today)
Liechtenstein v Portugal (9:45pm today)
England v Malta (9:45pm, Friday)
Italy v North Macedonia (9:45pm, Friday)
Latvia v Croatia (7pm, Saturday)
France v Gibraltar (9:45pm, Saturday)
Netherlands v Ireland (9:45pm, Saturday)
For the night owls: We recommend watching the below matches from the South American World Cup qualifiers:
Argentina v Uruguay (2am, Saturday)
Colombia v Brazil (2am, Saturday)
Related
🎤 OUT AND ABOUT- (all times CLT)
Ibero-American Film Week has kicked off and will continue until this Saturday, 18 November. Catch a different film every day at 6:30pm at Zawya cinema, Downtown. Catch the full lineup of titles here. Entrance is on a first-come, first-served basis.
What does freedom mean to Egypt? Explore the multifaceted interpretations of the concept of freedom with Unbound Harmony: Freedom in Three Voices at The Arts-Mart Gallery. The group exhibition will explore the depth and beauty of artistic expression. You can catch the exhibition Saturday-Thursday of every week until 30 November.
The exhibition Forever Is Now is ending this Saturday. The event is at the Pyramids and is open from 9am until 4pm daily until Saturday, 18 November. Book your ticket here or buy one on arrival.
Palestine’s ethnography is on display at the Netherlands-Flemish Institute in Cairo starting from Sunday, 19 November from 7-8pm. Sary Zananiri’s Unsilencing Palestine photo exhibition gives a rare view of modernity in Palestine. If you miss the opening, don’t fret — you can visit the exhibition whenever you like, but by appointment.
Listen to some authentic oud atA3dat Saad El Oud. The musician Saad Al Oud and his band will be performing on Tuesday, 21 November at Room Art Space and Cafe, New Cairo. The concert will start at 9pm and you can book your tickets here.
Catch a rendition of Tawfiq al-Hakim’s Bank of Anxiety this week. It follows two friends who establish a private bank that uses anxiety as the currency. The play runs at the Falaki Theater at AUC’s Tahrir campus until next Sunday. No charge for admission, but you’ll need to show a photo ID at the door.
Unleash your inner artist at the Self-portrait workshop hosted by Dawar Arts every Saturday between 18 and 25 November. Click here for more information.
Syrian-German band Shkoon is performing in Egypt for Gaza. The concert will be held at the Pyramids on Friday, 1 December. Part of the concert’s proceeds will be donated to humanitarian aid dedicated to Gaza. Tickets are available here.
Celebrate Maria Callas’ birthday on Monday, 4 December, at the Cairo Opera in a joint event with the Greek Embassy. The event commemorates the 100th anniversary of the diva’s birthday with a concert conducted by Nayer Nagui, alongside performances by Greek and Egyptian sopranos. Click here for more information.
In solidarity with Gaza, there will be an art exhibition held on Tuesday, 5 December in The Atrium in Arkan, Sheikh Zayed, between 5-10 pm where well-known artists and art collectors can donate some of their art to be sold and the proceeds of which will be donated to Gaza.
Related
👂 EARS TO THE GROUND-
You’re Wrong About will make you rethink everything you thought you knew. This podcast is hosted by two journalists with a self-proclaimed obsession with the past, Sarah Marshall and Michael Hobbes.
Rethink what you already know: The podcast takes us on a journey to reconsider a person, event, or phenomenon that is popularly misunderstood. They then take it upon themselves to set the record straight in episodes that run for about an hour.
In one episode they tackle the disappearance of Debi Thomas, the first Black American figure skater to earn a medal at a Winter Olympics who vanishes from the sport completely. They go on addressing how this is an all too common phenomenon where people are often left out of history despite earning a right to be there.
Related
💡 UNDER THE LAMPLIGHT-
What if we all disappeared? Alan Wesiman answers this existential question in his book The World Without Us. The author presents this thought experiment with an emphasis on nature’s resilience for equilibrium, by detailing the surprisingly quick effects the human race’s disappearance would cause.
For example, Manhattan would flood in approximately 36 hours without humans, but traces of our existence, such as microplastics, would (unsurprisingly) live on to be incorporated into nature.
Journalism rather than activism is how Wesiman approached the text. Some could argue that the book’s optimism fails to capture the true scope of human destruction. But, this may make the text more digestible for the average person off-put by environmental cynicism.
The World Without Us is for all of our green thumbs and those of us curious about cultivating a harmonious human existence with nature.
