Good afternoon, ladies and gentlemen, and happy Monday. Seems like the newswire will be picking up the pace earlier this business week.
THE BIG STORY TODAY
Madbouly to form new government: Prime Minister Moustafa Madbouly has been tapped to form a new government after tendering his government’s resignation after nearly six years in office, according to an Ittihadiya statement out today. It’s not yet clear which posts will see new appointments, with the statement noting that the new government will continue to pursue economic reform with a focus on attracting investment, encouraging private sector development, and addressing inflation.
This isn’t too much of a surprise: Word of a shuffle has been making the rounds since the inauguration of El Sisi’s third term in early April, The Madbouly cabinet has seen three previous shuffles, with the last shakeup in August 2022 seeing 13 new faces.
The foreign press also picked up the story, with Bloomberg calling the shuffle “expected” and Reuters highlighting the economy as a key file for the incoming cabinet.
THE BIG STORY ABROAD
Mexico’s first female president makes history: Claudia Sheinbaum was elected president of Mexico in a landslide victory that saw the former Mexico City mayor garner at least 58.3% of the vote, according to preliminary results. A protege of left-leaning incumbent Andres Manuel Lopez Obrador, Sheinbaum’s election likely signals policy continuity ahead of the 2024 US elections, which are expected to have significant ramifications for the US’s largest trade partner. (NYT | Reuters)
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The Standard Chartered take on what’s next for the Egyptian economy: The lender’s MENA economist Carla Slim shared what the bank sees in Egypt’s future — touching on private sector borrowing, inflation and growth predictions, and future mega investments.
QR code payment coming to Instapay: The central bank’s digital payment platform Instapay will “within days” roll out QR code payment services.
☀️ TOMORROW’S WEATHER- It’s getting hotter with the mercury rising to a high of 39°C before dipping to a low of 26°C, according to our favorite weather app.
Falling behind on bills might be more than just a slip-up; it could be an early sign of dementia.New research reveals that before dementia becomes evident, individuals often start falling behind on financial duties such as keeping up with personal payments or obligations — they’ve also tracked changes in spending habits leading up to a diagnosis of Alzheimer’s or similar disorders.
Their findings? The numbers tell a tale: A year before diagnosis, those who later develop dementia are 17.2% more likely to slip up on mortgage payments and a whopping 34.3% more likely to flub their credit card bills.
But the financial fallout isn’t just personal — it’s societal. Another study estimated a staggering 600k cases of overdue payments will occur over the next decade due to undiagnosed memory disorders. And that’s just the tip of the iceberg.
The bottom line: It’s a wake-up call to stay vigilant and prepare for the possibility of a dementia diagnosis. As Dr. Nicholas — a professor at the University of Colorado School of Medicine who has studied dementia’s impact on people’s finances — wisely advises, “We should be thinking about the possibility of financial difficulties linked to a disease we don’t even know we have.” After all, staying sharp financially might just be the first step in staying sharp mentally.
Dancing for the Devil: The 7M TikTok Cult is a chilling exploration of an actual exploitation case on social media. Over the course of three gripping episodes, director Derek Doneen exposes the sinister practices of Robert Shinn, the founder of the Shekinah Church and the alleged mastermind behind 7M — a company that is managing dancers in the most sinister of ways.
The series focuses on the stories of Melanie and Miranda Wilking, who became entangled with Shinn’s organization. Through candid interviews and archival footage, the documentary paints a vivid picture of how Shinn preyed on the aspirations of young dancers, promising them fame while trapping them using manipulation and control, such as forcing them to cut off ties with family members to focus on their careers.
The series also follows the victims’ lives after they managed to break free from Shinn. Through the stories of individuals like Priscylla Lee, viewers are given a glimpse into the challenging journey of rebuilding their lives after escaping the cult-like organization.
⚽ A number of European teams are getting ready for friendly matches to prepare their players for the Euro 2024, which will be hosted by Germany between June 14 to July 14.
