Good afternoon, ladies and gentlemen, and happy Thursday. The weekend has finally arrived and we are still gearing up for this year’s EnterpriseAM Finance Forum on Tuesday, 24 September. We look forward to seeing many of you there.
THE BIG STORY TODAY
Egypt is to receive USD 129 mn of new investment through the USAID, according to a readout from the US Embassy in Cairo following the strategic dialogue between the countries in Cairo yesterday. The new funding aims to support “an economy driven by the private sector, advance public education, improve public health services, and strengthen responsive government institutions and transparency,” the statement reads.
Education was a key focus. The dialogue highlighted initiatives to establish nine additional STEM schools, upgrade 80 technical education institutions, and expand the US-funded University Career Centers to 19 more universities in Egypt. Agreements were made with three US universities to explore opening branch campuses in Egypt, providing local students with access to American education while preparing them for future job opportunities.
THE BIG STORY ABROAD
Israel twin attacks on Lebanon now has a confirmed death toll of over 37 and wounding 450. An Israeli military official acknowledged that they were responsible for the terror attack. Yesterday’s attack used the same method and killed over 12 people, including children. Hezbollah has announced its intentions to strike back in retribution as the UN High Commissioner for Human Rights Volker Türk called Israel’s bombardment a “violation of international humanitarian law.” (Bloomberg | CNN)
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ACWA and HAU update investment ticket for mega wind farm: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez.
Gas cylinders just got more expensive: The government has hiked the prices of butane gas cylinders by up to 50% as part of efforts to rationalize subsidies for fuel.
Turkey could reroute a portion of its LNG imports to Egypt in a few years: Turkish state-run gas company Botas has inked a ten-year agreement to import LNG from French energy giant TotalEnergies with the option to redirect cargoes to Egypt and Europe.
☀️ TOMORROW’S WEATHER- Temperatures are refusing to say goodbye to summer, and will be hiking back up tomorrow to a high of 38°C and a low of 24°C in the capital, according to our favorite weather app.
Farewell to the pioneering airtight and leak-proof food containers that cluttered generations of kitchen cupboards. Tupperware has filed for bankruptcy after years of declining sales and rising competition, with assets worth around USD 680 mn and debts of USD 1.2 bn, reported NYT. The company is the world renowned provider of… well, Tupperware — an iconic case of the brand becoming so ubiquitous that it becomes the go-to identifier for a class of products.
(Tap or click the headline above to read this story with all of the links to external sources.)
We saw this coming. Last March, Tupperware expressed uncertainty that the brand would be able to continue as they faced a drop in demand, along with a liquidity crunch due to higher costs for products, labor and logistics. Earlier in June, Tupperware announced that it would be shutting down the last remaining plant in the US, laying employees off in increments with a planned complete closure in January.
In its filing, the company acknowledged that it did not adapt to the modern-day business model. Chief Restructuring Officer Brian J. Fox explained that they failed to develop a suitable sales strategy to keep up with online shopping, which led to customers not knowing where to purchase the products, despite the fact that they were well aware of what it was. The company only set up an Amazon storefront and began selling at Target in 2022, but by then it was too late to dig themselves out of the hole.
The company was founded almost 80 years ago by Earl Tupper to help families savemoneyon food waste after the Great Depression. Later on in the 1950s, the company’s popularity increased significantly with the rise of Tupperware Parties — essentially meetups where recruited saleswomen would socialize with neighbors and other homemakers, pass around tupperware catalogs, and place orders. This was a strategy developed by Brownie Wise — an incredibly effective one during its time — who later became vice-president of marketing for Tupperware Parties Inc.
When you pause your YouTube video now, you’ll be met with a nasty surprise. We hate to say we told you so, but even YouTube’s pause button has become a host to ads. While you’re taking a breather, advertisers are going to populate your screen. As if unskippable ads weren’t enough.
The purpose of Pause Ads is to create a ‘non-interruptive’ watching experience.Supposedly. Though the company hasn’t explicitly promised to make in-watch ads less frequent or even shorter, YouTube claims that it doesn’t want to interrupt your viewing experience anymore. This new method is rolling out to all the advertisers after a successful pilot program starting in 2023, which the company said was well received by advertisers and viewers alike.
It’s nothing new to the internet, but it doesn’t make it less annoying. A year ago, video platforms like Hulu, Max, and Peacockembraced the Pause Ad method.
Kaos is a mythological madness of the olympic gods. Narrated by Prometheus (Stephen Dillane), a prisoner of Zeus (Jeff Goldblum), the show pulls you into a world where gods reign from their high-tech Olympus, but deal with the same concerns as mortals — with a lot more power and ego involved.
(Tap or click the headline above to read this story with all of the links to external sources.)
Zeus, the king of the gods, is paranoid, neurotic, and driven by a desperate need to control his image. When humans disrespect him with an anti-god graffiti stunt, he vows revenge. His wife — and sister, but let’s not get into that — Hera (Janet McTeer) tries to calm him down.
