Good afternoon, friends and welcome to this busy Monday as fresh stories are hitting our news cycle while the international news is still grounded on the latest from Sam Altman’s ouster.
THE BIG STORY TODAY
Egypt and Saudi Arabia are looking into partially trading in local currencies: The two countries are studying the possibility of conducting local currency-denominated trade in the coming period, Asharq Business reported, citing Egyptian Commercial Representation Service’s Yahya Al Wathiq Billah. The Saudi Arabian commerce minister has already submitted a proposal to discuss the possibility of paying a portion of trade operations in SAR or EGP. The next step will be to move the conversation between the central banks of the two nations before a consensus is reached by 2024, Al Wathiq Billah was quoted as saying.
THE BIG STORY ABROAD
It’s a mixed bag today in the international press, as the Sam Altman ouster and OpenAI’s second interim CEO hire continues to dominate the conversation after it was announced that Altman would be hired to lead a new Microsoft AI team. We have the full story in For Your Commute below.
Also making headlines today is Javier Milei, Argentina’s new president-elect, and self-described anarcho-capitalist. Not too long ago, Milei was a TV personality known for his passionate rants against government spending, the ruling class and was frequently compared to Trump. Milei managed to weasel his way through Argentina’s two-party system due to the overwhelming public support for his drastic measures, which include, but are not limited to, eliminating the nation’s central bank to decrease inflation, alongside curbing the rise of socialism and the deterioration of family values. (Associated Press)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
☀️ TOMORROW’S WEATHER- Expect less clouds and a high of 25°C in the daytime which will drop to a cooler 17°C in the evening, according to our favorite weather app.
WHO HAS THE LAST LAUGH- Sam Altman will be joining Microsoft. In the latest twist to his sudden firing on Friday, the former CEO of OpenAI will lead a team for advanced AI research,Microsoft CEO Satya Nadella said in a post on X this morning.
THREE CEOS IN THREE DAYS-
In an undignifying reshuffle, Mira Murati, former CTO of OpenAI, took the interim position, as announced by the board on Friday, after Altman was removed from his CEO post, says CNBC.
Former Twitch CEO Emmett Shear was appointed interim CEO of OpenAI today, despite pushback from employees and investors to reinstate Altman and former president and chairman Greg Brockman, who had resigned in response to the board’s decision, according to Axios.
ICYMI-
#1- Altman was suddenly ousted by the board on Friday for not being “consistently candid in his communications with the board,” as quoted in Bloomberg.
#2-It appears that concerns with the speed at which Altman and Brockman wanted OpenAI to grow was also alarming the board, which is reportedly mostly made up of scientists.
They recently suspended sign-ups to their ChatGPT Plus services to respond to the flood of client requests after the company’s first developer conference on 6 November, citing that the questions use extremely expensive computing power to implement their queries, tells us Bloomberg.
#3- Investors were in a frenzy, especially Microsoft. And with good reason, with its USD 10 bn stake in the startup and the resulting 2% drop in their share price on Friday, and another percentage point drop in after-hours trading, they had every reason to put pressure to reinstate Altman, reports the Financial Times.
WHAT REALLY WENT DOWN-
#1- There is beef between Altman and board member Ilya Sutskever, Chief Science Officer at OpenAI. Things got tense when Altman moved to reduce Sutskever’s role at the company, says Bloomberg, causing the rest of the board, Adam D’Angelo (Quora Inc. CEO), Tasha McCauley (tech entrepreneur), and Helen Toner (director of strategy at Georgetown’s Center for Security and Emerging Technology), aside from Brockman, to turn their backs on Altman.
#2-It seems to have started atthe company’s first developer conference on Monday, 6 November. Where Altman had the crowd enthralled but made a few announcements that rubbed Sutskever the wrong way,including plans for customized versions of ChatGPT that would allow anyone to create chatbots to perform personalized tasks, reports the Bloomberg.In the coming days is when Sustkever brought his concerns to the board and the plan to sack Altman was put in the works.
WHAT’S NEXT- Shear has promised an independent investigation into Altman’s rushed ouster, which he said was “badly” conducted.He also added that he’ll be conferring with stakeholders in an effort to reform OpenAI’s leadership, Shear is quoted as saying in Bloomberg.
Nyad is a biographical drama based on Diana Nyad’s autobiography Find a Waythat captures her gripping journey as she embarks on swimming 110 miles (117 km) in the waters between Cuba and Florida.
Described as a portrayal of obsession by Variety, the film recounts how at 60 years old, Nyad sets out to accomplish this lifelong dream, after failing to do so when she was 28.
