Good afternoon, friends and Happy Monday. We hope you’re off to a smooth start this week as our local news cycle begins to pick up.
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THE BIG STORY TODAY
We could make our first bond issuance in India next year: A maiden bond issuance denominated in India’s national currency worth up to USD 500 mn is being considered for 2024, Egypt’s Finance Minister Mohamed Maait told CNBC Arabia in an interview on the sidelines of COP28 in Dubai this week. Maait said last month that we are looking to raise FX from India’s capital markets to diversify our sources of funding.
Remember: Higher global interest rates and a prolonged currency crisis have all but shut Egypt out of Western capital markets, prompting Egypt to turn to more new sources of finance. We closed our maiden bond issuance of CNY 3.5 bn in China in October and JPY 75 bn in Japan in November of this year.
THE BIG STORY ABROAD
It’s another mixed bag of stories leading the international press today, here are some of the key headlines:
Spotify is skimming the fat: The company is laying off 17% of its international workforce to reduce costs and adjust for a slowdown in growth. This is in response to taking on too many employees in 2020-2021 when capital was cheaper. Read the full note CEO Daniel Ek shared with employees here.
Israel has its sights set on the very areas civilians were told to evacuate to. In a post on X, the IDF highlighted zones comprising about a quarter of Khan Younis, previously deemed a “ safer zone ”, that must be evacuated. The strip was hit by airstrikes overnight and now the IDF is pushing its ground campaign in the South of Gaza. (Bloomberg | Reuters)
The White House warns that the US will run out of funding for Ukraine by the end of the year, reports the Financial Times.Budget director Shalanda Young sent a letter to congress saying that without approval for new support, Kyiv won’t be able to receive equipment from US military stocks.
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Lower growth ahead: The Madbouly government has downgraded its growth forecast for the current fiscal year by 0.7 percentage points to 3.5%, according to statements made by Planning Minister Hala El Said.
Israel intensified its air campaign across Gaza yesterday, including in the south where it issued new evacuation orders to civilians. Israeli troops were reported to be mounting a ground offensive in the south of the enclave and stepped up bombing raids on the southern city of Khan Younis, ignoring US calls to spare civilian lives and “not repeat the same scale of destruction” inflicted on the north.
? CIRCLE YOUR CALENDAR-
We have four days left before the polls open here at home on 10-12 December for the presidential elections, with the first-round results due on 18 December and a runoff, if necessary, to take place in early January. Voters will choose between incumbent President Abdel Fattah El Sisi, Al Wafd Party’s Abdel Sanad Yamama, the Egyptian Social Democratic Party’s Farid Zahran, and the Republican People Party’s Hazem Omar.
?️ TOMORROW’S WEATHER- More patchy weather as the mercury will rise to 24°C and drop to 16°C in the evening, according to our favorite weather app.
BTC hit a 19-month high even as two CEOs are found guilty of money laundering USD bns. Starting out at USD 16.4k at the beginning of 2023, the currency hit USD 41.5k this morning at its peak before cooling down to USD 40.9, CNBC reports, citing Coin Metrics data.
The currency is up 145% year-to-date, which CNBC suggests is partially fueled by market expectations that the US Securities and Exchange Commission (SEC) will approve a BTC exchange-traded fund. The SEC had initially blocked the conversion of bitcoin into an exchange-traded fund, but Grayscale, the largest crypto asset manager, challenged that decision in court and won.
This comes hot on the heels of three major scandals in the span of 13 months. The collapse of FTX in November 2022 kicked off the dethroning of two crypto kings: Sam Bankman-Fried being found guilty of seven counts of criminal fraud that cost customers USD 8 bn, and Binance CEO, Changpeng Zhao (known as CZ), pleaded guilty to money laundering, agreeing to pay a USD 4.3 bn settlement to the US government, and completely exit the US.
The continual rise doesn’t come as a surprise. While the trials of Bankman-Fried and CZ may have shattered trust in the once seemingly dependable image of monkish tech gurus, crypto bros chose to believe that FTX’s disintegration, the USD 8 bn in missing assets, and rife corporate crime were anomalies, doubling down on reinvesting.
France’s Lorraine has been sitting on a treasure trove of the “fuel of the future”:Scientists found an estimated amount of 260 mn tonnes of white hydrogen buried deep underground in the rocky soil of Lorraine, in northeastern France, reports The New York Times.
More drilling in Lorraine can begin in 2024, if things move smoothly. An advanced probe intends to be used to withdraw samples from the source that is roughly 2.9 km under the surface to determine the size of the white hydrogen pocket. The hope is that natural hydrogen can be extracted in 2027 or 2028.
White hydrogen is a naturally occuring form of hydrogen renowned for its purity and ability to burn cleanly, releasing only water as a byproduct, as opposed to other forms of hydrogen, which require some sort of chemical process (whether electrolysis or steam reforming) to create the energy source.
