The startup extinction

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WHAT WE’RE TRACKING TONIGHT

Germany’s Hapag-Lloyd will ditch Suez Canal until the end of 2024

Good afternoon, wonderful people. We have another brisk news day here at home as we are inching closer to the weekend.

THE BIG STORY TODAY

Hapag-Lloyd’s ships will avoid sailing through the Red Sea through 2024: German shipping giant Hapag-Lloyd will continue to steer its container ships away from the Red Sea shipping corridor through the end of 2024, instead opting to send its vessels around the Cape of Good Hope, CEO Rolf Habben Jansen told Reuters.

Bad news for our Suez Canal revenues: The shipping company is one among a number of firms that began rerouting their ships away from the Red Sea last autumn in light of ongoing attacks by Yemen’s Houthis on shipping traffic. Disruptions in the Red Sea have hit Suez Canal revenue — a major source of FX — hard, with Suez Canal Authority head Osama Rabie noting in July that revenues from the canal had fallen some 23% y-o-y during FY 2023-2024 to USD 7.2 bn.

THE BIG STORY ABROAD

Norway’s sovereign wealth fund, the largest in the world, reported net income of USD 138 bn in H1 2024 thanks to AI. CEO of Norges Bank Investment Management Nicolai Tangen attributed their 8.6% return to the “increased demand for new solutions in artificial intelligence.” Other investments, namely in renewable energy infrastructure, incurred major losses, resulting in an overall dock of 0.04 percentage points on the country’s benchmark index. Tangen also shared his negative outlook on the future of global stocks due to ongoing geopolitical situations, but did not indicate whether the fund will be divesting from any of the 8.7k companies they have invested in across 70 countries. (CNBC)

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

Africa’s first carbon market has landed: Egypt launched yesterday its voluntary carbon trading market — the first in the country and in Africa.
A whole lotta earnings: Yesterday saw a fresh batch of 1H earnings published — we have earnings from Talaat Moustafa Group Holding, Contact Financial, and Fawry.
A big wheat buy in our future? State grain buyer GASC is in discussions over directly purchasing up to 1.8 mn tons of wheat from international suppliers.

☀️TOMORROW’S WEATHER- The mercury is peaking at a high of 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 32-33°C and a low of 24-27°C.

LA is sharing their prepping initiative for the 2028 olympic games.

The Olympics may have just ended, but the countdown to the 2028 games has already begun. The passing of the Olympic flame to Los Angeles Mayor Karen Bass — as well as Tom Cruise’s stunt — officially kicked off preparations for the 2028 LA Summer Olympics. Paris set the bar high for sustainability, but LA is looking to one-up them by aiming for a no build and car-free event… and making sure they don’t repeat Paris’ mistakes.

Despite Paris’s efforts, things didn’t go… swimmingly. The Seine’s water quality was still highly contaminated after the country’s USD 1.5 bn cleanup project, leaving athletes a bit under the weather. The city’s eco-friendly cooling efforts left much to be desired during Europe’s heatwave — many teams had to resort to installing their own AC units to keep cool.

LA is relying on existing facilities to make sure living conditions are tried and true. The Olympic Village will find its home at UCLA, the infrastructure of which is already equipped to handle large numbers of people. Their no build guarantee will also see SoFi Stadium host the opening ceremony and the swimming events, while the San Fernando Valley will rev up for BMX racing. Golf will tee off in the Pacific Palisades, and Long Beach, despite its polluted water history, will host triathlon and marathon swimming.

Managing traffic won’t have as clear a solution. Mayor Bass is certainly making lofty promises with the car-free approach, hoping that encouraging and facilitating use of public transportation — and deploying over 3k buses to that end — will be enough of a fix. But with the city’s population soaring from 7.9 mn in 1984 to over 9.7 mn today — and only 5 of their 28 planned transit projects completed — organizers might have their work cut out for them yet.

The 2028 games have also some great news for us: The games will see new sports added to the roster, including Flag football, baseball and softball, cricket, and lacrosse will be introduced or reintroduced in LA — and luckily for our internationally renowned homegrown players, so will squash.

