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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Energy company IPO coming in two months, El Dokany says

Good afternoon, wonderful people, and welcome to the final few hours of May. It’s a bit of a mixed bag in the news cycle today here at home so far as we approach the end of the week and the month.

THE BIG STORY TODAY

Are we getting a fresh IPO in the next two months? The EGX is working on listing an unnamed energy company’s shares on the bourse within two weeks, with a goal of starting trading in a month or two, EGX head Ramy El Dokany told CNBC Arabia (watchtime, runtime: 2:25). El Dokany did not provide any further details.

THE BIG STORY ABROAD

JPMorgan’s CEO Jamie Dimon is making headlines in the international press for different reasons this afternoon: Dimon denied a statement by Jes Staley, a former JP Morgan exec, claiming that they both debated keeping Epstein on as a client in 2012 in a legal document, according to the Wall Street Journal. The CEO also denied discussing Epstein’s accounts at any point during his tenure until JP Morgan dropped Epstein as a client in 2013.

Meanwhile in Shanghai, Dimon expressed that the US and China relations need to thaw — a move that is more prudent now as the Chinese economy is still struggling to recover due to a slow pickup in China’s factory activity and increasing youth unemployment, added the CEO. The story is developing on: CNBC | FT | Reuters


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

  • NBFS firms are going to need bigger buffers: Non-banking financial services (NBFS) companies have one yearfrom 18 May to increase their paid and issued capital to EGP 75 mn to comply with new capital requirements.
  • Our local debt could be 'Euroclearable' by the end of the year: The Finance Ministry is aiming to iron out the final details of its link-up with Belgium-based clearinghouse Euroclear before the end of 2023.
  • A busy day at the House, Senate: The House and Senate economic committees held meetings yesterday, approving the government’s FY 2023-2024 socioeconomic developmentplan and the Financial Regulatory Authority’s budget for the coming year.

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- It’s going to be partially cloudy with the mercury peaking at 41°C and dropping to a rather warm evening temperature of 29°C, according to our favorite weather app.

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FOR YOUR COMMUTE

The end of QR code menus? Plus: Scientists are restoring ecosystems by reintroducing their natural sonic biodiversity

Are QR code menus falling out of favor? The tides appear to be turning on QR code food menus, which were once an essential feature of dining during the contactless era of covid-19, according to the New York Times. In the US, QR codes are being scanned less, with a menu management and printing platform saying that “the total number of scans dropped by about 27%” in the past two years, and the number of restaurants generating new QR codes has also dropped. QR codes that already exist are largely “dormant,” with 75% of these codes getting scanned fewer than 90 times in the past year.

Why people prefer physical menus over digital:Digital menus can negatively impact the ambience of the dining experience, restaurateurs tell the NYT, saying that phones’ blue light can dampen the mood of a romantic dinner, for example, and rein in the communication and intimacy of a meal. But it’s not only customers who say the QR codes are unideal — waiters say they struggle to pick up on the usual visual cues to understand when people are ready to order. Restaurant owners also say that QR code menus can actually result in patrons ordering fewer things per meal, since they can be too lazy to scan the menu again to order a dessert or look at more drink options. Meanwhile, scanned menus can be more expensive for restaurants to create and maintain than printing traditional paper menus.

There are still some pros to going digital, though: The upside to digital menus is their consolidation of the full ordering experience — some restaurants allow customers to select and order their food, and pay all in the same place. Language barriers can also be reduced with digital menus that can be translated online, helping to avoid confusion or misunderstandings, the Gray Lady says.


Restoring sonic biodiversity to heal nature: Scientists have been using the sounds of nature to help restore biodiversity in ecosystems by luring species back to their natural habitats, according to the BBC. Across several ecosystems, dwindling sonic biodiversity — that is, the diversity of sounds created by nature and different animal species — has been a byproduct of species’ extinction. The sounds of nature, scientists say, are important behavioral cues for species — whether for mating, sounding the alarm for dangerous situations, or other situations — and can help conservationists “monitor populations and assess the health of ecosystems.”