This clean energy source isn’t new, by the way. It was first discovered in 1987 in a small village in Mali, when a worker accidentally set fire to a water well by lighting a cigarette over it. The well was found to contain natural hydrogen which was then used to power shops and homes.
The newfound interest in natural hydrogen extends beyond France: Reserves have been detected in various parts of the world, including the US, Australia, Africa, Russia, and Europe.
House of the Dragon’s highly anticipated season two teaser trailer (runtime: 1.25) — in case we needed further teasing — is out, and it is fiery and bloody. We, of course, expected nothing less from the HBO produced Game of Thrones prequel.
Despite its brevity, the teaser was enough to get our hearts pumping. With Hightower armies rallying and what looks like a Stark befriending a Targaryan we seem to be ready to see the other clans taking a bigger role in the events of the series.
“There is no war so hateful to the gods as a war between kin, and no war so bloody as a war between dragons” and so spoke Rhaenys Targaryen, the Queen Who Never Was, in the teaser, enough to whet our appetites and give us the chills that this is…
… a clear promise of a brewing civil war in Westeros, powered by a whole lot of dragons.
WARNING POSSIBLE SPOILERS AHEAD- These are other theories going round based on readers of the book:
Aegon II, who sits on the Iron Throne, preferred larking around in the last season but it seems that power is appealing to him. The teaser shows him carrying Viserys’ dagger — yes, that the one we see appear in Game of Thrones (centuries later) — to kill the Night King.
The white haired Targaryens will recruit unclaimed dragons for their cause, as a quick shot of who we believe to be Addam of Hull, an illegitimate child of Laynor Velaryon (we are surprised, too), from the teaser seems to suggest this.
Aemond, the one-eyed Targaryen we love to hate, is still hungry for power. He is seen looking ravenously at the iron throne, which suggests that a coup might be in the works.
The Starks and Northmen will become allies, and we can see them trudging through the snow in the teaser.
The Targaryen’s retaliation for Lucerys’ murder will be ugly: The trailer revealed two men attacking Helaena, Aegon’s sister-wife, assumingly hired by the dragon-riders.
The Cargyll twins, members of the Kingsguard, will not be fighting side by side. A moment in the trailer shows them mid-duel.
But don’t get too excited just yet, the actual trailer isn’t out yet, and the new eight episode season isn’t set to release until the summer of 2024.
Related
⚽ It’s a quiet evening on the pitches: No football tonight, folks.
Related
?EAT THIS TONIGHT-
All the way from Berlin, Döner Meister claims to be the first authentic döner spot in Egypt. With fresh ingredients in crispy pide flatbread (a Turkish authentic bread made for donors), they definitely deliver on flavor in quick and easy meals which you can find in New Cairo 1.
The menu keeps it simple, so you can get your kummerspeck quicker — and also because most of the food is made on the truck. You have your choice of a sandwich or box, filled with chicken, or beef, or a mix of both. Then, you can add a sauce (we’d recommend their signature sauce to add the perfect amount of spice) to top it off. They offer salad and dessert too, but we stick to the sandwiches.
It can get a little messy because their sandwiches are filled to the brim, but that makes them all the more filling and satisfying. It’s fine if you’re looking for a quick meal, but if you want to get comfortable you can have them deliver the food to your doorstep or if you have the time, go pick it up yourself.
Their servers are heavy handed with the french fries spices. And it often finds itself on top of your proteins, so make sure to ask them to hold it back if you want less of the terracotta powder.
NOTE- Since they operate out of a food truck, their seating is not the most comfortable. You can order on talabat if you’re between Tagammoa 5 - Ganoub El Academeya or get your fix through Mrsool.
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? OUT AND ABOUT- (all times CLT)
ART-
In solidarity with Gaza, there will be an art exhibition held tomorrow 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.
The Cairo Art Book Fair is happening 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.
Meet the virtual Tutankhamun: The Grand Egyptian Museum is hosting an interactive Tutankhamun exhibition, in partnership with the Spanish Madrid Artes Digitales Foundation. The exhibition kicked off and will continue until Saturday, 16 December. You can book your tour from here.
Celebrate Maria Callas’ birthday tonight 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.
Musician Omar Khairat will be performing two concerts at the Cairo Opera House. One will be held on Monday, 11 December and the other one on Tuesday, 12 December. Concerts will start at 8pm. Tickets are available here and here.
Get ready for the season with the Cairo Opera House which will be hosting a series of events celebrating Christmas and New Year’s Eve:
The Cairo Symphony Orchestra will host a Christmas concert on Saturday, 23 December at 8pm. You can book your ticket from here.
For Disney fans: The Disney Classics concert will be held at the Opera’s Main Hall on Monday, 25 December. The concert will start at 8pm. Tickets are available here.