Big Tech is knocking down promising AI startups. Microsoft, Google, and Amazon have poached top talent from Inflection and Character.AI, and Adept, pushing them to an early exit. The startups showed promising futures, together raising over USD 2 bn in funding, according to Financial Times.

Alongside the startups’ researchers, engineers, and even founders, the tech giants also swiped the licenses to their products. This spells a grim fate for AI startups trying to break into the industry. This has caused venture capitalists to back down, threatening to push them out of the AI boom completely. The industry is growing, but it seems that no matter the case, Big Tech always ends up winning due to their existing capital and influence.

They’ve seen modest returns. After Google recruited the founders of Character.AI and obtained the license to their celebrity-impersonating chatbot, the company’s original investors received USD 2.5 bn — a modest return considering what they had injected for its launch, as well as its projected growth, which they hoped would cover the costs of other failed ventures. Microsoft’s deal with Inflection was even less rewarding, with a return just slightly higher than their original investment.

This is an ongoing trend in Silicon Valley. Those who initially quit corporate jobs to launch their own startup end up giving in to the stability of Big Tech buyouts. Adept’s Mustafa Suleyman and Character.AI’s Noam Shazeer and Daniel De Freitas have done the same to capitalize on those companies’ resources needed to train the AI models. Sequoia Capital partner, David Cahn, believes it will only get harder: “The next phase in the AI race is going to look different,” he said. “It will be defined more by physical construction than by scientific discovery.”

The journalism that sparked the #MeToo movement

? ON THE TUBE TONIGHT-
(all times CLT)

The Harvery Weinstein case takes front and center in She Said. In February 2020, Harvey Weinstein, the film producer behind numerous Oscar-winning movies, was convicted of criminal sexual assault and rape by a New York jury. Amid this backdrop comes the film adaptation of the nonfiction book She Said by New York Times journalists chronicling the painstaking investigative journalism that exposed Weinstein's predatory behavior and helped ignite the #MeToo movement.

It all begins in rural Ireland in 1992 with a young woman who becomes a victim of assault during a film shoot. The story then shifts to 2016, focusing on journalists Megan Twohey (Carey Mulligan) and Jodi Kantor (Zoe Kazan) as they uncover the truth about Weinstein. The narrative tracks their journey from initial suspicions, spurred by a tweet from actress Rose McGowan, to the eventual publication of their groundbreaking articles.

The film excels in depicting the laborious grind of investigative journalism — the phone calls, doorstepping, and persuasion needed to gain sources’ trust. The central performances by Mulligan and Kazan are restrained yet powerful, emphasizing the personal sacrifices and reputational risks the journalists faced.

WHERE TO WATCH- You can watch the film on Netflix or watch the trailer (runtime: 2:50).

⚽ Real Madrid are eyeing a new title: The national stadium in Warsaw will host the UEFA Super Cup match between Champions League winners Real Madrid and Europa League champions Atalanta tonight at 10pm. Real Madrid aims to win the title for the sixth time to break the tie with Barcelona and Milan, each with five titles, while Atalanta dreams of winning it for the first time.

In the penultimate gameweek of the Nile League tonight:

Zamalek vs. El Gaish (5:30pm)
Al Masry vs. ZED (5:30pm)
ENPPI vs. Al Ahly (9pm)
Pyramids vs. El Dakhleya (9pm)

Orma combines gourmet burgers and sandwiches with the authenticity of a butcher shop. All of their meat is sourced from their own farm, setting their menu apart for their farm-to-table model. As a customer, you can indulge in their offerings. If you’re feeling creative, you can instead purchase their top-quality meat and poultry to take home for your own culinary innovation.

The highlight of the meal was the baby short ribs. Served with a tangy barbecue sauce you usually find on chicken wings, these ribs were incredibly tender, the meat practically slipping off the bone, demonstrating Orma’s commitment to quality and careful preparation.

The menu features standout items like the philly cheesesteak and the mushroom smashburger. The philly cheesesteak was generously filled with juicy chopped steak, complemented by gooey cheese and expertly balanced seasoning. As for the mushroom smashburger, it featured two layers of authentic, juicy Baladi meat burgers topped with American cheese and fresh mushrooms.

WHERE TO TRY IT- Orma has branches in Sheikh Zayed and Obour. You can also order from their premium quality butcher shop here.

