Good afternoon, nice people. It’s a relatively calm day in the local news cycle, but there are plenty of updates in our neighborhood we’re keeping an eye on.
THE BIG STORY TODAY
MPs greenlight March wage hikes, pension increases, tax breaks: The House of Representatives gave its final seal of approval for the EGP 180 bn social protection package President Abdel Fattah El Sisi introduced last week, in a bid to alleviate the effects of the ongoing economic crisis on citizens.
ICYMI- The package will introduce wage hikes for public-sector employees, pension increases of 13-15%, early bonuses for civil servants, and higher pay for doctors, nurses, school teachers, and university faculty. The personal income tax exemption threshold will also be raised for public and private sector employees.
THE BIG STORY ABROAD
No single story is dominating the international press, but we’re keeping an eye on developments in Rafah. Israeli airstrikes killed 67 Palestinians this morning, in addition to another 100 in the last 24 hours, according to the Palestinian Health Ministry. The latest attacks bring the death toll up to around 28,340 with 67,984 wounded. Rafah is now the last Gazan city available for refuge and despite international opposition — including the Netherlands halting the export of fighter jets and US President Joe Biden expressing concern over the civilian death toll, — Israeli Prime Minister Benjamin Netanyahu is determined to continue the assault on Gaza, “until total victory.” (Reuters | Bloomberg)
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Reviews of Egypt’s previous IMF loan program near completion: The IMF’s long-stalled first and second reviews of Egypt’s USD 3 bn loan program are in their final stages and are expected to be completed “in a few short weeks.”
Gov’t taps Compass Capital to promote its stake in EPP: State-owned Egyptian Petrochemicals Holding Company has tapped private equity firm Compass Capital to promote part of the 22% stake it owns — along with the Egyptian Natural Gas Company — in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to Gulf- and China-based investors.
CIB saw its net income surge 83% y-o-y to EGP 7.2 bn in 4Q 2023:Revenues rose 71% y-o-y in the quarter to EGP 16.3 bn in the same period.
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 a mostly cloudy day with a high of 24°C and a low of 15°C, according to our favorite weather app.
OpenAI CEO Sam Altman is looking to raise USD 5-7 tn for a new AI chip project, the Wall Street Journal reports, citing unnamed sources with knowledge of the plans. (For context, the priciest project ever funded — Saudi Arabia’s Neom — stands at USD 500 bn.) Altman’s plan to build his own semiconductor factories — which would cost more than Apple and Microsoft’s combined market caps — would look to boost the world’s chip-building capacity, particularly the chips required for AI models.
AI chips are in high demand, but demand — and supply — are concentrated among a few companies:There is a current shortage of the chips needed to power generative AI, as Silicon Valley piles into the technology. Nvidia, which produces the most powerful AI chips on the market, is struggling to keep up with demand, and is providing Big Tech the hardware for USD 40k per chip. OpenAI needs the hardware to power ChatGPT and to aid the development of artificial general intelligence (AGI), AI systems that will be able to reason as well as human beings, and will eventually become smarter than us.
Potential investors: Altman has met with officials and businesspeople in the UAE — including Sheikh Tahnoon bin Zayed Al Nahyan — and in the US to discuss funding, the Financial Times had reported last month. WSJ reports that the CEO is open to letting existing chipmakers run the foundries, agreeing to be a significant customer in that event, while Nvidia may already have agreed to work on custom chips with OpenAI, according to Reuters.
The X chromosome might be tied to the prevalence of autoimmune disease among women: Women could be more prone to developing autoimmune diseases because of molecules carried in the X chromosome that can throw off the immune system, according to a study by researchers at Stanford University School of medicine.
Refresher from high school biology: Women have two X chromosomes, one of which is suppressed by an RNA molecule called Xist — X-inactive specific transcript. This molecule is important because if the second X chromosome produces proteins freely, it could have other harmful effects. Xist works with proteins to bind to the “silenced” X chromosome, and many of these proteins are also those “that can be targeted by a misdirected immune system,” the New York Times explains.
How they tested it: The researchers used a strain of mice whose females are prone to lupus in females and injected Xist into the males. The male mice — which naturally “never develop severe cases” of lupus — began developing “much worse levels of immune disease,” lead researcher Howard Chang told the New York Times. The study also found that, in humans, when the immune system encounters proteins associated with Xist, it can treat these proteins as enemies and produce more auto-antibodies.
Why does this matter? Autoimmune treatments typically “blunt the entire immune system,” but the new research could be the starting point to develop new medications and treatments that target specific molecules instead.
