Happy almost-THURSDAY, friends. We’re racing towards the end of the week — and, soon, the end of the month — as the news cycle picks up steam here at home.
THE BIG STORIES TODAY
#1- We’re going to know more about the upcoming presidential elex next week: The National Elections Authority (NEA) will hold a meeting next Monday, 25 September to announce the procedures and expected timeline for the upcoming presidential elections, Director of the NEA’s Executive Committee said at a press conference (watch, runtime: 3:05).
#2- We’re getting a new USD 1 bn tire factory: Rolling Plus signed an agreement today to invest USD 1.07 bn in setting up a new tire factory, with a capacity of 7 mn tires per year, in the Suez Canal Economic Zone, according to a cabinet statement.
THE BIG STORY ABROAD
It's another mixed bag in the international business press today:
The Fed rates meeting coming up today has kept reporters eager to confirm whether they will hold the rates or whether there will be a change. (Wall Street Journal)
Oil approaching the USD 100/ barrel is an alarm that central banks cannot ignore. (Bloomberg)
Uber to shut down in cities in the EU? Asenior Uber executive has warned that designating drivers as de facto employees will force them to cease their services and increase their rates by 40%. (Financial Times)
Are Chinese manufacturers overcoming US export controls? HiSilicon, a Huawei Technologies Unit has been able to ship chips for surveillance cameras to surveillance camera manufacturers, one of which was Chinese. (Reuters)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
The Saudis are upping their stake in e-Finance: The Saudi Egyptian Investment Company (SEIC), the investment arm of the Public Investment Fund (PIF), is planning to increase its stake in state fintech player e-Finance to 28% from 25% currently.
☀️ TOMORROW’S WEATHER- Expect the mercury to rise to a high of 31°C in the daytime and drop to a cooler 25°C in the nighttime, according to our favorite weather app.
Musk is moving to bring paid monthly subscriptions to X: Elon Musk plans to introduce a monthly payment system in an effort to combat bots on X (formerly known as Twitter), the X CEO said during a livestream with Israeli Prime Minister Benjamin Netanyahu, according to CNBC. Musk did not disclose the cost of the new plan or what additional features would be included. X currently has 550 mn monthly users who generate 100 mn to 200 mn posts per day, but it is unclear how many of these users are authentic as opposed to bots.
Chalk it up to the latest in a string of changes Musk has been making since taking over the social platform: In addition to its plans to begin charging users monthly subscription fees, X is also seeking a license to become a money transmitter across the US, having already obtained permission in eight states, according to CNBC. Musk has also previously implemented staff cuts, restored suspended accounts, and eliminated the once-coveted blue check verification system — and introduced a membership system for the check mark — all in a bid to boost Twitter’s income growth as it battled to retain advertisers.
Meanwhile, WhatsApp is rolling out its payment service in India: After launching in Brazil and Singapore, WhatsApp’s parent company Meta will allow users in India to make purchases from local businesses directly through WhatsApp chat, Bloomberg reports. WhatsApp's user base of over 400 mn users and 200 mn companies in India will be able to make payment via credit, debit, and Indian payment apps. The payment service will be offered without charge, with the exception of the regular processing fee for transactions. Large-scale businesses will need to pay to message customers directly, and to use click-to-message advertising. The rationale behind the launch is to expand Meta's revenue, and WhatsApp does not anticipate antitrust issues moving forward.
El Salvador is taking a stand on gang crime, putting more than 72k alleged gang members behind bars: President Nayib Bukele took the stand at the UN General Assembly and announced the success of his tough-on-crime security policy over the past 1.5 years, which has contributed to his high approval ratings back home. While this has bumped the country — once known as the world capital of death due to its high murder rate — up the security index ladder, it has also given it the title of the world’s largest prison population per capita, dethroning Rwanda.
The country is now officially jailing people at triple the rate of the US, which is home to the second largest prison population worldwide. In 2020, Bukele invoked a “state of exception” — emergency powers that give authorities broad powers to jail people — to begin his campaign against gangs, prompting criticism from human-rights groups due to his increasingly authoritarian actions. Prior to Bukele’s crackdown on crime, the country’s prison population sat at 30k, and has now increased threefold to reach 100k. Almost 2% of El Salvador’s population is currently in jail on suspicion of being gang members, though none of the detainees have been sentenced yet.
Bukele asserts that El Salvador now “competes with Canada” as the continent’s safest country. The country is slowly expanding its network of prisons to accommodate their increasing incarceration rate. One of their newest and largest prisons — the centerpiece of Bukele’s campaign — is the Terrorism Detention Center, which has the capacity for 40k inmates. The president believes that the lower security rate is reversing mass migration, and claims that the majority of the Salvadoran diaspora in the US, who fled the 1979-1992 civil war, want to return home.