Don’t miss the NutCracker ballet shows. The performances will be presented by the Cairo Opera Ballet, along with the Cairo Opera Orchestra. The first show will be held on Tuesday, 26 December, and will continue until Thursday, 30 December. Tickets are available here.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
CHRISTMAS EVENTS-
Get into the Christmas spirit with these festive events all around the capital.
We’re kicking off the season to be jolly with the City of the Lights Christmas Bazaar at Galleria40. The market launched last weekend, but if you missed it, don’t fret. It’ll be up and running next weekend, too.
Bookworms, assemble: AUC’s Christmas Book Fair is running everyday until next Saturday, 9 December. All books are getting a 20% markdown, and the El Kousha Theatre Troupe for Puppets will be performing for the kids on Saturday.
Next weekend is jam-packed with Christmas celebrations. Also taking place on Saturday 9 December is Cairo Jazz Club 610’s Xmas Bazaar collab with Alkemia. 20+ local vendors, live music, good food, gluhwein, and a kid’s area is available to you from 12pm to 8pm.
Want to sit back and enjoy some Christmasy tunes? Arkan Plaza has you covered. TheirChristmas Show, put together by Gaby Bishara, will bring you the smooth sounds of Louis Armstrong and Ol’ Blue Eyes himself in a blend of your favorite jazz tunes and classic Christmas tracks. Free up your Wednesday on 22 December to head on over.
The classic Christmas staple The Nutcracker Ballet will be performed at the Cairo Opera House by the Cairo Opera Ballet Company everyday starting 26 December up until the 30th.
FILM-
Zawya cinema will be screening five movies for the late director Ali Badrakhan until Tuesday, 26 December. You can know more about the schedule from here.
Eins Christmas Bazaar is bringing you some handmade goodies, kicking off this past Friday and continuing until Sunday, 1 January, 2024. The bazaar is being held at the Gallery, in Maadi.
THEATER-
Relive the good old days with the Act Theater Group. The group is reintroducing tales of Goha’s (mis)adventures into circulation, alongside other folktales of yore. Adults can bask in nostalgia, and younger ones can connect with their cultural heritage. Register for the shows on 15 and 16 December here.
EVENTS-
A pop-up market is, well, popping up this Wednesday, 6 December in Zamalek. Organized by ThatReallyCoolStudio, the ReallyCoolPopUp bazaar will be donating some proceeds to Palestine.
Award-winning Egyptian author Ashraf El-Ashmawi will be hosting a book signing event for his latest novel Maximum Speed Zero at Bibliothek Egypt on Saturday, 9 December at 5:30pm. The novel follows the journey of an Egyptian family who experience peculiar occurrences and encounter different individuals that influence their destinies.
The monthly Cairo Flea Market is putting up their Christmas decorations next Saturday, at the Zamalek Fish Garden as per usual.
CEO of Future Energy Corporation, Sherife Abdelmessih, will be hosting a book signing event for his latest book Super Vision. The event will be held on Wednesday, 13 December at Bibliothek Egypt.
Related
? UNDER THE LAMPLIGHT-
Among the Bros is a harrowing portrait of America as an establishment. In 2018, freelance journalist Max Marshall arrived at College of Charleston to investigate a small-time Xanax trafficking ring. He quickly realized that drugs were the least of his worries.
What he finds are murders, unexplained deaths + USD mns floating around what is the breeding ground of US leadership. Marshall describes Among the Bros to The Guardian as a book about the social consequences of a life without consequences, an exposé of how fraternities are a pass to behave badly while being fast-tracked towards positions of power.
Marshall’s book reveals how drugs and corruption go hand in hand behind fraternity doors, as the reader is immersed in the dark underbelly of these all-boys clubs. Secretive and extreme hazing rituals during the infamous Hell Week, during which fraternity pledges endure brutal exercises of power before being initiated, are detailed in the book. Pledges were waterboarded, made to drink their own vomit, and put cigars out on their skin. And then there is the criminal activity.
Fraternity members who sold drugs said that the experience taught them supply chain economics, salesmanship, delegation, and marketing. In 2016, eight men aged 19-25 were arrested by the Charleston Police Department in South Carolina in what is one of the largest drug busts in the city’s history. Alongside the drugs, authorities found seven firearms, a grenade launcher, and over USD 200k in cash.
THE SHOCKER- The young men knew that regardless of the lengths they went to, not only would they have a soft place to land, but that they would still be viable candidates for high-status and high-paying corporate jobs after graduation.
The shocking statistic that proves his point: Only 2% of America’s population have been part of a fraternity, but 80% of Fortune 500 executives, 76% of US senators and congressmen, 85% of supreme court justices, and every president since 1825 save for two have been fraternity men, according to the author.
The EGX30 rose 2.8% at today’s close on turnover of EGP 4.9 bn (63.1% above the 90-day average). Local investors were net sellers. The index is up 73.1% YTD.
In the green: B Investments Holding (+10.9%), E-Finance (+9.5%) and Fawry (+5.9%).
In the red: Alexandria Mineral Oils Company (-1.1%).
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