The nostalgia trap

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Gov’t starts announcing blackout schedules

Good afternoon, friends. It’s a relatively calm news day on the home front, as most people remain preoccupied with power outages, which until now have been somewhat erratic and unpredictable.

THE BIG STORY TODAY

We’re starting to get blackout schedules: The Madbouly Cabinet has begun announcing detailed schedules for power cuts in each governorate and its neighborhoods, starting with Cairo ( here and here), Aswan, Sharqia, and Qalyubia. Each neighborhood is divided into clusters, with each cluster scheduled to face one blackout for one hour each day.

THE BIG STORY ABROAD

Macroeconomics are leading the conversation in the international business press this afternoon: Eurozone inflation dipped to 5.3% in July from 5.5% recorded in June, although core inflation — which strips out volatile items such as energy and food — remains unchanged, according to data from Eurostats. The story is leading the front pages of CNBC and the Financial Times. Elsewhere, China’s deflation is getting top billing in the Wall Street Journal, as the country fears falling into the trap of slashing prices with detrimental impact on corporate bottom lines, reduced consumer spending, and higher unemployment rates. The impact would be global as some prices would ease for some nations, but would affect others that rely on Chinese demand for their raw materials. Bloomberg, meanwhile, is leading with Saudi Arabia’s GDP growth starting to slow in 2Q23, as reduced oil prices and the government’s recommendation to scale down oil production pushed the Kingdom to being one of the slowest-growing economies — a stark contrast to last year, when it was one of the fastest.

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

POLL- The Central Bank of Egypt (CBE) will leave interest rates unchanged when it meets on Thursday as officials opt for policy stability while the banking system shores up FX reserves ahead of an anticipated devaluation later this year, according to our interest rate poll. All of the seven analysts and economists we surveyed expect the Monetary Policy Committee (MPC) to hold rates steady.
Al Amal will soon shutter most of its local BYD production lines : Al Amal Auto will temporarily suspend operations at its BYD assembly plant within weeks.
B Investments and MTI have invested EGP 505 mn in EZ International : Private equity firm B Investments and EGX-listed MM Group(MTI ) have together invested some EGP 505 mn in newly-established pharma logistics firm EZ International.

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself : The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

IN THIS WEEK’S EPISODE- We look at whether industrial clusters — which have been used to great effect elsewhere — can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by Shady Williams, managing director of IDG, Mohamed ElGebely, team leader at USAID Trade, and Nada El Ahwal, CSO of Transmar.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast . We’re releasing a new episode every Sunday morning.

☀️ TOMORROW’S WEATHER- The mercury is staying put at 37°C tomorrow during the daytime and dropping to 26°C in the evening, as per our favorite weather app.

Nostalgia is bankable + Is Wall Street resisting AI?

Nostalgia isn’t just sentimental — there’s a money making angle there, too: That warm, fuzzy feeling that is reminiscent of the “good, old days ” is also very lucrative — and the media is banking on it, the National Geographic says. The evidence? The persistent popularity and comebacks of classic pop culture hits like the Barbie movie — which had the highest opening weekend this year — Indiana Jones, Top Gun, and others. Familiar media provides emotional consolation by fostering the idea that things will improve because they have in the past, according to data collected through the Nostalgia Inventory (pdf) devised back in 1995, or the Current Opinion in Psychology Journal , professor Krystine Batcho says.

The evolutionary strengths of nostalgia: From a sense of connection and control during times of isolation and powerlessness — like, say during the covid-19 pandemic — all the way to pain relief, the impact of nostalgia on our brains is impressive. The power of “nice” memories is not simply emotional — it has very real, palpable manifestations in terms of emotional regulation and processing. Also, downplaying and romanticizing the negatives of the past helps us advance as a species, Bacho adds.

Investing v use: Where does Wall Street stand on AI? Bullish investing in AI companies has pushed the Nasdaq 100 to its best 1H in history, yet investors remain skeptical about paying out of pocket to use the new tech, Bloomberg reports , citing data collected in a MLIV Pulse survey of Bloomberg News readers. Of the 514 respondents, 77% said that they plan to increase their exposure to tech stock, or maintain the current level, over the next six months. However, just over half said that they would be unwilling to personally pay for AI tools to aid their life and would only use the tech if it’s provided at no cost or paid for by their employer.

Investors seem confident AI isn’t coming for their jobs: 64% of the survey respondents did not see AI making its way into the workplace and taking on core aspects of their jobs. Goldman Sachs economists reported that while seven out of 10 US workers would see their jobs impacted by AI, only a small share of those would see their positions replaced. That said, they added that administrative and office support and legal functions are at most risk from AI replacement as tech companies direct AI development on productivity enhancing tools, such as Microsoft’s Copilot or competitor Alphabet’s AI-integrated services in Gmail or Google Docs.