Down on Earth, we meet Eurydice, who goes by Riddy (Aurora Perrineau), a mortal who’s grown tired of both the gods and her failing marriage to rockstar Orpheus (Killian Scott). Prometheus, chained and plotting his revenge on Zeus, sets the wheels of rebellion in motion, all while Zeus' son Dionysus (Nabhaan Rizwan) tries to win his father’s approval.
It’s in the name: Zeus may be the king of gods, but chaos reigns on Kaos. The eccentric take on Zeus is easily the highlight — but the show stumbles with pacing and over-the-top satire that doesn’t always land. It tries to be clever with modern interpretations of Greek mythology — but if you’re a fan of mythology, satire, and quirky performances, this show might be worth sticking with.
WHERE TO WATCH- You can watch the show on Netflix or watch the trailer (runtime: 2:07).
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⚽ The first round of the Champions League in its new form will end today. The most notable match is taking place at 10pm between Europa League champions Atalanta and Arsenal. Barcelona will play Monaco, while last season’s Bundesliga champions Leverkusen will play against Feyenoord at 7:45pm.
The rest of the first round matches are:
Crvena zvezda vs. Benfica (7:45 pm).
Brest vs. SK Sturm Graz (10pm).
Atlético Madrid vs. RB Leipzig (10pm).
Egyptian teams in the African tournaments: Zamalek will be welcoming Kenya Police on the pitch at 8pm on Friday for the second leg of the Confederation Cup’s 32nd round, having earned a clean goal victory in the first leg.
Al Ahly will play against Kenya’s Gor Mahia at 7pm in the African Champions League, after the homegrown team’s clean 3-goal victory in the away match of the round of 32.
Pyramids seeks its qualification ticket to the group stage in the same tournament when it plays the Rwandan Army at 9pm on Saturday at the June 30 stadium. The first leg ended in a positive draw with one goal for each team.
This Saturday is chock-full of heated matches across the major European leagues.
The fifth round of the Premier League kicks off on Saturday with eight matches. The most notable are Liverpool against Bournemouth at 5pm on Saturday, and Manchester United against Crystal Palace at 7:30pm.
The rest of the matches:
West Ham vs. Chelsea (2:30pm).
Fulham vs. Newcastle (5pm).
Aston Villa vs. Wolverhampton (5pm).
Southampton vs. Ipswich Town (5pm).
Tottenham vs. Brentford (5pm)
Leicester City vs. Everton (5pm).
Don't forget to join the Enterprise Fantasy League using this code dlrxz4 or by clicking on this link.
Los Merengues are still on a roll: Real Madrid will be going head to head against Espanyol at 10pm on Saturday for the sixth round of the Spanish League. The capital team managed to secure consecutive victories in the last two matches, and aims to continue its streak to make up for the point difference to Blaugrana, the current league leader.
The Calcio summit: Juventus will meet Napoli on the pitch at 7pm on Saturday for the fifth round of Serie A. The Old Lady picked up eight points from four rounds of fourth place, while Napoli picked up nine points and stands in second place.
The most prominent major European leagues:
Werder Bremen vs Bayern Munich — Bundesliga (Saturday, 4:30pm).
Valencia vs. Girona — La Liga (Saturday, 7:30pm).
Reims vs. PSG — Ligue 1 (Saturday, 10pm).
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? OUT AND ABOUT-
(all times CLT)
HAPPENING THIS WEEK-
Pay tribute to the legendary Sayed Darwish, celebrate his timeless music and lasting influence on Egyptian culture at the Arabic Music Institute tomorrow. Get your tickets here.
Omar Khairat takes over ZED Park tonight for a night of classical music that kicks off at 9pm. Get your tickets here.
It’s Cairo Vintage Souq’s birthday and they’re back with more old finds for you to thrift. Bring your thrifting skills to Cinema Radio in Downtown Cairo from 2pm till 10pm this Saturday, 21 September to get the best retro and vintage finds. For more information go to their Instagram page.
Get ready for a vrooming celebration with Owls Bikers Automotive Festival tonight at ElLeila El Kebira in El Sheikh Zayed. The event showcases an impressive lineup of motorcycles, sports cars, and supercars from all over Egypt, along with a vibrant bazaar and family-friendly entertainment. Get your tickets here.
Get in touch with your inner child self and go to Darb 15’s Game Night on Saturday, 21 September. From board games to video games there's something for everyone to help you unwind. Pre-booking is required through their instagram or their WhatsApp number on their page.
HAPPENING LATER-
The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday, 28 September starting at 9am. Book your spot here.
Celebrate the mawlid by attending El Leila El Kebira’s musical performance, inspired by the poetry of Salah Jahin and the music of Sayed Mekkawy, at the Rawabet Art Space in Downtown Cairo over three days: September 26, 27, and 28. Shows begin at 8pm, get your tickets here.
Go on a run in Egypt’s historic city at the Luxor Half Marathon. TriFactory’s annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.