The EGX30 rose 1.0% at today’s close on turnover of EGP 3.4 bn (29% above the 90-day average). Local investors were net sellers. The index is up 67.0% YTD.
In the green: Orascom Development (+5.6%), Palm Hills Development (+5.0%) and Qalaa Holdings (+5.0%).
In the red: CIRA Education (-2.7%), Madinet Masr (-0.81%) and Talaat Moustafa Group (-0.37%).
Technology has evolved from simply being a tool to being an extension of the self, making the interneta community. And one thing a collective of humans has done since the dawn of time is tell stories and myths.
Dissemination of modern legends is a process unique to us and online platforms. Once an idea is planted, it will — on probability alone — reach someone who shares a similar experience, who then, feeling a mixture of catharsis and validation by the commonality, will share their own story, and so on.
In an instant, these myths will evolve, adapt, and spread rapidly thanks to the dynamic and participatory nature of online culture.
Digital myths can range from eerie and mysterious stories to complex theories and unexplainable phenomena, with people all around the world corroborating each other’s accounts of the unknown through shared experiences.
Perhaps one of the earliest forms of digital mythology came in the form of an email:Remember the one claiming whoever “breaks the forwarding chain ” will have bad luck for the rest of their lives? Some people still connect their bad luck today for not sending it out, and since superstitious beliefs are ingrained in us at a young age, we’re primed to err on the side of caution when forced to interact.
While many other online myths are fuelled by fear of the unknown, we don’t engage with all of them on a “better safe than sorry” basis — some of them tap into more communal (and neurological) experiences.
One such myth has to do with the phenomenon of the Mandela Effect — a situation where a large group of people remember an event, fact, or detail in a specific way despite evidence to the contrary. It takes its name from the shared (non-factual) memory of Nelson Mandela’s death in prison.
Researcher Fiona Broome coined the term after observing that many people — herself included — (falsely) remember Mandela dying in prison in the 1980s. But that’s not all. They vividly recollect seeing news coverage of his death as well as a speech by his widow. Not only was Mandela released from prison entirely alive in 1990, he went on to lead South Africa out of decades of apartheid before passing away in 2013, dying at a ripe old age of 95.
The Mandela Effect is just the phenomenon — the myth is that it is proof of parallel universes. Some have even documented “ evidence ” that both versions exist on different planes.
Scientists insist that it is a neurological event, proof of how bad our memories really are. Most laymen agree that it can be explained by science, but their persuasion is more… quantum.
They believe that it is the direct result of CERN launching the Large Hadron Collider, the world’s largest and most powerful particle accelerator, in 2008.
In their view, CERN’s experiments shifted quantum fields, swapping pieces of our universe with those of a parallel one. Because our consciousness isn’t affected by physical changes in reality, memories of the “original” state of things remained.
While believers in this myth try to rationalize it with science, other legends are taken at face value.
Creepypasta, horror-based legends that circulate online, first emerged in 2008 and have given rise to many cultural myths. While they were first related as real stories, the term now covers user-generated horror fiction. Early stories like Ted the Caver and Slender Man have been adopted into global lore, with people still insisting that both are based on real-life experiences.
A recent(ish) creepypasta unfolded on social media. Adam Ellis’s Dear David thread on Twitter, now X, began with a simple post: “So, my apartment is currently haunted by the ghost of a dead child and he’s trying to kill me.”
Over hundreds of tweets and several months, Ellis documents his interactions with this poltergeist, offering photos and videos of supernatural occurrences.
The thread received over 61 mn retweets and 73.9 mn likes, and was followed widely by an international audience. Ellis still maintains that the story wasn’t fabricated.
Other more existential legends inextricably linked to online culture include the simulationhypothesis, which posits that life is as we know is akin to the The Matrix, a computer-generated simulation run by a highly advanced civilization.
There is also the belief in the Backrooms, a mysterious and infinite network of nearly identical rooms that exist beyond our perception of reality.
While not backed by scientific evidence or pre-existing mythology, people regularly post evidence of “ glitches ” in the simulation to prove its existence, and pictures of the Backrooms, liminal spaces that feel eerily familiar to most people.
Are digital myths a case of collective consciousness or elaborate online hoaxes? Who’s to tell? The reality is that these modern myths and urban legends have worked their way into global culture by capturing the imagination of millions, which makes them, whether we like it or not, part of human history. Or at the very least, a great form of entertainment.
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