Dogs Day Out: Beach edition. Eastwind is hosting another of their iconic Dogs Day Out where anyone can come and spend a fun day with their fluffy friend, surrounded by like-minded pet owners. The event will take place Friday, 16 August at Playa Beach and the theme is pirates, so dress accordingly… that goes for your four-legged friends too.

The Bond-Firewill strengthen family ties. The day will start with diverse activities for artistic souls, thrill-seekers, or rhythm lovers and end with a cozy bonfire experience where families can tell stories, laugh, and develop closer relationships. The event will take place on Saturday, 24 August at D-Bay, starting 2:00pm.

HAPPENING LATER-

End Sahel season on a high note with Adriatique at AHM Club in Silversands, where you can dance the summer away. Or what’s left of it. The event will take place on Saturday, 31 August, and you can get your tickets here.

None other than Wegz to close out the iconic new Alamein Festival. The concert will take place on Friday, 30 August at the U-Arena and you can grab your tickets here.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing. So sign up now through this link for the lowest price guarantee.

Taking a step back in time with Laird Hunt's Float Up, Sing Down. Returning to Clinton County, Mr. Hunt revisits Bright Creek, a place he now regards as " God's country. Or God's cousin's country anyway.” The stories provide insights into the lives of Zorrie and Noah's neighbors on a single day: July 15, 1982.

The narrative follows members of the Bright Creek Girls Gaming Club, elderly ladies who find solace in camaraderie and simple pleasures like betting on games and enjoying homemade treats. Candy Wilson mourns the loss of her unconventional friend Irma Ray, finding comfort in cooking.

Retired sheriff Hank Dunn, still yearning for love, imagines fantastical scenes in the fields while his granddaughter Della navigates teenage romance. The novel explores themes of love and passion across different stages of life, highlighting the universal experiences of anticipation, connection, and disappointment.

You get a sneak peek into the life of small-town Americans, making it feel as “ an elegy for a lost generation ” that “ feels both traditional and fresh.”

You can find the book on Amazon.

What the markets are doing on 14 August 2024

The EGX30 rose 0.8% at today’s close on turnover of EGP 4.7 bn (31.5% above the 90-day average). Regional investors were the sole net sellers. The index is up 18.8% YTD.

In the green: Juhayna (+19.4%), Mopco (+10.3%) and Abu Qir Fertilizers (+5.0%).

In the red: Elsewedy Electric (-6.2%), Eastern Company (-2.9%) and Edita (-2.5%).

ENTERPRISE ENTERTAINMENT CALENDAR

AUGUST

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

11 June-2 September (Tuesday-Monday): Afashat w Aflam exhibition at Bibliothek.

11 July-30 August (Thursday-Friday): New Alamein Festival at North Coast.

11 July-30 August (Thursday-Friday): Paramotor Ride at North Square.

12-24 August ( Monday-Saturday): I Love You, You’re Perfect, Now Change at Rawabet Art Space.

14 August (Wednesday): El Masryeen at BOOM ROOM.

14 August (Wednesday): Abdelbasset Hamouda and DJ Saddam at CJC 610.

15 August (Thursday): Disco Misr at - KIKIS Setup, Hacienda Heneish.

16 August (Thursday): Media and Advertising Workshop at MQR - The Greek Campus Downtown.

16 August (Friday): Roads and Rides at One Eleven Track, Alamein.

16-17 August (Friday-Saturday): Media and Advertising workshop at MQR, The Greek Campus.

16 August (Friday): Eastwind’s Dogs Day Out at Playa Beach.

22 August (Thursday): Gen Z Festival at D-Bay

23 August (Friday): Cairokee at New Alamein Festival.

24 August (Saturday): The Bond-Fire Vol 1 at D-Bay.

30 August (Friday): Wegz Live at New Alamein Festival

31 August (Saturday): Adriatique at AHM Club in Silversands

SEPTEMBER

1-4 September (Monday-Wednesday): International Food, Beverage & SuperMarket Equipment Exhibition 2024 at Cairo International Convention Centre.

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

NOVEMBER

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

DECEMBER

14 December (Saturday): The Marakez Pyramids Half Marathon.

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