Registration is open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. Sign up here.
Swan Lake x Opera: For classic lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake, performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days: October 2, 3, and 4 at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night here.
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? EARS TO THE GROUND-
Drop those manuals and books and pick up this podcast.How To Do Everything is a mix of practical advice, humor, and random facts. The podcast is light-hearted fun with insights in burning life questions — like surviving awkward conversations, or how to get close to a panda. When they don't have the answers, they’ll call in experts to offer wisdom or, at least, some amusing stories.
Making a comeback from their original run (2011–2016), the show keeps you entertained while educating you on things you didn’t even know you needed to know, like hearing a soap opera legend give memorization tips, or learning about a small Italian town's effort to bring sunlight to its streets.
Ideal for curious minds and lovers of random trivia, this podcast is a fun escape that just might teach you how to do everything — or nothing at all, but you'll have a good laugh in the process.
The EGX30 rose 2.0% at today’s close on turnover of EGP 5.5 bn (42.1% above the 90-day average). Local investors were the sole net buyers. The index is up 24.3% YTD.
In the green: Palm Hills Development (+7.2%), Fawry (+5.7%), and GB Corp (+5.6%).
In the red: Ezz Steel (-2.9%), EFG Holding (-2.8%), and Alexandria Containers and Cargo Handling (-1.8%).
Technology is advancing faster than we can comprehend. It took our ancestors 2.4 mnyears to purposefully create fire and use it for cooking, but it took us just 66 years to bridge the gap between the Wright Brothers’ first ever flight (which lasted less than a minute) and landing man on the moon — and that was ages ago. Today, humans and AI (together) are pushing technology forward faster than ever.
Among the modern advancements is everybody’s favorite: AI, which has displayed an unprecedented pace of change. While digital assistants and sentient robots sound cool, public concern about the technology’s potential risks is continuously increasing.
And for good reason too: There is a 5% chance that these superintelligent machines may destroy humanity entirely. Members of the tech industry worry that in the future, when AI systems are used to handling aspects ranging from business to warfare, they could begin doing things not just without human instruction, but against human wishes. They could even resist interference or replicate to continue operating. With Agentic AI already on the horizon, we’re starting to sweat under our collars a little bit.
Can our best and brightest stop it? In his book, Human Compatible: Artificial Intelligence andthe Problem of Control, Stuart Russell expressed concern for “whether humans can maintain their supremacy and autonomy in a world that includes machines with substantially greater intelligence.” The question of whether or not this can be stopped in itself is a mystery, according to Kevin Gordon, the vice president of AI Technologies at NexOptic: "In its current form, there are many ways researchers and businesses can safeguard users of their applications. In the long term, with true 'superhuman' AI, it's not nearly as clear."
Are we just being dramatic? "Despite our tremendous advances in AI, we don't yet have the resources or technology to develop an all-purpose thinking machine that outperforms humans in more than a few dimensions," Christopher White, the president of NEC Laboratories America, told Lifewire. But just in case, 350 scientists and notable figures of the AI industry signed an open letter last year titled “Mitigating the risk of extinction from [AI] should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war.”
It may not destroy humanity itself, but rather the social rules that govern humanity. Technology is already reshaping human experiences. Despite an abundance of communication platforms and social media apps, people are spending less and less time together. Forming parasocial relationships is as enabled as it will ever be, and now with Companion Bots is providing users with intimacy, comfort, and virtual companionship, who needs to go outside?
Children raised in households with AI assistants are already learning different social rules. “Few people would tolerate a virtual assistant if they had to plead obsequiously each time, ‘Excuse me, Alexa, if it’s not too much trouble, could you kindly tell me what the weather will be today,’” says The Economist’s Dan Williams. “Instead, these devices are designed to answer brusque commands: ‘Alexa: weather!’ And we expect them to obediently respond.” Children observe these interactions and think that this is a normal way to talk to other people.
Forget manners, say goodbye to privacy. AI gains all its knowledge from scraping humandata online, usually without consent. It was already impossible to avoid the surveillance that comes with using online products, and AI, being as information hungry as it is, is only making things worse. The use of biometric data, including voice recognition, also caused concern, to the point where users are hesitant to speak when a call is announced to be recorded.
…And your job. AI has been promised to be able to take over a large number of jobs in different sectors, causing a layoff frenzy that left at least 284k unemployed in the US because of the AI boom since last year. While companies did not publicly link the layoffs to AI replacing workers, most of the job cuts directly followed major investments into AI by those same companies.
Perhaps the technology may skip destroying humans and go straight for the big rock they inhabit instead. Technology plays a significant role in exacerbating environmental degradation. The amount of electricity used in of itself creates a mind-boggling amount of planet-warming emissions. Emissions created from the development and use of AI have also recently been revealed to be 662% higher than Big Tech companies have reported. What happened to their pledge to being eco-warriors ? They decided to buy the certificate instead of earning it.
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