The film covers four grueling years where Nyad trains relentlessly for the hazardous open-water crossing. But her efforts are rewarded: She becomes the first person to complete the swim, without the protection of a shark cage, as the water between Cuba and Florida is known to be shark and jellyfish-infested.
She reached her goal in 2013 — after five failed attempts.
This story of stubbornness and resilience shows the harrowing details of Nyad’s incredible journey: The challenges she faced, her intense training, and doubts she faced as an older woman.
The film is directed by documentary veterans Elizabeth Chai Vasarhelyi and Jimmy Chin, and stars an OG Hollywood cast: Diana Nyad (Annette Bening), alongside Bonnie Stoll (Jodie Foster) and John Bartlett (Rhys Ifans) give an authentic and moving performance as the swimmer and her family tackle her decision to embark on this seemingly impossible dream during her golden years.
Where to watch it- You can catch the film on Netflix.
Related
⚽ Today’s key matches are in the UEFA European Football Championship 2024 qualifiers in Germany:
North Macedonia v England (9:45pm)
Ukraine v Italy (9:45pm)
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? EAT THIS TONIGHT-
Dai Pescatori made its way from Dahab to Maadi. The restaurant does a good job of giving off a cozy and intimate atmosphere to put the patrons at ease as they prepare for their meal.
Right off the bat, the restaurant smells like authentic Italian. With our senses already engaged, we started off our meal with their bruschetta. While the bread and tomatoes were fine, the dried oregano/basil seasoning didn’t accentuate the flavor as fresher ingredients would have.
Don’t shy away from the higher ticket items. We felt like we deserved an indulgence and went for the Tagliatelle Alla Nostromo (lobster pasta), and Funghi Porcini (mushroom pasta) — both tasted as if it was home cooked by an Italian nonna (or we imagined it would) — it was rich and fresh, but we did note that it needed a dash of salt.
We refrained from overloading on carbs, but deeply regretteditwhen we saw the pizza. Its quality and aroma caught our attention as it passed by our table heading to a nearby customer…
… but the tiramisu was average. While it may look and taste like one, we felt that it didn’t have the right ratio of coffee to mascarpone.
Related
? OUT AND ABOUT- (all times CLT)
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.
Palestine’s ethnography is on display at the Netherlands-Flemish Institute in Cairo starting from between 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.
The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing on Wednesday, 29 November at 8pm at the Cairo Opera House, Zamalek. You can book your ticket from here.
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.
Wael Al Fashni x El Sawy Culturewheel. The Egyptian singer Wael All Fashni will be performing at El Sawy Culturewheel, Zamalek on Saturday, 1 December. 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.
The Cairo Art Book Fair is in its second edition in the cultural city of Ghurnata in Heliopolis. The exhibition will display prints and books alongside a series of lectures and artistic discussions. The event will take place between 7-9 December.
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.
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? UNDER THE LAMPLIGHT-
Wasteland uncovers the dirty truth behind mass consumption. Awardwinning journalist Oliver Franklin-Wallis traveled across the world to uncover the global waste crisis and the hidden world of landfills and dumps on which we rely to sustain our modern economy.
What happens to our trash? If you’ve ever wondered what happens to the things we throw away, this book is the uncomfortable answer to that question. It may not be the most appealing topic, but it is an alarmingly important one.
The rabbit hole goes much deeper than pollution. Franklin-Wallis’ journey in search of who handles our waste introduces us to multi-billion dollar empires quietly profiting off our waste, waste-pickers battling the plastic crisis, and the newest issue facing the global crisis: nuclear waste.
The book shows just how complicit we are in the crisis, and how out of sight, out of mind will catch up with us very soon, whether in the form of New Delhi’s 65-meter high landfill, or the floating islands of garbage in our oceans.
All’s not lost. Franklin-Wallis doesn’t leave us dejected and anxious — while his work is occasionally daunting and confrontational, the author makes sure to acknowledge the innovators and campaigners pushing for a better future, lobbying and advocating for more mindful global consumption.
While there are no sweeping solutions or no easy fixes, the book shows us just how hard we should be fighting to help. He shares a blueprint (which we’re more than happy to follow after this read) to building a healthier and more sustainable world for us and for the generations to come.
WHERE TO FIND IT- Wasteland is available on Amazon but you might want to opt for the Kindle version to begin the journey to reducing your carbon footprint.
The EGX30 fell 0.6% at today’s close on turnover of EGP 4.1 bn (53.2% above the 90-day average). Regional investors were net buyers. The index is up 69.6% YTD.
In the green: Juhayna (+2.8%), Sidi Kerir Petrochemicals (+2.5%) and E-Finance (+0.8%).
In the red: Talaat Moustafa Group (-3.3%), Egypt Kuwait Holding (-3.2%) and Qalaa Holding (-3.1%).
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