Burning Body is bringing serious entertainment to our late-night Netflix binges. The new Spanish show is based on the real-life tragic events known as the city guard crime that took the life of Urban Guard Pedro Rodriguez, played by José Manuel Poga, back in 2017. Rodriguez’s body was discovered in the trunk of a charred car in Barcelona’s Catalonia. The heinous crime later came to reveal a web of complicated relationships involving Pedro’s partner, Rosa (played by Casa de Papel fan favorite Úrsula Corberó), her lover Alberto Lopez, and ex, Javi. What makes the story compelling is that all those involved were part of law enforcement and they too err — and sometimes with fatal consequences. While the show may not be the most suspenseful the events it portrays are easily searchable online, it is still very much watchable. That is, primarily because of the amazing performance by Corberó. The honesty and intensity she brings to the role elevate the whole series. As the key female character at the center of a custody battle, love affair, and strained relationship, Corberó does not disappoint.
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⚽ The fun of the Champions League evening isn’t over yet: Today will give us eight matches, most notable of which is the key match between Bayern Munich and Manchester United at 10pm.
Below is the remaining line-up from the Champions’ League:
Real Madrid v Union Berlin (7:45pm)
Galatasaray v Copenhagen (7:45pm)
Arsenal v Eindhoven (10pm)
Sevilla v Lens (10pm)
Sporting Braga v Napoli (10pm)
Benfica v Red Bull Salzburg (10pm)
Real Sociedad v Inter Milan (10pm)
…meanwhile back home: The first round of the Egyptian Premier League continues with three matches, the first at 4pm between Al Dakhleya and Enppi, while the remaining two matches begin at 7pm between Smouha and El Gouna, and Arab Contractors against new entrants Baladeyet El Mahalla.
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Can you point Vietnam out on a map? If you guessed somewhere around Maadi , you’re right. What the Pho is a cloud kitchen operating out of Maadi, and in spirit, Vietnam. It’s touted as the best source of pho in Cairo, offering four variations with beef, chicken, shrimp, and even a vegan tofu option. While pho is their star dish, there are plenty of reasons to explore the rest of the menu. But first, a disclaimer: If you have nut allergies, tread lightly around Vietnamese cuisine — peanuts are often used in their dishes, and many of them are cooked in peanut oil. Now back to the good stuff. Wings fans, try their fried sweet and savory Pok Pok wings. If you’re looking for something healthier, check out their Goi Ga, a filling salad containing chicken, cabbage, peanuts, and shallots. You can’t go wrong with their nem cuốn — summer rolls stuffed with either shrimp, chicken, or no meat for our vegetarian/vegan pals.
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🎤 OUT AND ABOUT- (all times CLT)
Catch comedian Ali Quandil’s standup comedy show at Teatro in Arkan Plazatomorrow from 8:30 pm. Get your tickets from Ticketsmarche.
Masar Egbari will perform at City Garage Live in City Centre Almaza this Friday, 22 September. Tickets are available on Tazkarti.
Tamino is coming back to Egypt to perform on Friday-Saturday, 22-23 September at 8pm at AUC’s Tahrir campus.
Tamer Hosny and Nancy Ajram are performing at AlMasaHotelon Thursday 28 September. Tickets are available at the banquet reservation office 10 am -10 pm.
Samar Tarek, Muslim and Molotof are all set to perform on Friday, 29 September at the Greek Campus. Tickets are available on Ticketsmall here.
Medhat Saleh will be performing at the Cairo Opera House on Friday, 29 September at 8:30 pm. Get your tickets on Ticketsmall.
Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.
Omar Khairat is set to perform at Cairo Opera House on Tuesday-Wednesday, 3-4 October from 8:30-11:30 pm.
Italian opera Teatro Di San Carlo is coming to Egypt for the first time with a showat the Pyramids of Giza on Wednesday, 11 October. You can book your tickets from Ticketsmarche here.
Egyptian singers Ruby and Ahmed Saad are performing together at Misr University on Wednesday, 18 October at 8pm. Get your tickets at Ticketsmarche.
DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.
Jim Gaffigan’s Barely Alive Tour will hit the Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.
Canadian pop star Charlotte Cardin will be performing at CJC 610 on Saturday, 20 January at 9 pm. Get your tickets here.
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💡 UNDER THE LAMPLIGHT-
Never Enough : What do you do if you’re not an Olympian, musical prodigy, or tech genius? Nowadays, it seems that being a normal, or “average”, human being is somehow frowned upon. The need to excel, stand out, and outdo others seems like an unhealthy obsession more than the celebration of talent and hardwork. Unfortunately, this “hypercompetition” seems to affect children and adults alike. In this book, award-winning reporter Jennifer Breheny Wallace discusses the repercussions this toxic culture has on people — particularly vulnerable kids — and on their self-esteem. She examines the origins of this kind of mentality before proceeding to unpack the tight grip that now binds self-esteem to achievement. By surveying parents, and educators, she gains invaluable insights into how people can protect their wellbeing, and that of their families by challenging “grind culture.”
The EGX30 fell 0.8% at today’s close on turnover of EGP 2.9 bn (35.5% above the 90-day average). Local investors were net sellers. The index is up 35.6% YTD.
In the green: Alexandria Containers and Cargo Handling (+6.9%), Sidi Kerir Petrochemicals (+6.6%) and Alexandria Mineral Oils Company (+5.1%).
In the red: Mopco (-5.1%), GB Corp (-4.8%) and Qalaa Holdings (-4.7%).