Several studies show that reintroducing natural sounds can have a positive impact on biodiversity, the BBC says. One study on oysters, published in 2022, showed that “playing the sounds of the sea is an effective technique for restoration,” with the researchers successfully restoring oyster populations in an area where they had effectively disappeared.

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ENTERPRISE RECOMMENDS

Rise of the B’naires: Discover the humble beginnings of today’s internet moguls

? ON THE TUBE TONIGHT-
(all times CLT)

The Rise of the B’naires on OSN+ is a documentary covering the truth behind how a group of young entrepreneurs changed life as we know it. Brace yourselves to see the youthful and naive faces of Meta’s Mark Zuckerbuerg, Amazon’s Jeff Bezos, Tesla’s Elon Musk, and Larry Page and Sergey Brin (the brains behind Google) before they became the household names they are now. The series begins in 1994, when Bill Gates was the world’s richest man and Bezos was an analyst on Wall Street. We follow Bezos as he begins his journey to leave New York and go to Seattle to sell books from his suburban home on this new “thing” called The Internet. The episodes go on to track his ambitious climb alongside the other rising stars, such as a 27-year-old Musk, who sparked the idea of PayPal and pioneered the world of internet banking while Gates started to catch on. The episodes show how the onset of the internet with its tentacles spreading through society brought forth these new competitors to Gates and shook his domination of the tech industry. Watch this show if you’re keen to see how these important trailblazers leveraged the internet and amassed fortunes from their creations.

It’s down to Sevilla and Roma to claim the Europa League title: The two teams are heading to Puskás Aréna stadium in Budapest, Hungary at 10pm for the final deciding game in the Europa League. Sevilla — which has the highest number of victories in the championship — is looking to secure what would be its seventh Europa League title, while Roma, led by Jose Mourinho, are going into tonight’s game with a healthy appetite after earning the Europa Conference League last year.

Here at home in the Egyptian Premier League: National Bank plays against El Dakhlia at 7pm, while Arab Contractors v Al Ismaily kicks off at 9:30pm.

? Egypt’s Mayar Sherif is still on the court in her match against Russia’s Anastasia Potapova in the second round of Roland Garros, which is likely moving on to a third set. Sherif bagged the first set 6-3 but Potapova managed to break Sherif’s serve in the second set, giving her the lead. Also in the women’s singles, world no.2 Aryna Sabalenka will face Belarus’ Iryna Shymanovich at 3:50pm.

Over in the men’s singles, Novak Djokovic (world no.3) will face off against Hungary’s Marton Fucsovics at 9:15pm tonight in a bid to advance to the third round of the French Open. Currently on the court: World no.1 Carlos Alcaraz Garfia and Japan’s Taro Daniel. Spain’s Roberto Bautista Agut and Peru’s Juan Pablo Varillas are set to begin their match at 4:10pm.

? EAT THIS TONIGHT-

Tree Trunk: We sure love us a place that’s versatile: Nestled in Heliopolis’ evercharming Korba, Tree Trunk is a bohemian restaurant/bistro where you can also occasionally take yoga classes, and enjoy the neighborhood views from a scenic rooftop complete with cozy floor cushions and low tables. As far as the food goes, we recommend their pizzas, which are freshly baked in a traditional oven, but their pasta dishes also hit the spot. Tree Trunk is perfect for a quick getaway from Cairo’s hustle and bustle and is best when enjoyed with a small group of friends for the ultimate laidback night out. The restaurant also has its own boutique where it sells small bohemian lighting fixtures here.

? OUT AND ABOUT-
(all times CLT)

The Jokers, a group of stand up comedians, will be performing tonight at 8:30pm at Rawabet Art Space. If you’re looking for a laugh to unwind mid-week, this is the show to see. Check out Ticketsmarche to book your seat.