Expats explores grief, privilege, and displacement: The new drama series, created by Lulu Wang, three American women — Margaret, Hilary, and Mercy — navigates loss, privilege, and emotional upheaval in the bustling metropolis of Hong Kong.
Margaret (Nicole Kidman), is a landscape architect dealing with a tragic incident that shatters her family's picture perfect image. As Margaret unravels, her friend Hilary (Sarayu Blue), struggles to maintain the facade of her seemingly perfect life, while Mercy (Ji-young Yoo), confronts her own sense of displacement and guilt in a foreign land.
The series has faced criticism for its handling of Hong Kong’s political turmoil, including pro-democracy protests, but it offers a nuanced glimpse into the lives of those caught in the crossfire of social upheaval.
Despite its occasional missteps, the storyline remains a compelling and thought-provoking narrative, earning it the accolade of Time’s pick for “ the first must-see show of 2024.”
WHERE TO WATCH- You can watch Expats on Amazon Prime.
Related
⚽ Côte d’Ivoire clinches the cup in a fairytale ending: Last night, The Elephants beat Nigeria 2-1 to earn their third Afcon title. The Ivorian national team beat the odds by reaching the finals after losing to Nigeria 1-0 and Equatorial Guinea 4-0 in the group stages.
Despite the Super Eagles’ lead in the first half of the game, Côte d’Ivoire managed to score twice during the second half. Commentators believe that luck was on their side, as the Super Eagles not only came into the tournament as favorites to earn the title, but also dominated the pitch during last night’s game.
Now that the local + international cup tournaments have wrapped, we have a relatively calm day as we gear up for big matches in the Champions league tomorrow and on Wednesday.
Crystal Palace plays host to Chelsea to round out gameweek 24 of the Premier League at 10pm tonight.
La Liga is also wrapping matchday 24 tonight, with Almeria and Athletic Club going head-to-head at 10pm.
Over in Serie A, Juventus will host Udinese for the final match of matchday 24 at 9:45pm.
Related
? EAT THIS TONIGHT-
Craving some delicious chicken wings? Give Wingoa try. The restaurant has two branches, one tucked away in a Wataniya gas station near Rehab and the other in Cloud 9 mall.
The wings come in an array of flavor options, some of which were rather unexpected,like Molasses and Tahini, Spicy Korean Mayo, and even peaches, serving up something to suit every palate. Each wing is incredibly tender, juicy, and cooked to perfection, giving it a satisfying crunch in every bite. The portion sizes were also generous.
We had mixed feelings about some of the flavors, although the unique flavors were better than we had expected. The Feeling Peachy wings tasted like a mix between savory peach jam and sweet chili, which was surprisingly enjoyable, while the Golden Honey Mustard was a little bit more honey than mustard, but still hit the spot.
If you’re not a wings enthusiast, their menu offers burgers and other munchies.
Related
? OUT AND ABOUT- (all times CLT)
SPORTS-
Double Dribble Leagues has got all basketball enthusiasts covered. Running until Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.
Join a run for Gaza on Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
The Cairo Half Marathon is taking place in just over a month: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Get down and dirty at the TriFactory’s Tough Mudder Egypt on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.
THEATER-
Ebni is back at Rawabet Art Space: The play, an adaptation of God of Carnage by Yasmina Reza, demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance on Tuesday and Wednesday, 13 and 14 February at 8pm. Book your tickets here.
MUSIC-
Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageatFamily Park. The event will take place on Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena on Friday, 16 February. Grab your tickets while you can.
Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café on Friday, 16 February. You can snag tickets for EGP 200 here or at the door.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan on Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights on Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end-of-winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
ENTERTAINMENT-
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt on Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can meet the all-time highest grossing standup comedian.
INTERACTIVE EVENTS-
Fancy yourself a detective? Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.
The Bee Sting is a story of economic downfalls and challenges that befall an Irish family.The Barnes family, once prosperous, faces the aftermath of the 2008 financial crash that hit their town. Patriarch and car dealer Dickie Barnes grapples with the downturn in sales exacerbated by a rogue mechanic damaging the family’s reputation, ultimately forcing him to close the garage. Dickie's wife, Imelda, sells their belongings in desperation to stay afloat while their children, Cass and PJ, navigate their own challenges.
The book dives into all of the family members’ inner struggles. Imelda reveals her impoverished past, a tragic love story with Dickie's brother, Frank, and a mysterious bee sting from her wedding day.
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