The most important friendlies happening today:
Croatia vs North Macedonia (8pm)
England vs Bosnia (9:45pm)
Germany vs Ukraine (9:45pm)
Related
🍪 EAT THIS TONIGHT-
Craving the perfect cookie? Head to nib. They have what we like to call, in our humble opinion, the balanced cookie: It’s not too sweet, but nowhere near bland — the rite bite of indulgence.
This online bakery is all about quality and impressive flavor. The owner, Nour Talaat, frequently mentions her preference for using locally sourced ingredients to create her innovative desserts.
Let’s talk about the stars of the show. The banana cookie was a crowd favorite. It’s a classic banana cookie topped with cream cheese, banana slices, whipped cream, and caramel drizzle. The balance between the crunch of the cookie and the creaminess on top was impressive. Astonishingly, it wasn’t overly sweet, which we appreciated.
If you’re looking for something different, the Queen Pistachio Cookie might be your choice. The pistachio filling offers a rich, earthy flavor. It’s also a chunky-style cookie, with a gooey interior that oozes.
More than just cookies. nib also offers cakes and tarts if your cookie vibes are there. And if you haven’t already tried the viral crookie (a croissant stuffed with cookies), we highly recommend trying it here because this place has mastered it.
This is an online bakery which means ordering in advance. So you won’t necessarily “eat this tonight” but you’ll “order this tonight” and perhaps eat it tomorrow and thank us later.
The Italian Cultural Institute in Cairo’s Italian Cinema in Cairo film festival has begun. It’s a 10-day affair, showcasing Italian films. The screenings started last Tuesday and will continue until Sunday, 9 June. They’re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema and the Italian Cultural Institute, and you can check out their schedules here and here.
Cairo Flea Market is back this weekendat the Aquarium Grotto Garden in Zamalek on Saturday, 8 June. The market, which includes local products and antiques, will begin at 11am to 10pm.
The Comedy Bunker’s line-up at AlMalahy is sure to leave you in stitches. Mohamed Moula, Alaa ElSheikh, and Mohamed Helmy will be taking to the stage on Saturday, 8 June at 8pm. Get your tickets here to secure your seats.
Take your seat as the curtains pull away for The Greek National Opera Βalletat the CairoOpera House on Thursday, 6 June and Friday, 7 June. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for first night and second night.
El Galsa: Healing Is Not Linear is a play that will make you feel all the emotions. It navigates through a therapy session and discusses challenges, childhood, hopes, and dreams. It is quite a comfort show with moments of comedy and emotional moments. Catch the play at Rawabet Art Space from Thursday, 6 June to Saturday, 8 June.
Ahmed Helmy returns to the stage with his play Memo at Grand Nile Tower Hotel in Cairo, after the success of the show in Saudi Arabia. The show will be on Sunday, 16 June at 9pm. Get your tickets here.
In celebration of Eid Al Adha, Tamer Hosny will hold a concert at Zed East in New Cairo, on Monday, June 17th. The show starts at 8:30pm. (tickets)
Related
💡 UNDER THE LAMPLIGHT-
Day by Michael Cunningham gives us vignettes of a family living through pivotal life events, hardships of love, and growing older. In Brooklyn, the parents (Isabel and Dan) begin to have troubles in their marriage while Isabel’s brother and their kids face their own turmoil. Eventually, the family must adapt with lockdown when the pandemic takes over so they must face their issues together.
An intimate portrait, not an epic: Cunnigham paints the picture of authentic life and struggles as opposed to developing a plot with twists and turns. The writing is simple, to deliver a coming-of-age-esque story while the characters learn about themselves.
It’s hard to capture what it is to be a family and put that connection into words, but Cunnigham does a pretty good job. There have also been a lot of attempts at addressing the pandemic in writing, which makes it feel a bit redundant, but this book manages to avoid that.
The EGX30 fell 0.1% at today’s close on turnover of EGP 3.2 bn (34.1% below the 90-day average). Local investors were net buyers. The index is up 7.8% YTD.
In the green: Qalaa Holdings (+10.7%), Ibn Sina Pharma (+5.8%), and Orascom Development Egypt (+5.4%).
In the red: Mopco (-3.5%), AMOC (-2.8%), and Beltone Holding (-2.7%).