Jordanian independent composer and singer Aziz Maraka will be performing with his band at Cairo Jazz 610 tonight starting from 9pm. Make sure to check out 610’s Facebook page to reserve your table.

Watch “Womb,” a dance performance by Shaymaa Shoukry in collaboration with Ahmed Saleh tomorrow and Friday at 8pm in the Falaki Theatre in downtown Cairo.

Picasso, las mujeres que bailaron su vida (Picasso, the women who danced his life) will be showing tomorrow from 7-8pm at Instituto Cervantes El Cairo. Itis an extraordinary performance art piece that immortalizes the women who graced Picasso’s paintings and life. This performance is a collaboration between the Cairo Contemporary Dance Center and the Cervantes.

Have you checked out Zawya Cinema’s Cairo Cinema Days? The festival showcases the latest films from the Arab region, with this year’s edition including 16 documentaries and feature films from Egypt, Tunisia, Sudan, Morocco, Iraq, Palestine, Algeria, and Lebanon. Film screenings are ongoing through 10 June — you can check out the schedule and find more details here.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Fancy a chuckle, or more? Watch Absurd & Beyond by ACT at Rawabet Art Space this Friday, 2 June and Saturday, 3 June starting from 8pm.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Hiba Tawaji is back with her first concert in Cairo after three years: The Lebanese singing sensation will be performing in the Cairo Opera house on Friday, 16 June starting from 8:30pm to celebrate the release of her new album, Ba’d Seneen. The performance will be conducted by Maestro Ahmed Aweida and under the supervision of Oussama El-Rahbani. Click here to reserve your tickets.

? UNDER THE LAMPLIGHT-

Brave the Wild River: The Untold Story of Two Women Who Mapped the Botany of the Grand Canyon. “Exciting” was never an adjective that would have occurred to us when writing about a book on the study of plants. But Melissa Sevigny’s work is about a lot more than that. It’s about the bravery and fearlessness of two women — Lois Jotte and Elzada Clover — in late 1930s America and their determination to brave one of the world’s most perilous rivers and society’s criticism, to achieve what no one had accomplished before them.

Eradicating stereotypes: During the long and dangerous journey that lasted over 40 days, survival was never certain. But through the voyage, Jotte and Clover imposed their own take on the science they so loved: One that was exhilarating and bold — in other words, a far cry from the time’s typical view of botany as a delicate and therefore appropriately feminine pastime. Sevigny gives us a compelling book with an intimate touch through the writings of the protagonists themselves.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 31 May, 2023

EARNINGS WATCH-

Juhayna’s net income jumped 135% y-o-y to EGP 339 mn, according to the company’searningsrelease(pdf). The dairy giant’s revenues rose 42% y-o-y to EGP 3.4 bn during the quarter.


MARKET ROUNDUP-

The EGX30 fell 0.2% at today’s close on turnover of EGP 3.42 bn. Local investors were net buyers. The index is up 19.9% YTD.

In the green: Elsewedy Electric (+8.6%), Juhayna (+1.9%) and CIRA Education (+1.0%).

In the red: Orascom Construction (-6.7%), Abu Dhabi Islamic Bank (-6.5%), and Mopco (-3.0%).


MAY

17 May-10 June (Wednesday-Saturday): Cairo Cinema Days at Zawya Cinema, Downtown Cairo.

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

31 May (Wednesday): Jordanian composer + singer Aziz Maraka performance, Cairo Jazz 610.

31 May (Wednesday): The Jokers standup comedy show, Rawabet Art Space, Cairo.

JUNE

1 June (Thursday): “Picasso, the women who danced his life” show, Instituto Cervantes del Cairo.

1-2 June (Thursday-Friday): “Womb” dance performance by Shaymaa Shoukry, Falaki Theater, Cairo.

2-3 June (Friday-Saturday): Absurd & Beyond by ACT, Rawabet Art Space, Cairo.

9 June (Friday): TriFactory Madinaty Half Marathon.

10 June (Saturday): Thanaweya Amma examinations begin.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

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

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

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.

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): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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