Good Omens 2: Will the duo get away with it again?

? ON THE TUBE TONIGHT-
(all times CLT)

Aziraphale and Crowley are back, again. In this second, equally charming installment of Good Omens, we meet our favorite “angels” as they have to face a new challenge together to make sure that they remain on earth. After a tiff that has them not speaking to each other, Crowley receives news that “something is up” from the people “upstairs” — their reference to heaven. Lo and behold, minutes later, Aziraphale receives an unlikely visitor who does not know who he is, what he is, and why he has found himself before Aziraphale’s bookshop door. The episodes are full of the unlikely, and likely, characters from the imaginations of Terry Pratchett and Neil Gaiman as they present “the up” and “the down” in a version that makes it hard to hate the angels and demons whose sole existence is to do their job and make sure that they file the right papers to accounts. Catch the series today on Amazon Prime.

Get your Greek fix with Griix, a small, quaint, white and blue painted tavern in Maadi that offers delicious, flavorful Greek wraps and street food. The menu is brief and uncomplicated, making your choices easy. Their options include chicken and beef souvlakis, kofta, grilled vegetables, and grilled halloumi wraps. The wraps’ filling, whether chicken or beef or vegetables, is mixed with flavorful tzatziki sauce — a fine blend of garlic, Greek yogurt, and fresh cucumber — and served on pita bread that’s freshly baked and prepared in-house. We enjoyed the chicken and beef souvlakis, and their steak-cut fries topped with unique herbs presented in a rounded paper cone. The appetizers menu includes spanakopita (a filo pastry triangles filled with spinach and Greek feta), halloumi fries, htipiti fries (topped with a velvety mix of spicy red pepper and feta cheese), and Keftedes (fried meatballs) for those of you looking for a dose of extra meat. Griix currently delivers to New Cairo and Maadi.

Matt Haig takes the age-old question of “What if…?” in The Midnight Library. Nora Seed lets regret get the better of her and becomes obsessed with missed chances and possibilities that slipped away at every junction of her life. Suddenly, she finds herself at a crossroads between life and death in — of all things — a library. This library offers Nora an offering we’ve all dreamed of: The chance to explore the infinite parallel timelines she could have lived in, had she made different choices throughout her life. This existential novel is direct and to the point, an exploration of grieving things that never were, or things that could have been that gracefully shifts from moments of heartrending despair to unexpected moments of joy. You can grab a copy of The Midnight Library Diwan, Cherry Blossom Books, Amazon, or Bookworm.

What the markets are doing on 31 July, 2023

The EGX30 rose 0.24% at today’s close on turnover of EGP 2.10 bn (9.8% above the 90-day average). Foreign investors were net buyers. The index is up 20.5% YTD.

In the green: Heliopolis Housing (+4.4%), Ibnsina Pharma (+4.3%) and GB Corp (+3.2%).

In the red: Oriental Weavers (-1.2%), Eastern Company (-0.9%) and EFG Holding (-0.7%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

AUGUST

2 -3 August (Wednesday-Thursday): Fintech Revolution Summit, Cairo Festival City.

3 August (Thursday): Massar Egbari concert, Bibliotheca Alexandrina, Alexandria.

3 August (Thursday): Medhat Saleh and Reham Abd El Hakim concert, New Alamein Festival 2023, New Alamein.

4 August (Friday): Mounir and Hamid El Shaeri concert, New Alamein Festival 2023, New Alamein.

5 August (Saturday): Elissa and Tamer Ashour concert, New Alamein Festival 2023, New Alamein.

8 August (Tuesday): Jadal concert, El Sawy Culturewheel, El Zamalek, Cairo.

10 August (Thursday):Omar Khairat concert, the New Alamein Festival 2023, New Alamein.

10 August (Thursday): Carole Samaha and Bahaa Sultan concert, New Alamein Festival 2023, New Alamein.

10 August (Thursday): Jadal concert, Bibliotheca Alexandrina, Alexandria.

11 August (Friday): Amr Diab Summer Concert, Golf Porto Marina, North Coast.

13 -19 August(Sunday-Saturday): El SawyCulturewheelbook fair, ElSawy Culturewheel, Zamalek, Cairo.

12 August (Saturday): Massar Egbari concert, El Sawy Culturewheel, Sheikh Zayed, Cairo.

21 August (Monday): Akher Zafeer concert, El Sawy Culturewheel, El Zamalek, Cairo.

22 August (Tuesday): Omar Khairat Live Concert, Royal Maxim Palace Kempinski, Cairo.

25 August (Friday): Russ Concert, New Alamein Festival 2023, North Coast.

SEPTEMBER

21-23 September (Thursday-Saturday) L’Etape Egypt by Tour de France, Sharm El Sheikh

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.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

28 October (Saturday): Djs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Sections

About

Privacy & Support

Get EnterpriseAM daily